The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-12-11
Richmond and Danville Railroad Co.
TwENTY-s1xrH ANNUAL MEETING.
INTERESTING REPORT OF PREs1.
DENT BUFoRD.


The twenty sixth annual meeting of the
! stockholders of the Richmond and Danville
Railroad Company was held yesterday ir the
old dining-room Of the Exchange Hotel. ,.
At half-mst II O'Clock the meeting was
called to order by President A. s. Buford, and
on bis motion Judge F. N. Watkins was re-
quested to preside and p. F. Howard to act
as secretary. ...,n' '1 :. '
The Chair appointed Messrs. Henry Ed.
munds, OF Halifax; T. u. Wade and Fl. E. C..
Baskerville, Of Richmond, committee to ex.
anime proxies, and ascertain whether quo
rum was present. 49, ~" ..a' -
The committee reported that a quorum
was present-29,789 shares being repre-
sonted.
PRESIDENTS REPORT. 49,.
The Chair announced that the meeting was
ready for business, and that the first In order
would be hearing the Presidents report,
which was read by Colonel A. S. Buford.
The president says that the earnings and ex.
pcnses for the year, as set forth in the report
of the engineer, superintendent, and audi
tor, appear as follows: = -, -. =
Total earnings from all sources. $685. ,129 AZ
Tota. expenses. S................. ooS, toS "a
Excess of earnings over ex-
| penSeS ...... Si4i ,obS 70
The ratio OF working expenses being 53l per
cent. Of gross earnings. Compared with last
vear these figures show an increase OF gross
| earnings Of $lOS, ,O36.41, and an increase in
the net earnings of 5S3, 3,523.79, being an lrl-
crease of about 13 per cent. of gross earn-
| Jugs and % per cent. of net earnings over
| the previous year.
| The aggregate tonnage for the year shows
a net increase of 81, III tons, being ratio
Of increase Of about % per cent.
] The report of passenger trafhc eXhloltS an
unusual fluctuation in different periods of
| the year, resulting in & small increase both
| in the number OF passengers and of the ln-
come derived from that source.
1t is not to he doubted that the profitable
traffic of the company growing out of its
| improved passenger connections will during
! the present wear reach figures much above
those ever yet attained. This Improvement
has been during the past year, and IS at pre-
sent much restrained by the want of oppor.
| tunity TO give continuous aud uninterrupted
transit to passenger-carS and trains over the
direct line from this point to southern cities
As heretofore reported, and we'll known 10
the stockholders, under the contract of lease
with the North Carolina Railroad Company
this company stipulated for conformity o
gauge on that line, which was considered
alike in the interest of that as well as thl:
company. The rivalrieS, however, of Other
corporate interests have not failed to make
use of such appliances RS were available fol
the purpose Of retarding the establishment
of continuous transportation In connection
with the line, and during the last summer
by recourse to the courts in the form Of in
functions, have prevented the execution O
the agreement between this aud the Nortl
Carolina Railroad Company upon the ques
! tion OF gauge. 4 -, -.
Il 1t is not expected. however, that the in
terests and rights Of the North CIrolin;
, Railroad Company, as connected with those o
this company, can be long kept in su6jec
3 ton, either at the caprice Of individuals o.
: the interests of rival corporations. Tb'
! time and manner of solution. however, l.
! not bow apparent, or, at least, need not bt
declared in advance. It is no ioDgera doubt
: fuI question with the stockholders Of tb'
! North Carolina Railroad Company that 1t il
? important, no less to their than to our Owl
interests, that such relations should be con
tinued between the two roads az will maxi
. them perpetuully and in the highest degree
cooperative and mutually supporting. Not
f withstanding the distractions that have
been thus continued against both the inter
ests and the contract rights Of this company
under the agreement OF lease, all encour
: aging development Of the business Of boil
lines has been made with every roasonabl
assurance OF its continuance and large in
crease. .... ',.... fs..
NORTHWESTERN NORTH CAROLINA RAILROAD
= In pursuance of arrangements fully re
ported to the Board at the last annual meet
ing, the Northwestern North Carolina rail
road has been completed in thorough an
satisfactory manner between Greensboro
and Salem, and was opened to regular trafi
in August last. Its business promises to
remunerative. Its cost to this company
) although not in excess Of that originally e:
! tima.ed, being little less than $500, 900, cor
= stitutes a heavy item in the expenditures {
this company for the current year. Th
Board, however, have no reason TO question
the value of this acquisition to the company
interests, and are confident that shol
, period will demonstrate its importance to tn
, company as a contributor of business as we
MS a collateral protection to the unity and ID
tecrity of the company's line in that State
Nearly all of the first mortgage bonds
that road delivered to the Richmond an
Danyille Railroad Company, amounting t
$500, 900, are still held by this company
bart OF its useful and available resources.
, THE ATLANTIC AND RICHMOND AIRLINE RAII
'.,. Way r... -....t i.
Upon the policy and arrangements re
ported to and approved by the stockh0lder
, at the last annual meeting, all necessary al
. and facilities within the ability of this com
pany to render have been afforded to secur.
tue effective completion and equipment O
> the Atlantic and Richmond Airline railway
: 1t was not open for regular through traffic
until during the month of September last
and, Of course, its contribution Of business
e 10 the North Caralna railroad and the Rich
4 mond and Danyile railroad had hardly wei
g commenced before the close of the presen
fiscal vear.6 The uneXampled financial pres
sure and temporary stsgnation of business
| which have prevailed during most Of the in
= teryal from that date to the present, hay
operated heavily against the expected AM
legitimate business from that channel, pu
, Notwithstanding these untoWaru circuHl
stances, very considerable accesslonS, Dol
: To the North Carolina and the Klcnmono an,
Dapyille roads, from that line, lndlcate, WIZ
encouraging certainty, that us paromoI,n
. importance to us Is not az all quesuoIapie
The fact which the experience OF tne iast wv
months has demonstrated, that this line tul
nishes direct Communication between Tut
centres of the cotton-produclng o0utu aoI
the eastern marts, with equal ecohouiy aue
greater dispatch than can Do otnelWlsc ai
fordel by any competition now eAsIine "
: Ilikely to arise, gives 1t . commanding lmpol
i. j;tance not only to the future corporate pros
furity Of the stockholders, but to the gene
/ raI In, commercial and agricultural, o