The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-12-17
C. & O. R. r. COMPANY.
ANIMAL M EETIN g..
REPORTS oF THE OFFICERS.
Action OF Virginia Courts Appointing
General Wickham Receiver
Unanimously Approved.

The adjourned annual meetieg OF the
stockholders of the Chesapeake and" Ohio
RAILROAD Company was held in the hall of
the Chamber Of Commerce at noon yester.
day-Mr. 81. z. Eliyson in the chair, and
Messrs. John Garrett and J. E. Eetkeriano
acting as secretaries. 1 - ~
1t having been aseertained that over eighty
six thousand shares-a sjority of The whole
number-were represented, General W. @.
.Wickham read the following =, as; -,
ANNUAL REroBr; OF THE DIRECTORS =
i OFFICE OF THE CREsAPRAKE AND OHIO RAE.
Road COMPANY, No. 8 NASSAU STREET, NEW
York, November %, 1s75.-To he Stock
holders :: Gentlemen, Your President and
Board Of Directors respectfully submit here.
with their annual report for the fiscal year
ending September 30, 1876, and with it the
reports Of the Vice President and Treasurer,
TO which documents they refer you for full
information in relation to the transportation
and financial departments for the yeau speci-
fed. gt4
The transportation accounts show that
Notwithstanding the continued depression of
the general business Of the county there
has been steady increase in the local bust.
ness of the road. The small amount of
through business which has been done is at
tributab able-~----------- ---.--
1st. To the want of connection BY rail,
from its western terminus, With the great
centres of trade in the West, Southwest, and
Northwest.
I'd. To the low rates for f7eights which
have prevailed during the greater part OF
the year on competing lines.
Sd. To the financial embarrassments of the
company, which sre well known, and which
have induced many large shippers OF freight
to seek other routes Of transportation who
would otherwise have entrusted this COM
pany with the transportation of their prop
erty. s.-.,- ..sss -
These obstacles to the success of the bust.
ness of the company were we'll understood
and appreciated by your President and
Board of Directors, and the question OF how
to rid themselves Of the financial embarrass.
ments which have surrounded them for the
last two years has engaged their most Sc
rious attention and consideration.
1t vas hoped and believed that the propo.
sitiops for funding portion of the interest
on the mortgage debt and the whole Of the
fleating debt into income bonds would have
been acceded to by nearly all, if not all, OF
the bondholders aad other creditors, but
after the most patient and earnest efforts OF
the officers and financial agents Of the com.
pany it is found that number of bondhold'
ers and other creditors refuse their assent to
the plan proposed, representing an amount
sufficient to annul the plan. ..,j...-z, =.
After listepingto and carefully considering
all other plans proposed by those who would
not accede TO those proposed by the COM
pany your. President and Board OF Directors
became convinced that hone Of them were
practicable. i. ~ r ghrl.lst&H
When, therefore, it became evident that
the company could not pay the interest that
would mature on the 1st of November, in
stant, on its six percen mortgage bends
the Board Of Directors appointed commit
tee of seven of its members, whose duty 1t
should be to devise plan for the re6rganiza.
ton Of the company on basis that should
be just and equitable to all interests. 10
Ftilis work the committee gave earnest and
careful attention, holding meetings almost
every day, and they had nearly agreed upon
the details of plan for Reorganization,
which it was intended should be submitted
to all persons Interested for their considers
ton and approval ~ Z. S., S.., ,5s. an.
This work Of the committee was inter
rupted in rtheiearly parton October by the
action Of the Circuit Court OF the Unites
States for the Eastern District OF Virginia
and the District of West Virginia in9,ap;
pointing Mr. Henry Tyson as temporary re-
ceiyer of the property, incomes, franchises,
etc., ,of the company. 80 y l-.,af. .s.t
Your President and Board Of Directors do
not propose TO review or scriticise the orders
and decisions OF regular constituted court
of law. They deem it their duty, however,
Ito submit the facts in this case to The creditors
ord ctccE holders that each for himself msy