The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-11-24

Il
pany.
To the Stockholders Of The Richmond, York
Ri5er and Chesapeake Railroad Com
| pdny::
Gentlemen,-In the month Of May, 1873,
this company purchased at public auction
the property and franchises of the Richmond
and York River Railroad Company. On the
Sth day OF July thereafter CONVEYANCE of
tnat property was made to this company
under It's present corporate name, By which
conveyance, under operation of law, it be-
came legally incorporated company. in.
vested with all the rights and privileges OF
the old Richmond and York River Railroad
Company. As the existence Of this COM
| Hany extends, therefore, only through a
lperiod of less than eighteer, months, we beg
leave in this report to embrace its opera.
tons from the commencement until the
present time. 1t is hardly necessary to re.
mind you Of the condition of the road and its
equipments at the time of the original pur.
chase. The bridges were out of repair.
bitches filled up, sills mostly decayed. de{5
buildings destroyed or totally Insufficient
and Insecure, wharf accommodations con.
tracted and inconvenient, and there was
less than one-half Of the rolling.
stock and equipments absolutely indispensa-
BILE for an efficient daily line. These defects
have all been supplied as rapidly as it could
be done with due regard to economy. The
road is now in unexcaptionable condition.
1t is fully supplied with the necessary equip
ments, and considerable portion of the
track has been relaid with the best American
iron. But the attention OF your Board was
early directed to the fact that The success of
this company depended not solely or even so
much upon the perfection of its rail line as
upon the efficiency Of its steam connections.
It is only as part OF a through'line to points
further north, by way of the Chesapea Ike
bay, that your road is really valuable. Alone
it would be mere neighborhood conve-
nience. Combined with the great power
which il was intended to supplement, it af.
fords to the city of Richmond facilities for
commercial intercourse with the North
which no other line can rival In order to
insure and control such steam connections
as could be relied upon the Board of Direc-
tors, under the authority OF your body, sub
scribed the sum of $195, 900 TO the stock of
the Baltimore, Chesapeake and Richmond
Steamboat Company. This amount was
subscribed in the steamboats, OF this COM
plny which had before been purchased at
1
operating the steam line under authority
proposed to be asked Of the Legislature as an
extension of your franchises, " which purpose
was afterwards abandoned. That amount
| being q large majority ofthe stock OF the BaIti.
more, Chesapeake and Richmond Steamboa
| Company, its management Is entirely under
your control, and us officers are in fact
nearly the same as your own. SO that the
lin 70 Do Ia ,huto, lI,,
but one interest, and subject to the same
management.
You have thus secured an efficient and at
tractlYe through line from here to Baltimore,
| which is in active daily operation and
though under two distinct organizations,
they ure worked in entire harmony.
The accompanying reports of the super
intendent and the treasurer will furnish de-
tailed statements OF the financial condition
of the company and Of its operating ex.
pcnses. The capital stock amounts to $780,.
900. Under authority Of the stockholders,
heretofore given, mortgage OF S40O, 900 has
been placed upon the property of the com.
pany, and bonds to that amount are thus Sc
cured. Of this sum S234,000 have already
been issued, and the residue are still the
property of the company, to be used as its
necessities may require. The issue OF these
bonds was directed in order to meet the
expense incurred by the purchase of steam
ers, the restoration of The road to its present
condition, the purchase OF rolling stock and
OF real estate, and the construction of con-
nection track jointly with the Richmond and
Danvile Railroad Company between the de-
pots Of the two companies in the city of
Richmond.
The net earnings of the company amount
to S3s ,532.S4, US. the following statement
from the treasurcr's report will show-viz..
Gross earnings. Slp4,S79 12; operating ex.
penses, S72,34G.2S $32, ,532.S4.
The profits thus realized, whilst much
less than we at first bad Il right to eX-
pect, are far from discouragiug under the
extraordinary circumstances which have
combined within the last twelve months to
embarrass US. The panic OF September,
1873, followed by . general depression OF
business all over the country, is not even
yet over; and nowhere has it been more
felt than in the department OF transpor,a-
tiop. In addition to this, competition has
been forced upon US which has, in our opin-
ion, been as uuWise and irjudicious as 1t has
been Injurious TO all parties. Supposng
that no person or corporation could claim
proscriptve right to the Use OF the waters
of the Chesapeake, this company determined
to develop the York River line to its full
capacity, not only in the interest OF the
company, but for the benefit of the colnmu
nifty with which it was indebted. We desired
only to do a legitimate business at fairly re.
muperative rates. But no sooner was this
business inaugurated than We were met Wlth
most determined and suicidal opposition.
IL, Tod ErS fha hou M
Not only is it injurious 10 the parties
Immediately concerned, but the Influence OF
the disturbing element Is felt in all the de-
partments of trade far beyond the point ut
which lhe disturbance began. Every intel
ligent merchant understands that competl.
ton which temporarily reduces the price OF
ransportation below fair proht only tends
to unsettIe business, and not to promote lt.
Fully conscious OF ak this, we have mace
every reasonable effort TO restore rates, In
order that each company might DO the btlsi.
ness which it could legilimateiy command
with the peculiar flciities and advantages
afforded by it to the public. So far these ef-
forts have been uDayailiDg. To meet this
opposition We have heretofore used only such
means as were strictly defensive; but we re-
specially suggest that the time has come
" hen it would be well for you TO instruct,
or at all events authorize, the Board of Di-
rectors to take such further steps as may be
necessary to meet the emergency in q more
direct way, and to authorize such expendi-
lures as may be necessary to carry out thai
purpose. a.,
Respectfully submitted on behalf Of the
Board of Directors. t.
r. S. Burrows, President.
srIcrpE.-Last Friday evening about 4s
O'Clock youth named Robert w. Batklns,
aged fourteen years, son of Mr. Thomas