The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1876-12-14


The foregoing statement shows, rs the
net result of the company's operations for
the year, after satisfying all current charges
for the maintenance and operation OF its
property, paying all interests on its whole
debt, funded and floating, and all liabilities
for rent. balance of $685. over all
such charges, interest, and liabilities.
The ratio OF working expenses to earn
ings, on the combined lines, for the year,
is s56.S4.
"Attention is called to the general balance
sheet Of the company, submitted herewith.
1t will be noticed that the funded debt OF
the company has been increased by the
issue of 100000 OF the general mortgage
bonds, and that the obligations OF the COM
pany have been reduced by the payment OF
$S1, 200 of matured bonds, by decrease in
the amounts OF bills and accounts payable
Of S161, ,111.44, and the reduction OF the
S14, 4,O00-aggregating the sum OF $780,
3l1.44, showing considerable reduction OF
the interest-bearing obligations Of the COM
pany in excess OF the increase OF bonded
debt.
"The entire indebtedness OF the COM
pany, and in what form it existed at the
close Of the fiscal year, are fully shown by
the report OF the auditor submitted. The
large reduction from last year OF $161, Ill. "A
in bills and accounts payable is Of itself an
important advantage in the results Of the
year, affecting, as it has, most favorably the
credit of the company, and facilitating con-
sequently material economy in the admin
istraton of its affairs.
"'The floating debt of the company on
bills payable at the date of the last annual
report was S40S, S,0S7.4S. This has been re-
duced 34,520.S3, leaving the amount at
the close OF the present fiscal year S273,-
56665.
"The accounts payable and overdue pay
rolls were $13S, ,414.7S, and are now, includ-
ing the month of September, not then pay
able, 11,S24.17, showing q reduction in
these items of $2G,590.61.
"Al employees Of the company are now,
and have been for several months past, paid
punctually and regularly-a result OF great
value to the efficiency Of the service, but
which the best efforts Of the company were
not able to effect for several years until
within the last six months.
"The promptness with which all obliga-
tions of the company have thus been met,
together with the reduction Of its floating
debt, has resulted in greatly improving its
credit, and has enabled it to place the
greater portion of its floating debt in Phila-
delDhia, where 1t is now carried ut rates
not much over one half those heretofore
paid.
"The general business Of the company for
the year, as shown by the reports referredto,
reflects the prevalent causes which have op-
Grated throughout the country upon almost
all TRANSPORTATION interests, in the diminu-
ton OF gross revenues that result from a
depressed and inactive condition of trade
and the reduced rates obtained on all COM
petitive business-a class Of business which
now constitutes large part OF the compa-
ny's traffic." ....-s.
"The results rof determination to prac-
tice all economy possible] are shown in part
in a reduced expense account for malnte-
nance and operation for the year OF $179,-
22.30-the property meanwhile being well
generally, and in some respects
improved.
"During the year $500 tons Of new iron |
rails have been placed on the track between |
Richmond and Charlotte, at such points as |
most required repairs the cost Of which |
has been charged in operating expenses,
md during the month Of November last |
.wo hundred-tons Of steel rails have been
placed in the track OF the Richmond and |
The road-hed, bridges, and station-houses
have been well maintained and in safe con-
dition some few OF the latter, however,
need enlargement, and es specially with refer
ence to the better accommodation Of pas
sengers. For that at Danyille the Board |
have already taken the necessary prepara-
tory action.
"At the Richmond depot new freight
building has been put up on the company,s |
lot opposite Fourteenth street, with suit
ible offices for the station agent and his |
assistants, and the approaches both for the |
receipt and delivery of freishts thoroughly
.ranlte payements, and the whole well en-
closed by stone and iron-rail fence.
some OF tie most considerable items of
cguEar expenditure which the company |
VIII be required to meet for several years is
he supply OF new rails in replacement OF
he old and much-worn track which still /!