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

REPORT OF THE PRESIDENT AND DIRECTORS.
The Board OF Directors respectfully pre-.
sent to the stockholders the following re-
port Of the company's operations for the
fiscal year ending September 80, 1876:
Receipts from transportation have
Receipts from hire OF cars have been. 1881 a
Receipts from rents have been ......... 1,139 SO
Receipts from dividends have beer.... $3.50 90
Making gross revenue eof..........$367.e69 of. 81
The expenses of transportation have
Dcef. I1,ISo 90
Leaving net revenue S1e0,175 90
Thus exhibiting falling off in net revenue
Of S12,072.77 as compared with the previous
year.
In addition to the expenses Of transporta-
tion above reported, during the year there
has been expended in necessary additions
to the works at Boulton the sum OF
$S, ,19O.67.
The bonded and floating debt OF the COM
pany has been reduced by the sum OF
$20,641.
A better result was to have been antici-
pated from the increased travel resulting
from the Centennial Exhibition; but the
necessity of keeping up connection with
the city OF Baltimore by the route OF the
Potomac river, in order to successful
competition with other lines OF travel,
which has been fully explained in reports
heretofore made to the stockholders, and
the low rates Of fare which had to be
adopted, occasoned the net receipts from
the increased travel above mentioned to be
considerably less than they might otherwise
have been.
While the Board is still fully sensible OF
the importance Of keeping up connection
with Washington by the Potomac river, 1t
has nevertheless come to the conclusion that
the guarantee feature OF the agreement be-
tween this company and the Potomac Steam-
boat Company should in the future be dis
continued, and on the 21st Of April last gave
notice to the Potomac Steamboat Company
that the existing agreement between the
two companies should terminate on the 31st
March, 1877. ..
Questions having arisen as to the respon-
sibility OF this company to the Potomac
Steamboat Company for the depreciation Of
their property in the service OF this COM
pany, under the advice OF eminent counsel
consulted by the Board, it was determined
to offer to the Potomac Steamboat Compa-
ny this company's stock and dividend oblI-
cations in that company in full settlement
and REIMBURSEMENT Of all claims OF that
company. This has been accepted by the
Potomac Steamboat Company, and all diff
ferences have been satisfactorily adjusted.
No doubt is entertained but that prior to
March 31st next arrangements can be
effected for steamboat service on the Poto-
mac between Quantico and Washington
more satisfactory and advantageous to this
company.
The Board respectfully refer the stock
holders to the accompanying report OF the
general superintendent and statements OF
the treasurer for the details of the opera
tions Of the company during the past fiscal
year.
Respectfully submitted by order of Board
Of Directors.
[Signedl JOHN NJ. ROBINSON, President.
COMMITTEES REPORT.
Your committee to examine the report OF
the president and directors OF this company
have performed the duty assigned them,
and respectfully report:
A careful examination of the documents
submitted to their consideration suggests,
in the opinion Of your committee, that
three questions OF vital importance demand
the attention OF the stoekholders-viz.
First, the contract existing between this
company and the Potomac Steamboat Com
pany; second, the terms under which that
contract has been dissolved; third, the au-
thority which is asked by the Board Of Di-
rectors to make new contract with the
same or some other company on the eXpira-
ton Of this.
l. While the contract between this COM
pany and the Potomac Steamboat Company
may not be legitimate subject for their in
vestigation, nevertheless, moved by the
widespread dissatisfaction which that con-
tract seems to have engendered, your COM
mittee have patiently and carefully explored
the whole field, and after candid investi-
CATION of all the facts, circumstances, and
surroundings Of the company at the time
that contract was made, as well
as the terms and obligations of that |
contract, your committee have unani- |
mously concluded that while, with
the lights and experience OF the last three
years, they would Internationally disap- |
prove that contract, yet they candidly con- |
fess that they are not prepared to assert that
it was not advisable at the time. Whatever
might have been the necessity for that con-
tract in the beginning, your Board OF Dl-
rectors became satisfied that it could no
longer be continued to the advantage OF
this company, and on the 3lst OF March
last notified the Potomac Steamboat Com
March, 1877; which action your committee
most heartily approve. go,
2. Leaving out Of view legal questions
which have been raised as to the contracts
between this company and the Potomac
Steamboat Company on their abrogatlon,
which we are not competent to decide, we
consider the action OF your Board as a final.
ity, the terms having been agreed upon and
ratified by both parties. And believing
that the surrender of the deprecated in
terests Of this company in the stock OF that
whereby all claims upon TINS
company have been forever surrendered,
will be amply compensated by the speedy
removal of the burthen and liabilities which
a continuance OF that contract must ineyl- |
tably entail upon this company, your
recommend its approval.
3. "A survey Of the map discloses the fact
that of all the routes from centres OF trade
In the South to the busy marts Of commerce
in the North none offers such advantages as J