The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1883-03-16
LOCAL MATTERS.
CHESApEAKE AND OHIO RAIL
WAY COMPANY.
Meeting Of the Stockholders.
Report of the President, Showing Rapid
Growth i'm Business RESOLUTIONS
Passed and Director Electcd-Twenty
Miles OF Side Track TO he Built.


The annual meeting of the stockholders
Of the Chesape Ike and Ohio Railway Com
pany was held yesterday in the Office OF the
Second Vice-Prcsident, General W. C..
Wickham, in the Pace building. Among
those present We're Colonel {. II. Mason,
Colonel w. ii. Peyton, Messrs. George A.
Hundlev, &. L. Wortham, and Mr.. Page.
The meeting was called 10 order by Gen
eral Wickham, upon whose nomination
Colonel Peyton was called TO the chair, and
MesSrs. Sweet and Weisiger requested to
act aS secretaries.
On motion OF Mr.. Page, the Chair ap-
pointed a committee Of three, consisting Of
Messrs. Page, IIundIey, and Wickham, for
the purpose Of ascertaining whether or not
quorum was present.
The committee reported the whole num-
Der of shares to be 31S,6Sj. and Of these
there were represented either in person or
by proxy 2i0,24S, and announced that 4
quorum was present.
PRESIDENTS REPORT.
General Wickham then read the pres-
dents report, as follows:
OFFICE OF THE CHESAPEAKE AND ONO |
RAILWAY COMPANY,
23 BROAD STREET MILLS BUH.DlNG(,
NEW YORK, March !, 1883.
To the Stockholders:
As shown i'm the accompanying state
mentS, the gross earnings OF the road for
the calendar year 1882, 10 which our fiscal
wear now corresponds, were S3,334. 9,6.9l-
an increase over those OF the previous year
Of $629, ,633.6l.
mo n,,orafinc, fNnon.pS wore ~ 3llJ.
44S.5S-an increase over those OF the pre-
vious year OF $35.045 10.
The net earnings for the year were
81, ,O32, ,52S. .33-an increase over those OF
1881 OF S59i, i,5SS.5l.
The interest requirements OF the funded
debt for the year were S129,030.
The foregoing comparative figures show
n gratifying decrease in the ratio Of opera
ting expenses to gross earnings, following
the completion OF the work of relaying the
track with steel rails and the increased
traffic which the opening OF the eastern
extension to Newport's News and OF our
connections westward had begun during
the last half Of the year TO bring to our
road.
The excellent condition to which the
road-bed and track have now attained will
ensure a much greater economy in the cost
OF operation from this time forward than
has been found practicable at any time in
the history OF the road.
Dividing the year and comparing the re-
suits OF the business for the two haf-yearly
periods. we find that during the first six
rlonths, from January Isl 10 June 30th. the
Gross earnings l.399,11s 80
Operating expenses. l'Oo3'o9V Z"
- = -
And that during the las. SIX
months of the wear from July
lst TO December 3lst the gross o-o .
earnings weie........ fi'S92'S2o o.
Net earnings" .o9foOO 70
Showing increases for the last half OF the
wear over the first half, III the several
items, as follows-viz.:
T., gross earnings s536,739 81
In operating eXpC pCnses........... .'-'' d.d'o9S
In net earnings. 363oTl rs
These comparisons illustrate the oiiiiih-
ishing ratio OF expenses 10 gross earnings rs
the volume OF traffic increases.
As regular traffic over the extension 10
Newport's News and the connection 10
Louisville and the Southwest afforded ny
the Elizabethtown. Lexington ana Dlg
Sandy railroad was hardly organized 10
any considerable extent until midsummer,
the increase in earnings for the last nan OF
the wear reflects the first impulse 10 the
business of our road from these sources,
and afford some slight indication OF What
NAV be expected from them hereafter.
The advantages OF the deep-watef Ter
minus at Newpori's News are already ieit
in greater degree even than had been eX-
pected at so early dav, especially IN their
influence on the coal traffic OF the road ana
i'm the reduction OF yessel-lreights ior
coastwise shipments, and also IN the deIel-
opment of a new and profitable market ier
our coal in supplying sea-going steamers
with fuel. The superior quality OF our
steam-coas for marine use, and the conve-
nience and accessibility Of Newports News
as n coaling-station for the largest steam
ships. are rapidly developing business
which is destined to assume very large pro-
portions in the near future. One hundred
and six ocean steamers have taken fuel at
our Newport's News wharves since the
first one was coaled there, in the month OF
August last.
With the completion Of the l2rge grain
elevator now in process OF construction al
Newport's News the advantages OF eXten-
sion OF our road to that point will be still
further apparent.
Since our last annual meeting favorable
contract has been entered into between
this company and the Chesapeake and ono
Elevator Company, a responsible corpora
tion, composed largely OF grain merchants
and shippers, in pursuance OF which
grain-eleyator, with II capacity OF not less
than 800, 900 bushels, is now being erected
al Newport's News. The elevator is to be
started under an experienced manage
ment, with an inspection which will COM
mand the confidence OF the principal grain
markets OF the world. Its construction Is
being vigorously pushed, and IL will be
ready for the next crop.
The benefits to accrue TO this company
from the construction OF an elevator OF large
capacity at Newport's News under such
favorable auspices were so obvious that
your president and directors felt justified
i'm forwarding the enterprise by guaran-
tee OF the bonds OF the Elevator Company
TO the amount Of 100000; which action
the stockholders will be asked TO ratify at
the approaching annual meeting. AS the
Of the Elevator Company ~ mort
gagged TO secure the bonds, and Is to revert TO
this company after the expiration OF twenty
years upon payment OF the bonds, and is
In the mean time to be kept In perfect
working order and fully insured, II Is not
that the guarantee referred to In.
wolves any pecupiary burden or risk OF
lnsa ,rhat tavor IN fhfa ansnv,auv 4