Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-10-24
TWO GREAT SYSTEMS
ANNUAL MEETINGS or THE c. 3 o.
AND SOUTHERN ROADS.
ana Ono Eject. Directors and the Othc
Directors and Oncers--Satisfaetory
Conditions -Dccda Recorded.


Ger. A.. II. Andrews. w. A. c. Even a.
1. Bou,ware. Thomas F. Ryan. Anthony
!. Thomas. Samuel Thomas, and skip
with Wilmer, and the following were
elected directors: A. L., Beulware. Rich
mond. Va: c. H. Cos,er. Harris c.
rahnosstock. Thomas f. Ryan, Samuel
Spencer. Anthony ]. Thomas. Samuel
Thomas J. Hood Wright. New YORK;
sk,pwI,h Wilmer. Baltimore.
subsequently the directors met and
elected the following officers: Samuel
Spencer. president; A. Il. Andrews. second
Vice president: W. II. Baldwin. Jr', thiro
v,cc president; Francis Lynde stetson'
general counsel: w. A. c. Even. secre-
tary: II. c. Ansley. treasurer; u. .
Hobbs. auditor.
TALK WITH MR.. SPENCER
President Spencer. I'm conversation win
n Disnatch representative. said that the
new corporation were well saushea WIZ"
their investment. and that the ne. icsui'o
~ the business this year was octteF ti""
last year. The company had gwen o'uo,'
for about 900 new cars, ana 'isn' "e"
locomotives. ,,,oos
when asked about the company plahs
regarding Newport News nc saiu u
should prove to their advantage 10 van.
their heavy freight 20 that po'n'' W..
gould ~ course. do II. but II was ho'
20 be expected that they wou'u "''''
West Point. ,.,.. ,o,,
All of the nonresident oli'V''''
he city Yesterday afternoon
ll.E1
Mr.. Wills f. Smith filed yesterday VIII
the Secretary Of the commonwealth "ceuN
COR the following properties recently ac-
.,,,xod b,, N. southern Railway Company:
i1edmont Railroad Company; Oxforo ana
HENDERSON Railroad Company: StatesVihe
ma Western Railroad Company receivers
ana trustee in the foreclosure suit OF inc
Charlotte Columbia and Augusta ran
,oaa company. special masters III inc
s,na suit: special masters In the col'hn-
.,io ana CreenviIle Railroad Company lO'e-
closure suit. special master in the hast
Tennessee virginia and Georgia faiiroan
comnanv foreclosure suit: receivers anu
trustee in the same ,uit; speoiaI '''as.ea
In the Georgia Pacific Railway 'oihi"iS
,orncIosure suit: special master ana Wus-
roe in tho Western North Carolina Rail
roaA Company foreclosure suit: spec'h
master and trustee in the Northwestern
North Carolina Reilrosd COMPANY tore
closure suit: special master ana trustee
:, the GAINESVILLE and North Carohh"
Railroad Company foreclosure SUM- Spe
c,aI master and trustee in the OXFORD ana
Tlarksville Railroad Company foreclosure
suit.
The Chesapeake and ONO.
Tho annual meeting Of the stockholders
NJ the Chesapeake and ONO ha'lmaS
COMPANY was held az the genera o"'Co,
Of the company. corner or hlghth anu
Main streets, at 1880 O'CLOCK !es'e'u"'
morning. 1850, chair
man Of the meeting, ana MT. l. L. "''
ford acted as secretary.
The total number OF shares or the Ooil-
many ia 606.35O. and Of this there were
,r.sen, at the meeting 3S, Ii3 shares
Tho reports of the officers Of the com
oanv which were issued some months
AGO were submitted and approved.
THE PRESIDENTS REPORT.
