The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-11-19


:,
r.. r..y.>CrorI Snnuai meeting ot tue
....G e, - lie E'rAin"hu. Ee"','INS,
.. . N..nG:c k"!!Goa" '"H'i"ns wa,
~ -. HI. q! The company cotuel u
a .& II al >'TrttS.yr>'2FoaS ~ i'oo"'
". r!A..: !. Cannon PRESIDED, I'll" -di'
,e W..,.ug ar.c0 - secretary
....a. wa> toun0 10 be III 3t'en"'nT''
..... .---'G..; Ec2u me iosio"'NS - ~.
....... g.. :,".EIci directors loi 'ue l''>'
....:
.....y..
The Board Of Directors re-
-.... p. ,h,. for the past fiscal year
.... n. ,.r cpmIany have been
+" 7.a ,xnnn,Cs Of transporta.
:: ,''..r 500. ..g>..3 (which includes
.,s ,....u.a ;run} leaving 4 balance
-..-.
....,, from run,D1rinr the above
....... VIA lin. OF the report OF the
,-.~,.,. tie receipts Of the COM
..... a.. S.7.2SG - less and the eX-
.~...>,r,a.Iou S,l9O.19 more than
IN. ,g, fi>c,! year ending October /,
:....;.,, ;r tho -arnirts Of th, COM
.h.,.,>. year has been TO some
i'.' =, ,na diminished trade and
.... ,..r,r.ry since Septomher. 1873,
1-. 1@'...- .,....,. oHiuion Of your directors.
.,.....,#r,. f ne managers of the Penn
...,~.. E.,-o.t Company rs regards their
-....a III, ~ca,c. Whilst owning and
....,..t-. u,4r,y half in length of the con-
,-.-., r,,yo,d line between Richmond
,.., .,r.r.. Their ownership and control
-..'. ..t>ia vIr,;pja >outh Of James river,
,.....o7 purchase OF the stock of the
,.... aHr.tG in those companies, has
a...,.. met only. il is believed, without
.:a..... u those companies, but 10 their.
:. ,a.,ad.Hn,age.) TO keep up 'competi-
II. rsr lajrvct and inferior route for the
a."I!'. ..&t;c and travel OF this road, IN
r..a Il, CoMmouwcalth and many OF her
C..-, .Ic lag-clv interested.
G,4r& = Directors Of this company
.-..,I I1,- 10 explain this singular course
~.s.m4ragers oflhr PENNSYLVANIA Railroad
lrm!ay IN warrirg on their own line be
ra.r, pial,.c5 lud Baltimore, and can offer
r..t'ar. on the subject unless it be that,
..a.t.,a.,t n their attempt to induce the
,.tcsa1'iar, of this company 10 lease or sell
;a.lrMgt e low price controlling interest
..--.- read ~ the fear Of a rival road, they
..a..G ca1nayoring 10 attain this end by
.-,-.1- i revenue. However THIS may
H. Ii. b4rd Of Directors have deemed 1t
H., Gu'y 70 pl0lect the Interests committed
a, ..... Charge, and TO this end 10 incur, so
-. s, ;.:> comrctition may last, the eX-
,..,. ii additional trains for dimin-
..a.. "u>iu-->. They have the salts
l-ra u EuOWing that such COM
..."- ca0lQt last long, and that whilst
. .-,'. Il must rc much more injurious not
..t 10 he competing lines. but even to the
:tGG,; .;sajl railroad and the companies
.-a". L, control, by which II Is stimulated
Iii. .i....u .ucl. than il can possibly be to this
U-.slY. Nul This conviction, and in
IgWuiti large amount 10 the credit OF the
g.atn lad los account. now equal to divi-
y~-1 g. lltty prr cent. on the common stock
u ~. cglup.nv. tie Board of Directors
T...4. have icit warranted in declaring diyi-
D.2.t, Is; three AMI i half PEI cent. on the lst
d N.y ana on The lSt instant on the COM
LII >.,.E Of the company, in addition 10 the
gSd,a.> paid Oh the guaranteed stock, but
:5!:an!9. owing considerations
.4.!ag The coming year tnere will be pay
a..-. Il called for, more than 100000 Of
40. due principally in England. These
ha1, az" al! secured under first mortgage
q IL ao,l complete character on the whole
l,l,r,r'y "a. Iva. bean in f,,lfIl;n', eycent
laav. ;hr extraordinary calamites Of our
ci.j "ar al! Is engagements. it might have
:~Nd uDs"r ordinary circumstances on the
's,"a,jon - such time as it might have de-
>''a u: TIE greuter part if not the whole of
'.~'r bonds. II is we'll known, however.
'.'' II" credit Of American railroads in Eu-
'2i-' A;> been seriously damaged and, it is
'o 'oaatrcryttcd, not undeseryedly, from the
4ri.t.j, Of 3 large number Of railroad COM
ia-i", whose work, we're undertaken and
E"'tru.cl in many cases for iIlusorv Oh
.',, win Il very small and Inadequate cz,pi-
., stock, a'id sometimes with bouds alone.
J. 1. Ip' surprising, under these circum-
..'h - '-Al foreign creditors should be dis
,.O> ,4' e',n Of bonds resting (as yours do)
Va : As-" Proportional stock basis, and is
,",' y! corporations composed OF indi-
''alr,' worthy in all respects of credit and
- - Inc boafd ueem II, therefore,
'-s.f ol!l to prepare 10 pay puuctuaIly at
~ maturity every bond due br the com panv
4" "Acl il, holder may prefer the payment
a.. O., u, H. extension, and to this end to abstain
a''s., II he accomplished from any dividend
J." 10 ,,', ,,S,.c's,HodeFs, Or other outlay which can
~ r., a'''Grd.
,.,1. As Board Of Directors deemed it both
= 5igi'.F l and judicious, during the past year.
.,d y. aD eHalnlnatlsn made Of the profit
U~Ir '2>> n account, and to eliminate from il not
aGiH.-4 '' H., 4eo'' on open account, and notes