The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1871-12-08
CHESAPEAKE AND OHIO RAIL
ROAD COMPANY.
FOUR1FH ANRUaL MEErING OF
THE OtKHULDERS.
REPORT OF PRESIDENT KUETZNGToN
Election of Directors.

| Election of Directors.
The fourth annual meeting Of the stock
holders of the Chesapeake and ONO hall-
road Company was held yesterday at noon
| in the Exchange Hotel in this city.
ON motion of General Williams G. Wick
ham, vice.presIdent of the road. II. IL;
Ellyson, Esq, was called to the chair. and
John Garrett and Captain James +. Meth
erland appointed secretaries.
On motion of Major Fl. Nj. Bell, OF Staun-
examine proxies. The following gentle
men were appointed by the Chair as the
committee Major II. Al. Bell, of Augusta ;
John Wood, Jr., Of Albemarle !; Thomas
W. boswell, Richmond; Colonel Bolivar
Christian, Staupton and FL. +. G. Basker-
will, of Richmond.
After an absence of few moments the
committee reported quorum present.
General Wickham stated that the next
business in order would be the presenta-
ton of the Presidents report, which, in
the absence of Mr.. Huntington, he sub.
mitted. General Wickham further stated
that 1t had been the Presidents intention
to be present at this meeting, but other
ENGAGEMENTS prevented his attendance.
The report was then read by the Vice
President, as follows:
PRESIDENTS REPORT.
To the Stockholders of the Chesapeake and
Ohio Railroad Company:
Gentlemen,-YourP President and Board
Of Directors have the pleasure to submit
the following report of tue business of the
company for the fiscal year which ended on
the 30th of September last:
Financial Condition.
By reference to the Treasurer's report,
which is herewith submitted, 1t will be
perceived that the bonds Of the company
have found ready market, and that from
the proceeds Of the sales of them large
balance remains in the treasury at the
close of the year, after having paid
promptly all demands upon 1t arising from
vigorous prosecution OF the work OF con-
struction of the unfinished portion OF the
| line.
The demand for the bonds has been con-
slant and regular, and they have been
placed by MeSsrs. Fisk IL Hatch, the flnan-
cial agents of the company, for the most
part, in the hands OF the most prudent
investors OF capital in this country and in
Europe.
They were originally placed on the mar.
ket at ninety cents on The dollar, and as the
demand for them increased, and the pro-
! them increased intrinsic value, the price
has been gradually advanced, until now
they command ninety-four cents on the
dollar, and no doubt is entertained that
| when the road is completed, which will be
| within one year from this date, they will
be sought for at q premium on their par
value.
1t Is gratifying to be able to state that
| these bonds have commanded at all times
| since they were first placed on the market
higher price than the ak per cent. bonds
OF any other uncompleted road In the
country.
That the small remaining balance of the
loan will be taken up as rapidly as the
wants OF the company will require, and at
steadily advancing rates, ts now well as
isured.- - r-fa.r-
Work Accomplished during the Year.
By reference to the report of the Chief
Engineer, which is submitted herewith, it
will be seen that after reasonable allowance
Its made for the various difficulties that have
been encountered in the prosecution of a
| work of so great magnitude as that in which
we are engaged we have abundant reason
| to be satisfied with what has been accom-
plished.
At the date of this report, the whole of
the work from the mouth of New river to
the city Of Huntington, on the Ohio river,
Is completed with the exception of track.
laying on part of the distance. This track.
laying will be completed and the cars will
be running daily over this portion of the
line, in all probability, before this report
some contractors to deliver rails at the dates
specified In their contracts, and an unusu-
ally low stage of water in the Ohio river,
which prevented the transportation of rails
from Parkersburg, have delayed the OPEN
ing of this part OF the line to public use
several months.
| ItWould have been in profitable operation
before the close Of the fiscal year but for
the reasons mentioned.
The character OF the completed work is
in all respects frst-ciass, and the masonry,
compare favorably with that of any other
road in the country. In addition to large
passenger traffic which awaits the opening
Of this portion Of the line, it will command
the transportation of the unlimited guam.
tity Of coal, timber, etc., which abound In
the Valley OF the Kanawha.
Work under Contract.
That portion Of the line between the
mouth Of New river and White Sulpbu,
Springs Q02 miles), which will complete
the line from the the city of Richmond tt
the Ohio river, is all under contract, anC
the grading and masonry on eleven mile:
of it is completed, and the balance Of the
work is progressing 30 fayorably as to leave
no doubt that the whole of it will be com
pleted, and that the cars will be running
daily over the entire line from Richmond
, to the city Of Huntington before the close
! of the present fiscal year. The report o
the Chief Engineer gives you full particu
lars In relation TO the work at Great Benz
tunnel, and all the other difficult work or
: this portion Of the line, and also in rela
Ition to the work east Of White Sulphur
/ Springs at the Lewis tunnel, Lick run, anG
Jerry's run, all which will be completed
before the first Of October, 1872. Wher
will be abandoned. = -,
a.< Earnings and Expenses.
Tha report Of the General Superlntend
ent will show the earnings and operating
III .z = B