The Daily times. [volume] (Richmond, Va.) 1886-1889, 1889-11-19

! Commissioner ~ this state. hence lhi, IT,
mort covers the operations OF the company
for nine months onlyD
Gross receipts from transporta-
ton .......... S-ti.l.y =,
Oneratiug EXPENSES. ....... lfl,l12 ID
Net roceipts .......... SIG.C0s ~
Receipt- from investments, &c v.p-l v
Total net receipts 5 oJ.5,J 81
The interest on the debt and the usual
dividends at ! per cent. per annum nave
been paid.
THE BELT LINE.
The company has bought and paid for
about ninety acres OF land at the junction
of the James river branch. mile south %
Manchester. and all the right OF way Obout
forty acrD-ltO extend the line tn the norm
side OF james river. west Of Richmond.
Much Of the work on this branch has been
done but the completion of 10 VIII De de-
layed by legal difficulties Of the connection
ON the north side.
The rapid increase I'm tonnage of through
freight business has demonstrated the nece--
~ for this connection. Even " the cry OBJ
Richmond would permit thC continued use
of the connection track through the city by
the present 0r any other line. the physical
De insurmOuntible. The present bridge ANA
tracks are quite inadequate. sothat 900 times
q blockade of over two hundred car, hlNe
been standing idle ON the Manchester side,
aud The company nis been compelled Orb Zee
fuse great dedlOf through husnl- IS. which
has zone by the way OF Portsmouth or Dan
Vile and L,mchburg. II is hoped thar be-
lole the end Of another year Ill th.s husi-
ness can be- brought over ihH Richmond and
Petersburg.
The cost Of connection Will DE- very great.
but if the company would keep up with tht
railroad competition 90 tIe day the facilities
must De- provided. and This branch is Oh
only possible solution of the dim euiiy. In BIS
true That the net revenues Ol tine company
have not materially increased. but this l-
because of the heavy outlay i0r news and in-
creased equipment and the great reduction
in rates.
An additional outlay lor q double track on
the whole lie has forced itself On lhe cOu-
sIderadon Of the directors. IL rs feared Do
cannot Doe much longer delayed. The i1 'ul
aud through passenger accommodation de-
mandcd D., the public. including ihe cone
meet ON with The Norfolk and Western Rlli-
r0ld. make tine handling OF heavy ir,. -n'
trains Oh single track very difficult The
public will not travel on mixed trains.
Accidents NaNe been Nery rare; 1893 pas
eenger has been Killed COP seriously injured
on The road for twenty years. uut 10 ihe iu-
crease of train mileage continue the stock
holders bad as We'll face the necessity oi
this additional outlay. The cost ha- n0f
been definitely estimated. Two hundred
thou sand dollar, would probably accomplish
400 needed lor the present which would n0'
allow any expenditure on tine james river
bridge. but the bridge on The new branch
would -O relieve The present bridge that ID
d0ub.c-tuck hrid -e may not be needed.
TO meet the extraordinary expenditure
proposed above, and 90 provide i0r ihs csc
i,fng debt. the following resolutions wcr
unanimously adopted at % meeting OF th.
board held to-day:
IL .Ored. That for tho purpose NJ nr0r'd
ingi0r lll0bi e 0usanl n leblcduessolt :
company ANA i0r it- otu'r .Nlu use, aau
purposes. the Board al Directors rNcuW-
inended the stockholders 90 authorize Oh.
execution Of a deed oi t,Usf 0r mortgage. BOB
which shall be conveyed the railroad and
work. of this company. BE-, franchises ani
corporate rights. together with such other
OF ifs property as shall Doe NOR. particularly
mentioned and described therein. 90 -ecur.
an issue Of bond. ot this company t1 400
amount not exceeding one million dollars.
The directors have declared the usual
semi-annn1l dividend oI 81 per cent? pay
able in January.
FRED. r. SCOTT. President.
/ This report was adopted.
SL0lO.0a0 OF BONDS 40 nE ISSUED.
The following resolution wls offered:
HcS1ir.0, hy the stakeholder. 90 thD
Richmond and Poicrshur- Railroad Com
uduy in general meeting 1~-emnI ID, luIf
the President and Board Of Directors he.aud
they are hereby. authorized Hgd empowered
OBJ prepare and i--ue. 40 their discretion. lur /
lhe purpose nf providing i0r aII th' obi gle
tiDu- and indebtedness 10 tl., company. and F.
tor the purchase of additional equipment /
for dOublp-tracking the road. l0r cDu-til0- /
ton of the James River branch and anl /
nihpr branches and extensions tuIt mIY Dbl /
deemed beneficial and for Do, other Lawful. |
purposes. bonds tO tle amount Oi One mO- I
lion dollars. tO Dee of such denominations /
and Of such form and date and t.ms anN /
rate Of interest g, the Board no Director /
may determine: and thr -lid president b. /
further auth0rZa d and empowered, for HnI /
in behalf of this company. fo execute and /
cause tO Doe recorded deed 40 trust 0r /
mortgage. in which shall Doe conveyed ali /
the railroad aud works of the company. b. /
franchises and corporate rights to-. tlcr /
with such other oft IFS property now held. Og |
which may hereafter Do. acquired. a~ tn /
president and Board Of Directors may deem /
it proper t0 convey. and ALSO the nct fest- !
nuts Of tle company. tJ secure iln lull and /
final payment ~ the principal and interest /
al the bonds herc.nbelOre authorized t0 DE- /
issued: and THAT th- terms, condition. and !
covenants of said deed of trust or m.ri- /
gage 90 Doe in other respects such "a, thl 4
Board of Directors shall improve and adopt. /
The resolution was adopted.
ELECTION OF DIRECTORS.
The following director, Of the company I
were elected. Me-~T-. ". y. Walters. II. /
Walters. H.. Is. EUyson, Or. u. ~. LASH
ter. and Colonel John b. Palmer. Colonel
Palmer was elected in place 0f Il. II.
Bridges. deceased.
Petersburg Railroad.
According 20 announcement. the stock
holders Of the Petersburg Railroad Conc
pany held their annual meeting Yesterday
morning 40 the Union depot.
The president OF the company, Colonel
John b. Palmer, called the meeting 90
order. upon whose motion Nr. Beverly q.
Nunl0rd was made chairman, and Nr. !.
II. Fetig was selected as secretary.
hessrs. Il. +. Newcomer. Of Baltimore.
and Fred. r. scott and William II. Luckc.
Of this city, were appointed conrIitee on
proxies
After an examination the committee re-
ported large majority Of the stock present
~ person. OF Hs li'A..
ELECTION OF OFFICERS.
After the reports Of the president. supcr-
intendent. and general manager. which
were adopted the body went into the cleo
ton Of officers for the ensuing year.
Col. John b. Palmer was unanimously re-
elected president, and o board OF Director,
were also elected, as follows
DIRECTORS.
i. +. Newcomer. W. 4. Walters. and II.
Walters. Of Blltim0r.; Or. ID. W. Iassiter,
Of Petersburg, and Major +. K. Scott. Of this
city.
THE REPORTS OF THE OFFICERS ,
show the business OF the road TO be in 4
prosperous condition.
The receipts Tor the last few years show a ,
continual increase. The increase foI lSSI ,
was S3Il,3l5.Ol; for 1873. $40. lo2.J4, and for
1889 the increase was $50, 22j.i2.
The PROPOSED REFORMATORY