Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1890-11-18
MEETING or STOCKHOLDERS.
The Petersburg and Richmond an d
Petersburg Companies Hear Re-
ports and Elect OnicerA

The Petersburg and Richmond and
Petersburg Companies Hear Re-
ports and Elect onicer~
The annual meeting Of tho stockhold-
ers of the Petersburg Railroad Company
was held in the Byrd-Street station
building at II o'clock yesterday morn
ing Mr.. r. b. Munford presided.
Nice-President Walters report showed
that the gross receipts for tho past year
had been Sj05, 3j9.04 disbursements,
e4is, 1914. The bonded debt was in
creased $4,000.
RESIGNATION or PRESIDENT.
Continuing, tho Yice-President's re-
port says:
at is with great regret that We an
nounco the resignation Of Colonel John
b. Palmer from the presidency of the
company. His physicians ordered hin
positively TO retire from all business
cares, and he followed their advice, and
is now in Europe, where he expects to
spend several years
NEW POsrAL-cARs.
In addition 10 ordinary expenditures
during the coming year the general
manager recommends the expenditure OF
$50. 900 for new freight equipment as ne
cessary, and the Post-O Office Department
have called for the construction of sixty
feet postal-cars for the through mail SER
vice,
OFFICERS ELECTED.
Mr. Warren G.. Elliott was elected
president in place of Colonel John Il.
Palmer.
Mr.. Elliott was formerly Of Norfolk !;
he now resides at Wilmington, and IS
the president Of tho Wilmington and
Weldon Railroad.
Mr.. II. Walters, vice-president.
Directors, Messrs. W. Il. Walters, (.
Walters, b. +. Newcomer, Fred. Il.
Scott, and DR.. ID. w. Lassiter.
Richmond and Petersburg Railroad.
The Richmond and Petersburg rail-
road stockholders met at noon.
Mr. Barton Haxall was elected chair
man.
Mr.. Fred r. Scott, the president, made
the following report:
"On behalf Of the Board OF Directors
| submit the following statement Of the
business of the company for the fiscal
year ending Both June. 1890. Gross re-
ceipts from transportation, 1926, 304.3S;
operating expenses, 1924, 1874; net re-
ceipts, 800, S22.54; receipts from in
vestments, SIT, lGG.GS totalnet revenue,
$1l7, 989.12.
"Interest on the debt and the usual 7
per cent. dividend have been paid.
"Sixteen thousand dollars OF the Gper
cent bonds of 1875 (being the balance Of
the mortgage) have been sold at pre-
MUM of S3,02G.G7.
"The James-River branch has been
completed, the expenditures on that
account up to November LIST being $751;
900.
THE MORTGAGE.
"In conformity with the authority
granted by the stockholders at the last
annual meeting there has been executed
q new consolidated mortgage for one
million dollars, this to include and pro-
vide for the payment of the outstanding
mortgage of 1875, amounting to $780,
600. The new bonds are dated lst
April, 1890, boar A. per cent.
per annum interest, and are 10 run for
fifty years. Three hundred thousand dol
lars have been sold since the close Of
the fiscal year at 96, and the proceeds as
far as needed applied to the cost of the
James River branch, leaving a balance
on hand which will probably be sutii-
cient for all needed betterments for the
current year. The reports Of the officers
Of the company submitted herewith will
show the business of the year in detail "
The old officers were reelected Mr..
Warren G. Elliott was made director
in place of Colonel John b. Palmer.