Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1869-11-30
Annual Meeting of the Chesapeake and
Ohia Railroad Comnanv

Ohia Railroad Company.
The second annual meeting of the Stockhold-
ers of the Chesapeake and Ohio Railroad Com
pany was held Thursday last, in the Hallof the
House Of Delegates
The meeting was called to order at II M. by
General John Echols, on whose motion Mr.. III.
K. Elyson was called to the chair.
Messrs Garrett and Netherland were request
ed to act as secretaries.
On motion of Colonel Bolivar Christian,
committee of seven, to examine proxies, was
appointed. "a
The Chair announced the committee as fol-
lows: Messrs. B. Christian, W. c. Durham,
Phillips of Monroe, John H. Guy, H. j. Smith,
VIM. Skeen and Ii. E. G. Baskerville.
The committee retired to the clerks office.
The President, Gen. Wickham, presented his
annual report, of which the following is sy-
nOpsls:
PRESIDENTS REPORT.
The report of the President states that the
earrings of the road during the fiscal year ending
September 30th, 1869, were $662,674 SIS. and
that the expenses of general administration for
the same period were $477,5 90, making the
net earrings $l85,092 90. The Increase of re-
celpts over the previous year was $63, 800 40,
and the excess OF expenditures $4O,933 IA
from the expenditures are to be deducted the
amount paid for relaying with new iron por-
ton OF the road and the increased amount of
wood on hand. The same report gives the fol-
lowing information
Condition of Debt of the Company.
The Indebtedness of the company is increased
by the sum of 1858, l36 63, the whole of which
is chargeable to the construction and equipment
Of the road west of Covington.
Estimated Receipts for 1S69-'70.
We feel safe in estimating the receipts for
the year ending September Goth, 1870, at $780,
600, and in supposing that these receipts will
provide means to pay the running expenses OF
the road, the interest on the whole of the pre-
sent Indebtedness OF the company, and leave a
balance sufficient to pay for such new iron as
may be necessary for repairs
The Rolling Stock and Motiue Poaoer
Of the company is in frst-rate condition, and
fully sufficient for all the present purposes of
the company, with the exception of few ad-
ditlonal stock cars that are now being built in
the company's shops, and that it will probably
be found necessary to build four second class
passenger cars before the Summer. to meet the
expected increase in travel. The general condi-
ton of the roadway is good. e
Surveys.
The report of the Chief Engineer presents a
most favorable view of the line from White
Sulphur Springs to the Ohio river, and shows
that the labor expended in a thorough adjust
ment of the line will produce most valuable re-
suits to the company.
Prosecution of the Work.
Entering upon the management Of the affairs
of the company twelve months ago, the llirec-
tory found contracts existing for the construc-
ton of the road from Covington to the White
Sulphur Springs, involving an expenditure of
near one million dollars, including considera-
BILE amount of unpaid claims upon the same ac-
count. 10 meet these engagements and llabll-
tiles no means had been provided, except the
per cent. mortgage bonds-the issue of which
you had approved
Believing that the supervision of the work
would have damaging effect upon the credit
and interest of the Company, and having the
most favorable assurances of the success of the
loan, at least to an extent sufficient to cover the
work contracted for, we deemed it advisable to
proceed, and the failure Of fulflment of these
assurances left us no alternative but to resort
to temporary expedients always expensive) to
procure the money to prosecute the work.
Completion of the Road.
The Presidents most satisfactory report con-
cudes as follows:
Under these difficult circumstances we were
glad to avail oursel Ives of an opportunity which
offered to secure, upon terms satisfactory to us
and advantageous to the company, the co-ope-
ration of gentlemen of New York. large capt.
taltSrS anu OF NlgH Hndncidl creulL anu Feputa
ton, who have undertaken charge of the fnan-
ces of the company, and substituting a six per
cent. for the seven per cent. loan, will enable US
to press the work vigorously to a speedy and
successful completion.
THE TREASURER REPORT
shows very satisfactory exhibit of the opera
ton of the company.
Amount paid by Board of Public
w OrkS.......... pI,olo,0oI %
Amount ooid hx, on hcc harc nthnr
than State ate 1885, 9s3 81
Paid by subscribers to per cent. -
preferred stock .................... 29, 1888 w
Total. So, 383, 800 Al
Capital stock authorized by charter is $780, 900,
600.
The earnings of the road for the year ending
For passen gers 1886, 500 %
| For freight...... ........... 34O,228 Is
| For mail transportation - 1889 ~
Total - 1861, 297 GA
The expenses were. 1851 60
| Net earnings .... - 1902 80
Committee an Presidents ReDOrt