The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-12-10
RELATIONS OF THE Pennsylvania
COMPANY WITH THIS COMPANY.
The $6,000,000 Loan Discussed
and Endorsed. I,
CHANGE OF GAUGE AGAIN TALKED
'l4EsyE. ABOUT. Y,
PROSPECTS OF THE ROANOKE VAL.
LEY ROAD. ~


Railroad Company was held at the Exchange
Hotel Yesterday, commencing at 1880 o'clock
r. NJ. About one hundred and fiffy stock
holders, OF. representatives Of stockholders,
were present. ,.1..g,,s
The meeting was called to order by Colo
mel A. s. Buford, the president Of the COM
rany, on whose motion Judge F. N. Wat.
kins, of Prince Edward, was called to the
chair.
Messrs. Elisha Barksdale, W. B. Isaacs,
and DR.. Cheatham were appointeda commit
tee to examine proxies. The committee re.
ported the following shares represented: |:
In person, 1916; by proxy, 26,2Q8-total,
2S,I24. More than quorum, S,l23.
Presidents Report. n,
Colonel Buford read the report Of the
President and Board of Directors, from
which it appeared that the gross earnings
for the year Of the Richmond and DanVille
railroad-Richmond to Greensboro'-inclu.
ding Piedmont railroad have been $685.
79S,99; total expenses Of operation for the
year, S597. .6S27O; surplus of earnings over
expenses, 1928, ,116.29. Ratio Of expenses,
6455 per cent. Compared with last year the
earnings are S31, 330.43 less; the expenses
$S7, ,922. .76 more. The severest economy has
been practiced during the year. '@'~'i-' .
"The financial situation Of the company is
greatly improved over that of the previous
year, and in every way affords absolute con-
fidence Of assured soirency, with just eXpec.
tations Of ultimate surplus profits to the
stockholders"
NEW BONDS TO BE ISSUED.
s'Tbe Board in September last adopted reso'
lutions authorizing mortgage Of its entire
property, including its stock and leasehold
interests in the Piedmont and North Caro-.
lima railroads, to secure an issue OF bonds
not to exceed 100000 principal, and in.
terest at six per ceDtum per annum, paya-
Bile in gold, and reServing in the hands OF
the trustees the sum of S2,961,6 600 Of the
bonds to be used only as the outstanding
bonds of this and OF the Piedmont company,
and The Indebtedness Of this company to the
State Of Virginia shall be paid or satisfied
by this company, thus providing for the
entire wants of the company, present and
prospective, in the only manner not likely
to involve heavy loss or hazard to the com.
pany n meeting its just and proper liabili.
ties with that good faith and general pune
tuality that have heretofore marked its his
tory. This deed, so authorized and direct.
ed, bearing date October 9th, 1874, has been
accordingly duly made and recorded. All
bonds of the issue OF 100000 under the
mortgage OF September 1st, 1873, will be re.
called by the company, none having been
sold, and the deed of Septemberlst, 1873,
cancelled. ..sr..r
"Definite arrangements have been already
made for the sale OF ST. ,0e0, 600 of the bonds to
be SO issued at price that realizes to the
company 80 per cent. on the par value. This
arrangement effected at once enables the com.
pany to satisfy nearly the whole Of its in.
debtedness on bills payable, and relieves it oi
both the hazard and the cost Of being long
e. large borrower at current rates, now
uniformly high. Thus it will be seen that
after this prudent and safe provision for ex
isting liabilities, surplus of about S2,0OO,'
900 of the bonds so secured remain the pro-
perty of the company, not to be used except
as future exigencies may require, or as Inc
stockholders authorize" e,-z
The company has been able to pay its in
terest promptly Dy the help of the Pennsyl.
vania company.
THE PENNSYLVANIA COMPANY.
The Board {" state explicitly that the Penn.
sylyania Railroad Company, which had be-
come the holder by transfer Of certain con-
tingent and collateral obligations OF Tbs
company, created in connection Win the
Atlanta and Richmond Airline Railway
Company, and to etfectthe completion OF the
latter company's line, has made PROVISION
and agreement with this company by when
all these obligations are now virtually can
celled and annulled, without liability on the
part of this company therefor in any form,
character, or amount whatever" ,,,-,
efEy 81 ho pnnnCplvQnIQ
Company may be said to be one OF prudence
and wisdom. 1t is so; but it Is also no less
Oil act of enlightened justice and generosity
to its co-pgoprietors of TINS companyIon {
which. especially in connection with the Ell
fectiye aid rendered your, company during
the wear, aud above reported, will be justly
anoreciated BY every stockholder who has
the real interests of the company ut heart
And all which together is demonstration, BY
proofs stronger than any mere words can
make or refute, that in the PennsYivanls
Railroad Company, as your co-proprletor
YOU have friend not an enemy-identihed
bv large interests with every movement in
your history, whether for good or eyil-a
partner who has, and can have, no interest
but that which is common to the smallest
owner: the success, thrift, and usefulness OF
your line of road, and the magniied pros
nerity of the communities and sections who
use it."
PASSENGERS AND FREIGRTs.
The local passengers have decreased II .OO0
while there has been an increase OF 5,UVl
through passengers, resulting ina net loss or
passenger traffic compared with the year pre-
vious OF $12,27s. The loss OF local tonnage
hauled the shorter distancesto the extent o.
27.T25 tons has been SO far compensated oy
IAN increased through tonnage, US to give an
aggregate mile-tonnage OF ,269, 81 over thal
Of last year, the equivalent OF nearly ,oOO tonS
over the whole line between Richmond anC
Greensboro, or about 900 carloads OF aver
age weigh" %,
Every practicable effort compatible witt
the interests and necessities OF the company
has been made to stimulate and develop the
business of, the line, both local and connec
tional." ,.,..,.s..,! II i s,,ssss - .-,'s
Z IMPROVEMENTS. ees..1l,,t. e, 4.
+" The report Of the, superintendent pre-
sents statement Of such improvements q
have been made Of the roadway, buildings
wharyes, and other like property Of, the com
pany. These have been necessarily limited
One important Improvement oWeyer, mai
NOT vet been made, the delay OF which it does
not seem should be much longer continued
Tha is the erection or procurement OF suit
able buildings for the business offices OF tht
compan i at RichmoDd such as are better
fitted for the proper and comfortable dispatch
of business, and that will afford greater safety
against the serious risks OF accidental fires e
w bich the temporary buildings at present 6
used are constantly exposed
THE NORTH CAROLINA Road.