The times. [volume] (Richmond, Va.) 1890-1903, 1890-10-22
CHESAPEAKE 4 OHIO ROAD.
ANNUAL MEETING OF COMPANY
STOCKHOLDERS.

ANNUAL MEETING OF COMPANY
STOCKHOLDERS.
Board OF Directors Els.cted-Xearly Re-
port submitted-MiIes OF Track Oper-
ated-suppIies contrac. ed For-Receipts
and Disbursements.
The annual stockholders' meeting OF the
the Chesapeake and Ohio Railway Company
was held yesterday in their offices. In the
Pace Block. The meeting was called to Or
der at noon by Mr.. Henry T. Wickham, and
Mr.. G. T.. Wexford was elected secretary.
There was TO be 7O9,9lj shares Of the COM
pany present, most OF which were repre-
scented by proxy. The total number Of
shares is 100000.
The following Board OF Directors were
elected: William L. Anderson, Cincinnati,
o.; George 4. Bliss, New York Z. ii. Cos
ter. New York; Charles ID. Dickey, Jr.,
New York; G.. L. Huntington, New YORK;
NJ. +. Ingalls,, Cincinnati, o.; TX. Norton,
New York; ID. Axtell, New York; samuel
spencer, Richmond, Va; a. >. lh0mas'
Richmond. Va; Henry 7. Wickham, Rich
mond. Va. They were all reelected eX-
cent Mr. Axtell. who succeeds MIR. George ;.
scott, OF New York.
DIRECTORS REPORT.
The report of the Board Of Directors was
read and approved. IL showed that the
length Of the railway operated is 93l miles
double track in operation, 32H miles; total
4. .Dt mill length
All tracks. 1.25SJl miles. and that the follow
inc branches are under construction;
Hawks Nest TO coal mines, miles, To DC
onened in August; extension up Cabln
creek. 0 miles, 10 be completed by Septem-
her. mn Kinneconnick creek from stone
CITY. miles: up Craig's mountain to New
Castle. 2G miles, TO be opened March lst.
Thirty-seyen locomotives have been pur-
chased. Mhich makes 231 on the road. Al
the close of the fiscal year ., IOI freight cars
were on the road. The increase OF passeh-
ger equipment consists OF four hrst-class
coaches and two parlor cars.
Tho renort shows that they have recently
contracted for 1000 box cars and 300 coal
cars. to cost $3.50, 900. payable in sixty install
ments, and that with the increase OF pas
senger business there is great necessity
for additional coaches, requiring an eX-
nenditure of about $4,000, which should
be provided for during the coming year.
RECEIPTS AND DISBURSEMENTS.
The earnings and expenses as shown by
the report for the fiscal year ending June
2O $500 COMPARE as follows with those Tor
the year ending June 30, 1859;
N,;ies Gross Net
Operated. Earnings. Earnings.
1890. 923 Ss,l6l,9i9 81 N'l@,S so o. o.
1850 III 100000 90 100000 %
Increase Sl,S7l,9I9 81 $ GSl,s22 "
The taxes and interest for the past year
Exclusive Of interest on bonds representing
uucOmpleted construction work. amounted
to about 100000.
COST OF ACCIDENTS.
Three accidents on the road during the
wear cost the COMPANY $4,000. Ii required
$7j.0 to settle the one which occurred
near White sulphur Springs. The one
which happened at stanton cost S3O,OO,
and the other. which occurred near Mays
vile. has been adjusted at cost OF about
$50 900. A large part of the line is reported
as being deficient in ballast. A large guam
titv has been put in during the last year.
but more is needed. The road never was
sufficiently balasted, and what little
ballast had been put in years ago wore Out
and was not renewed. About $2jO,OWO III
excess of ordinary repairs should be spent
for ballast in the next two years.
GOOD MANAGEMENT.
The management of the company
| soon after il took possession OF the line
recognizing the needs at Clifton Forge pur
chased about 1000 acres OF land, c0stinl
$50. OC0 for the purpose of increasing The
| facilities there. After laying out yard-ro0n
sufficient TO hold 1900 freight cars and re
serving plenty Of room for shops, statlon'
and a hotel, the remainder OF this purchase
was sold TO land syndicate for s2jO,OOO II
money, with an agreement on the part o
the Chesapeake and Ohio that this mOnel
should be used in erecting shops, purchasin!
machinery, building a hotel and station
| This is the first time the company during III
many wears of existence has received an,
profit ON land from location of its terminal
or other facilities, and it is believed that Tho
result in this instance will be very crafty
| ing TO the stockholders.
| FINANCIAL.
| The outlaws for new construction an(
equipment under the 3 per cent. consolida
| ted mortgage since the reorganization OF thu
company, in addition to all amounts
charged to expenses, have been, as shown
bv the balance sheet, 81, S34, jl3.Sl; the est
mated further outlay TO complete the WORK
in progress (fOr which funds are provided
is $49j, 6O73 total, $3.50, l2l.1S. Against
which there have been issued consolidated
| ) per cent. bonds for $2,6OO0OO: and equip
ment notes outstanding for $40, GO.59; to-
tai. 50, $40 760. 80; leaving balance Of S4sJ.-
| 3eO.j9, for which per cent. consolidated
| mortgage bonds may at any time be issued.
and i'm the meanwhile the company is carry
ing the foregoing SlS9, 800 80 without embar-
rassment.
The company has further expended for
construction on its James river ttlchmOnd
and Allegheny division the sum OF S2i5,
2l2.SS.
The OUTLAWS of the company during the
new fiscal year for equipment will be con-
| siderable.
The principal work done during the year
and charged to construction, besides the
branch lines and double tracks under con-
stTuctiOn, has been - 40 miles Of siding
(mostly on the Richmond and Allegheny
divisionl; the Fortress Monroe extension,
one mile, which latter cost little over
$4,000; the Orleans street yards IN Rich
mond completed; also the Richmond shops;
over $4,000 spent on the Clifton Forge
YARDS 200 on the Hinton yards; so ,OOO
on the Upper creek yards; $4,000 on the
LOWS NdIuSs , tsN'V iNANti Wow l"AN'f'
CovingtOn and Newport yards, $4,000;
Russell yards and round-house, $4,000;
three ferries across the Ohio river, $4,000;
Fourth street extension in Cincinnati,
$lll,90i.Sl.
COMPANY A WRECK.
The report closed with the following state
ment:
"rhree years ago the Chesapeake and
Ohio Railway Company was wreck. bOtl
financially and physically. The reorgani'
cation scheme which was undertaken con-
currently with its change Of management
restored its finances. The work of the past
two years has done much TO restore the
physical condition. As may be gathered
from this report, great deal still remains
to be done before the property can be oper
ated 10 the best possible advantage, but a
point has now been reached where a large
business can be hauled with safety and
economy. The sole limit of it's business to-
day is the limit of the facilities il can offer
for handling it. The work already done
has increased those facilities greatly over
what they were heretofore and the work
now in progress will further increase them"
PERSONAL MENTION.
psolle Going Away and Returning-Do-
Ing This and That.