The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-12-24

c. E. Wortham were appointed q committee
to ascertain what shares Of stock were re.
presented by proxies. They reported re.
presented in that way 125,779 shares. In
addition q considerable number Of shares
were represented by shareholders in person.
General Wickham read the annual report
of the President, and also mis- own report as
vice.president. We give both in full:
Report OF the President. nIt
OFFICE OF THE CHESAPEAKE AND ONO RAIL
ROAD COMPANY, New YoRE, December, Ia,
IS74-To the Stockholders: Gentlemen,-
In making their customary annual report
your President and Board of Directors re-
spectfully refer you to the report Of the
Vice. President, submitted herewith, and the
tabular statements which accompany 1t, for
full information in relation to the transpor.
tation department, and to the statements OF
the Treasurer, also herewith submitted, for
information in relation to the financial de.
partment Of the company.
1t will be observed that the local business,
particularly in freights, shows a steady in.
crease, giving satisfactory assurance that
with a return of prosperity to the general
business and industries of the country, and
especially to the iron interests, all our eX.
pectations in relation to local business will
be more than realized.
The investigations made during the past
year by practical men, both of this country
and of England, have proved beyond con-
troversy that In no other section Of the
United States are found in such inexhausti'
Bile quantities iron ores of every grade, from
the superior "black-band ore," such as
"Scotch pig" is made from, and ''hema.
tite," which is found in great abundance,
down to the inferior grades, and bituminous
coal Of every variety, from cannel-compar.
ing favorably with the best varieties Ol
Euglish and Scotch-doWn to the inferior
qualities. .-...,..-..f. =
These beds of iron ore and deposits Of
coal Being found almost universally OF levels
above the. grade Of the railroad, can be
worked and placed in the cars by gravity
for transportation more cheaply than else.
where. | .~
Experiments made during the past year
have proven conclusively that coke of very
superior quality can be manufactured at va
rious points on the line of our road at less
cost than elsewhere, and there is no doubt
that when suitable arrangements are per.
fected for its production on large scale the
revenues of the company will be largely in
creased by the transportation of that article.
The experiments of the past year have
also proven that pig.iron of superior quail.
ties can be produced on the line Of our road
at less cost than elsewhere, and it is needless
to add that with this fact ascertained and
demonstrated it will not be long after de-
mand for iron In its various forms is re.
established before blast-furnaces, foundries,
roliug-mils, and industries collateral there.
to, will be established at available points, all
contributing to the local traffic OF the road.
The: fact is also becoming more generally
known that in no other section of The coun-
try accessible by railroad is found so vast
tracts of timber-lands, especially OF oak,
walnut, and yellow poplar. 1t only awaits
the revival of a demand for lumber, slaves,
ship-tim Der, &C., when these extensive forests
will contribute very largely to the revenues
of the company. j.l...z' ..t
The experience of the past year has
demonstrated more conclusively than before
the absolute necessity of connection by rail
from the western terminus Of our road with
roads already established and in operation.
The Ohio river will always be valuable
auxiliary to our road, and will bring to us
large amount of traffic, whether we have
connection with the West and Southwest by
rail or not; but the uncertainty of its being
in nayigable condition for the larger class
of boats, and in exceptional seasons (hke
the last) for even the smaller class of boats,
shows conclusiveiy that we cannot hope to
secure q reasonable share Of the Through
traffic" passenger and freighD which natu'
rally belongs to our road-by every consid'
Grafton Of locality. convenience, and econo.
my-untii we have such connection by raj
established. '..t,.
The importance of such connection is fully
appreciated by your President and Board ol
Directors, and also the importance of the
continuation of our line down the peninsula
to deep water. Both Of these important IN
terests will command their attention 80 soor
as the company is relieved Of its present
financial embarrassment .,i. q
The propositions of the company, referred
TO In its last annual report, for funding III
floating indebtedness and portion Of the
interest on its mortgage debt into income
bonds have been assented to by large ma
ioritv, in amount of each class of creditors
but your President and Board OF Director:
regret to say that number of creditors o
each class sufficient in amount to Involve tht
failure of the plan have thus far withheld
their assent.
Your President and Board of Director
deem it proper to say in this connection tha
the future of this great enterprise, which hal
cost so much labor and SO much money, ant
in which so vast interests are involved, de
pends now upon the final decision of those
hondholders and other creditors who have
not vet assented to The proposed terms Q
settlement. They also deem it proper
10 saw that they have carefully considered
every. suggestion that has been made tt
them by parties in interest having
different plan of settlement in view
and that while they would willingly
and gladly adopt any other plan which they
were convinced was feasible, equitable, anc
better for all interests than the one they have
nroposed, and which has been found accepts
BILE to large majority in interest, yet they
are constrained to say, being themselves
more largely interested than any other equa
number of persons, that If the plans pro-
posed by them are rejected they perceive nc
other alternative than the waste of o large
and very valuable property in the cost o
litigation and the fnal acquisition OF what
remains perhaps by parties who have con
tributed nothing toward its construction,
and who have not shared In the iabors and
trials connected Herewith. c;E
We shall not relax our efforts to accom-
plish settlement on the terms proposed; and
believing it to be the true interest of every
bondhoIder and other creditor to give us
their assent and hearty cooperation, we can.
not allow ourselves 10 doubt that we shalI
succeed; but, at the same time, weare not
forgetful that each days delay in accom-.
piiShing this result Is a serious detriment to
very important interests that are awaiting
the determination Of this effort, and that the
delay, if too long protracted, must ineVita-
bly prove fatal to those interests. J,
Thanking the subordinate officers and
amnInrd. Of the Comma ny for the faithful