The Daily times. [volume] (Richmond, Va.) 1886-1889, 1888-03-20
THE C. & 0. RAILWAY.
.yvU4L MEETING OF SToCKR0LD
KRS YESTERDAY

ice Yesterday, and the report OF the
president was submitted. II shows the
following facts OF interest;
The company owns 5l0N miles OF
railway. all Of which are laid with steel
rails
EARNINGS AND ExPENsEs FOR THE
YEAR
Comparing the operations OF the year
1897 with those of 1885 there has been
gain in the gross earnings OF 1856, l2024,
or 90 per cent, an increase in the ope'
rating expenses of $2s4,lSs74, or 9.9s
per cent. and a gain in the earnings and
operating expenses OF $7O,p3i 30, or o.77
per cent.
There is an increase In the freight earn
lngs of SlS5049 10. or 8 81 per cent. The
earnings from coal have been s. ,3l0,4y9'
10 and show gain of $lo7, 1913 IS, or
SQl per cent Those from local freight
have been 1865 ,329 7S, and show q gain
of Sl77435i4. or 22 90 per cent; and
those from through freight have been
sl220O0l 78, and show decrease oil
SlOO.279 SO, or 7 50 per cent, arising from
s. decrease in tonnage OF 2 86 per cent,
AMI receipts per ton mile OF 5.S5 per cent
There were carried during the year
24l4,303 tons OF commercial freight, an
increase Of IL 02 per cent. over the pre-.
vious year OF this tonnage l,OOI5o'
tons was coal, an increase OF S44 per
cent; 1893 .6Gl tons was local freight, an
increase OF % 81 per cent and olS,21o
tons was through freight, decrease OF
2 80 per cent, compared with the year
1885
There was slight increrse in the aver
agc receipts per ton mile from coal,
"a decrease of 1880 per cent. In those from
local freight, and decrease OF b 80 per
cent in those from through freight. The
average receipts per ton mile from all
classes Of freight we're 630-lOO mills
against 3 Ill 100 mills in 1888.
The tons carried one mile for the year
amounted to 54,00S.lSl tons, an In
crease OF $50 per cent, but the average
length OF haul decreased from 2ol ~
miles In 1886 TO 270 88 In 1887.
The earnings from local passengers
were $467 672 SO, an increase of SsS, 704
IS. or GIGS per cent, and those from
through passengers 1904, 1871, al In
crease of S57,S52l9 or e3 iS per cent.
A total increase of $l4l ,l37O4 over
1889. The totals for year show an In.
crease OF 81 per cent. Ia number OF
passengers carried, of 25 72 per cent In
passenger miles, Of l09 per cent In
length OF haul, and % 81 per cent. In
revenue, and a decrease OF 26f per cent
In receipts per passenger mile The
average being 2074 cents against 2l3l In
1880
The opcrating expenses have been
larger than usual, being 70s per cent.
against 70ei per ceat. in 1888. Ot the
increase over the previous year Sl74 80 L.
81 was expended for the physical I'M
proyement OF the road-bed, track and
buildings Of this sum the renewal OF
cross.ties constitute large Item. o07,-
OSs cross.ties have been put In the track,
against 25s.l29 put In 1886. This In
crease in 1887 will reduce the expendi
ture for this item during the current
year
To the Increase In tonnage and travei
Is due an increase in the expenses con
tinQent upon is care and handling OF
$liS.S 81; for It's transportation, Sl0S,-
6Q7 81: and for it's general administration
sl4 .44g 20, making a total OF S4lo,7S w
There mas been, bo Sever, decrease In
payments for car mileage Of $20 47SVol
owing 10 an increase In the number OF
car. operated for the company's account,
and Ia the repairs to cars and locomotives
and other like items of Sl05, ,lSl W, re-
duclng the increase In the operating ex.
penses 10 S2s4,lSe74.
cosoLusIoN.
With A view TO increase the west
bound tonnage and securing prompt and
liable transportation for the large export
business seeking Newport News arrange
men,s were made at the beginning OF the
wear for direct line of steamships be-
tween Newport News and Liverpool. II
was expe cied that like similar enterprises
this line would for time be run at loss,
but that In the near future II would be-
come self-sustaining.
The iessees proportion OF the loss
therefrom during the year was el25, ,549 10,
hut the amount Of this loss was diminish
iDg monthly as the line became better
known. In this connection 1t should be
horne In mind that soonsideraole amount
both of east and west bound business has
been secured by the railroad which couid
not otherwise have been obtained, and II
is man,festly to the interest OF the road
10 maintain direct line OF steamships
from Newport News. With possibly a.
single exception the steamships run have
moi been found to be OF the character bes'
adapted for the service, but suitable
change In that respect can doubtless be
arranged.
For a number of years your president
and directors have labored earnestly 10
perfect the Western connections 80
greatly needed by this road to make II
first class line from the Ohio and Missis
sippi valleys to the Atlantic seaooard,
Alter euconntcring many difficulties ana
long delays, the m2letion OF the prin
eipsl link giving II direct connection
with the western and northwestern sys'
tens Of railroads converging at Cinc'n'
natl Is about TO be secured
The great cost Of the road, which
largely exceeded the original estimates
because OF the low grades observed In us
construction, and the substantial cnarac
ters OF the work, led to reorganization Ia
1878 Since that reorganization the de-
velopmeat Of The business has been re-
isrded by the want OF suitable western