The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1873-11-20

dent and directors was read and adopted
To the Stockholders. - i-s7i 'iRf.EasF
The board of directors respectfully re
port to you that for the fiscal year endin
October ], 1873. the receipts of the com
pany have been as follows:
From transportation. .$4z5 l7s 0
From rents. ........... ...... l,75S
From miscellaneous sources, being
dividend Potomac Steamboat stock,
sales Of old iron, &c.,. .............. b1 698 0
From other companies, being their
proportion Of through-train ex-
/ 1914
| .yEgP E FfTRRg 949s,744 o
and that the expenses of transportation hav,
been t266, COS "a, which includes this company
proportion of through.train expenses and ali
other expenses of operating the road.
This exhibit, which is given in detail in
the reports of the general superintendent
and treasurer, presents gratifying con.
dition of the company's affairs. In view
of it, and in the belief that the board oil
directors would be enabled to continue
like dividends hereafter, semi-annual
dividend of 81 per cent. was declared on
the 1st instant on the whole stock of the
company. a
The payment of regular semi-annual
dividends on the common as well as the
guaranteed stock of the company could
have been recommended at an earlier date
but for facts well known to many Of the
stockholders, but which it may be proper
here briefly to recite. a
For several years past the managers of
the Pennsylvania railroad COMPANY corr
poration chartered by the state of Pennsyl-
vania for building and operating a railroad
between Philadelphia and Pittsburgh, and
whose legitimate objects would seem to be
deavoring by various agencies, more espe.
cially the so:called Southern railway secur-
ity company, to obtain the control Of lines
Of railroads in Virginia and other southern
states. H raH SaAE
Having obtained control of the Rich
mond and Danville and Richmond and
Petersburg railroads, in this state, by the
purchase Of the stock held by the common
wealth in those companies, the attempt has
been made at each session Of the Virginia
legislature since 1869 to obtain, either un-
der the guise of a free railroad law or a
special act, the power to build railroad
between the termini of this company 8 road.
These attempts were made, as the board
Of directors were at the time satisfied, and
as they think must row be evident to all,
not with the view OF constructing another
railroad, but in the belief that with such q
charter under their control they could ope-
rate on the fears of the private stockhold-
ers of this company to such an extent as
would cause the holders Of q majority of
the stock to sell their stock at sacrifice,
and leave the property of remaining
stockholders and of the state in the un-
fortunate condition which has generally
proved to be that OF individual, .stockhold-
ers in companies which have fallen directly
or indirectly under the control of the Penn
sylvania railroad company.
Viewing the subject in this way, the
board of directors believed it their duty
both to the commonwealth and private
stockholders to resist by all la wful means
the application referred to. They trust it
will be the pleasure of the Legislature to
in the future applications
obviously in no way calculated to promote
The public welfare, but only that Of parties
1esirouS of obtaining the property of the |
and her copartners at less
han its fair value. .I.,A
Should such be, as they hope it will be.
he future policy OF the commonwealth, the
board of directors feel satisfied that her
and that of the private stockhold-
ere in this company will be highly valua-
BILE and improving one, whilst great con-
Of state policy recommend, it is
the line of this company between
Richmond and Washington being retained
under the independent ownership and con-
troll of the commonwealth and her individ-
ual copartners. "a G42S
Large expenditures chargeable to capital
stock have been incurred during the past
year. About nine acres of land were pur-
chased near the Fair Grounds with view
to the future permanent location Of the
company's shops at that point. Carpenter
and car shops have already been erected
there, and they have. been equipped with
the most improved machinery. The COM
pany is now provided for the first time
with the means to build and repair all of its
cars with the greatest economy and dis
patch, and the board are able to report
most favorably upon the condition of all
the company's property.
During the year the company has been
required to pay to the United States for
taxes incurred in previous years, for which
they had previously no knowledge of their
iiobiieJs th0 Gum VI YfiAoHsovs uoiliS
portion of the total amount of s20,Sl5.16,
the balance of which has been paid since
the end of the fiscal year; and they have
also paid to the state of Virginia the sum
of $17 ,806.6S on account of back dividends
and interest.
An ordinance passed by the council of
the city of Richmond required the compa-
ny during the year to conform the grade OF
their road on the upper part of Broad
street to the grade proposed by the city for
that portion Of the street. The board was
advised that it was very doubtful if the
city had any legal right to require the COM
pany to change the grade of their road as
originally established, certainly not at the
company's expense; but to evince the pur-
pose of the company to do everything that
might be required Of them by the city au-
thorities within reasonable limits, the board
determined to raise no question on the
subject, and at large expense the entire
grade of the road was changed to meet the
full requirements of the ordinance.
In addition, the board having become
n