The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1873-12-25

QeuJ, NIT. " S0heh0hA-A ~
ing detained in Baltimore on important business
connected with the company. After abiding to
the methods adopted to secure means for the com
pletion Of the road and its connections, and the
necessity that compelled the company to fail in
meeting the interest on its mortgage bond in No
vember, the report says;
These deliberations resulted in the unanim GUS
conclusion that the objects desired could only be
secured ~ measures which would allow the ear
nings ofthe road to be used for limited time, to
assist in completing and equpping the road,so as
to give it the capacity to sufficient to pay
the interest on the cost Of construction, and take
care of the sinking funds provided in the mortga-
ges, as in The end all Of this must come from the
earnings.
Your president and Board Of Directors have,
therefore, authorized the issue Of seven pei cent
twenty year income bonds to the extent of twelve
millions of dollars to be used at the rate OF eigh
ty- five cents the dollar, in retiring the hoat.
ing debt Of the company, except that port,on OF
it which is secured By six per cent. bonds and Ii
funding the interest due and to become due on its
six per cent. mortgage bonds to and including
May l, 1875, and on it's seven per cent. bonds to
and including July l, 1876.
II is at the date Of this report highly probable
that the propositions of the company, which are
more particularly set forth in the circulars OF
October 18th and 3lst,and November 2lst, which
are submitted herewith, will be acceded to Oy
those to whom they are addressed.
lit these propositions are generally acceded to
the success Of this great enterprise isin tine epln-
ion of your president and board Of directors, ony
a question of time. These have lost none of their
confidence in the merits of the enterprise ITSELF
on the contrary, they believe that when their O.
rignal plan is carried out that the road can earn
the interest on all its costs and that too, at tariff
rates as low as those Of any road in this country.
as the grades and curves are very favorable and
its line the shortest from st. Louis in the heart
uf the great Wet( out to where it meets the deep
sea commerce on the lower Chesapeake, with To-
cal business Of COAL iron salt, and timber, as fully
| shown by Development along the line, beyond a.
nv other road III this country, probably in the
world But 10 give the road its full earning capac-
| ity more money must be had to complete The ez-
| tension to deep water, and to establish conEec
| tons By rail from its western terminus with the
systems Of roads already established in the lower
! Ohio and Mississippi valleys, and also to fully
| equip the road and provide the warehouses, ma
chine shops depots, ETC., that the business OF the
| road will require. That the money necessary for
| these purposes can be secured after the company
is relieved from its present financial ditici tiles,
! your president and Beard of Direetors entertain
| no doubt. e 49,
You now have road of 42l miles which will
/ S"N 80
Natures and the durable characterof its construc-
ton, with any other in this country. The investiga
tions made during the past year in relation to the
quality and extent OF coal iron ores, timber ee-
| existing On the line Of your roHd have been SO
satisfactory as to lead to the formation Of nuner-
GUS well organized companies, with ample CAPT
tel who will engage in the business of sending
/ forward large quantities Of these products to the
markets ofthe East and West, and who viii also es-
| tablsh furnaces, rongrnills, sawmills andAinared
industries on the1ine of the road giving assurance
Of large and profitable local traffic in additi on
| 10 the through business which your road is sure
! to command as soonsas the necessary extensions
| and connections are Completed for its aecommo-
datiou, One OF the most important Of these con-
nections is the Ezabethtown, Lexington and Big
Sandy railroad, which is already completed and
1 in operation from the city Of Lexington to Mt
Sterling. and with the Louisville, Cincinnati and
Lexington road, forms q continuous line from
Louisville to the latter place. Q distance OF III
miles. Eighty eight miles between MI Sterling
and the Big Sandy remains to be built, ana when
| that is done these roads. with the chesapeake
and Ohio will all be operated in general IN
terest, as they are controlled by substantially the
Esama parties, and will form continuous line
from Richmond TO louisville there to connect
with the system of Western roads, e i14a
At the commencement of the late financial
troubles an amount nearly sufficient to grade the
| remaining pOftlon O1Cne II u anu d . Ii II anu
prepare the road bed for the iron had been plcdg
ed, and your president and board of directors be-
| lieve that as the immedete effects of the
late panic have passed. it will MT be difficult to
4 secure sufficient means to complete this very i'm
| portant connection, and they would urge the
stockholders, and, in fact, all who are interested
in the success of the Chesapeake and Ohio Rail-
road Company to invest in the securities of the E
/ L and 3 Railroad company, for in SO doing
they will also largely benefit these they now hold
in the Chesapeake aad Ohio Railroad company
The report Of the Superintendent OF transpor-
tation Mr.. Perry, gives tho earnings of the road
for the year ending Sept 3Oth at ST. $50, sos o.
expenses $27S, 00i-showing the net earnings
to be $3.50. 808.9l. The expenses are Y per cent.
of the earnings, the increased per centage over
the previous year being due to the opening Of the
new road, in which no business was developed
previous to the completion of the road. The re-
csipts for the last three months were 1882 900,
and expenses $4,000, showing e2 per cent. for
expenses, which can be reduced with increased
business.
Passenger receipts have increased 100000
over last year, and during portion Of the year
OF reduced tariff. 1'lt - t~9
Freight receipts have increased $3l7, 200 or 80
per cent. The rolling stock of the company con-
sists of 10 locomotives, 338 box IS stock 229 fats
l29 gondolas, SCI eight wheel coal. $50 fourwheel
4 coal, $50 gravel II baggage, mail and express,
"a passenger,l pay, caboose and 8 sleeping cars.
There have been laid 81, 600 cross ties and. 25a
miles Of rails, mostly steel. Rallasting costing
| $l5, 900, has been done. A stone arch has been
built at Stanton. The iron bridge across Rivan.
ma river was completed early in the year. The
repairs of tunnels are largely increased by the
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