The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-11-28

Richmond md Petersburg Railroad
Company.

%
n,cbnond md Petersburg Railroad
Company.
yoHTY-TIIIRn ANNUAL NEUTRALITY-SUSPICIOUS.
CONDITION or THE CoMPANY--pITlpEND
pECLAREp- El'SlNESS OF PAST YEAR.
The fortv-.hird annual meeting OF the
stockholders OF the Richmond and Peters
hur- Railroad Company was held At the office
Of the company on ycsterday-Mr. II. f. G..
BaSkcrv:ll chairman. and Mr. N. W. Var
ineton secretary.
Mr.. B. II. Nash. chairman oi the Commit
zee on Proxies. reported that the whole
number Of snareS was 1n,093. and that l,062
were represented in person and G,SGl by
proXicS-total represented. 1923.
Major Fred. X. Scott. president, presented
his aunlla. report, rs follows
PRESIDENTS REPORT.
lnCHNOND. VA, November 20. 1877.
To the r;ochhoiders Of the Richmond and
PeterSburg Railroad Company:
On behalf OF the Board OF Directors
submit the following statement Of the busi-
ness OF the company for the fiscal year end.
ng 30th September last:
Expenses, ordinary and extraordinary. s9,s44 96
Es,sege; tsi"ssss ;;,i,i::::: sa7S56 57S56 q q
NJ, revcnue................... S25,75O 63
In April last reported to the Board that
the trst-mougaSe bonds. amounting to
$1,000 maturing in 1875, had been paid
in full. with all the flontng debt created to
meet the maturcd bonds, and that the COM
laHy was then prepared to resume the pay
= ~ y
been suspended since 1864. By the system
oi permanent annual bettermcnt that had
been steadily pursued for several years the
road and property were in Il condition to
compare fayorably with other roads in the
State. and the question for the Board to de-
termine was whether the payment of divi-
CendS should he resumed on the 1St OF
July. or, postponiug them until the end OF
the year, apply all the profits OF the sum-
mer to two important and desirable i'm
provements-viZ., the reconstruction and
roofing Of the Jamc>River bridge, and the
rclaying OF large portion OF the main
track with new steel rails. These eXpendi-
lures, amounting to about $4,000, were
ordered, and payment OF dividends post
loned.
The report OF the superintendent will eX-
Ilain In detail the character OF the work
done. The reduction in the premium
II insurance on the bridge on account Of
the roof OF tin and galvanized iron is alone
equal to the interest on the cost OF the work,
while the annual saving In maintenance will
hc four times as much. A reduction OF the
amount OF insurance On the bridge from
$50, 900 10 $50. 900 has been ordered by the
Board. partly because Of the decreased risk,
bat mainly because the cost OF bridge con-
StrHctiOn bas declined materially. The
table oi iron and steel rails put In the track
annually for thirteen years will show the
heavy outlay recently made III that direc-
ton. These heavy expenditures have
been taken up in ordinary expenses, and
will be- found chiefly embraced in the
account If September last. The tinan-
cial condition oi The company is most
favorable. The bonded debt has been
raduccd Sl04, 900 within the last three years.
The annual interest charge against the COM
lany is now about $1,000. The bonds are
in demand and sell above par. A Semi-an-
nUal dividend Of two per cent on the capi-
tai stock has been declared, payable the Sc
cond Monday in January next, and it is the
opinion Of the Board that, even in the pre-
sent depressed condition OF railroad buSi-
ness, the company will be able to pay steady
"Ad regular dividends without any cessation
OF permanent Improvement TO the property.
HE table showing the.debt and gross and
net revenue annually Tor seven years will
exhibit in simple form the progress OF the
company toward prosperity. The equip
ment Is ample for the increased business.
he machine. carpenter, and blacksmith
shops are we'll furnished and convenient.
No fatal accident has occurred on the road
during the year.
FRED. L. ScOTT. President.
Colonel Charles Ellis presented tile report
oi the Examining Committee en- the condi-
lion OF the company's affairs, which was re-
cciyed.
The report OF Mr.. A. Shaw, supern-
(endcnt, accompanies that OF the president,
and Is very full and detailed statement of
Tue operations of the road for the past year.
II shows decrease in gross receipts OF
E-9o.SQ, and an increase in operating eX-
pvnses OF Sl2.532.74. The increase in ope-
rating expenses is explained as follows:
Amount paid for new rail In excess OF
kepairs to J4mes-Rlver bridge. including 'O''o
c1>; Of an overhead bridge at Cowardin
venue, Manchester. 442 93
Fi III The road this year IN excess Of
last year 1855 new ties. 7es SO
............ &l4,l2s 56
Had 1t not been for this large and un-
usual expenditure IN new material the ope-
rating expenses would have been consider
ably less than for the previous year. 1t will
be observed that this excess was for the
btlterment OF the road and property.
flaced upon the track during the year 455
IONS hfty-six-pound fish-ioint steel rail
equM 10 FIVE miles of track.
seven thousand four hundred aud nine
'S-three new ties have been placed in track
during the year.
The wood roof on the James-River bridge
A;' been replaced with a new tin roof. The
'ta! cost O! repairs androofng. including
material and labor Of all kinds, amounted
1" S,,Gi4.3J. The best C.. charcoal tin was
used lii the roofing, and the best quality Of
@'ott Caroline yellow heart-pine was used
!'l replacing the decayed timber.
The road Is we'll ditched, and bitches
properly cleaned out, and the road-bed is
|lhg properly baiiasted with gravel and
sShd. No accident OF a serious nature oc-
'Cired during the year.
2Na!or Fred. r. Scott was unanimously
W,teected president OF the company, and
-''sSfs. Is. W. Haxall, Or. D. w. Eassiter,