The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1876-12-08

Gentlemen,-Y our President and Board
OF Directors respectfully submit herewith
their annual report for the fiscal year end
ing September 30, 1876, and respectfully re-
fer you to the report OF the vice-president,
and the statement of accounts presented
herewith respectively by the receiver and
by the treasurer.
The property OF the company, as you
were informed by our last annual report,
passed into the hands OF Mr. Henry Tyson
as receiver by order OF the Circuit Court OF
the United States, the Hon. Hugh l.. Bond
presiding.
A large majority Of the bondholders, stock
holders, and other creditors having express
ed their desire that General Williams G.
Wickham, the vice-president Of the COM
pany, who was wel-knoWn to them,
and who commanded their confidence
as regards his integrity and his
superior ability to manage the property OF
the company on account Of his long con-
nection with and intimate knowledge OF all
the affairs of the company, and especially
the working operations Of the road, should
be appointed receiver in place OF MIR. Ty-
son.. # ri -rt ~ Il &its
Proceedings were accordingly instituted
by the trustees Of the six and seven per
cent. mortgage bonds in the State courts OF
Virginia and West Virginia, which resulted
in the appointment OF General Wickham us
receiver, and on the Goth of January, 1876,
the property and management OF the busl-
ness of the company passed into his hands
as receiver under said appointment. The
statements submitted herewith show the
accounts Of the treasurer for the first nine
days of October, the accounts of Mr.. Tyson
as receiver from October 8, 1876, to Janu-
orT - Hor,oro1 JUso1yhoro 10
receiver for the remainder OF the fiscal
year. ,.. .. y.,- 49,.
The report of General Wickham as vice
president covers the whole Of the fiscal
year.
These documents together will give you
very full and complete history OF the busi-
ness of the year.
In the month of April, 1876, a " Commit
tee Of Purchase and Reorganization was
elected by a majority OF bondholders OF each
class. ..-.,..
This committee, consisting OF Messrs. A.
S. Hatch, A. A. Low, G. 2. Huntington,
John Castree, and Isaac Davenport, Jr.,
met on the 18th of April, and organized by
the appointment of A. S. Hatch as chairman
and James J. Tracy as secretary. =
The said committee Immediately entered
upon the discharge Of its duties, and on the
18th Of the same month issued printed cir
cular in the following words: H.
CHESAPEAKE AND OHIO RAILROAD REGRGANT-
Committee of Purchase and Reorganiza-
a. S. Hatch, A. A. Low,
c. P. Huntington, John Castree,
Isaac Davenport, Jr.
NEW YORK, April 18, 1876.
The undersigned having, by vote OF the
bondholders, who have assented to the plan
for the purchase and Reorganization OF the
Chesapeake and Ohio railroad representing
a large majority of each class, been duly
elected q " Committee of Purchase and Re
organization {" for the further carrying out
Of the plan, have formally assumed the fu-
ture direction and management Of al! mat
ters connected Herewith.
It will be the aim Of the committee to
perfect the reorganization without unne-
cessary delay, and in the arrangement OF the
details to consult the interest and conye-
nience Of the bondholders.
They will cooperate with the trustees OF
the mortgages in bringing the suits for fore
closure, now pending in the courts OF Vlr-
ginia and West Virginia, to satisfactory
issue, and in securing decree OF sale as
early as practicable; they will provide for
the deposit OF the outstanding bonds, when
their surrender becomes necessary, with
responsible trust company or other suitable
depository, and the issue Of negotiable GER
tifcates in denominations to suit the conye-
nience Of the owners OF the bonds; they
will purchase the property when offered for
sale, and make the necessary provision for
the issue Of the new securities and the pros.
per organization Of the successor company,
and in general endeavor to devise and carry
out such measures in accordance with the
terms Of the plan OF Reorganization as will
best promote the objects and tend to secure
the results for which it is designed.
They will also, during the interval, CO.
operate and advise with the receiver, be-
tween whom and the committee entire har
mony of views and purposes exists, in the
development Of the business Of the road, in
the encouragement of business enterprises
calculated to increase its traffic, and in the
Improvement and maintenance OF the pro-
perty in the best possible condition OF effi-
cheney and productiyeness.
They will also take such measures as may
be found practicable or desirable to forward
plans for the establishment OF rail connec-
tions westward, and for perfecting and inn
proving the business connections OF the
road in all available directions.
The committee are grati6ed to announce
that up to the present time the holders OF
10,512,40 OF the first mortgage six per
cent. bonds, out of total of S15,000,000
and 1882, 900 Of the seven per cent. mort
gage bonds, out OF a total OF S12,131 200,
Outstanding, have already signed their as
sent to the plan of Reorganization.
The privilege OF participation still re-
mains open under the direction Of the COM
mittee, and there is reason to expect that
before the sale takes place the cooperation OF
the bondholders and all other parties inter-
ested will be practically unanimous.
The committee would earnestly recon-
mend to all who have not already united In
the plan an immediate consideration OF the
matter and an early decision, as it is deslra-
Bile that they should know at as early a Day
as possible the amount OF bonds to be repre-
sented by them in the purchase OF the pro-
perty. @ Sss. ,.
Copies OF the plan Of organization, and
all other desired information, will be fur-
nished upon application.
Communications may be addressed to a.
S. Hatch, chairman, No. 5, Nassau street,
orFto James j. Tracy, secretary to the COM
mittee, No. 8 Nassau street.
Very respectfully, 5S:: S:.
Il "a. s. HATCH, "A
A. A. Low. w .s r. sss.sSfs2 ~ 4
G. =. HUNTINGTON, Committee.
JOHN CAsTREE, .sE 49,. 3 "a
isaac DAVENPORT, Jr., 81. 4
This circular letter, a copy OF which was
semitic each bondholder whose address 8asSt