The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1883-03-16

OF 100000 bushels. has proved OF value
ana importance TO this company in the
storage and handling of grain for the Rich
mond mills, and for shipment to the South
ern Atlantic Coast States.
During the year the company has con-
structeda branch OF it, eastern extension
from Newport's News ria Hampton to the
boundary OF the United States military
reservation at Old Point Comfort, to ac-
commodate the passenger, mail, and en-
press business to and from that point. To
provide for the construction OF this
branch and for the erection OF addi-
tional wharves, warehouses, and other
terminal facilities at Newport's News and
Old Point, and also for the construction
OF the proposed branch line from point
west OF Scary TO the mouth Of the Kama
wha river whenever the same shall be
deemed advisable for the interests OF the
company, mortgage to secure s3,000,O00
OF bonds upon branches and other proper
ty above referred to, not covered by pre-
yiously-eXisting mortgages, has been exc
cuted and duly recorded. Already few
OF the bonds have been issued, the pro-
ceeds Of which were applied towards the
construction Of the branch TO Old Point
Comfort above referred to. The balance
will be sold and the proceeds applied TO the
creation Of new property as further facili-
ties are needed. Resolutions ratifying this
4 .tion OF the Board OF Directors will be
presented at the annual meeting.
You vii! also be asked to pass resolutions
uthoriZing the construction OF branches
OF twenty miles each or less whenever the
Board OF Directors shall deem il advisable
TO build such branches in order TO en-
courage the development of the valuable
and extensive mineral tracts lying con-
tiguous TO our road from these points, and
the erection Of iron furnaces in connection
Herewith.
Favorable progress has been made du-
ring the past yearln perfecting and extend
ing oufconnections with the various GEN.
tres OF production and shipment in the
West, Northwest, and Southwest.
The Elizabcthtown, Lexington and Big
Sandy railroad connecting our western
terminus at the Big Sandy river with Lex
ington, and thence with Louisville and the
Southwest, and ria the Kentucky Central
with Cincinnati and the Northwest, is now
IN excellent order, and is operated by this
company under an arrangement which
gives to the EliZabethtown, Lexington end
Big Sandy Company the net earnings OF
the road, and thus secures harmony Of
operation and economy OF administration
without imposing any pecuniary burden
upon this cOmpany.- The Big Sandy road,
in the infancy Of - business, is already
earning over operating expenses considera-
bly, more than enough TO meet the interest
on ITS bonded debt. The Kentucky Cen
tral Railroad Company are making i'm
provemcnts and extensions in their line
which must add largely TO its own value
and traffic and increase its importance to
the Chesapeake and Ohio and Elizabeth
town, Lexington and Big Sandy as 4 con-
nection.
The Chesapeake, Ohio and Southwest
crn railroad is now completed 80 as TO
form continuous lines from both Elizabeth
town and Louisville TO Memphis, 10y which
our road has direct through connection
from Ncwport's News TO the latter point,
and reaches the large cotton shipments
centering them.
The Louisville. New Orleans and Texas
Railroad Company are actively engaged in
the construction OF their road between
Memphis and New Orleans by way Of
Nicksburg and Baton Rouge, and expect
to have it completed within eighteen
months from this time. This road. under
substantially the same ownership and con-
troll. will form an important extension Of
the Southwestern connection afforded our
road by the Chesapeake. Ohio and South
western. as it penetrates some of the richest
cotton-lands in the United States, and will
also form a connection with the SoutheI n
Pacific system, opening continuous line
from san Francisco TO Newports News.
The connection with the Scioto-Vallcy
railroad ut Ashland. KY, is increasing in
importance. .and is the means Of a consider
able Interchange OF traffic, which must
grow in value from year TO year. The Oh o
Central Railroad Company have extended
their lines to the Ohio river opposite the
mouth Of the kanawha, and have con Iruct-
ed branch from The mouth OF the Kama
wha to Charleston, w. Va, where connec-
ton can be readily made with our road.
They are building a bridge across the Ohio
river to connect their lines in Ohio with
their Charleston branch. IL is believed
that a traffic agreement may be entered
into between the two companies which will
prove mutually advantageous.
The entire line OF our road is now lald
with steel iails, and its road-bed and track
are in a condition TO compare favcrably
with any siDgle-track railroad in the United
States. The earning capacity OF the road
is being increased, az the growth OF lis
business demands, by the addition OF long
sidings, which will practically douLle-track
the line at important points and facilitate
the passing Of the additional number OF
trains which the increased traffic requires
and by the additions TO the motive power
and rolling-stock.
For more particular information upon
these points, and in respect to the details
Of the traffic OF the road during the year
1892, and Of the financial affairs OF the
company, which j am gratitied TO say are
in a most satisfactory condition, reference
is made to accompanying reports.
Ii will be apparent from the reports OF
the general manager and treasurer's state
ment that the company at length have a
first-class trunk line OF road from the sea-
board to the Ohio Valley adequately equip
ped. with full employment for its present
facilities. new connections conyerging
upon il, and new industries clustering
along its line, and therefore congratulate
the stockholders upon the bright prospects
before them.
| take pleasure in mentioning the gene
raj fidelity and efficiency in the discharge
Of their respective duties manifested by the
several officers and employe, Of the com
pany. Very respectfully,
&. HUNTINGTON. President.
The report Of the President was, on mo-
ton, adopted.
RESOLUTIONS.
The following resolution, which was Of
fered by General Wickham. was unani-
mousy adopted, all the votes present
(24O, 2iS) being cast in its favor:
Resolved, That the action OF the presi-
dent and directors in executing mortgage
or deed OF trust to Joseph p. Lloyd and