The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-11-20

From transportation. n..................s423. o.
From ni>cclllncous sources being
dividend Potomac Steamboat stock.
FS"m other al "r' coanics l5ns, being their W
proportion OF .hrough-tiaiu ca
pCH>cS Observation-Disclosures. 1Sl1i az
$496,144 25
and that the expenses OF iraosport.t!o have been
;2f3 COS "a. which includes This company's pro-
portion of lhroughrain cApcases aud all other cx-
pcnscs OF opera, lug the road
This exhibit, which is given in detail in
the reports Of the General Superintendent
and Treasurer. presents 4 gratifying condi
ton uf the company affairs. In view OF II,
and in the belief that the Board of Direc.
tors would be enabled TO continue like divi.
dcuds hereafter, Il >cni.annual dividend OF
- per cent was declared on the 1St Instant
on The whole stock OF the company.
The payment Of regular Scmi-annua! dtvl-
dendS Oh the common IL we'll as the guaran-
eed stock Of the company could have been
Recommended at an earlier date but for facts
well known to many Of the stockholders.
but which il may be proper here briefly to
recitc.
For several years past 'he managers of the
PENNSYLVANIA Railroad tompany-a corpo-
ration chartered by the State ul Iennsylva-
MA for building and operating railroad
between Philadelphia and Pittsburgh. and
whose legitimate objects would seem 10 DE
only in Il western dirccton-have been en-
deayorinS by various agencies, more espc.
ciallv the so.caed Southern Railway Sccu.
rity Company. 10 obtain the control OF lines
Of railroads in Virginia and other southern
States.
HAVING obtained the control of the Rich
I H.. i,.lt MI
Petrrsbur. railroads, in this STATE, by pur-
chase OF the stock held by the Common
wealth in those companies, the attempt has
been made at each session Of the Virginia
Legislature since 1859 to obtain, either un-
der the gui>c OF free railroad law or a
sperial acl. the power 10 build a railroa d
between the teImini Of this company'> road.
These attempts were made, a> the Board OF
Directors were ut the time satisfied. anu aS
they think must nov be evident TO all, not
| with the view of constructing another rail-
road, but in the belief that With such char
ter under their control they could operate on
the fears Of the private stockholders OF this
COMPANY to such all extent aS would cause
the holders OF Il majority of the stock to sell
their stock II, a clitcc, and leave the pro-
pcrty Of remaining stockholders and OF the
State in the unfortunate condition which
has generally proved to be that Of individual
stockholders III companies which have fallen
directly or indirectly under the control OF
the Pennsylvania Railroad Company.
Viewing the suhiect in this way, the Board
Of Directors believed it their duty both to
the Commonwealth and private stockhold.
ers 10 resist by all lawful means the appilca-
| ,iuus referred to. They trust ii will be the
pleasure Of tho Legislature to dlscounte-
nance in the future applications obviously
| in no way calculated to promote the public
| welfare, In; only that Of parties deSirious OF
obtaining the property OF the Common
| wealth and her copartncrs Mt less than lis
| fair value.
Should such be. as they hope it will be,
| the future policy OF the Commonwealth, the
Board ui Directors feel satisfied that her
property and that of the private stockhold.
er> in this company will DC Il highly ralua-
| ile and Improving one, whilst great con.
sidcrations of State policy recommend, 1t i
believed, the lire OF this company between
Richmond and Washington being retained
under the independent ownership and con-
| troll of the Commonwealth and her iudi-
| Yidual copartncrs.
Large expenditures chargeablc to capital
| stock have been incurred during the past
year. About nine acres of land were pur-
| chased pear the Far-Ground> with Wow
| 10 the future permanent location of the com
| Ianv's shops ut that point. Carpenter anC
car->hops have already been erected there
and they have been equipped with tue most
| improved machinery. The company Is no"
provided for the first time with the means
| 10 build and repair all OF its cars with the
greatest economy and dispatch, ana the
| Board are able to report most tavorably upol
| The condition of all the company's property
During the year the company has been re
uuired TO pay TO the United States for take:
incurred in previous years, tor which they
hud previously no knowledge of their liabi
ity. the sum OF "a ,l64.59, being portion ol
the total amount Of S20,Sl5.l6, the balance
of which has been paid since the end OF the
Il cal year and they have also paid TO the
State OF Virginia the sum OF SIT ,SUG. 6S OF
acc cunt of back dividends and interest.
An ordinance pissed by the Council o
the city of Richmond required the company
during the year to conform the grade OF thei
road on the upper part Of Broad street to th'
grade proposed by the city fer that portion
the street. The Board was advised thht.l
was very doubtful If the city had any Ieea
right to require the company TO change the
grade OF their road It's originally established,
certainly not at the company'S expense; ou
TO evince the purpose of the company 10 a'
everything that might be required OF then
by the city authorities within reasonable
limits, the Board determined 10 raise NJ
questions on the subject, and at large eX
pcnsc the entire grade OF the road was
changed to meet the full requirements OF the
ordinance.
In addition, tie Board having become
satisfied that ii was the wish of the City
Council and of many of the residents or
Broad street that the depot of the comIan !,
should be moved from the corner of Broad
and Eighth streets TO some other LOCATION
which could be reached without the nece>.
siiy for using Broad street determined fC
accede 10 the wishes of the Council in this
respect il the proper legislation is obtained
10 enable the company to do SO, pro-
yided that the city would establish
the company ut another location equal.
X ~ suitable to their purposes with
out imposing loss upon them; and with this
object ia view the Board, acting i'll concert
with the Finance Committee OF the Councli,
employed a competent engineer to examine
and survey, with the engineer ol the city,
a route 10 d location thus proposed, ana ny
which 1t Is contemplated TO avoid all Ike ol