The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1882-03-17

Office Of the second vicc-president, General
Williams g. Wickham.
The meeting was called 10 order by Gen.
cral Wickham, and on his motion General
William Skcen, Of Allegheny county, was
called to the chair.
PROXIES PRESENT.
On motion Of General Wickham, the toi-
lowing committee was appointed to ascer-
!, tain II quorum was present: John Page,
Charles h. Workman, and w. ii. Peyion.
The committee reported that the whole
number OF stock issued by the company
amounted to 303,S96 that there were pres
cnt by proxy or in person 2oj, 1852 shares,
and that the State OF Virginia had by proxy
1862, making total Of 222, 154 shares.
General William $. Keen, Mr.. George A.
IIundIey, and w. III. Pcyton represented
the State OF Virginia.
PRESIDENTS REPORT.
General williams c. Wickham then read
the presidents report, rs follows:
The Board of Directors having changed
the date OF the annual meeting, and having
made the fiscal year correspond with the
calendar year, the present report covers
period of fifteen months--that is, from the
30th OF September, 1880, TO December 81,
1891.
Daring this period the extension Of the
main line of your road TO the deep waters
Of the Chesapeake bay, at Newport News
terminus, and connection with the south
western system of railroads by means OF
the Elizabethtown. Lexington and Big
sandy, has been made--two events which
will have very important bearings upon
the future Of this company.
Although the rails were joined on the
Peninsula Extension at the close OF Octo-
her last, the season has been so wet that
only half OF the new track has been put in
good running order, and il will require
few weeks OF fine dry weather to finish the
lower half so us TO fit il for the movement OF
heavy traffic. Thus far this portion OF
your road has been occupied by construc-
fion trains and light local traffic, no at
tempt being made to do athrough business
over it. BY the time the track is in good
condition the wharves and terminal struc-
lures ut Newport News will be ready for
handling general freightS and coal.
One large covered wharf for general
merchandise, 700 feet long and abutting
upon 81 feet OF water, has been substan-
TALLY completed, ard coal wharf Of novel
and ingenious plan is now approaching
completion fronting on 40 feet OF water)
S2j feet long, and is so arranged that six
vessels can be moOred. alongside and re-
ccive their cargoes from twelve delivery
chutcs. At the same time hotels, stores,
and other buildings are i'm course OF erec-
ton near the terminus, so a. TO afford ac-
commodations for the labor and traffic that
will gather there.
In December last the Elizabethtown,
Lexington and Big Sandy railroad was
turned over by the contractors, and an
arrangement made to operate ii as n divi-
sion OF the Chesapeake and Ohio railway,
so as to develop no pecuniary burden upon
this company, the lessor receiving only the
net earnings. The line from Ashland to
Mt. Sterling was opened late last fall, but
no through business OF any magnitude was
done over ii before the close OF the year.
Since then arrangements have been COM
pleted whereby through cars are run be-
tween Huntington and Cincinnati Uid Lex
ington over the kentucky Central road,
and also for running through trains to
Louisville over the Louisville, Cincinnati
and Lexington railroad whenever the
traffic will justify it. This opens con-
tinuous connection with two OF the largest
cities IN the Ohio VALLEY, from which large
quantities of heavy freigbts are sent to the
scaboard, and the Chesapeake and Ohio
may in future expect TO derive share OF
their business destined for seaboard and
European markets.
During the past year a severe and ruin
Gus competition has been maintained by
the more northerly trunk lines for bust
ness between the western cities and North
Atlantic ports. into which this company
declined to enter, even TO the extent OF It's
power TO do so.
On the subject OF western connections 1t
may be remarked that from Louisville
southwesterly to Memphis the Chesapeake,
Ohio and Southwestern Railroad Company
is completing and will operate Il line nearly
400 miles in length, which, during the
coming summer, will be changed to the
standard gauge, and which will be worked
In harmony with, and as tributary to, the
road of your company, so as to make an
unbroken line OF uniform gauge from the
Mississippi river at Memphis to your east
ern seaboard terminus on the Atlantic.
Some changes arealso contemplated which
will improve and shorten the lines, SO as to
make ii in all respects as direct to and from
Memphis OF Cairo as any OF the other lines.
The extension OF the Kentucky Central
railroad southwark from Paris to an inter-
section with the line building northward
ford direct route to and from East Ten
nessee, and will shorten materially the
through route to and from Cincinnati by
way Of the Elizabethtown, Lexington and
Big Sandy road. Our northwestern con-
nections at present are confined to the
Scioto Valley road by way Of Ashland
There is no doubt, however, that line will
be constructed within short time along
tue north or south bank of the Ohio be-
tween Ashland and Cincinnati, over which
more or less northwestern business will
come.
The local traffic of the road continues to
improve. The coal tonnage for the fifteen
months amounted 10 i7,67S tons, being an
increase OF 19l,2l7 tons over the previous
fifteen months. The increase would have
been greater but for the continued inter-
ruptions from strikes OF miners, want OF
rolling-st0ck, low water, ice, and other
causes, some OF which can never occur
hereafter. II is estimated that the water
freights at Newport News will average say
~ ton less than the James-Riyer wharyes
nj Richmond. IL only fifty cents Of this
saving can be applied 10 the additional
rail-hlul 10 deep water il will ulti-
mately justify the extension OF the road.
But ye.y much larger Demand for coal
may be expected from both eastern and
western markets. The iron furnaces along
the line OF the road are kept moderately
active. and tbs branch Of industry pro-
misses TO be an important source Of income
10 the company. Considerable amounts OF
timber are also being shipped from this
line OF the road.
In consequence OF changing tie fiscal
year from September seth 10 December
3lst, The earnings reported are for fifteen