The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1880-12-17
with the waters Of the great bay. and within

accordingly signibed ITS occrpt1uce OF The
act OF Assembly passed IN 1870 for that OBJ
iect. This Is point so designed and adapt
ed by nature that II will require compara.
lively little at The bands OF man TO tit II for
our purposes. The roadstead lHampton),
well known 10 all maritime circles, IL large
enough 10 float tue ocean commerce OF the
world. II l. easily approached 10 all winds
aud weptbers without pilot or tow; IL Is
never troubled by ice, and there Is water
enonght to float any ship that sail, the seas,
and at the same time II Is so sheltered that
vessels can lie there ip perfect safety at all
seasons OF the year. Lands have been se-
cured having considerable frontage on deep
water, and two wharves contracted for TO
extend out 10 twenty-five feet OF water at
low tide, with the necessary coal-tipples and
sbutes for coaling both regular coastwise
vessels in the trade and other vessels want
ing fuel, and with The most approved facili-
ties for the hlndling and transfer OF gene
raj merchandise and agricultural products.
These are expected 10 be In readiness by
June next, and il is necessary that we
should have the tracks there by that time
10 put them 10 use. A very good line,
With easy grades, has been obtained
| In about seveniy-five miles distance.
|
delay the completion of this line beyond the
| time OF opening the road TO Lexington, say
by the Isl OF June next. Abundance OF la
Dor is TO be had on the Peninsula during the
winter for graduation, and 1t Is therefore
for the interest Of the company 10 have this
work far advanced, so thar its early compile
tinn will be inierfered with as little as pos
sibIe by the demand for firm laborers in
the spring. The work OF construction down
| the peninsula has been commenced, and
should be completed at the latest by the lst
OF July, 1881. and there Is no doubt that
this extension will add very much to the
value OF your property.
These works completed, your road Will
have is trunk end resting upon perhaps
the finest harbOr In the world, It's main stem
extending by easy grades through the rich
| iron and coal-felds OF the two Virginias,
and its western extensions penetrating d.
rec,iy the fertile Ohio aud Mississippi VAL
leys, and a1ording The best line over which
10 transport their products out 10 the sea
on their way 10 coastwise and European
markets.
During the past year fifty miles OF new
steel rails have been put into the main track,
five and quarter miles OF new siding bave
been constructed, and more are still being
added. | see no reason TO doubt thatall the
main track can be laid with steel chiefly
during the coming summer, and L would
earnestly recommend that this should be
done, more especially az all the iron rails
taken out will be needed to extend the
sidings and accommodate the growing busi-
ness. As most OF you know, large portions
OF the rOad-bed. masonry, and tunnels were
originally made for double track. The new
grade and sdings have been put in so as to
either form part OF or accommodate The sec'
ond track whenever it shall be found to be
necessary.
The prospective development OF manu-
featuring interests in the city OF Richmond
will Increase materially the business OF your
road and that city, with the improvements
now in progress in the navigation Of the
james river, its unsurpassed location, it'
beaIthiul climate, its extensive water-power
together with the advantages which the ex
tension Of yoIr road will bring, must in th(
near future become one OF the fOremos
manufacturing centres in the United States
The nine miles west OF Huntington, wblci
embraces, in addition to. other expensive
work, the iron bridge across the Big Sand!
river, has been completed at cost OF sa,
5000, 900, which has been paid from the pro
ceeds of Series "A' bonds.
The financial condition Of your COMPANY
is good. Before any considerable am0un
of morey will be required TO meet the inte
rest on its bonds the whole line OF road vii
be laid with steel rails, well equipped wit
rolling stock, and the track thoroughly bal
Iasted-and most OF the way with broke
lrock. Bonds falling due within the mex
five years, amounting TO SS4O,40 (man
of which bore s per cent. inleresD, nav
been called in and paid with the pro
; ceeds OF twenty-year 6 per cent. Dond'
which have been sold at considers
: bly, above par, thus not only Jeducln
!. the interest payments, but also relieving I'd
company from the payment OF an equivaler
: sum at early periods hereafter; so that ycu
: company VIII be in a condition TO meet q
Iils interest payments and have consider
; ble surplus from lis earnings to invest ]
u additional rolling.Stock and such improV
Z ments rs the increasing business VIII II
:, quire.
u There has been expended on new oqui
u ment during the year S453.231.
y The wear has passed without anv serio'
: accidents. and the cooperation OF the office
,, and employees in the discharge OF the
!, duties has been deserving OF your thank
&. z. HUNTINGTON, President.
). Report OF the yicePresidenf.
r The Vice President next read his repo
S as follows:
S CHESAPEAKE AND OHIO RAILWAY Co.,)
OFFICE SECOND VICE. PRESIDENT. I
i RICHMOND, Va, November 20, 1880. }
q. p. Huntington. Esq. President OF Z
:, Chesapeake and Ohio Rdiltcdy Componl
q Dear Sir,-I respectfully submit to you
report OF the operations OF the road Tor u
n year ending September 30, 1880:
y EARNINGS.
< From passenger fares. es.........---.-.s 4o1'1sSS
. From sleeping and parior'cars''''' V'I55o
. From freights...., ....''.'.''''''''' cS1
.o,, r.o q nress ..,....... 30.36O
- From United States mall. ......... 3o,'zo
From Chesapeake and ONO Tele- ,,o
u sa,n ~ mtsre.neous sources ........ 36,769
|
II Total. s2.5 4,245
p TING EyPRNSEs.