The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-11-18
ANNUAL RRpoaV or TIE PRESIDENT. .

Making gross revenue eof............$3 80, ,29S IA
And expenses OF transportation have
been.... 1oo'o40 90
In this statement the amount received from
other companies on account Of their proper
tion Of the expenses of maintaining the
through trains does not appear, but the Diff
ference between the total cost Of maintain.
ing the through trains and what has been
received from other companies as their pro.
portion OF this expense has been in
cuded in the cost of transportation.
This change 10 presenting the statement Of
receipts and expenses of the company makes
an apparent falling off in Its gross receipts
for the year ending September Both last, as
compared with that of the previous year, Of
S66 ,959-59 instead of $26,279.72, the real
falling eff; whilst the reduction of expenses
during the year as compared with those Of
the previous year has been $49. .069.4S, thus
making the net revenue OF the company
S202, ,24S. rs, or S22, 2,5S9.76 more than that Of
the previous year. This net revenue has
been used to pay interest, dividends on
guaranteed stock. and other payments charge.
able TO the profit and loss account. and to
meet large aud extraordinary expenditures
at Boulton and in additions to equip.
ment. These expenditures at Boulton,
which have been for a. long time con-
tempiated by the board, were rendered
Immediately necessary 10 consequence Of
q decision by the Court of Appeals of Vir.
ginia affirming the validity OF an ordinance Of
the city of Richmond requiring the company
to dispense with the use Of locomotives on
Broad street east OF Belvidere street. The
company have therefore been obliged TO
erect at Boulton machinesbop, engine
house, office, and storerooms, and TO re-
move their engines and sbop.fxtures to that
point. In the last annual report of the di-
rectors the attention of stockholders was
call d to the fact that uuring this year large
amount Of bonds, due principally in England,
would mature, and that the board of direct
ors deemed it their duty to prepare to pay
punctually at maturity all such as were held
by persons who might prefer their payment
to their extension; and to this end
to abstain from any dividend to stockhold-
ers until it be accomplished. Of these
bonds thus falling due nearly or quite
Two thirds have been extended by the par
ties holding them, or their assigns, at the
time OF their maturity, and the uneXpired
bonds now outstanding are held by or under
| the control OF parties by whom they will be
ellUcE EAtcEsuSu uctu uutSl IL oulL CuC
convenience of the company to pay them.
Reference was also made in the last annual
report of the president and directors to the
policy of the management Of the Pennsylva.
MIA Railroad Company as regards theirin-
terest in this State. It was therein said
" whilst running and controlling nearly
BALI In length Of the continuous railroad
line between Richmond and Baltimore
their ownership and control of railroads In
Virginia south Of James river, obtained by a
purchase of the stock of the Commonwealth
in those companies. has been used (pot only,
il is believed, without advantage to those
companies, but to their serious. dlsadVan-
tage,) to keep up competition BY an lndl-
rect and inferior route for the legitimate
trade and travel Of this road, in which, the
Commonwealth and many of her citizens are
largely interested" and it was added taat
the board OF directors Of this company are
at loss to explain this singular course OF the
manage of the Pennsylvania railroad in
warning on their own line between Quan'
tico and Baltimore, and can offer no con.
lecture on the subject unless it be that,
disappointed in their attempt to induce
| the stockholders OF this company to lease. or
sell to them at low price controlling inte.
| rest In their road by the fear of rival road,
| they are now endeayoring to. attain this By
| impairiug its revenue" '''>'i Is =. ~
1t will appear from some of the accompa-
nying papers that apother and more extra
| ordinary end has been the immediate object
of the managers of the Pennsylvania Rail-
road Company. 1t will be recollected that
at the time the PenDsylyania Railroad Com
pany obtained control of the charter of the
Alexandria and Fredericksburg Railroad
Company, and previous to the commences
ment of that work, they made 1t one of the
conditions of connection with the Rich
mond, Fredericksburg and Potomac rail-
road ut Quantico that no through
tickets by. steamer should be issued between
Washington ard Richmond and points
sontb of Richmond, or between Richmond
and Washington and points mormon wash
jngtop. and that this company preferred en-
connterjnp the risk of rival road the whole
distance between Richmond and washing
tom to entering into an agreement which
woIijd evidently place their railroad undel
the absolute control efatbe Pennsylvania
Railroad Company and its officers. Believing
an independent connection BY az least one
line per day between Richmond and WASH
ineton essential to the welfare, and pernap'
eyen to the existence, of the Richmondi
Fredericksburg. aud Potomac railroad. when,
on the approaching completion of the Alex
andria and Fredericksburg railroad between
sQuantico and .Aiegandria, connection
was asked for; with this, company by
the Alexandria and Fredericksburg and
Baltimore aud Potomac Railroad com.
papies it was required on behalf OF the
Richmond, Fredericksburg and Potomac
Railroad Company as an indispensa ole con-
dition 10 any sarraBg cement that the dag l'ne
10th Ways between RichDead :apd Wash
ugtoa should be by steamboat between
" ashington and Qusntiso and by railroad tli ttl
Between 0uantico and Riehpond |. AND ae.
,eoraingay Ipe pery ysrss secsioaief the agsee.
snent made between the Richsndnd, I, Frederss
ieksburg aud Potomac Railroad Company tes
the one part, and the Alexandria and Fred.
eriekshurg and Baltimore and Potomac ksE-
road som oanies Of the other part, Of which
q copy, is herewith presented, reads as iots
lows: 1a 81. a. ..y5!ss
Section 1. tits agreed between the above
companies that on The comp Hon OF The Az.
ovat,lirfa and fredericksburg railroad 10 the;