The times. [volume] (Richmond, Va.) 1890-1903, 1899-11-21
RAILROADS ARE
IN FINE SHAPE
Annual Meeting of the Stockholders Of
the R., F. & P. and A. c. |.
THH REPORT OF MAJOR MYERS
The Showing Made by His Road is a
Splendid One-OId Officers Re-
Etected-Work of the A. G.
l.. During the Year.

The annual meetings OF the Stock
holders of the Richmond Fredericksburg
and Potomac Railway and Atlantic Coas,
Line were held here yesterday. and the
showings made during the year, as set
forth, are of most encouraging nature.
The meeting of the h. f. and p. Stock
holders was called Cor IL o'clock. but on
account of the lack of a quorum an adj
journment was taken until 1880, when the
business was quietly disposed of. Major
L. Il. D. Myers was reelected president.
and the following directors were again
chosen.
Messrs b. +. Newcomer. II. Walters,
Charles Chauncey. on behalf Of the pri-
waite stockholders. and Mr. j. Taylor Ell
Tyson on behalf of the State.
PRESIDENT REPORT.
The president presented his annual re-
port which is as follows:
Richmond, Va, Nov. 20, 1899.
To the Stockholders:
The board respectfully reports for the
year ending June 80 1899. as follows:
Revnue,-- From Transporta-
tion.......... ........... SS9s, zo3 %
From other sources. q, 2G6 W
s92o.525 90
Operating expences."..... ...... 5'2'202 Il
t3iS.S23 70
Interest and guaranteed divl-
dends....... ......... ........'. $500 %
se5O.Ns &c
Dividends on common stock and
sH-
Surplus for the year............S @,25i 10
The revenue from passenger trains was
si65 $500. an increase Of 20 per cent. and
from freight trains 1872. %. an increase
OF 10 per cent. over the year before. II
was earned at an average rate for pas
sengers Of two and a quarter cents per
mile. and Of one cent per ton-mile for
freight.
FUNDED DEBT
The funded debt Of the company is now
S9Sl. 1873 or $9i.7l7 less than by last
years report OF this sum Sl5,Zh was
paid in cash. and the remainder converted
into stock under the terms Of the bonds.
The capital was increased SS1,5O0 by the
conversion. The bonds converted were
81, 90, seven per cent due July 1899, and
$4,000 five per cent, due July 1901. There
remained unredeemed July 2 1899. S60S5
OF the seven per cent bonds, SJ,Os2 OF
which nave since been paid.
or the bonds Of the company not yet
matired, $4,000 bear ~ per cent. inter-
est; sl77O29l3 per cent, and S2sS,OO0
per cent. All except the AZ per cent.
bonds are due before 1903.
The balance sheet shows a decrease in
Investments OF $l49Ds0 due to the cancel
lation Of an Richmond. Fredericksburg
and Potomac Z per cent bond for Sl2SO
purchased In 1894 for sli.9l00. The amount
Of the investment C1Oj. 50l is given at
cost. Their value at present prices is
sl22 1000 or $l651750 more.
The property has not deteriorated. The
charge to Maintenance and Way and
Structures includes. besides the usual re-
pairs the substitution Of a heavier bridge
at the RappahannOck river, rendered ne
cessary to meet the great increase in the
weight Of rolling stock; an expensive spur
track 2,257 feet in length for the / chmond
Union Stock Yards recently established
near Boultou; comfortable waiting rooms
at Elba: concrete platforms at the Byrd
Street train shed. paving the rear freight
yard at Hancock street depot, agents
houses at Penola and Brooke and two new
addition 20 the Richmond freight depot
has become an imperative necessity, and
will be constructed at Harrison street
during the autumn.
EQUIPMENT PURCHASED.
Maintenance OF equipment embraces the
purchase of three locomotives. ten stock
cars, a combination passenger and bag
gage car. and provision for additional
equipment to the extent Of $1,000
The increase in conducting transpOrta-
ton is not out OF proportion 10 the work
performed.
General expenses were not increased.
The SeabOard Air Line, now construct
ing a line from Ridgeway, y. c., 10
Richmond, will join the line Of this COM
pany about one mile northwest OF the
nortI western city boundary point 10
be reached by an extension Of the new
line along Bacons Quarter Branch from
a station TO be established in the lower
part OF the city. An agreement has been
entered into for handling the traffic OF
the Seaboard Air Line on like terms and
conditions to those given the Atlantic
Coast Line.
The State OF Virginia now own
common stock, 2iJ,2rO %
And dividend obligations Of
this company, .".............. l'z''VO ~
TOTAL .s.ss.ss .ssssss.sssssssssS 7''f'V' W
Upon the original and whole
input OF S2I5. 5000, the State
has received. in cash diyi-
dens. the sum of...........S S6j, 4H %
And in dividend obligations at
par, ...s.....s...........'.. l9-'VpW
Making a total of,.......sl, 0J6,l0 $50
Par value during q period Of sixty-three
years.
The line has been operated during the
year with immunity from serious casu-
atty.
The company's relations with its con-
nections continue satisfactory.
The tabular statements OF the treasurer
are herewith submitted.
For the Board,
L. Il. d. MYERS.
President.
Mr.. ]. b. Winston. the treasurer, pre-
scented a tabulated statement showing
the earnings for 1889 to have been $685.
259. 20 an increase over last year Of sl21.-
0osl2. The net profit grom the years
operations was i0,97S.50.
IThe stockholders adjourned to meet
again December 10Th.