Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-11-22
SMALLER DIVIDENDS.
THE r. 3. q p. COMPANY FIND n Me-
cEsSARY TO REDUCE THEM.
Business Depression Causes Reduced Reve-
nues from Every source-Othes farfs
Presented nicers Chosen

The annual meeting OF the stockholders
Of the Richmond. Fredericksburg and POI
tomac railroad was held Mt the company's
offices. at the Byrd-street depot, yester-
day at noon. Mr.. John L. Williams pre-
sided and Major L. T. ID. Myers. the
president, read his annual report. which
gave the following exhibit OF the opera
lions for the fiscal year. ls93-'9i:
Gross revenue, s764.3iI2D.
Operating expenses. Sii3.l55.9l.
Net revenue. s23i.19i29.
The fixed charges were s4,209.N and
the interest. $937e. amounting to s9I,5os.o3.
Subtracting therefrom the interest received
leaves sS3.209.33. This. when deducted
from the net revenue. leaves Si7 IS.
From this is deducted the deficit in rental
OF leased lines, 81 ,557.70. and the deficit in
Operating the Richmond restaurant, s394.9s.
leaving sli6,Ms.2s.
LEAVES A SMALL SURPLUS.
The dividends paid amount to sli5.47O,
which, when deducted from the last re-
mainder. leaves a surplus OF s549.29.
In additions to property, s5o,4sl.63 was
expended
From causes In an extraordinary degree
adverse TO commerce. 1t will be found.
as TO the period under review. n decrease
from every source in revenue-specifically
In passenger travel, II per cent; I'm ton
mage, l3.6 per cent; In express. 81 per
cent, and In mail. go per cent.
The shrinkage In gross revenue was
NOs The reduction In current ex-
penses was s5i.277l2 The ratio Of ex-
pense to receipts was 65.S per cent.
THE DIVIDEND REDUCED.
Under such circumstances the board de-
cided to reduce the July dividends 30 cents
per share. Accordingly per cent in
lieu of IL per cent. was paid. making
3 IL per cent. for the fiscal year ending
June 30. 1894. With the return of a mode
rate prosperity they expect to restore
them to Z per cent. per annum.
The road has had no serious casualties,
and the property. has been carefully main
tanned and certain important additions
have been made to II.
After the reading of this report the cleo
ton OF officers was gone into. Major
Myers was reelected to the presidency
and Mr.. J. Il. Winston. secretary and
treasurer.
The Board OF Directors was elected as
follows: Moncure Robinson. Judge Will
liam J. Leake. II. Walters, II. +. New
conner. and J. Taylor Elyson, on the part
Of the State.
THE YEARS RECEIPTS.
The following statement taken from the
treasurer's report shows the sources OF
revenues:
From transportation ............. .s6735l9.3s
Rents OF real estate .............. s27.S2
Interest and dvidends-receved
from Investments ................ II ,293.70
Cash-decreased ................... lib. 230. Is
Other assets-decreassd .......... 9.i64.32
Total .ss0s, 1886. 6s
THE DISBURSEMENTS.
The disbursements were as follows:
Current ex. Of operation. sA3, l5Su
Fixed charges:
Int on funded debts 591sl.T
Dividends on guaran-
teed stock ............ 33O2s.W
Dividends on common
stock and dividend
obligations minimum. l4o,fVW
Betterments and addi-
lions TO property:
Passenger cars ....... 1i6l1o1
| Freight cars .......... 9ysl.5
Engines ............ 9.yO625
Hermitage-road BRYCE I.5llOS
Real estate .......... 1851
'' Sc,4sl.sa
Current assets:
Increased ., IO,9s477
Current liabilities:
Decreased .............. 4io~I'
Increased .. I7.7s75O
Interest on ioatIng-debt. 2s3.io
Deficit in rental or
leased lines .......... l'oo'"
Deficit in Richmond res
taurant ............... o'f.''
ssos, 335. 6s