Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-11-22
TWO ROADS TO UNITE.
n. a r. AND PETERSBURG COM
pAxIEs AGREE TO CONSOLIDATE.
THB DEAL NOT YET CONSUHHATED.
Annual Meetings Of All the Atlantic
Comst Line Roads Centerfng In
Richmond Held Yesterdny-Their
rxc.lIcnt Financial showing.

The consolidation Of the Richmond and
| Petersburg ard the Petersburg railroad
companies, which was authorized by an
act OF the last Legislature. is now an as
sured fact. but the organization OF the
| consolidated line under the title of the
| Atlantic-Coast Line OF Virginia mas not
vet been contaminated, and probably VIII
not be- for some time to come.
The stockholders OF the two roads met
| at the Byrd-Street Station In this city
yesterday, and after discussing the mat
ter IN it's every phase agreed upon con-
solidafion. the terms of which are that
the stock Of the Petersburg company shall
be merged in that Of the Richmond ana
Petersburg company. and new stock, sign
| cd by Alexander Hamilton, the new presi-
dent OF the Richmond and Petersburg,
shall be issued.
The stockholders of the Richmond and
Petersburg met first, and deciding that 1t
would be advantageous TO consolidate,
made q proposition to the petersburg
company looking to that end. The Pc
tersburg cOmpanys stockholders theh
met. and by a vote OF 1000 shares to 2g''
accepted the proposition. Then both COM
NAMES had separate meetings to arrange
the details of the consolidation, but no
conclusions were arrived at, and no OIL
GERS we're elected. All of this will be done
later.
AN IMPORTANT LINK.
These two roads form a most important
link in the Atlantic-Coast Line. The Rich
mond and Petersburg road runs from
Richmond to the 'COckade City, and the
Petersburg road goes thence 10 Weldon
Both lines are exceedingly valuable, ana
never fail to pay large dividends on their
stock annually.
The consolidation meetings were not the
only important railroad meetings held at
Byrd-Street Station yesterday Both the
Petersburg and Richmond and Peters
burg companies together with the Ricn-
mond Fredericksburg and Potomac com
pany held their annual meetings, and
each company made an excellent financial
showing.
r., +. aud T.. II. IL. Meeting.
The first meeting held was that of the
Richmond. Fredericksburg and Potomac
1t was its sixty-sixth annual meeting and
the usual business was transacted. Inc
report of the president and directors
showed the following condition of affairs:
Revenue -o- %
From transportation ............SnOlZ9 %
From other sources .............. 9'Vzo oo
$77975O n
Operating expenses Including -o--,
deficit of leased lines .......... 46J0Jf
Not income ............. .s8O. 5ls O6
Interest on funded debt ,l52 81
Guaranteed dividends ........... 1881 80
1884 90
Dividends on common stock
and dividend obligations, per co. -
cent?. ............. ..''.'.''' lo''e-o ~
s.,..,.,. Co.. -. v... ss s. ss9 g g
Compared with the previous
year the increase is: ~
Gross ............. ..'''.'''''''''' go'Sf t %,
Net .......... .......''.''''''-'''. lou %
The revenue from passenger trains was
S3SS245.62, an increase Of 6.22 per cent;
that from freight trains was S3S2, 4SO.OI,
an increase of 2l.S per cent.
The revenue from freight trains Is the
largest in the history of the company,
the ton mileage having been 10 per cent.
greater than for any previous year.
IL was earned at the average of 1.Ol
cents per ton per mile. The average rate
per passenger mile was 2 l-3 cents. The
passenger business includes the uanspor-
tation of about S,OOO soldiers.
There are ample funds for the payment
in July, 1899, of the Z per cent. debt or
$50, SOB then maturing.
The interest Of the State Of Virginia now
amounts to Si67 500. upon which the dNt-
dends paid this year were S32I46. Her
original investment was Sz'o,2o IN
return for which she has received cash
dividends of SS3O655, and her holding is
now worth some $59SOO0 at the present
market prices. Her profits, Therefore,
have averaged for the period OF sixty
two years of the operation of the road,
G.73 per cent. per annum.
All the old officers were reelected.
II. a. i. X. IL. Meeting.