Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1884-11-20

PRESIDENTS OFPfCE,
RICHMOND, Va. November 10. 1884.
The president and directors respectful,
pIescot to the stockholders the folloNins
report Of the compan,'s operations for thu
fiscal year ending september 30, 1884:
Receipts from traDsportaiion........ s46g.l97 II
| Receipts from rents. zoos u
Gross revenue. .............,.......s47l,l ~
Expenses of ;rtnsporiation.......... 2oos5o u
Ntrc,enoo.. .SIsI.s65 81
| DedUct.ne interest on
| bonds and l0aDs.....SJ4.Cts %
anicrd stock ........ 1885 90 ss,o23 OF
Leaves q net Profit Of. ......".... s92,942 40
| -=zz=
This years net profit as compared with
that Of hast year may proDerly be con.
sidered e., j3S. II greater, although II would
apyear from q comparison Of the statements
II the two years 10 be 60, 373.0i less. This
is owing 20 change IN the method oil
Keeping the compapy's accounts. which
threw the pay-rolls OF thirteen months into
the expenses Of This year, as more fully en-
planned by the report Of the general super
InteHdent and income statement OF the
treasurer.
Although the earnings Of the company
warranted the usual dividend, payable in
July. the Board thought il wise not to de-
clare Il, ~ the Supreme Court OF Virginia
on April II. 1884, reversed the decision Of
the Circuit Court Of the city Of Richmond
| (Which had sustained your action in issu-
ing dividend obligations TO common stock
| holders Only). and ordered similar dividend
| obligations 10 be also issued 10 guaranteed
! stockholders, and the same dividend paid
| thereon in cash which bad been previously
! paid on those issued 10 common stOckhold.
| ers. Although this decree Of the Sn-
| irene Court was undoubtedly erroneous,
| IL nevertheless became the duty OF
the Board 10 refrain from declaring
! dividends. and 10 accumulate sum
! sufficient To meet any cash demand
! which might be made upon the company
| under II. The exact amount which might
! have been required in cash was not deter.
mined. " could not possibly have cX-
ctcdod S30,i00, and il seems now probable
/ that il will not exceed $4,000. The matter
| il still before the courts. with decree in
I The State court directing The Issue 10 GEL
! tain guaranteed stockholders OF $4,000 IN
! dividend obligations, and the payment in
| cash of dividends thereon TO the amount OF
nearly $500, and preliminary iniu1e-
| ton granted. upon petition OF noD-resi-
dent holders Of common stock, by the
United States court. restraining all further
issue of dividend obligations and payment
Of dividends thereon.
In july last there fell due $1,000 Of : per
cent. bonds OF The company. The amount
being so small, the Board decided that IL
was not worth while 10 extent them even
at > per cent. and paid them of.
In July next there will be payable. over
S200.000 Of bonds. the larger portion OF
which now hear interest at the rate OF
per cent. IL is believed that these can be
extended ut } per cent.
II NAV he gratifying TO yon 10 know that
the debt Of the company has been reduced
IRON year 20 wear by small payments, such
as that above mentioned. until II Is now
about Si25,000 less than il was ten years
ago. and that during the lat six wears the
annual interest has been reduced by more
than S22.50 lowing TO the rate Of interest
rs well ~ the amount Of the debt having
been lessencd): whilst during the same
period the annual net profits Of your CON-
pany have been year by year increased UNI
Ill they now amount to about $4,000 per
annum more than they did in 1878.
For details as 10 the condition OF your
property. the business Of the company. and
its financial condition, You are respectfully
referred 10 the appended reports OF the
Examining Committee. Of the general SUI
pcriniendcni. and Of the treasurer, oil Of
which are herewith submitted.
!. l.. BRiSTON, President.
SUPERINTENDENT REPORT.
The General superintendent then sub
miitcd the following report Of the year
operations:
RICHMOND. Va, October, 1884.
To The President and Board Of Directors
Gentlemen The gross revenue for the
wear was SAL, 1882. being an increase Of
Sl.12i 80.
The gains were:
Ia through travel. ST.Ij2.20 or 3.s9 per cent.
M local travel .......-. 2.J6S.1t ar % Der cent
lE express freight. l.JO06f or S.32 per cent
And the losses;
in through .t7I42.Gi or $40 per cent
In local fac S3,l 1919 or GAP Ter cent
The actual current expenses were very
I little more (S14S. o3l than last year, although
/ apparently greater by Sl3,660.09, the reason
| for this being that change in the mode oil
/ accounting, taking effect at the beginning
/ Of the wear, rendered IL necessary of the
! outset 10 charge the pay-rolls OF thirteen
months in the twelve Just elapsed, thus
1 swelling the account Of tins year by
Sl2,gl2.OG.
The current expenses were 20 per cent,
OF the revenue from transportation.
The revenue from passenger trains
was..............-....... ............s3l1,O9O %
The revenue from freight trains
Masss's 800 iaS'lNo 60
The revenue per passenger rain
The revenac per Ireitni ,rain mile, 40
The revenue per average miie...... SIS
| The receipt per passenger
on regular trsins..........2 9-l0 cts. per mill
The receipt per passenger
! o'-iNS W. PCT Hl''
| The receipt PES Ion OF
] freight carried Oh freight
trains. ......,..............1 76-I0a cts. per mill
The receipts per miic of road were.... .s5,773 g.
AUG current expense per mile of road
NSfc......- OBSERVATION-DISCLOSURES. 5,S4I ~
our statement shows the sum Of $50,
6s5.4l TO have been expended IN improve
ments. OF which the prominent items arr
the enlargement OF the Richmond irelsh
depot, that Of the rouad-house at Boulton
certain important additions 10 the shoI
machinery. two locomotives aud three nat
ears.
Included In the current expenses are th,
cost Of $50 tons Of steel rails and thei
fasienines, aud the cost Of labor OF re,ayin:
with steel twenty miles OF track; also, tn,
reinforcing, Ia various ways, OF the ma
sonry aud superstruture Of The wooder
bridges.
Bu, twelve mile, Of iron rails remain il
the main track. OF the l,,60 tons OF stee
used during The year. 1000 were laid neal
It's close, and the cost OF neither this IstteI
amount nor iiS fastcnings appear IN Its ex.
penses. To assist IN paying for this we
have nov on hand an equal weight OF dis.
used iron rails.
The ton milesge decreased 3 5000 pei
cent. and the passenger mileage increased
! 5s-l00 PER cent.
Train mileage has increased, the differ
encc being due to additional trains run for
thcaccominodstion Of Ashland. There were
fewer through excursions than usual.
The mileage oI sieepers and OF freight
I ears Belonging TO other companies is a
. heavy tax upon the current expenses, to
avoid which there Is no way at present
Z open.
There occurred on The 10th OF JULY last
/ ile following accident: The midday north
bound passenger train having occupied the
siding at Guinea 10 clear the fast mail, In
rcsunling the run dciailed and overset the
rear ear "a foreign one) at the switch. The
track was IN proper condition, and apps
rently 80 the car. minute inspection
after The casualty revealed slight deiec, in
y wheel which. however. bad safely done
it, work for son,e hundreds CT miles before
reaching this road. Few persons were In the
ear. aud few coHtusions resulted.
There WAS no other accident TO trains.