The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1883-12-13


issues Of that company.
| These bcttcrments, il will be remember
1 ed, sre permanent additions and improve
meats OF the respective roads, over and
above a full expenditure for ordinary re-
pslrS charged 10 maintenance in the gene
raj accounts.
FINANCIAL.
AS viii be seen from the report OF the
auditor, herewith submitted, the indebt-
cdncss OF the company at the close OF the
fiscal year September 30. 1888. was as fol-
| lowe:
Cons0i bondg...................... sl.23l,1O0 90
General mortgage bonds.......".. 3.608.000 90
ochcatuie bonds .''.'...'''''' 3'96e'ge0 %
jThe fast uained have been re-
duccd By payments about $780,
/ 00l 4 against which Indebtedness
| is ~ &c credited cash investments
\ held by the Richmond and Danville
! Railroad Company In stocks and
/ bond, Of The Richinond and West
! POINT Terminal Railway and
/ Warehouse Company. the Rich
| ,neuG, York River and Chesapeake
/ Railroad Company, the Northwest
| cTn North Carolina Railroad Com
I panY, and others, and accumulated
! baI,nCcs IN ;lc hands Of trustees
under tram contacts with branch
/ md connecting lines OF roads. re-
/ presenting IN valuable properties. 6,O4S.O1S 10
! A. seen in the statement above, the en-
/ i've net revenue OF the company for the
year, over all interest and rentals, was
/ s112, JjG.lS, the interest so debted includ-
! ing one years interest on The debentures,
~ well as all other obligations OF the
comp0uT The annual interest on the de-
! hrnturcs outstanding amounts to S23S, $40,
u which add The above balance OF Sll2,-
/ $50. ~, and we have an aggregate OF $780,
G96.iS. rs already seen. the amounts eX-
pended for the year in new property were:
! Tor tie Richmond and Danvile road,
| %g2G. 40i Sc. in bettermentS OF the Atlanta
and Charlotte Airline road, S24G, 1913;
ana IN betteTments OF the Richmond,
York RiYcraud Chesapeake road, S4,SG3.5S;
making m aggregate expended for new
property during the year OF Sfi1,904.5I,
or 1929 764ji more than the full in
tcrest for one year on the deben-
lures. These expenditures being regard
ed rs jUdiCious, and, indeed, necesSa-
~ IN The best interests OF the company,
Snd au LhOl lied under the terms OF the de-
bc,,tures. the reason is apparent controlling
tlir management in their determination to
declare no dividend at present applicable
20 tie dcbenture coupons matured and
maturing, relying on increased net reye-
nues from economical administration and
more favorable opportunities for the con-
version OF some OF the company's reserved
assets 90 meet any possible accumulation OF
dcbcnture coupons.
u Il The purpose OF the present manage
meat TO cOnhpe themselves TO the Use OF
III proper resources TO develop the pro-
pcrties now controlled by the company,
increase their revenues. ccOnOmiZe their
administration, and provide, with the ut
most uunctuality required by the COM
PAWS obligations, for al demands upon
it. This they regard as alike their duty as
t., managers and their interest Us lis
owners.
CONNECTED ROADS AND PROPERTIES.
The connected roads of your system,
Comprising prominently the Virginia Mid
Hand railway, the Western North Carolina.
the Charlotte, Columbia and Augusta, the
Columbia and Greenvilc, the Spartanburg
agd Union railroads. and the Georgia
Pacific railway, have received such mea-
sure Of constant and active attention on
tbe part OF your Board rs the interests Of
this company therein have required.
The Georgia Pacific railway has been
fully completed and equipped, and is now
IL successful operation from Atlanta TO
birmingham, 167 miles, and thence 10
llicS 20 Coaiburg, IN the midst OF the de-
fcloped coal properties of the Black War
fior tield-a district of unlimited wealth
in minerals. The road is rapidly develop
ing varied aud increasing traffic, and
already opens 10 your principal lines seve-
ri additional and valuable connections
with The Southwest not hitherto enjoyed.
The Western or Columbus division has
also been completed and put into opera
ton from Columbus, Miss, TO the de-
veloped mines in the westerly portion of
thc same coal measures.
The work Of construction and improve
ogut on the Western North Carolina road
has been continued in such manner as the
situation seemed TO require and justify.
", traffic has increased over So per cent.
during the year, and its importance and
iUiurc value as property and as part Of
Your system is coming to be duly rec0g-
ni2ed.
Under arrangements effected through
Che Richmond and West Point Terminal
Railway and Warehouse Company the COM
plctlOn OF the Richmond and Mecklenburg
railroad, from Keysville, on the Richmond
aud Danyille road. to GAINESVILLE, Va.
th'rtV-one miles, has been finally secured.
GO be flashed. It's opening business pro-
misses well for the section OF country ac-
Commodated 10y it, and indicates a good
prospective value rs a branch connection OF
| your main line.
| in March last Colonel A. L. Riyes, then
vice.pr sidcnt and general manager of the
Mobile and Ohio road, was elected second
yice-president OF this company, and en-.
! tered he service In April.
! Ia september last Colonel #. NJ. Il. Tai
cor, general manager Of the company, re-
signed that position, and bis resignation
wro accepted, 70 take effect October 3lst.
whea Colonel Rives was appointed second
v.Ce-president and general manager.
The Board have the satisfaction to repre- |
sent TO the stockholders that the condition. |
aud prospects OF the company's interests |
IN respect OF all the lines owned and con- |
;rolled by il are making steady and sound |
advances in improvement. No Fictitious |
or artificial means are or will be EMPLOYED |
70 promote appearances but, convinced |
oil Che great value OF the present combined 1
properties under the energetic but conser-
Ydt,ye administration they propose 10 con-
duet, and relying on that Just and Impair
usl protection Of law TO which all property
Interests are alike entitled, they cypect |
with confidence the most satisfactory re-
srlts for the future.
The Board make with grateful pleasure
their renewed acknowledgment of faithful
!a0ofs rendered by both officers and men
10 the company's service.
Respectfully submitted.
A. :. BUF0RD, President.
Colonel BIford, in reading the report.
stated that Il had been asked him why the
earnings from passengers were decreased
ss,6, 3i3.0i >ani made The following state