The presidents report says a
"Attention is called 10 the de'aiieu
.,a,em,n,s in the auditors report ana IN
that Of the general manager which snow
that. while the earnings largely decrease,
the company was enabled so 10 ieuuIe ~.
pxpenses that there was Conipai@ ~,
little decrease in the net eafNi'ss' ~
redno,ion I'm expenses was brought about
without Ia any way aIi""ihs NV f~f
TO depreciate. 400 -aoo n, -,
"T-hare IS a saving of 1862. 22O7 or
T. - lOo per cent. in conducting trahsp0i-
,,t,on n norton of which Is attrlou'do'e
20 less business. but part Is ALSO "u,
Ia smaller number Of men employed anu
90 the lower prices Of train supplies. ne
largest reduction. however, is IN the cos'
OF fuel for locomotives, ana inns Il "ue'
not only 10 less mileage, but also 10 'ne
fact that the company arranged U" oo."Iii
more cheap coal than IN the previous
- ,or the use Of It's engines. With less
business the trains have run with more
REGULARITY. and there has been large
saving in the item Of damage 70 proper
w. There has been saving OF slo'zl4.-'
in the amour, Of overtime PAID Inc men,
HEAVIER RAIL
"Tbe reduction in maintenance of way
&c sylo eN2 81. or n a7-1o0 per cent. or this
tho exnenditures for buildings and docks
uere reduced $500 The outlay FOR
bridges was about at large as that OF
las, wear. owing to the replacement OF
various trestles by stone Arches ana soIlo
Nlline. and also TO the removal OF several
bridges on the James-River DIVISION anu
The substitution OF heavier structures, 50
hat locomotives Of the present standard
may be used The expenditure TOT rams
was about the same as IN the previous
var The company has recently estaD'
;,shad i,s standard Of rail at 100 POUNDS
ner ward for the part Of the line Where
tbe traffic IS heaviest, using To- TO 'o-pouhu
ran for the other portions OF the line. On
several Of the branches and po'uons OF
The system not greatly used there are rams
weighing 90 pounds per yard. ana IN some
Instances rails Of lighter weight. Thirteen
miles OF 75-pound rail were taken OUT
during the year and l0O-poLnd ran put IN
its place. the 75-pound rail being mover
TO the James-River Division In place on
5s.pound rail- S6ii tons OF new I5-pouho
RAN were also laid in place of 56-pound
and se-pound rail on the James-River and
peninsula Division; and the entire dir
ference between the two was charged 10
expeuses. The JamesRiver Division was
originally laid with 5G-pound rail, but this
is being changed to s5-pound.
IN GOOD SHAPE.
"The general operating balances Of the
comnanV are in good shape financially.
The steamship investment. as mentioned
In the last report, Is carried on longtime
loans. and like policy has been followed.
80 far as necessary. in regard TO the
construction and equipment expenditures
Of the year. detailed on page ii, rather
than meet them by selling any large
amounts Of Az per cent bonds at low
nrices. To provide for part of the In
debtcdness attributable TO this source, as
well as 10 payment Of equipment notes.
say In all about 81 10000 Including the
steamship loans), the company. In addition
10 various other assets. has sea go OF its
e.. per cent. bonds in its treasury. and Is
entitled 10 receive about 10000 additional
at any time from the trustees.
THE GENERAL SITUATION.
your directors feel eratihed that the
results OF the past year demonstrate the
ability Of the company 10 earn its fixed
charges, even ~ such abnormal times as
those through which il has passed. II is
rot likely ever to be subjected 10 a Sc
ycTer test They are also impressed with
the fact that your property, owing both
10 lts location and facilities. will be among
the firsi 10 feel any revival of prosperity.
They are also pleased 10 say that during
the troubles from railway strikes in the
latter part Of June last and early In
July latter the close OF this fiscal year
your company suffered very little. as all
OF It's employees remained loyal. with The
exception Of a few at the western end OF
The iine. whose places were easily filed
There Was. however, some loss In earn.
ings on account OF the Interchange OF
traihc W.th other lines being stopped
business, however. has now resumed us
normal Proportions and the earnings FOL
july are very encouraging"
REFLECT THE OLD BOARD.