The times. [volume] (Richmond, Va.) 1890-1903, 1894-11-20
REPORT OF RAILROADS.
TIE PETERSB URG AND TIE RICE.
MOyD AND PETERSB URIC co.
Annual statements From the Omcsr' OF the
Two Corpo rations-ihe he-Eiscton
OF tho Old Officsrs.

their respective offices, in his city, yes
terdey. The reports of both roads were
of the most encouraging character
pr, sident w. G. Elliott called the meet
ing of the Petersburg Company 20 Ui
der and Mr. 3. +. Newcomer Vi paiu-
mere. was called TO the char' ,oror,
President Elliott submitted MS IePo''
for the year, showing
Gross receipts sSgI 20 ~,
! Operating expenses ..........'''''' '"''V''YO
Net revenue ..............''''.'.''Si'
Percentage of operating expenses 90
gross revenues. 657 per cehti me ~, n
amounted to 32l4cJ5.06 showing ue
crease in the net revenues sor sd dne co ilS0"'
year ended June 30, 1894, of sii'6shSS'
IN PA.Es Ug BgIDG
Vice-PrcGident Walters read his report,
in which he called attention 20 the Nv
iron bridge Of the petersburg Deil ~,
the iron Work OF which, had IL Deeu
built in 1872. would have cost }OlW. IPe
cost now ~ only $500 This, he sald;
was perhaps the cheapest piece OF ROAD
ever built IN the United states Mention
was also made of the opening OF the
Manchester and Augusta railroad, from
Sumpter to Denmark, ). c., already re-
feTTed TO IN The Times, when makes the
Atlantic Coast Line the shortest ! All route
from New York to Augusta ana south
west Georgia.
General Manager J. X. Kelly. next
read his report giving in detail the
operations Of the company, which are OF
| no interest 10 the general pub1c. A.
Major Fred. r. Scott submitted the
following, which was adopted;
Resolved, That the president ana az
rectOrs are hereby gwen the authority
10 make such improvements and con
nections in the location and improve
mcnt OF the alignment Of the main inc
from time TO time as In their Judgment
may be for the best interest Of the COM
pany, and TO maze all such contracts
and agreements and 10 do such other
things on behalf Of and in the name OF
this company as may be necessary III the
premises in accordance with the recon-
mendations made in the annual report
Of the Vicc-pTeSident.
The next business in order was the
election Of officers and the present in
cumbents Were reelected, as follows;
Warren G. Elliott, president; II. Wal
tiers. vice-president; Board Of Directors
W. T. Walters, Henry Walters, b. +.
Newcomer. Fred. K. Scott, DR.. u. w.
Lassiter.
THREE PER CENT. DIVIDEND.
Mr.. John Shelton Williams offered
resolution proposing that as the net
earnings Of the company during the past
three months were more than three per
cent lhe board OF directors should de
clare a semi-annual dividend of not less
than three per cent, payable January
LIST.
a sensation and Mr.. w. G.. Elliott NOV
ed a recess Of ten minutes, that the d.
rectOrs might confer. When he returned
he said that the resolution was very un-
usual and reflected on the management
OF the board. lie hoped, therefore, that
il would be voted down. He would say,
however, that the board had already de-
clared q dividend Of three per cent, pay
able January lSt
Mr.. " .mams disclamed any intention
! Of rejecting upon the board. He had I'M
ok-rstOOd that the dividend would be
reduced 10 2 IL per cent, but as three
per cent. dividend had been declared the
object Of his motion was already attained
and he would withdraw II.
He then offered a resolution express
ing full confidence in the board, which
was adopted.
The meeting was then adjourned
r. CHMo>D AND P.TEKsBUIG nAILRoAD.
Immediately after adjournment Of this
meeting the annual meeting OF the
stockholders Of the Richmond and Pc
tersburg Railroad Company was held,
with Mr.. Michael jenkins, Of Baltimore,
'PfesidtHt Fred. r. Scott submitted his
annual c>ort showing:
Gross recy.. Is from transporta-
ton .... .Sdo0, iUl ~
Operating expenses. HI5H Is
Net receipts. .$ll9' lSJ ~
Rents and interest receiyed...... G,093 81
Net revenue. ......;. ...........$l25,2S IS
Interest ON funded
cebt ..........,........$}G.5fO 90
DIVIDENDS .............. 5000 % lOl,54O lG
Net surplus. .S23.7A "
BETTERMESTs.
The company has bought valuable
real estate adjoining tracks in Man
chester at a cost Of $2l,Oo1. giving much
needed yard extension. The business
he. ffnG Yea "a
decrease as compared with last year,
but not so serious as was feared year
ago. and since the close Of the fiscal
year business gives promise OF increase
iThe report makes mention of the belt
lice around Petersburg 10 ne finished by
January next. and adds mat the road-bed
is in such excellent condition as 10 per
mil trains to be run at a maximum speed
OF seventy miles an hour. This H. also
true of all the main lines of the Atlantic
Coast Line system
DECREASED RECEIPTS.
vice-PresIdent Walters report was
then read, showing decrease in gross
receipts OF y3L727.50, and decrease In net
receipts of 26,2Si.5S.
Manager Kenley's report was then sub
mitted. showing the operations Of the
company i'm detail.
The me following officers were reelected
for The ensuing year Fred. r. Scott,
board of Directors-W. T. Walters, Hen
~ Walters y. +. Newcomer, DR.. y.
". Lassiter Warren q. Elliott.
The meeting then adjourned, and the
directors Of both roads subsequently met
and reelected the present officers of the
executive department
NORFOLK AND CAROLINA.
An adjourned meeting OF the stock
holders of the Norfolk and Carolina
railroad 0rom Norfolk TO Tarboro, n
O. was held at the same place as above
this morning, President Elliott presiding
The expenditures already made at Pin
ner's Point. near Norfolk, were approved
and further expenditure, not to exceed