The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1870-11-30
LOCAL MATTERS.
Richmond and Petersburg Railroad.
ANHUAE. MEETING AND ANNUAE
So" REPORTS.
THOS. H. WYNNE ELECTED PRES.
TDENT.
New Regulations for the Conduct of
t- the Company. t-.@E

New Regulations for the Conduct of
' - tho Company. s+@E
-..0 ,--------------------, =
The annual meeting of the stockholders
Of the Richmond and Petersburg Railroad
Company was held ut the office of the Pres
ldent yesterday morning. The attendance
was large. -. ..}f.5
The meeting was called to order at 11x
O'clock by Mr.. Thomas Branch, on whose
motion Judge james II. Cox, of Chester
field, was called to the chair. Messrs.l NJ
". Warrington and John. Bell Bigger were
appointed secretaries. r
The Chair appointed Messrs. II. K. Ely
son, Thomas Branch, and B. w. Haxall, a
committee to examine proxies.
After IN absence of an hour and q half,
the chairman of the committee reported as
follows: ..,. .-'-.......g
Whole number of votes that could be
cast, !, 3,4H shares represented in person or
by proxy. 1888. '.'
Mr.. HaXall presented a minority report
protesting against the counting Of any
shares that had been transferred within the
last sixty days. 49,, ,...1......... -,
Mr.. EllySon, chairman of the committee,
asked that the gentleman presenting the
minority report lay before the meeting 3
list of the stock which he supposed TO have
been thus transferred. a:G .4. e-
Mr.. Lyon, Of Petersburg, also asked that
the committee report in writing the names
and number of all the shareholders and
shares coming within the category referred
TO by the gentleman making the minority
report. This he thought proper, in order
that those whose right to vote would be
contested might be forewarned.
Mr.. p. V. Daniel, Jr., had no doubt that
Mr.. HaNall was fully prepared to give the
list asked for, but thought he [Mr. HaXall]
had already given al the notice necessary
Of the fact that objection would be made to
| the counting Of any stock transferred, as he
| thought, in violation Of the statute.
Mr.. Lyon then moved that the Secretary
| be requested to furnish the meeting imme-
diatclv a list OF all the stock transferred
| within the last sixty days.
! There being no objection to MIR. Lyons
proposition, the Secretary presently laid
before the meeting list Of 22z shares which
| had been transferred within sixty days pre-
ceding the date of the annual meeting.
Mr.. John A. Seddon remarked that it was
unnecessary to consume further time in the
| discussion of the minority protest just now.
| Objection to the class Of votes referred to
| would be taken when thought necessary in
the progress Of the proceedings.
! ANNUAL REPORT OF THE PRESIDENT.
The report of Charles H. Ellis. Esq,
President, was then presented, and, on
motion Of DR.. HaXall, received and adopted.
1t is as follows: :"a-
''The Board of Directors respectfully sub
nit to the stockholders their annual report.
together with the accompanying tables, eX-
hibiting the condition OF the affairs of the
company on the 30th September, 1870, and
Of its business during the year preceding
that date:
~ teh n A
The ordinary oleraling expenses to.... So 59s 80
Net balance.... 49,, 095 Oh
! The receipts of the road exceed those OF
the preceding year S9,7I7.jI, and exhibit
! the largest earnings OF any year during its
of the war. They would, it is believed,
have been still greater but for the general
staSnaton in business during the past sum-
mer, causing 4 decline in coal and local
trei@ht$. The operating expenses have de-
creased S3,2SG.0G, and thus an i'm Drovement
in net income is shown of $l3, ,033.63.
IN accordance with the resolution passed
hy the stockholders at their last annual
meeting, application was made to the Le-
gislattrc to create new loan for Sl75, ,000
to renew that for like amount Which be-
came due the 1st of September last. A copy
of the act is herewith submitted, which,
under the resolution Of the stockholders,
was accepted by the board. The new loan
was directed by the Board to consist of one
hundred and seventy-five bonds Of 81 ,00O
each, TO be dated the first day of April,
1870, bearing interest at the rate OF eight per
cent. per annum, principal and interest
payable at the office OF the company in this
city, and the principal to become due
in mstalments of $25, 900 each year, com.
mcncing with the 1st of April, 1880. until
the whole shall have been paid. These
bonds were readily negotiated on more
Favorable terms than the previous loan o.
1865. The proceeds were used to meet the
payment Of the bonds which mat ured the
ist of September last, all of which havi
| been paid and cancelled except six, the
ownership OF which is the subject OF litlga
ton. The whole funded debt of the com
! pany remains now the same In amount al
at your last annual meeting, viz: $685. 900
! The negotiations which were pending
when YOU last met for the lease OF our james
river bridge and tracks, to make connec.
| tion between the Richmond, Fredericks
, burg and Potomac railroad and the Rich
mond and Danylle railroad, for the con-
veyance of passengers, mails, ana express
; frcights between those two roads, were
satisfactorily concluded shortly after yOul
adjournment. This connection has been
in operation since the first Of September
last, but it is yet too soon to form an acc1l'
| rate estimate what income it will produce
to this campany. For the month OF Sep
tender there was reported ], 1,GS6 passengers
and 1922 rs. Of express freight, pro.
ducing, at the rates agreed on, S6I2.O6.-
| For the month of October, ], ,113 passengers
were reported, producing $4l7.37. The
! express freight for that month and the
mail pay for both months have yet to be
, ascertained. ..s..--s .,.
| 1t will be noticed from the accompanying
| tables that the receipts from through travel
! again show an increase over those OF the
| past fiscal year, and we have reason to eX.
pect continuance of profitable income
! from this branch Of our business. The
completion of an all-rail route between
: Richmond and Washington by the Fred
ericksburg and Alexandria railroad, now IN
process Of construction, will expedite travel
, between those two cities so greatly as to
! place it beyond competition, and our road
must Of necessity share in the increased
number of passengers thereby induced to
pass north and south through Richmond.
In addition, when the Chesapeake and
! Ohio railroad shall have been extented to
the Ohio river, both Richmond and Peters
burg must be largely benefited by SO direct
a communication with the productive and
west, while, with the growth Of these two
cities in business and population will follow
very great and permanent enhancement
i in the revenue and the traffic Of this road.
The tonnage of through freights this year
has exceeded that Of the past fiscal year
more than fifty per cent. The quantity
of coal transported during the twelve
months was very slightly in excess
| of that OF the preceding year, while