The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-12-07

The annual meeting OF the stockholders
~ The Chesapeake and Ohio Railroad Com
many was held yesterday at noon IN the man
over the First National Bank.
The meeting was called to order by Cen
eraa Williams Z. Wickham. vice-presloent
of the company and receiver, on.Whose no
ton Mr.. II. Il. Ellyson was chosen chmr-
man.
ON motion Of Mr.. John Page, OF Han
over, Messrs. John Garrett and y. Z. Meth
erland were appointed secretaries.
A quorum was ascertained 10 pe III at
tendance.
REPORT OF THE PRESIDENT AND BOARD OF d.
RECTURS.
General Wickham presented the annual
report Of Mr.. C. p. Huntington, president
OF the company, which was reaa ny zen
eral Wickham, as follows:
OFFICE OF THE CHESAPEAKE AND
Quo RAILROAD COMPANY,
New YORK, December ], 1877.
To the Stockholders:
Gentlemen,-Your president and Board
Of Directors respectfully submit herewith
their annual report for the fiscal year which
ended September 80, 1877.
You are aware that during the whole OF
the said fiscal year the property OF the COM
pany has been in the possession and under
the management OF General lihams "
Wickham, the vice-president OF the com"
many. acting as receiver under the appoint
ment as such OF the Circuit Court OF the
city Of Richmond.
You are respectfully referred to his re-
port, as vice-president and rs receiver, Tor
the details OF the business OF the year. which
appear to be full aud complete.
it is very gratifying to your president and
Board of Directors that these reports show
so satisfactory results. !.
You will observe that the net earnings
for the wear were 1885,, 307.S9, and that the
net receipts were 1926, SS7.23. Table OF
the tabulated reports shows that this last
named amount was expended under orders
Of the Court in payment for rights OF way,
for costs Of foreclosure suits, amounts due
TO employees for services rendered previous
to the appointment Of receiver, and for
account of construction, equipment, and
other permanent Improvement OF the prop
erty. ..1- ...
In addition TO tine above the sum of $751;
10. 81 has been paid during the year out OF
the gross earnings and under the authority
of orders granted by the Court, and which
appears in Table A under the headings OF
Maintenance of Way" and "Repairs OF
Machinery" in which is included the cost
of thirty-one and a half miles Of new steel
rails and the laying Of them. and also extern
sive repairs and rebuilding OF locomotives.
At the date Of our last report it was be-
lieyed that the work OF "the Committee OF
Purchase and Reorganization y therein re-
ferred to would have been completed in the
spring OF the present year.
That committee was delayed in their
work awaiting the judicial determination
of several legal questions which were then
pending in the courts, the most important
Of which was the question as to whether or
not this company was liable to the State OF
Virginia for taxes, and if so to what amount.
It is known to most il not all OF you
that when the management OF the company
was transferred by the old Board OF Direc-
tors to the present Board, in 1869, large
amount OF money was subscribed and paid
In by the members Of the present Board
and their associates for the purpose OF aid
ing in the completion OF the road to the
Ohio river, and that afterwards the same
gentlemen invested very largely OF their
money in the securities OF the company,
and, in fact, have furnished the larger part
Of the money which was found to be neces-
sary for the completion of the work. These
large advances were made under assurances
OF the best counsel OF Virginia, including
members of the Board of Public Works and
other officers of the State Of Virginia, that
the property would remain exempt from
taxation on the part OF the State until the
profits of the company shall amount to ten
per cent. year on the capital.
The question has been tested in the courts
OF Virginia, and finally in the Supreme
Court OF the United States, in which it was
decided that this company are not exempt
from taxation on that portion OF the road
which was formerly the property OF the
Virginia Central Railroad Company.
Previous to this decision decree OF fore
closure and sale had been entered in the
Circuit Court OF the city Of Richmond.
After this decision an order was entered
in the same court making it the duty OF the
commissioner who had previously been APP
pointed to ascertain the assets and liabilities
of the company to ascertain and report
the amount due to the State Of Virginia I'M
der the ruling OF the Supreme Court OF the
United States. The said commissioner re-
ported the amount due for the years 1871,
'72, '73, IA, rs, '76. and 1T as 1896, 264 16;
and upon the coming in OF said reports the
said Circuit Court Of the city OF Richmond
entered supplementary decree ordering
the said sum Of 500. 264. 18, with interest on
Ss0,eg5. 20. part thereof, from the 10Th day OF
June, 1877, to be paid to the State OF Virginia
by the purchasers Of the property in six
equal instruments Of equal amounts on
credit Of six, twelve, eighteen, tWenfy.four,
thirty, and thirty-six months respectively.
Upon the entering up this decree the
then. Acknowledgement OF the State gave