Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-11-18
DIVIDEND CUT DOWN
BUSINESS DEPRESSION AND RATE
WAR CAUSE THIS.
The R. r. AND P.'S ANNUAL MEETING
Receive Reports for
the Year and Elect Omcers-Com-
p.risou os Figures for the Past
Yenr and the One Before.

The annual meeting OF the STOCKHOLDERS
nj the Richmond, Fredericksburg and TO
tomac railroad was held yesterday al
noon in the board-room In the ONCE
building at Byrd-Street station. The re-
mort OF the president, with the accom-
panying statement of the treasurer WAS
received and adopted. The former states
that the company's receipts justihed 'he
dividend OF not more than g IL per cent
for the fiscal year. this being reoue'ion
of one-half per cent. from that OF the
wears 1895 and 1896. The reason given ior
this falling off is the adverse conditions
of trade during the past year, ana also
the rate war between rival water lines
The meeting was called to order at
noon. and Judge w. ]. Leake was elected
Chairman.
When the election of officers came up
the following were chosen: 4. L. ID.
Myers. president; directors on the part
Of the individual stockholders-B. f.
Newcomer. Henry Walters, w. J. LeaKe'
and Charles Chancey; director on the
part of the State, j. T. Ellyson.
THE PRESIDENTS REPORT.
The following is the report of the presi-
dent in full:
Richmond, Fredericksburg and
Potomac Railroad Company,
Richmond, Va, November O. Io'''
To the stockholders:
The operations Of the fiscal year, as
shown in tables Il, c, and ID or tne tiea
surer's report, indicate that the conl-
pany's receipts justified dividend OF hoe
more than 6 IL per cent Tor the YEA "a
reduction of 1-2 per cent. from those oil
the wears 1895 and 1896. This decrease was
due chiefly TO the adverse conditions OF
trade but also. i'm no small degree, to the
war of rates between rival water INES
The receipts per ton mile were LUZ
cents, and per passenger mile z.SZl Genus
The expenditures were heavily reduced
but not at the expense of the mantle
nance departments. The property Is IN
excellent condition. The ratio OF expenses
to receipts was 65.7 per cent
The capital and fixed charges accounts
have not been altered in amount. The
sum OF 49, 406.13 was charged off (see table
3 of treasu~er's reporD.
The indications are that the company
will resume the payment or per ceht'
dividends during the current fiscal year.
For the Board Of Directors.
Respectfully submitted.
E. 7 ID. MYERS, President.
THE FINANCIAL EXHIBIT.
The following comparative statement Of
income for the twelve months ending
June 80 1897, with the twelve months
ending June 30, 1896, taken from the trea-
surer's report. will be of interest:
Through Travel-1&7, s212,566.5i 1896,
S230, O95 %. Decrease, S752S.5l.
Local Travel-1S97 $50, 215.55; 1886, S6i,
1910. Decrease, S2592.15.
U-ited States Mail-iS97 $50, 4O6.4S; 1895,
s5O.673.l5. Decrease. $265.67.
Express-1S97. $32, 51955; 1896. s27 ,5OS.45. In
crease, s5,0l110.
Excess Baggage - 1897, s301S.67 1896
s29l6n Increase, S102.26.
Through Freight-1S97. $3.50, 1882; 1896,
22563.36. Decrease, $39. 26S.Of.
Local Freight-lS97 $32,05S.06; 1896, s34
969O8 Decrease. &911.02.
Totals-1S97, $676, 14017; 1896, s733.593. 20.
Increase-1S3, 5,llS.S6. Decrease-lS9l,
Increase-1se7. s511s.ss; decrease-1ss7,
So, 5G6.39. Net decrease. S57. 45S.O8.
j. T.. cox, Auditor.
With the exception of the two reports
above mentioned. and their adoption, no
other business was transacted by the
stockholders, and they adjourned before
| O'clock