The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-12-31
|eHEsa fI5l PEaKE & OHIO RAnH HlI
The Manual MesaEpx sef isseekissliss
ssfsfasy. 81 81

Eas1eraay. s. is
REpOEFspF THE PREsEpEET sAND y1UEel
PKEskHENrIs IsCEEAsE oT EEys-
i EKEKs-THE BIG SANDY RAIL RcAn GOH-
EEcTTOF PROMISING 1.-THE COMPEEYl
! SEEKING AN EAsFERy TERanHua or
CHESAPEAKE BAf-TsE C0AL 9R RADE+-
INCREASE fE oNNAGEACONDITI0N oY
3 THE RAILWAY, TRAIEs GED ggEEE
PRoPEaTY OF THE COMPANY. Il
/ The annual meeting OF the stockholders
OF the Chesapeake and Ohio Railway Gem-
paDy was held at the Office OF the eompanF-
10 this city yesterday. b. ss4 3 n,
On motion OF General Wiekbam, e. W.
Burke, Esq, was called to the cslair. Mr..
Garrett was requested to act as secretary. ].
It was ascertaiued that 202, 900 shares OF
stock were represented. ..: (. !. ri z
Presidents Report. .stt rs
General Wiekbam presented the report
OF President C. P. Huntingdon
The following are extracts: HI
/, On the 1staof May, 1882, the company
will have to pay one half OF the inieresto on
the 3l5, ,000, 600 or Series b bonds in cash.
instead OF wholly in preferred stock as now,
and soon afterward wholly in cash. The.
Aferest obligations for the fiscal year 1882
viii be, therefore, at the rate OF 708,000 :,
and for 1888 a. ss5s,0e0, and for 1884 at
Isl ,15S,00e. 1t gives me pleasure to ar, :.
nounce that there is a good prospect OF at.
least one important con nsction with the
South west before The FIRST. enti0Dea 5tlates'
| Others connecting with the northw estern
and western cities and with Cincinnati are
in progress or projected, which will be
more or less valuable as feeders when con-
nection is established.
BIG SANDY RAILROAD.
The Elizabethtown, Lexington and Big
Sandy Railroad Company, which has 33s
miles OF road in operation in Central Ken
lucky, has announced its purpose to extend
its road to the Big Sandy river, there to
connect with your road; and the contract
| for the construction within two years has
been let to res ponsible parties. One OF the
conditions of the contract is that Elizabeth
town, Lexington and Big Sandy Railroad
Company shall sell S1,200,000 OF its first
mortgage bonds before the work is COM
menced, and from time to time pay over the
proceeds TO the contractors who undertake
the construction. 1t is expected that the
holders of the Chesapeake and Ohio rail-
railroad bonds, as that is the Indispensable
step to securing western outlet by rail, the
| building of which will add to the present
holdings fresh value, more than the entire
81, 200, 900 for which they are asked 10 SUBJ
scribe, to say nothing Of the bonds on the
Kentucky road being a frst-cIass security OF
| themselves.
1t is not probable Qf this loan is promptly
takenl that the two years time will actually
be consumed; and it is represented to me
that it is highly desirable that the Chesa-
peake and Ohio Company should bave It's
track at the Big Sandy terminus ready to
meet it. For this purpose it will be neees-
sary for the company 10 resort to II portion
of the 81 O00, 900 Series A bonds reserved FOR
extension purposes, upon which interest
will begin to run as soon as issued.
| OPENING TO THE WEST.
The completion OF this link Of less than
100 miles by the two companies Will admit
MS to the fine agricultural and stock regions
OF Kentucky, to Louisville and Chatta-
nooga, and ultimately to the territory be-
yond, by very short, seryiceable connect
Ing lines.
lnasmuch as the company will still need
to hold on TO any advantages it may derive
from an interchange OF traffic with river
craft, and as Huntington is the proper point
for it, besides i,eiug the point toward which
the roads in Ohio are tending, in the hope
nf ultimately crossing by Il bridge, 1t hns
been deemed best to make n temporary ar
rangcment with the Big Sandy Railroad
Company, as an inducenient 10 the compile
ton OF q through hue, whereby the trains
OF the latter shall run continuously between
Lexington and Huntington over the cigh
miles Of our road yet to be built, and col
Iect the tolls thereon for term OF years.
EASTERN TERMINUS on DEEP WATER.
The vital importance OF western connec
tions, and OF an ocean terminus on tht
lower Chesapeake bay, have before refer
red to: and it must be apparent to all lha
IL this road is to be brought up to its proper
earning capacity these adiuncts must bt
provided, together with the necessary ter
minal facilities, elevators, warehouses, ant
perhaps also supplementary line OF freight
steamers and steam-coliers. Each success
siye wear demonstrates the fact that the bllsl
ness naturally tributary to the road is KEEP
down by the lack Of these facilities. Beyont
this, there Is traffic in ores, coal, and TIM
Der susceptible OF great expansion II w
were able to accommodate and foster II
Surveys have been ordered for such llnt
between Gordonsyl!le and the lowe: Poto
; mac, between Hanover Junction anG TIT
bay near Piankatank, and between Rich
mond and Yorktown on the lower Jane:
. and York rivers, with view OF determn
ing the most practicable point fer trans
shipment to large vessels, and for the &C
commodation Of through freights destined
to the cities along the seaboard.
FILLING UP THE OUTLINES.
None are so much interested in the speedy
,, filling up of this outline OF improved facili
ties as the holders of the securities of this
company. and to them must we look, in the
first instance, for the means to carry then
forward. The works can be provided as fasl
rs they respond to our call, and no faster
Meantime every delay is loss TO the com
pany's business beyond recall, and con
tinuing danger to the estimation of the ex
isting securities. Were the Chesapeake
and Ohio road the property OF q sin.
gle individual he could not afford tc
delay or deny these needed supplement
tary works, and 10 business man
twouId do so. There is no reason why 6
| different policy should be pursued by its
numerous present owners. II each one oi
v.,u and the several creditors could but
rea lize, on the one hand, the gain Of further
inv, ,estments, and, on the other hand, the
proL able loss by neglect to make them, there
wouI d be no doubt about their subscriptions
to the se remaining resources-the Series a
bonds (which must be perfect security
from L, ne start); nor Of their readiness to
subscribe for the allotment of Big Sandy
bonds ~ -hich are good beyond question:
Him Or N haljaya fbare will he