The Daily times. [volume] (Richmond, Va.) 1886-1889, 1889-10-23
CHESAPEAKE AND OHIO.
ANNUAL MEETING OF THE STOCK
HOLDERS YESTERDAY.

r,..,,o, of the Board Of Directors, Who
VIII Nee. Ina = Few Days 10 kless of-
o.srs Of III. Company Report Of Prssi-
dent Ingaiis.
The annual meeting Of the stockholdes OF
the Chesapeake and Ohio Railroad 'oinPa,',
wa. held yesterday noon III The Iaes ou'"'
ing. .,.,,a ,o5 Ar
{, l.. Wexford acted as secretary
BOARD OF DIRECTIONS.
The following board OF d. ectors were
elected: W. l.. Anderson VI. T.. ing"i,
both of Cjucinnatti; George L. Bliss, I. H.
tostcr. L. ID. Dsckey. Jr., &. J.. Huntington,
Ex. Norton. George :. scott. samuel spen-
cor \ j. Thomas all OF New lOrk, ana H.
4. Wickham. Of Richmond.
PRESIDENTS REPORT.
The Report of President NJ. l.. lngaiis
wa, presented ana adopted. IL begins mus
Owing 10 the fact that the company was
NOT discharged from court uhtfi tctJVef'
lsSs and therefore has had It's line from
phnhus (nenr Fortress MOnrOc) TO the Big
sandy but nine months; that II mas peeh
opcrafing the Richmond ana AiieShths as
a part of its system Tor less IMAM wv
month. (but for several months prior there
of II. business. 10 that road; ana thdt II
took the River division from Cincinnati 10
Ashl,nd rs an unfinished piece Oh
road January |, 1859, and has been
completing II and operating II during
.he six months, no attempt VIII ne
made 70 give the detailed earnings OF eN-
pcuses for the year. a> III Woulu ne ''i"V'.
impo-,ible to do 50 in a connected FORM; "ut
there will bee placed before the StockhoiuerS
"A description of the propert! ~ IL eNis'eu
ON the Both day of June. 1889, ana It's hiia'i-
cial position on that date.
BONDS.
4 descripiiOn Of the line IS then gwen i'll
detail aud then says: g..
..,rhe tixed charges of the company FOR
the entire line from PhTbus 10 'ihcinnati
are ; /. 800. 1870 for interest on It's Outs'dneinS
bonds. and s2bo.DU) for rental Oh lhe hlCh-
mond and Allegheny Railroad. whlch, amer
fo,lr wears. will be increased 10 S'p''VV'' !.
is expected that during the coming se'' we we
Richmond and Allegheny VIII DE iof"iui!
Incorporated into the Chesapeake anu 'nio
system. When this il done there are 10 De
issued A. a consideration for il. and to pro
vide for liens upon II, S6.Wj,VVt Hf7t
morteaee bonds, of which Sl,V"'Voo
ore 10 bear per cent lIo"i
the start. 81 900 to hear per cent. ior
6ve years. from January |. 1852 aud per
cent. thereafter; Sl.oO0OM second hoI'Sdsc
hond. hearing , per cent. for one year. . per
cont for the second year. and per cent:
Thereafter: also Sl.OOOO0O Chesapeake ana
ONO first preferred stock. ana So'vpo'V0
l,boun Chesapeake and ono common
stock. and the stock Of the Chesapeake an',
ohio Railway Company i 10 De increasc.'
bv those amounts. Inc hNed cndI-eS vi
this basis are included IN the lViee"i"7
figures.
SPENT IN REPAIRS.
During the year that the old line from
Fortress Monroe 10 the Big sandy river wa,
IN ch,rye eff the receiver substantially all
of the earning, were spent in repairing ana
improying the property. a. its facilities
wore totally INADEQUATE for the handling OF
even a modcrate business; OWING 10 the IN
narunious condition of the old company
and its heavy fixed charges lis roddDed'
BRIDGES. equipment. and nearly ever! thlnS
olsn had been allowed o. dcterloraie
considerably. No side tracks had been
huilt. and such work a. was done
was moi altogether Of a systematic
character. The OUTLAWS Of the receiver re-
stored only in part what had been neslecleu
i'm preViOus years. so that the line nd7 mere
tOfore been lacking in much that II eHseh-
tial 10 lis proper ana ccphVhhO" "'""-D
ment. The company SIN suffers III man
,vavs from those defects, but those which
were most radical have been largely re-
moved. As since the company came into pos
session il has not only made large OUTLAWS
from gross earnings. but has expended a
considerable amount of funds which were
provided by the reorganization, ana has
largely improved the property.