The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1880-11-18

sUPERISyENDENT-ELEcr OF OFFICERS
&C., &C.
The annual meeting OF the stockboder
of the Richmond. Fredericksburg and Poto
mae Railroad Company was held yesterday
at noon at the Office OF the company, corner
Eighth and Broad streets.
The meeting was called to order by the
president, and, on his motion, Mr.. Edward
Y. Cannon was invited TO preside ard Mr.
James Il. Winston requested 10 act ~ Sec
retary.
A committee was appointed for the pur.
pose and a quorum ascertained to be pre-
sent.
ANNUAL REPORT OF TIE BOARD.
Judge Ould, president, next submitted
the annual report Of the Board OF Directors,
which was read as follows:
RIcHM'D, FRED'BURG q POToMAC r. X. Co., }
PRESIDENTS OFFICE,
RICHMOND, VA. November IL, 1880. )
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 30, 1880:
Receipts from transportatIon....... .s32s,613 %
Receipts from rents. l.T4I 81
Making gross revenue. nue..............sS30,36l so
Expenses OF transportation. ............ l7f642 "
Net nue........................s sl5o.7l6 e3
which exceeds that OF the previous year
sG62 40.
The payments on account OF interest on
bonds and dividends on guaranteed stock
amounted to S102, ~ 06. leaving net profit
of S53, ,006.17 against S48.e63.33 last year.
Bonds Of the company to the amount OF
100000. bearing s per cent. interest. fall
1 hn n
have deemed 1t advisable 10 notify tue hold
ers Of such bonds that with their assent
said bonds may be extended for period
not exceeding twenty years, with all the
existing securities, at @ per cent. per an
mum In lieu Of 8, payable semi-annualIy,
with coupons attached 10 the bonds. 1t Is
believed that the credit OF the company Is
such that the holders Of the bonds will ac-
cept such proposal. II not, arrangements
will be made to pay the bonds when they
fall due. In accordance with these views
the directors have adopted the following
resolution:
"ReSOlved, That the president and trea-
surer OF this company be, and they are
| hereby, authorized 10 extend the first m0r.-
gage s per cent. bonds OF the company (pay-
able on the 1t OF November, 1881, for
period not exceeding twenty years, to such
OF the holders OF said bonds as may be Will
ing, on or before March |. 1881, to accept
after the 1st OF November, 1881, per cent.
per annum interest, to be paid semi.annual-
ly, upon the said bonds, with c0ntlnu-
ance OF all existing securities, IN lieu
of 8 per cent. now paid, and as may
give their assent to this change by
transmitting to the treasurer OF the COM
pany the SAID bonds held by them for such
endorsement on the same OF the agreement
between them and this company, and Tor
the affixing thereto OF coupons for the pay
ment OF thirty dollars half yearly on each
bond for the period OF renewal, instead OF
forty dollars now paid"
Respectfully referring the stockholders to
the accompanying reports OF the committee
OF examination and OF the general super
intendept, and to the statements OF the trea-
surer for details, this report is submitted.
by order OF the Board OF Directors.
ROBERT OULD, President.
GENERAL SUPERINTENDENT S REPORT.
The report Of Major +. T. d. Myers, gen.
eral superintendent, was submitted, as fol-
lows:
10 the President and Board Of Directors:
Gentlemen gross income from
transportation during the year ending Sep
tember 80, 1880, was 1928, ,6l3.9s-an increase
Of S13.774.14.
The current-expense account for The same
period is Sl74,642.97-an increase OF Sl2,-
667.10.
The net revenue resulting is S153,97l.0l.
Not included in the current expenditures
are the following items, the charges for
which will be found enumerated in the
| ltreaSurer's report: The construction OF the
der0t at Broad and Hancock streets, opened
for business February /, 1880; the removal
OF the old car.shop from Marshall and
Eighth; the removal OF part Of the old de-
Dot Broad and Eighth; the construction OF
a paint-shop at Boultop the track-scales at
Boulton: the erection OF lumtershed at
Boulton the grading Of the new tracks and
sidIngs at BOulton and Elba; the compile
tion OF passenger.car; the purchase OF
| locomotive; the construction OF an iron
bridge at Hazel run; the construction OF a
| transfer-wharf and transfer.bridge at
Ouantico waiting-rooms at TaylorsVille,
Rutherglen, Penola, Guinea, and Richland (;
the difference between the prime cost OF
iron and steel rails.
The cnrrent account, however, does in
clude heavy repairs OF wharves and bridges,
track. renewals of all kinds, and the work
OF supplying our passenger.train equip
ment with Janney platforms and couplers.
Analysis OF the incl ease in current eX-
penses shows 1884. 81 OF 1t chargeable to
| Improvement in track. More than one
third OF your track is now OF steel; and
there has been an extraordinary amount OF
ditcbDg and ballasting within the last year.
| Under the head OF maintenance OF works
we ind the sum OF Sl.573.62 IN excess OF
last year due to repairs OF bridges. Aqua
creek and Chapawamsic pile-brldges will
account for most Of this. They had been
in use for more than nine years, and re-
auircd extensive renewals. Under the same
head is included the renewal OF Quantico
wbaif, which cost S3,375.49.
| The increase in maintenance OF equip
ment Is incOnsJerab'e, although within 1t
is embraced the work done on Janney cou-
piers, amounting to nearly $4,000. These
couplers became indispensable to safety as
soon as adopted by the connecting lines with
which we exchange cars.
Iu passeDger-train expenses there Is de-
crease of s1,93S.61; aud in freight-train ex'
penses an inconsiderable increase.
In depot expenses there Is only the In
crease due to enlarged operations.
| An accident occurred on August 10th,
and was causeu Dy tue iaiiuIe vi '"e an
brakes. An engine and express'car were
dnmaped and a turn.table wrecked, but no
person was injured. There was no other
noteworthy accident during the year.
| The increase In revenue from through
travel was about per cent; from through
freiehts, ever 80 per cent; and, Tor the nfst
time. the receipts from through have eX-
ceeded those from local freight business.
The movement in through-passenger traI'
fic has increased 8 per cent, and In freight
| - s....ao,i q nor cont Our receiDts per