The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-12-19
c. & o. R. R. co.
MEETING OF TEiE
STOCKHOLDERS. .,...
ANIMAL REPORTS OF PRES1DEN L
HUNTINGTON, GENERAL-SUPER-
INTENDENT PERRY, AND
CHIEF.ENGlNEER II. d.
WHITCOMB b.
ELECTION oF DIRECTORS. &c.

An adjourned meeting of the stockholders
of the Chesapeake and Ohio Railroad Com
nany was held yesterday at noon in the ola
dining.room Of the Exchange Hotel-Mr.
H.. K. Efiyson in tue chair, and Messrs: John
Garrett and james +. Nc!herlanu 'sccre-
taries. .-.t
On motor. of Mr.. John Page, Of Hanover,
the Chair was instructed to appoint COM
mittee of three TO ascertain whether quo
rum was in attendance. ,.
The Chair appointed McSsrs. William
Skeen. Of Covington; John Page, OF Han
over and John Hunter, Jr. The committee
after brief consultation reported a ma
iority of the stock represented.
Tie Chair announced that the next busl-
ness in order would be the reading OF the
Annual Report Of the President and
Hoard of Directors.
General W. G. Wickham, rice-pre>ident OF
the company, said that he regretted that
again it became his duty to read the annual
report OF the President ana Doaro OIL Ollec,
TORS but that Mr.. Huntington Was prevented
from being present by pressing business IN
New York.
The Vice.Presdeut then read the reports
as follows
OFFICE CHESAPEAKE AND ONO RAILROAD
COMPANY, No. 8 Nassau street, n. T..
November, 1873. )
To The Stockholders Of the Chesapeake and
Ohio Railroad Company:
Gentlemen,-Your President and Board
of Directors respectfully submit The follow
ing report of the business Of the company
for the fiscal year which ended the 30th OF
September last.
The statement of the Treasurer will show
In detail the receipts and disbursements du-
ring the year, and the financial condition OF
the company at its close.
About year since the Board Of Directors
authorized The issue of seven per cent. mort
gage bonds, the principal and interest paya-
Bic in gold, and secured by ttrst mortgage
on the extension Of the main line from Rich.
mopd down the Peninsula to deep water,
and on the ccntcmp plated branch road from
the mouth of Scary to the mouth Of the ka-
naWha, and also on the contemplated bridge
across the Ohio river at Huntington: and by
second mortgage on ali the property in
cluded in the mortgage by which the fifteen
millions six per cent. loan is secured.
These seven per cent. bonds were intend
ed to be used in retiring the five millions OF
debcnture bonds TO which reference was
made in the last annual report, and in pro-
Wiling means for the completion ana equip
mcnt of the read between Richmond and
the Ohio river, and for the construction and
equipment of the extensions and branches
above pamed. The financial condition OF
the country during the year was not larora-
Dle for the negotiation of new railroad sccu.
rites in any considerable quantities, and as
the work to be done was ncavy, and consc-
uucntly very expensive, the company had TO
resort TO huri-time-loarS 10 raise the money
to complete the road from Richmond to
Huntington.
The two New River divisions have cost
your company largely in excess OF The origi-
pal cstimalcS-cau>cd in part by slides from
the mountains, and in part from the small
amount of work obtained for the price vi il
DAVIS labor. but chiefly by this work being OF
a much more substantial character than was
at first contemplated.
There are about seven miles Of tunnels OH
your line of road. all completed, except The
one under Church Hill, in the city OF Rich
mond, the actual cost of all OF which has
been much greater than the engineers eoti-
mate,
These large additions to the estimated cost
of your road. with the Inability Of the COM
pany to make sales Of its securities, put il
out of the power Of the company to meet
its obligations and to protect its credit
through the late financial panic; and on the
Isl of November. to the great regret Of your
President aud Board Of Directors, it WA,
unable to pay the interest then due on lis
mortgage bonds.
The months Of september and October,
1873, will doubtless be Ion. remembered for
the general financial disturbance. which clr
ricd disappointment aud distress TO the re-
hottest parts of the country.
After careful review of the situation,
your President and Board of Directors were
forced to the conclusion that they must ask
accommodation from the holders of the noat-
ing debt and from the owners Of It's mort
gage bonds.
The character Of accommodation required
has been the subject of much and careful
consideration, the paramount desire being
to so arrange the afl,lirs Of the company as TO
secure the ultimate payment to every creditor
of the full amount due, principal and inter-
est, and at the same time rtGStabliSh the
credit Of the company on permanent basis.
hese deliberations resulted in the unani-
NOUS conclusion that the Objects desired
could only be secured by measures which
would allow the earnings Of the road to be
used for limited time to assist in completing
and cquipping the, road, SO us TO give 1t the
capacity to earn sufficient to pay the interest
on the cost of construction, and take care OIL
the sinking funds provided in the mort
cages, 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
per cent. twenty-year income Donos 10 tue
extent Of twelve millions OF dollars, 10 De
used at the rate of eighty.tve cents on Tue
dollar in retiring the floating dept Oh Tue
company, except that portion OF IL winch -
secured by six per cent. bonds, ana IN luuu'
ing the interest due and to become due on
its siy Der cent. mortgage bonds to and in
cluding Nav /. 1875, and on its seven per
cent. bonds to and including July !, 1876.
II is ut the date of this report highly pro.
bsble that the propositions of the company,
which ure more particularly set forth III tue
circulars of October 10th and 31st, and No.
yember 21st. which are submitted here
with, will be ucceded to by those to whom
they are addressed.
II these propositions arc generally acce ded
to. the success of this great enterprise is. III
tue opinion Of your President and Board Of
Directors, only question Of time. They
have lost none of their confidence in the
merits Of the enterprise itself; on the con-
trary, they believe that where their original
plan is carried out that the road eau earn
the interest on all its cost, and that, too, at
tariff rates us low as those of any road in this
country, as its grades and curves are very
favorable, and its line the shortest from st.
Louis lin the heart of the great Vest out to
where it meets the deep-sea commerce on the
lower Chesapeake, with local business of
coal, iron, salt, and timber, as fully shown
by development along the line, beyond any
other road in this country, or probably iu
the world Rllt 20 uiIn tho road liz tIll eurn.