The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1876-11-29
AND PETERSBURG RAIL
ROAD COMPANY.
Forfy.sccond Annual Meeting.

| burg Railroad Company was held ut the
company's office. in this city, yesterday.
Mr.. Charles Ellis was appointed chairman,
and Mr.. NJ. w. Warrington secretary.
Messrs. John p. Branch and B. III. Nasl,
were appointed committee on proxies,
who reported that the whole number OF
shares in the company was 10,093, OF which
7,10S were represented in person and by
proxy.
The report of the president and Board OF
Directors, with the accompanying docu-
ments, were presented and adopted. -
THE PRESIDENTS REPORT
makes very satisfactory exhibit Of the
prosperity Of the company. and is as fol.
lows:
The Board of Directors submit the fol-
lowing statement of the business of the
company for the fiscal year ending 30th
September, 1876:
The net receipts of the road, after paying
ordinary and extraordinary expenses, have
been sixty thousand dollars, which has been
applied to the payment OF interest, twenty
thousand dollars principal OF debt, forty
thousand dollars. -----r..
OF the Sl50,000 of first mortgage bonds
that matured last year $4,000 have
been paid, and the company is prepared to
pay the balance but the holders have not
vet presented them. OF the new consoli.
dated mortgage authorized to be issued to
meet maturing bonds, only $4,000 have
been sold; the balance have been with
drawn from the market, as the accruing
revenues have been found ample to meet
the maturcd bonds as fast as presented. In
accordance with the policy that has been
steadily followed for three years Of per-
manent annual betterment OF the property,
the amount OF new rails placed on the track
(reportcd in detail by the superintendent
is largely in excess OF the annual wear.
This heavy outlay has all been charged to
operating expenses.
The present low price Of steel rails has
induced the management to commence re-
ncwals OF rails with steel. Their use has
thus far been very satisfactory.
The report Of the superintendent, and the
tables Of the treasurer and auditor, SUBJ
mitted herewith, exhibit the business OF the
road in detail, and the usual inventories OF
equipment and supplies accompany the re-
port.
SUPERINTENDENT REPORT.
The report Of Mr.. A. Shaw, the very ctti-
cient and popular general superintendent
of the road, gives more detailed statement
of the operations OF the company for the
past fiscal year; from which it appears that
the total receipts for the year were Sl37,-
4O7. .O3 total operating expenses, S77, ,3l2.22
net receipts, S60,094.S1.
| "This result shows decrease In gross
receipts of S27,52S.31, and q decrease in eX-
pcnscs of s9,372.09, making a total net de.
crease Of SIS, 1922, as compared with last
wears operations. Our expenditures in
new iron and steel rail this year have been
S5.9S7.92 in excess Of last year, which has
been charged directly to operating ex.
penses: hence, had we only expended the
same amount for new rail this year as was
expended last year our net earnings would
have only showed a decrease OF Sl2, 1885, .:
as compared with the preceding fiscal year,
divided as follows: Decrease in passenger
earnings, S5,S9S.3S; decrease in freight
earnings, sG,257.S4-total, $12, 156.22.
/. "The decrease in our receipts this year
is mainly attributable to two causes First
to the "fight" that was inaugurated early
last summer and is still going on between
the acater and rail lines operating between
Baltimore, Norfolk, Portsmouth, Weldon,
Morehead City, Newbern, Goldsboro',
Raleigh, and intermediate points, which has
not ONLY diverted freight and travel from
this road, but also compelled us to reduce
our rates to meet the low ruling rates held
By these "fghting" lines; second, since
about the 1st Of October, 1875, the Glover
Hill Company has done its own transporta.
ton, and shipped its coal to Richmond rio
Osborne's and the James river; hence q
portion of the decrease in freight earnings
| is naturally accounted for as above. In this
connection deem it proper to state that an
arrangement has been made between this
and the Clover Hill Company by which
coal for Richmond will come over this road
in future.
.sFrom personal information derived
from the managers of several Virginia and
North Carolina and other southern roads ]
find that the falling off in earnings is gene
raj, so that this road is net an exception in
that particular.
"Built at company's shops during the
year, one tirst-class baggage and express
car. Bought five new box cars from Tredc-
gar Company. Condemned and withdrawn
as unfit for service, one coach, one coal and
two box cars. We have now in 1.-THE shops
one first and one Second-class coach being
rcpainted and undergoing thorough repairs.
The company's cars and engines are in good
condition generally.
"Purchased and placed upon the track
during the year 2G3 tons fifty-siX-pound
tish-ioint iron rail. OF this amount sixty
tive tons Iochicl Works. were laid down
between Drewry's Bluff and seven-mile
post in November, 1875; 1913 tons (Abbott
Works. between the five and seven and
eleven and twelve-mile posts in May, 1876
twenty tons steel rail bethlehem Works,
were laid down in the yards at Petersburg,
Richmond, and on the eastern end OF James
river bridge.
"Put five thousand two hundred and
seven new ties in track during the year,
and the track is in good condition in that
respect.
"Built new wood turn-table at Peters
bure-cost S294.9O; built new depot at
Halfway station-cost S272.65; built brick
stack for stationary engine at Manchester
shops-cost $191.02; put in one McGowan's
natent tank-valye at Chester-cost S14S.57 ;
iron pipes laid at Petersburg connecting
with city water-Works for the purpose OF
supplying engines with water IN the event
of the failure OF water supply at Chester
cost $50.
"The repairs on bridges and trestles this
year are largely in excess OF last year, and
they are in good condition. While we have
no bridges that are not in safe condition,
vet, [ would recommend that those over
Failing and Spitt creeks be replaced by
iron bridges as soon as the means OF the
company will justify it.
uBy reference to table VII, under the
head of Maintenance OF Roadway it will
he seen that the expenditures in that de-
partment are largely in excess OF last year.
This is in accordance with the policy adopt
ed by the management for the last three
wears of steadily and rapidly improving the
roadway and track. A continuance OF THIS