The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-11-27
OCTOBER 25. 1875

your report 10 the court on the 22d instant, sub
init the following explanatory otes:
l. Until your appointment as receiver there was
perfect confidence on the part Of the employees Of
The company in the officers having the management
OF the road and Notwithstanding cg the large amount
ously. The order Of the court appointing q re-
ceiver who was entirely unknown to them had the
feeling ct s6 ee tae
organization, bat the old officers being retained in
charge Of the working operation OF the road nave
been able TO keep everything working smoothly.
2. Except In the ordinary freighting aud fuel
business there Is no contract With any co!ery save
one That contract was ny once @ exP1ansa Pha 10 you
q cargo Of coal shipped unfer II. II you did not
und rstsnd the exp anauon given you. YOU had only
10 ask for further Information 70 have obtsfned IL
The Chesapeake and Ohio Railroad Company
owned the Blacksburg mine; and soon after IL COM
menced using coal as fuel ,he company, with =,
working order and leased it 10 a practical miner
until March, 1875, binding him to furnish the COM
any agreeing to take the same, at much less price
than they had previously been able 10 purchase coal
for their engines. The result Of ms move was u 10
other colliers TO q figure below That at which they
hsd agreed to take the coal from the Blacksburg
mines 1t became, therefore, desirable to get the
Company releasei from its obligation 10 take this
coal for Its engines. In the mean time this Blacks
burg coal was found TO be first class gas-coal
With view, then, to reducing the cost OF the COM
pany's fuel and uf increasing Its freghtng
and introducing this gascoal from It's liue Into the
markets on The most favorable plan, the company,
condition Of being released so long as the whole
product Of the mine could be marketed elsewhere.
from taking the coal they had contracted for, and Of
considerable reduction In the selling price, under
and other, and have met With demand for 1t be-
yond the capacity of the mine, realizing thereby u
handsome increase in their business and setting
other miners to develop the same vein.
8. In regard 10 Information required from New
sn9 1ne efhs n
mond. The Richmond office sends to the New York
daily transcripts Of Its Transactions with the vouc
Iii transactions in In. New York office is sent to the
Richmond Office. The entries contained In these
transcripts transferred TO the books Of the office
to which they pectvely sent, that each set
Of books contains precisely tile same entries. aud
consequently full information be obtained alike
Richmond Office in regard to all moneys received
or disbursed.
has been managed in New York the bond. book or
list Of bonds Is kept there, and the disposition OF
the bonds can only be ascertained there save in SO
far The entries In the general account books in
both offices show the amt UNITS credited TO sales Of
bonds aud charged to discounts and commissions.
4. The liabilities, so far as they have been as
manner on the books Of each Office but the accrued
and unpaid interest to September so, 1878, has not
been brought upon the books OF either once ana
as a very large amount Of the Indebtedness OF the
company consists Of bills payable and OF drafts
drawn and negotiated In New York, the rate OF In
erest which they carry since their default can only
In this respect, and In this respect only, was it
necessary TO obtain information from the New York
Office 10 make complete statement OF liabilities.
5. AS the roadway, depoIs, and equipment form
the larger portion Of the asses Of the company.
and as The amount at which they would be placed
depends on the mode OF stating the COST or road the
Items Of assets aud cost ef road should be con-
sidered Jointly. Whilst the b1oEs In each ONCE
contain The same entries Of eyerS thing that goes TO
make UP the cast OF road, yet the amount has never
been aggregated on the books as sum tOtai; ana
as the office in Richmond has no authority TO adopt
In tnny Yr1l
han necessarily 10 BE- referred 10 The New YORK
Ctlica before the statement could b. made.
1hus the Richmond Office might have stated the
cost OF the road as 10 The amount OF money actually
paid for grading and superstructure, excluding
gotlntipg bonds, &C.. which ordinarily included
In computing the ultimate cost of the road, whilst
the New York Office might think 1t proper TO en-
brace those aGd other items.
8. A list of lands owned by the company outside
Of It's right of way was called tor but no deduction
Of title OF those lands was called Tor. II was sup.
posed that the statement that the company owned
the lands conveyed The fact that they held them by
proper title. The company holGs deeds for all the
lands contained in the list.
No preferred stock has been issued and In The case
of much Of the lards mentioneo In the Isl as sub.
scribed, compromises We're effected. by which the
parties took payment in money In lieu OF preferred
steck.
- materially Inter fere with the operation OF Inc
road"
reenIsr and uninterrupted coaling Of the engines
zIrhIp an hour after The levy was made, and the
levy on the articles other than coal did not produce
the slightest Inconvenience.
should you wish any fnrther exolarations LULU
those Contained the foregoing note II will afford
me much pleasure TO furnish them 70 you.
Your oDedient servant,
WINS. G. WIcKHAN, Vice-PresidehI