The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1871-12-14
RICHMOND AND DANvELLE RAIL
ROAD COMPANY.
Annual Meeting Of the Stockholders.
REPORTS OF TIE PRESIDENT, SurERIN
TESDENT, AND CHIEF ENGINEER.

noon Ill the UinlnS-roOln oI the ENcna'lTt
Hotel.
On motion OF A. S. Bulord. Esq, Judge
+. y. Watkins, Of Halifax, was called to the
chair. ana Mr.. }. u. Blair appointed sccrc-
ta,y.
T1c Chair appointed McSsrs. Bark,,lalc.
Williams. and Gaines, Il Committee on
Proxies. who, after a shor! absence, reported
spUorum present.
REPORT or THE PRESIDENT AND DIRECTORS.
From the report of the President and
Board OF Directors we learn that on the lSt OF
JANUARY la>t a revised tariff Of rates WAS put
into operations, materially modifying charges
N both passenger and freight tla!lic--re-
lucing the charges On passengers twenty per
cent; establishing Il uniform local rate OF tour
cents per mike, with mileage rates III different
'EiSSCs ~ w" and onc-lGlf and three cents
rrr mile, according Ia the amount of mileage
purchased, and making an average reduction
uil the gcncfa freight list ot irun ten 10
twenty per cent.
The results have not lccn materially DIFF
icrcnt from whit WIS anticipated, the income
from passengers showing Il small reduction,
srit from freight = handsome gain over the
aggregate ot last year.
The increased amount Of tonnage trans
| ported has reached proportions that afford a
I reliable basis of confidence that the industries
! from which il is drawn are building up u
sound and permanent renewal, which pro-
| misses i proper return in due time to the
policy of ample accommodations and cheap
@ncd rates. To stimulate rs well as accoml-
moG3tc the travel on the line, three regular
md quick daily tr;'ius have been maintained
| during the year between Richmond and
i'urkcvilc-iwo ovcrthc entire line between
R;chm md and GrccnSboro'-bc>idcs IN ad-
| ditioual accommodation train during part OF
! the Year on the eastern portion of the road
| aS the demand for It's Use seemed 10 indicate
Thus. in fact ,an amount of passenger service
| has been rendered uncqjmllcd in the history
| of ihc road, which, while contributing great
| Is To the comfort aud cony ycnicncc Of the pub
| lie, lils effected some compensation for the
| expected abatement Of income from the re-
| ducc,! rate of fares adopted and now main
| taiucd. And while TIC cost Of the passenger
| service has hcCn materially increased by these
| enlarged accommodations, yet the encourage
mcnt thus afforded will doubtless soon COM
| pcn>;lc for this, ;rs we'll rs the reduction of
| rates, hy IN increased patronage and lis re-
| Sultin- profits.
The business of the year has been done. a
! heretofore, under many and serious dis
|
| chiefly due 10 imperfect and Inadequate, or
| IOll-c"opera'iyc, connections at terminal!
| points. Every energy Of the management
has been pcrsi>tCntly directed 10 their remedy.
! and it is not expected that their continuance
| can lie prolonged. An important step to-
wards this result has hCcn effected in the re-
| cent arrangement between this and the
North Carolina Railroad Company, by which.
| on The llth nt September last. Il lease !v this
company Of the entire line AMI property Of
| the North Carolina company lur the term OF
| thirty yetls was entered into. and in plIrS,-
ancc thereof the operation Of that line has
| been Siucc that date conducted by this conf
pauy. 4 copy "l this lease is presented with
this report for tile information Of thc stock
holders. lis terms are considered liberal,
| just, and fully protective 10 the North Caro-
| tina cn'npauy. None other could have been
obtained. or were to hc expected. Vet il
| WAS d%"ln'd l'y the management materially
| plri,iIhlr 10 the only probable alternative.
otherwise soon likely to become necessary,
"l cmharhin!: Il new capital o.! ut lc;lSt two
! millions ut dollars in the construction Of Il
new line through that State, mainly parallel
| with that OF the North Carolina company.
| between Greensboro and Charlotte. This
company, having %uarantcCda IN ample annIlal
! rental Tor their entire property, which /;
| could we'll afford III leu of Il new investment
in Il perpetual competition. must look TO an
enlarged business on both lines as its com
pcnsa,ion and security for the cost and risk
| incurred in this important contract. II is
not doubted that il liberal and energetic adj
mini<tratiun will secure il -: and with it the
country identified with each must find great
| and prrlnanrn; advantages that i'll turn will
YydutI!d 10 he valuc and profit of the line.
Under the action Of the Stockholders at the
called and regular meetings of last year il
| hrc,lnc tn" duly of the management TO pro-
vide for the payment of accruilg instruments
to the State for the purchase OF its interest
in the capital stock Of the company, and to
| dispose of the shares so acquired III such
| manner aS 10 save the company from loss
| or embarrassment hv the material increase OF
| is permanent liabilities therefor. This inl-
portaEt duty has been discharged III the
mode deemed most certain to provide sccil-
rity AGAINST the loss or inclunhrance 10 the
company, demanded alike by the action OF
| the Stockholders and the best interests of the
commuy--viz.. l,y contracting with rcSpon-
| sble PARTIES for the anticipation Of the dc-
| lcrrcd payments rs authorized by law, ana
| the transfer OF the shares thus acquired from
the State 1T their entire cost to the company.
| The subsequent enhancement OF State sccii-
rite, haS fully vindicatcd the wisdom OF the
course pursued, and, in fact, demonstrated
that il WIS probably the only course that
could have saved the company from great
| loss and heavy, continuing, and increased
Indebtedness That would most likely have
resulted from an opposite policy. The ell
tire stock Of the State has been thus trans
tcrrcd, at the highest price attalnaDlc, to pr.
Natc parties, who. having become ldcntl1lcti
| bv large interests with the future fortunes OF
the company, can only entertain, Ill common
with the former private stockholders, the
strongest concern for its prosperity, profit,
aud usefulness. Reduced from Il semi-polti-
cal to 4 merely business association, ii guided
| in its administration by an intelligent appre-
| citation of lis own interests, and OF the pros
perity of the state and country as identified
with these interests, il may now go on unrc-
| strained to the fulflmcnt of its high destiny
| of combination, and development, and cN-
! pansion, into Il Great thorOughfare, 5lsnldcl
| in It's proportions, stronger III lis resources,
and more bcncticcnt in its influences upon
| The commerce and agriculture and social com
fort of the hundreds Of miles Of the inviting
| Piedmont districts that lie along its own and
| the lines of its direct connections South than
| even its enthusiastic and sagaclous originator
| contemplated in its inception. At any rate,
! the stockholders may congratulate themselves
| that 4 start has at length been madc-a grand
! stride in the right dircCtion-and 1t Is TOR
! themselves to see that no la"gard spirit OF
waiting for good to come not laDorcd and au-
vcutl,rcd for, no narrow and monopoizing
greed for immature gains, or tlmid 1ears lor
the success of enterprise and growth, shall
restrain or dwarf the great power for good