The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-01-08

pany was held at the Office OF the company
yesterday-Hon. Marshall Hanger in the
chair. -
report of President Huntington, and sub
mitted his owp. The two reports are as
follows: ~ A. sE
OFFICE OF THE CHESAPEAKE AND OHIo}
RAILWAY COMPANY, =
NEW YORK, December 2S, 1878. y
To the Stockholders:
Your President and Board Of Directors
resDectiuIy submit their report for the fiS-
cal wear which ended September 80, 1878.
AS you are aware, the property Of the
conlpany was during nine months OF said
fiscal year-yiz., from October 1, 1877, to
June so, 1878, incusiye-in the possession
and under the management Of General Will
liams G.. Wickham, vice-president OF the
company, acting rs Receiver under the APP
monument of the Circuit Court OF the city
Of Richmond. His report shows that the
earnings for the period above named were
81, ,394, ,299S4; operating expenses, S1,1SO,-
1864; and the earnings over operating eX-
penses, S214,1s2S5.
The Committee Of Purchase and ReOr-
sanization mentioned in previous annual
reports had so far completed the work for
which they were appointed that they were
able to turn over the property on the 1st OF
July, 1878, to the new company which had
been duly organized under the corporate
name OF the Chesapeake and Ohio Rail-
way Company"
The earnings from July /. 1878, to Sep
tember so, 1878, inclusive, were, according
to the report of the Second Vice-President,
herewith submitted, s542. 2.060.S3; operating
expenses, S414, ,G22.16; earnings over ope-
rating expenses, S127, 7,43S.67. The total OF
earnings for the fiscal year covered by this
report were S1,936. .360.6S; operating eX-
penses, 81 1894, 1910; earnings over opera
ting expenses. S34l, ,621.5S.
For full details in regard to the business
Of the year and the condition OF the COM
pany's property at its close you are respect
| fully referred to the report OF the Second
Vice. President, submitted herewith. 1t is a
matter for congratulation that the plan Of re-
organization, in which the interests OF
all the creditors have been taken care Of,
has been so successfully carried out,
and the wisdom Of the bondholders
and other creditors in making the conces-
sions required by the plan OF re0rganiza-
ton is already apparent in the favorable
conditions under which the new company
took possession OF the property.
While the business Of the road is steadily
increasing, your President and Board Of
Directors are more fully than ever before
impressed with the fact that q connection
with the western system of railroads and
also an eastern extension to deep water
must be had before the success Of your road
can be fully assured. A small percentage
en the securities you now have in the Cbesa-
peake anG Ohio Railway Company invested
in the securities OF line to connect your
road with the western system of roads
| (Which securities ought to be good) would
enhance the value OF your present holdings
more than the amount called for by the new
investment necessary to make this impor-
tant connection. 81.
After this is done we feel confident there
will be but little difficulty in finding a mar
| ket for the bonds OF your company pro-
yided for in the Reorganization to complete
your line Of road between Huntington and
| the Big Sandy river aud between Richmond
and deep water on the Chesapeake bay.
These extensions are so important to the
financial success Of your road that your
President and Board Of Directors hope and
! believe that whatever is necessary for the
| owners of the property to do to secure them
will be done. -& .s
Your President and Board OF Directors
express with pleasure their appreciation OF
the successful management Of the business
OF the company through the fathfulness oil
the officers and employees in all departments
of the service. c. P. HUNTINGTON,
President.