Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-11-20
EARNINGS CUT DOWN
SIN Two Of Our Railroads Show a
Good, Healthy Surplus.
, FURRY ABOUT DIVIDENDS.
WILLIAM. Offers n Resolution In tho
rc,er.bura Meeting That Creates
sur--The Richmond \ Petersburg.

Yesterday was something OF rahroau
c,ll.day IN Richmond.
A. noon the annual meeting OF the stock
,.tscrs OF the Petersburg railroad was
IA AZ the Byrd-Street station. Mr.. u.
=, Newcomer was called TO the chair
AIR w. U. Jones made secretary
Tho first business after the report OF
.,, Proxy Committee was the reading OF
.,. REPORTS Of the president. w. q. Elliott
,.. yice.prcsidcnt. III. Walters. and the
...,crai manager. J, Il. Keniy.
The presidents report says;
,.,. entire receipts Of the COM
,..nv from all sources have
hen OBSERVATION-DISCLOSURES. .>SVi,91 -
.-ho operating expenses have
amounted 10 .....,................ 35s,oSS VI
leaving a net revenue Of. .9es.SD II
,rhis result has been reached by strict ,
,o,1omy in the management Of the com
,anys affairs. The percentage Of ope-
rating expenses TO the gross revenues has
boon Ed per cent.
The net revenues for the previous fiscal
,.,~ amounted to Szl40o6.O6. thus showing
. locrcasc in the net revenues OF the
fsrd year ending June 90. 1894 OF s4,-
ClNt
The company has not been involved IN
,.y serious litigation during the past year.
81 the officers and employees have dis
charged their respective duties faithfully
md intciligenty.
GREAT ECONOMY.
Tho report Of the vice-president presents
tt.. GLOWING facts.
a new passenger train, known "a the
"atlnfta special" has been run In connec-
tr.n with the Seaboard Airline. increas-
i,. the passenger mileage q per cent.
Th. operations Of the road have been
conducted with great economy, but owing
q, fhc above circumstances II has not been
,,..lie 10 reduce the expenses in proper
ZION 60 the reduction in earnings. and, as
fl consequence FOR The year, the net earn
inrs show q decrease Of $4i69fS9
Following the reduction made IN the
cradles during the preceding year a differ
,.t tvpc Of engine was adopted for
f-.ight service. which has secured during
ff. pnsf year n saving Of about $1,000 In
o..ratiug expenses. This saving will be
increased in the future
4 RUCOMMENDATIO
Tho original main line Of the Peters
l.rrf railroad was made at a time when
but little experience had been secured in
the location and operation Of railroads
This ls not surprising when II is rccol-
l..fe1 that the Petersburg railroad was
chartered I'm 1892. There are many cases
when. this main line can be improved
AMI corrected AZ a very small expense.
ana il IS earnestly recommended that
authority be given "A committee 10 carry
out such alterations in the main line as
a.. engineers win recommend and econ
omy viii permit.
Under authority conferred by the stock
holders "A branch line Of six miles IS
rlw under construction 10 connect the
Petersburg and Richmond and Petersburg
railroads without passing through the
city Of Petersburg This line skirts just
along the corporate limits, and where IT
crosses Coxs road. which Is an extension
az Washington street is about "A mile and
"a half from WashingtOn-street depot.
lighty-four per cent of the business OF
the Petersburg railroad Ia through bust
n,es. and all this tonnage and through
passengers had TO pass over the streets
Of Petersburg at "a very slow rate OF
SPEED. descend by very heavy grades
the AppomattOx Valley. and mount again
% the hills on the other side OF the
river. II had also TO cross the yard
tricks Of the Norfolk and Western rail-
road on the banks Of the Appomattox
river.
AN OPPORTUNE TIME.
Tho construction of this branch was
/ gun at a most opportune time. ana
when completed will be probably the
cheapest piece Of railroad construction
eyer huiit In the United States. The iron
work for the bridge cost. erected. 26i
cents pr pound. If this bridge had been
lggt when the original estimate was
made. In 1872. the cost OF the iron-work
would have been $4,000. Its actual cost is
ltpV
II Is unfortunate that so much of the
through business is necessarily done In
cars u foreign roads Car mileage bal
anccs increased during the year 500.
since the close of the fiscal year the
Manchester and Augusta railroad, run
ming IRON Sumter 10 Denmark, In South
Carolina. has been completed. and was
orenei for operation on September 81.
The Petersburg railroad, with the other
roads forming the Atlantc-Coast Line,
entered into contract with the Man
chester and Augusta Railroad Company.
under which the stockholders of that
Company completed their road from Sum
t-r e. Denmark. The opening of this
road makes the Atlantic Coast Line the
fhortest rail route from New York and
Washington to Aiken. Augusta, Macon.
and Southwestern Georgia.
GENERAL MANAGERS REPORT.
The report Of the general manager.
after going into details regarding eX-
lenditures says:
The decrease In gross receipts was
largely due 10 the great depression in
business during the entire year. The
compensation for the transportation Of
mail was decreased about $500 by the
withdrawal Of the "special-faciity" pay
ly the United States Congress.
The large increase in maintenance Of
way and structures was due TO the pur-
chase OF 2.60S tons OF new 70-pound steel
raj which was laid in the track. The
road from the Branch-Line junction.
point about three miles south Of Peters
burg To- the junction with the Seaboard
Airline near Weldon. "a now laid with
,0-pound steel rail. The larger part Of
the old 56-pound steel rail released was
Sold and the remainder was used in the
construction OF side-tracks
nearly all the station side-tracks were
extended. and some new ones constructed;
~ All. 7.45l lineal feet of side-tracks were
built.
The following extraordinary expenses
wore included in operating expenses:
so-pound steel rail, net cost see. .$25. $50 80
Switches and frogs for new rail :. 1850 Sc
Change OF grade .................... 1.2Ss 20
New side-tracks .................... 9,4o2 IL
Total OBSERVATION-DISCLOSURES. .$iSSO2 II
The property has been carefully main
tanned. and Is now in thoroughly good
condition.
ELECTION OF OFFICERS.
The reports were adopted, and the old
officers were reelected. as follows: War
rem g. Elliott. president; H. Walters vice.
president. Directors-W. Il. Walters,
Henry Walters. Is. +. Newcomer, Fred. X.
Scott. Dr. H. W. I.assiter
The executive force was also continued.
In order 10 meet the recommendation
Of Nice-President Walters. Major Fred
X. Scott offered the following, which was
adopted:
Resolved. That the president and Ill
rectOrs are hereby given the authority
20 make such improvements and con-
nections in the location and Improvement
81 the alignment Of the main line from
time 10 time as In their judgment may be
for the best interest OF the company. and
o. make all such contracts and agree
ments. and 20 do euch other things OF