The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-12-01

submit the following report OF the ousipess
of your company for the fiscal year endlng
30th September, 1875:
1s7so'74.. 7so1 .]ss 1s74c,5S; aas "a
Spers1ns SpoTs eMpenscs s45S ss s6,ss9 81
Ipcame.. o5,Uol ~ fo,AoA 70
Extraordinary expenses 1S,4Uo w .....'''''''
Net income. :. -. ss,ee7 20 7s,25I es
interest ON bonded and
floating debt........-. .1So1S 4S Zf'1of 90
Ne, revenue .......... slses7 SO s54,o5s es
Reduction Of funded oo M
dcUt. ....''...... Soo,ouO w
Percentage Of operat- ~
Ing expenses. OF oAH
II will be observed that there are no ex.
traordipary expenses charged during the
year. Expenditures usually chargcable to
that account have been made, but they have
all been taken up in operating expenses.
The unusual exhibit of an increase of
twelve per cent. IN gross receipts, and net
income more than double that of the pre-
yious year, and that during a period Of eN-
traordinary depression in general business,
and especiailyln railroads, is very encouyag.
ing. This result has been obtained without
suffering the road and property to depreciate.
They have been fully maintained, and the
policy of a steady, permanent Improvement
of the road-bed and property is earnestly re-
commended. Valuable suggestions 10 de-
tail for such Improvement will be found in
the report of the superin endent.
You will recollect that at the last annual
meeting you authorized the execution of a
mortgage to provide for all the outstanding
debt OF the company as it should mature, and
for other purposes. Such deed has been
prepared and executed, and copy of same
is made part of this report. It's further
ratification by this meeting of stockholders
is not necessary, but resolution to that
effect may not be inappropriate.
One hundred and fifty thousand dollars OF
| the bonded debt matured during the year, OF
| which $50, 500 had been paid up to 30th Sep.
| tember out Of the current revenue Of the
company without creating a new debt. The
boiders have been notified that the company
is ready to pay the balance, but they seem
unwilling to accept the money, and notice
has not yet been given that the interest shall
cease.
Since the close Of the fiscal year $35, 900 oil
the new seven per cent. bonds have beer
sold at ninety-tWo and half and interest
and several holders of the due bonds have
intimated that they will accept the new
bonds in exchange Tor the old on these terms
Tt is recommended that the amount of new
| bonds to be sold during the current fsca
year be it1ited to S65, 900 10 addition to those
sold. as the estimated revenue OF the com
pany will be ample to pay the balance of tht
| debt without further sales Of bonds.
! TWenty.three thousand dollars Of the dut
bonds have been paid since the close OF the
| fiscal year. making the amount now out
| standing $16, 800. ....
| The litigation between the company and
certain holders of scrip for stock seques'
trated during the war has been happily
ended by the payment Of five dollars share
by the company and the cancellation of the
scrip. The counsel of the company advised
that the court of final resort would un
| doubtedly declare the stock illegal, but 1t was
thought best to pay the above price rather
than incur the expense and annoyance o.
tedious litigation. The propositions has mol
| been declined by any holders of the illega
scrip to whom application has been made
and the few shares still unsettled will pro
baby come in as soon as the holders can be
reached. ,.
The danger Of the James River bridge to
destruction By fire has long been matter o
concern to the management. Every precau
ton that prudence can suggest has beer
adopted, and the structure is insured fol
| $50, 600; but 1t is recommended as fErthel
/ precaution that the two northern spans bt
taken down and iron or masonry substituted
This would very much reduce the chances o
fire, and most probably cause reduction
| in the rates of Insurance. .,s
The report Of the superintendent and
statements Of the treasurer, submitted here
| with, will give you in detail the business o.
| the past year, and the Inventories of equip
ment and supplies will be found equal TO the
increasing business Of the company.
The faithful and efficient manner In which
all the officers of the company have dis
charged their duties is worthy of all com
| mendation.
sUpERINTENDENr's REPORT.
Accom- panying the Presidents report il
the report of the able and efficient Genera
Superintendent of the road, Mr.. A. Shaw
showing an increase in the receipts Of The
COMPANY for the year OF $l7.7l5.16,. and
decrease ia expenses Of 81, ,46S.55. making
total net increase in receipts Of S2b,1s3 II as
compared with the operations OF the preced
IN gSe Ss's; tabular statements Of the superiD
tendent show the percentage Of expenses tc
gross receipts to have been 81 55; total mum
ber of passengers carried, 117,508; numbei
of tons of freight carried, S9,723; bushels
cool transported from Clover Hill, l ,2zs; ;S6S
Built at company shops during the year
four fiat, one box, and two cattle cars-all
first class, with improved standard trucks
CONDEMNED aud withdrawn as unit for SER
tsice, two coaches, two baggage, seven box,
wld three coal cars. Put 5,5a new ties IN
tack during the year. Built brick abut-
mspt under mair,-Hne trestie at Petersburg:
WEI s I'LL In ",the trestle In short time, and
thus shorten it 800 feet, and secure perms.
-nent roadway 10 the future. Bailt new
wood ,tlrn-tdble at Raehmond; cost, S8 $50.
New table is needed at ;Petersbnrg-timber
OF, hans for that purposs Expect TO hEald
coon. ,.ss,.s3 l
Purchased during the gear from Abbott
Mills. Baltimore, 100 tons Of 56-pound ilsb-
ioint rail. II was placed upon the track 10
April. ls75-.ss tons between the feurfeen-
and tifteen.mile posts, and the balance on
Swift aud Falling Creek bridges. The dlt.
fereLce between the cost OF new and Inc
amount realized from the sale of old rail
was charged direct 20 operating ex penses. u
During the last ta0 years this company
has purchased and placed upon It's Track doa
IONS of 58,pound fish;ioiat rail. Now have
Sd tons of new rail distributed on side OF
road apd ready to be plaeea en tfaeE. The