Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1873-12-26
GHrsApEAKE AND OHIO RAILRoAD.-

| CHESAPEAKE AND OHIO RAILROAD
The adjourned meeting of the stockhold-
ers of the G. &. o. r. r. was held at Rich
mond Thursday. A telegram to the VIM
DICTATOR, last week, gave the action OF the
meeting, and we give below further details
of the business transacted. The report OF
Superintendent Perry shows that the. earn
ings last year were ST. ,2l0, 508 and the OK
penses $879, 700, leaving $3.50, 1903 nett earn
ings. The expenses weres72 per cent. Of
of the earnings, but the last month of the
year they were reduced to 50 per cent
The passenger receipts were $449, 488 being
100000 over the previous year, and the
freight receipts $710,3s being an increase
of $3l7 900 over the previous year. During
the year the rolling stock was Increased
by 70 locomotives, "a passenger cars, 1888
box cars, IS stock cars, 229 flats, 1913 gon-
dolas, s561 eight-wheeled and $50, four
wheeled cars, and 1877 cars. Twenty-Five
miles Of rail, mostly steel, have been laid.
The Presidents report states that it, is
highly probable at the date he writes (No-
vember,) that the proposition to fund it's
debts will be accepted. The meeting adj
journed sine dae after adopting the follow
ing resolution, offered by Maj. HI. M.
Bell: 71l4 cr
Resolved, That G. P Huntington pres
ident,) A. A. Low, W. III. Aspinwall, Da-
vid Stewart, Jonas e.. Clark, W. B. Hatch,
and William Whitewright, Jr., Of New
York; Pliny Fisk, of New Jersey I'll. G..
Parsons, of West Virginia; John Echols
and Williams G. Wickham, Of Virginia,
be, and they are hereby elected directors Of
of this company for the ensuing year.
A meeting of the creditors Of the road
was held in Baltimore on the Monday be-
fore, at which President Huntingdon was.
present. The following is an extract from
a report Of the proceedings: a.,.
sThe proposition made by the company
to the bOndholders some time since of fund
ing the floating debt, which is now more
than $8,00O,000, and a portion of the inter
est on the mortgage debt, in income bonds,
to be paid out of the net earnings of the,
road, was freely discussed. The agreement
generally acceded to was that holders of,
the company's notes secured by six PEI
cent. bonds take bonds held as collaterals
and fund their interest; and that holders
of notes secured by seven per cent. bonds
surrender the bonds, and take income
bonds at eighty-fve to the amount of their
notes. The President announced that
about $12 900, 900 of the entire debt had
come into his agreement, and felt assured
that could the arrangement be made uni
versal, the road, which before the panic
had more business than its rolling stock al
lowed, and had contracted for fifty-four
new locomotives, the line being now com
Melted from HuntinptOn TO Richmond a
distance Of four hundred and twenty miles,
would not only be placed on firm basis,
but the work on the extension to Louis
vile would be enabled to commence imme-
diately. He further stated that he him
self felt confident that if relieved from i'm
mediate demands in the mode proposed,
the company would be able to meet all of
it's obligations. He closed with the state
ment that Of 81, 100000, the amount neces-
sary to complete the road-bed to Louis
vile, 81 100000 had been subscribed, and
the eighty-six miles of iron could be paid
for out of first mortgage bonds to be issued
hereafter s.6sH Ttlr