Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-01-01
A FINE SHOWING.
WONDERFUL DEVELOPMENT or vlR-
GINA BY HER RAILROADS.

GINA BY HER RAILROADS.
coo Miles of New Railroads.&c. Outlay Of
$4,000, Ooo-The Substantial sys-
TENS centerins in Richmond.
Prepared for the Dispatch By Mr.. John skelton
Wiiams, editor OF the "Manual OF southern
In'srments," issued annually By Williams q
Son, Bankers.l
The year 1890 marks the completion OF
several important railroads in Virginia,
none of them, however, particularly tribu-
tary TO Richmond. These are the Atlantic
and Danville railroad. from Danviile to
Portsmouth; the Norfolk and Carolina,
from Tarboro'. N. c.. to Norfolk harbor,
101 miles, and the Lynchburg and Durham,
ia miles. the name of which indicates its
two termini.
In Southwest Virginia the Norfolk and
Western extension has been actively
pushed forward lis miles to o junction
with the Louisville and Nashville in Wise
county. The Cripple-Creek branch Of the
same road is well under way to the North
Carolina border, where another outlet will
be given over tho Cape Fear and fadEn-
Valley road TO Wilmington, for the Goals
and minerals in which Southwest Virginia
abounds.
The completion of these several lines
adds over 600 miles Of now railroads, costing
at Sl5, 900 per mile. about $40, ,000.0 900, Sta
| tisticiaDs hold that every mile OF railroad
in q new country adds ten times its cost to
| the value of real estate aud other property
in the region traversed. Should this be
true in Virginia. we would therefore ma
that over 800. 600 900 has been added to
the value of our possessions through this
| construction.
Richmond is already practically the meet
| ing point of four great railroad systems, the
Atlantic-Coas Line. the Richmond and
| West Point Terminal. the Chesapeake and
| Ohio. and the Norfolk and Western, which
latter system finds an entrance into Rich,
mond from Petersburg over the Richmond
| and Petersburg road under close working
| contract.
BY the construction of the Virginia and
! Carolina railway from Ridgeway, n. c.. ria
| Petersburg to Richmond, now in contem-
platiOn, Richmond will be placed in direct
| communication with another great system,
the Seaboard Airline. now being rapidly
| built 10 Atlanta.
The past year has been very prosperous
| one for railroads in Virginia and also
| throughout the South generally, but no.
where has the healthy growth of business
been more decided than on the roads COM
posing the Atlantic-Coast Line system. as
will be seen from the following reports:
Richmoud. Fredericksburg and Potomac.
This road is the northern outlet of the
| Atlantic-Coast Line system, by which sys-
| TEN ii Is largely owned, although not alb
| solutely controlled "a vet. The Belt Line
| orouvI DicbvnpnH connecting the Rich
mond, Fredericksburg and Potomac and
the Richmond aud Petersburg railroads,
| has been completed and through trains
| will begin TO pass over II very shortly. The
construction of this branch. it is thought.
will save at least two hours in the trans
portation of through freight.
The Richmond, Fredericksburg and Po-
tomac Company issued and sold during the
| year S500.000 Of new Al per cent. bonds,
| the proceeds being used for the con-
struction of the Belt Line, the redemption
of maturing bonds. and other purposes.
| They were marketed by the company at SO
net.
Tho entire property of the Richmond,
| Fredericksburg and Potomac Company Is
! exempt by charter from all taxation. This
| immunity also applies equally to its capital
stock and dividend obligations, which are
on this account favorite securities with in
| vestOrS.
The growth of the business since 1880 is
shown by the following figures:
1880. 1889. 1890.
Gross earnings....~s32',gIi s6i9.g75 sios,7a3
Net earnlnes-.....; l53'"s &a'sa 2os'So'
one one nile TRIES 24eIaq4s qO.ls7,5oe
one ilo..........5, es5,525 10s23,29s ii,s1sOos
Dividends at the rate of per cent. per
annum are paid somi-annually upon the
stock and the dividend obligations of the
! company amounting TO over $4,000 900
The State of Virginia owns S275, 200 Of
the capital stock Of the Richmond, Fred
ericksburg, and Potomac Company, upon
which il has received in dividends in the
last ffty-four years S791,9 including q
script-dividend of S2lS,6OO.
Richmond and Petersburg Railroad.
The general superintendent of this road,
in his report for the last fiscal year, says:
THE increase of business everywhere,
but especially at Richmond, continues,
and q considerable enlargement in the
facilities for handling seems to be de
manded. II has outgrown the capacity OF
the freight depot, which should be ex-
tended TO the utmost practical limit, and
has likewise outgrown the means of trans
pOrtation."
The following figures speak for them
selves:
Gross earnings. "a 1902 . a9i.isg 1880
Tt Net sargin;; ;.,;c,; Ta@i '''7S' lN''S
'Gno movedono emilia mile 2Oa7,,ss slg7.26s 1oi9s,9s
Passengers moved
ons miie. -. 9,i76,soO .......... 4,i6O.57
The company sold last year 100000 new
~ per cent. bonds at 90. the proceeds be
ing applied. as far as needed, to the con
struction of the James-River branch, thu
balance to be used for permanent improve
ments and betterments on the road.
Dividends at the rate of per cent. pc
annum are regularly paid in January anC
July on the capital stock. The property
of the road and it's capital stock are ex
empt from taxation.
Petersburg Railroad.
This road extends from Petersburg, Va.
10 Weldon, N. c.. siXtv-one miles, and /
an important central link in the system I,
which it belongs. The track IL laid entirel,
with steelr rails. of which one half are seyent,
pounds to the yard. In his last annual re
port the General Manager declares tina
1.-THE business of the road for the year hal
been most satisfactory in every depart
ment, maintaining n steady increase"
The development of freight business II
the last two years has been remarkable
the increase in..tonnage amounting I,
over q5 per cent, mainly in through bust
mesa, the local contributing only II pc
cent.
The following comparative table is o
interest:
1879 1888 1854 1890
Gross earn
inss........ ssO2,9Ss 4is.iCs 45s,257 5oJ.s5
Net earn
| ingr r......... tOiiiOO Aoo,i<S SSttfSs liOsSo
| Tons freight
moved one
mile L, sSi ,il6 Is4sl ,Oso 2a343, OF
| Passengers
mile. ,5i94s5 4,5ls,9ss 4,4si.sso 4,s5o.ii
Steps are being taken looking 70 the ex
tension of the Wilmington, Columbia anC
Augusta road from Columbia, the presen
southeastern terminus of the Atlantic
Coast Line System. TO Augusta. Ga. also
the completion of the short cut from Viii
son on the Wilmington and Weldon h
Florence on the Wilmington, Charleston
and Augusta railroad, which will material
ly lessen the distance between New forl
and Florida.
These extensions must Of course hav
n very beneficial effect upon the busines
of the roads dependent and tributary oil
both sides, including the Richmond