The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-11-26

Richmond and Pefersburg RaIlr0ad.
FoRTY-FI ANNUAL. MEETING OF THE STOCK
HOLDERs-ANNUAL REPORT OF THE PREsI-
DENT-aAJoR FRED. R. SCOTT RE-ELEcTED
PRESIDENT, &c.
The forty-ifth annual meeting OF the
stockholders OF the Richmond and Peters
burg Railroad Company was held in the
company's Office yesterday at noon. Mr.
Charles Ellis was called tosthe chair and
Mr.. n. w. Warrington appointed secretary.
Messrs. B. H. Nash and George b. Harri-
SON were appointed committee on prox-
les, who reported q quorum OF stockhold-
ers represented ia person or by proxy.
The report OF the president nnd Board
OF Directors was submitted, as follows
RICHMOND, Va, November 1879. !,
TO the Stockholders Of the Richmond and
Petersburg Railroad Company:
On behalf Of the Board OF Directors
submit the following statementsof the busi-
ness OF the company for The fiscal year end
ing Both September last:
Gross receipts. 90 t154,e22 so
NadRsss and exiraordnary SFhna!y 77515 90 1851 Is
Net receip,.......s s2,55s 90 s7s,o7l As
The regular dividend of per cent. on the
capital stock has been paid. during the past
year, and the semi-annual dividend OF per
cent. declared payable 1st January next
The increase in. receipts comes from q
general improvement in all Branches OF our
business:
!; The increased expenses are accounted for
by the improved condition Of the road.
Two hundred aud fifty tons OF steel rails
were laid during the year. One bali OF the
track is fifty-six pound steel rails, laid down
within the last three years. The road is
now in better condition than it has been
since 1861.
AS the wooden bridge over Falling creek
needed repairs, it was thought best to re-
place it with permanent iron bridge, and
a contract has been made with Colonel john
G. Clark for the erection Of an iron-girder
bridge, and the work Is now in progress.
The report Of the superintendent gives
details OF its construction. The contract
provides for the very best materials and
workmanship, and for a carrying capacity
equal 10 the greatest weight OF the heaviest
engines now in use. The annual saving in
insurance, repairs, and watching will equal
the interest on the cost.
This extraordinary expenditure will be
paid out OF current revenues, and will not
interfere with the regular payment OF diYi-
dends.
The James River bridge and that over
Swift creek are constantly guarded and
frequently examined, but it is recommend.
ed that the wooden bridge over Swift creek
| be replaced by iron within the next few
years. The loss OF time and wear OF stock in
reducing speed on these wooden bridges is
q serious drawback.
at The meeting Of the stockholders in 1874
the directors were authorized to execute
mortgage for 100000 OF I per cent.
bonds, to be used for general purposes and
for the payment Of the then outstanding
bonds Of the company. One hundred and
fifty thousand dollars Of first mortgage
bonds matured in 1875, Of which one
hundred thousand were paid out OF
the accruing revenues of the com
panv, and fifty thousand by the issue
OF that amount OF the pew consolidated
per cent. bonds. No more OF these latter
have been issued. 1t will be necessary,
however, to sell some Of them to meet the S
per cent. bonds, twenty-five thousand OF
which will mature on the 1st of April next,
and The same amount annually thereafter
The mortgage provides for the issue OF
per cent. bonds, that rate being regarded in
1874 rs fair interest
The increasing revenues and the large
payment of funded debt have so improved
the credit Of the company that it is believed
that bonds bearing q lower rate OF Interest
can be readily negotiated at par. The di
rectors have therefore had prepared an in
strument of the nature OF modification OF
amendment to the mortgage providing fol
the issue Of bonds hereunder bearing the
late OF 5, 6, or per cent, as may be agreed
on by the Board at the time OF issue. Thl;
will be submitted for your approval.
FRED. r. SCOTT, President.
The reports OF the superintendent, trea'
surer, and examining committee were pre-
Ssnted.
A resolution was adopted authorizing The
Board of Directors 10 issue the bonds OF tht
company at lower rate OF interest, as re
commended in the annual report.
Major Fred. r. Scott was unanimously re-
elected president, and Messrs. l.. w. HaX
all, Dr. D. W. Lasster, Fl. X. Ellyson. W
T. Walters, and r. R. Bridgers directors ol
the company.
Messrs. Charles Ellis, J. B. Branch. W
Fl. Haxall, H. E. G. Baskerviil, and Jobr
McGill were appointed the Committee o1
Examination for the next year.
Adjourned.