The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1872-12-06
cUEsAFEAFxE AND OHIO RAILROAD
COMPANY.
Annual Meeting OF stockholders
Presidents ascposfs ske.


session at the Exchange Hotel, in ahfs city,
Yesterday. ana were called TO order at ~ NJ.
nv General Williams Z. Wickham, on VIII ose
motion RI. X. Ellyson, Esq, was chosen
nh.;rnan. aud NeSsrs. John Garrett and
lanes F. Netherland elected secretaries.
The Secretary reported quorum present,
other in person or by proxy. and the meeting
immediately went into business.
PRESIDENTS sEfoRr,
Genera, Wicshatil read The report OF the
President. Mr.. Z. Z. Huntington, as follows,
Stating that unavoidable circumstances pre-
vented that officer from being present at this
meeting Of the stockholders:
"0rr1cg OF TIE CHESAPEAKE AND Oaro
RAikRoAD CeXfANS.
,.5s WILLIAM srsSSr, NEw ,oRx
" ,enber -, 1915.
20 o" Wv ,vtGerS;
W. .,.lcnen,-Yor President and Board
Of Directors respectfully submit the follow.
ing report in relation TO the business OF the
company for the fiscal year which ended on
The 30th Of September last:
Financial.
"An examination Of the treasurer's state
men;s. herewith submitted. will show that
during the fiscal year the bonds Of the $751;
coo. 900 mortgage remaining in the treasury
a, the close of the previous year have been
sold, the proceeds of which have been mp.
O|icd TO the work of construction, now nearly
completed.
LAS the work has progressed the decided
advantages which 1t will possess In nsaHS I'M
porfant respects over all other East and
West through lines, both FOR passengers and
freight, have become more generally known,
and give assurance Of large rewards from
through business immediately upon the geris
piction Of the linei
THE inexhaustible deposits of iron ores
md coal tbo.h in great Variety on the i'm
mcdiate line Of your road, and its near proX-
unity, have attracted the attention Of CAPT
,alistS, ironmaSterS, and miners, In this coun-
try and in Europe, who propose TO proceed
at once in the development of the mines and
in the manufacture on extensive scales of iron
and steel, and in the establishment Of kindred
industries.
the consumers Of several varieties OF
coal at the East and the West have di>cov-
cred that their cheapest source OF supply Is
from the hil!sideS Of the Great kanawha and
lis tributaries, and are anXiouSly looking for
the opening OF your road with the intention
Of availing themselves Of the facilities it will
furnish for bringing to them the needed sup
ply. The ship-buildcrS Of Europe and
America, and other consumers of timber and
lumber, are looking to the same quarter for
their supplies.
Applications are made constantly ut the
offices of the conipany for contracts to tranS-
Ter these articles in large quantities leach
way) daily.
"ln view of these facts aud other indica-
tons that the business awaiting the compile
ton Of the road will be much larger than it
was supposed would offer at its immediate
completion, your President and Board of
directors decided some months since to
adopt at once more thorough and perma-
ncnt plan Of construction than was originally
contemplated. In pursuance of this decl-
sion permanent entertainments, solid ma
eonry. iron bridges Of the best possible con-
>;ruction, have been substituted for less
costly structures embraced in the original
plans, and steel rails instead OF iron have
been laid on those portions Of the line where
the track will be most severely tested. Equip
iucnt has also been placed on the roads, and
Contracted for OH Il more extensive scale than
was at first contemplated.
"To provide the means for these increased
expenditures it was decided to issue and
offer for sale seven per cent. bonds to the
amount of S5,000,O00, payable twenty years
from July Isl, 1872, and redeemable at the
option OF the company after live years from
talt date, and convertible into any mortgage
bonds that the company may issue there
after. More than three-iourthS of these
bonds have been disposed Of at the date of
this report.
The CITY of Richmond having voted
100000 OF its bonds towards the cost OF 4
branch or extension from the present depot
in that city to favorable point on the james
river. besides granting free right Of way
along the entire waterfront OF the city, the
construction Of that branch or extension, in
Guiding a tunnel under Church Hill and eX-
t.nsiye docks and other conyenences for re-
ceiving and discbarging freight at the river,
has been in progress for several months, and
i, is expected that the work will be com
pleted and ready for use early in the ensuing
year.
" Construction.
"The report OF the Chief Engineer, also
submitted herewith, furnishes in detail the
urncrcss that has been made during the fiscal
wear and his estimate Of the time required
ior the completion Of the line from the city
IF Richmond to Huntington, on the ONO
river.
The progress that has been made since
the date of his report to the present time IA
space left of only about twenty miles be-
tween the end, of the two tracks, gives as
surance that the last connecting rail between
the Ohio river and Underwater will be laid
within the time named by the Chief En-
4ncer.
EARNINGS and Expenses.
The details of the items under this head,
As well Us the net results, are set forth IN the
annual report of the General Superlntend
ent. The expenditures, which have been
made out of the earnings, include very eX.
tcnsive repairs to the road-bed on the OLD
A,ortion of the road between Richmond ano
White SULPHUR Springs, the construction OF
several new bridges, and other permanent
improvements, as well rs q large addition &c
the rolling stock. 1t is gratifying to observe
that the percentage Of expenses as compared
with the gross earnings is steadily decreasing
" Western and Southeastern Connections
During the fiscal year very important
progress has been made in securing connec
tions in Kentucky and in southern ONO
and when the present contemplated plau'
are projected your road will possess the I'M
portant advantage Of direct connection by
railways under its own cuntro! to all the lm'
portant points west and southwest OF It's
western terminus.
"Erieasion to Deep Water.
1.-The attention of your President ano
Board of Directors has been earnestly given tt
this important subject.
The near completion of the work they
have had in hand will enable them to give
more time to the further consideration OF tht
points involved, aud they will, no doubt
Iinri6n nt nr, early day in relation to the loca