Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-08-28
DID WELL LAST YEAR
EXCELLENT EXHIBIT MADE BY
THE CHESAPEAKE AND OHIO. q
FREIGHT TRAFFIC MEYER SO GREAT
Slight Falling on In Passenger Re-
cefpts-GenernI Review of the Busi-
ness for 1S97-Earnings and Ex-
penses and other Details.

| Railway Company. giving the operations
OF the system for the fiscal year end
ing June SOth last. are being printed in
a neatly-bound pamphlet, and will be is
sued TO the stockholders and others in
| terested in the road in a few days.
The exhibit made is most gratifying.
| The system embraces 1853 miles. ex
| elusive. of si5 miles between Orange and
Washington, operated under track
agreement. The gross earnings were
Sl0, ,7OS 1921; operating expenses. main
tenance, and taxes. $7,2s ss,769.1S, or es per
cent; net earnings, S,i2l, ,A3.63; fixed
charges, etc, less net income from other
sources, ss.11Ss7lSS; surplus over all
charges, $3O2,Jf.75.
| President Ingalls,. in his report made
in behalf Of the directors. says:
"The company has operated (under
| trackage contracts) a line from Lexing-
ton to Louisville. but its earnings and
expenses have been kept separately. The
cost Of getting that line fairly opened has
| been sl29 1854. due TO two causes-first,
| large repairs to track on account of Sc
rious damage by freshets and improve
ments in condition: second, TO the large
| expense that always attends the opening
of new line before any considerable traf-
fc can be developed. Judged by the traffic
| of the last four months. the line will in
| the future be profitable of itself, in addl-
| tion TO the traffic it brings the main line
| The outlay to date has been charged TO
| profit and, loss at the close OF this flscal
| wear. as have also T09455 (the annual
| pro rata Of discount on IL per cent.
1 ha ,Ic farakrinnGfN
sundry bad debts and claims
| UNPRECEDENTED FREIGHT EARN
INGS.
"The freight earnings of the company
| were the largest in IT'S history. but the
| passenger earnings show a decrease from
| last year; this loss is almost entirely In
| local traffic. and due to the depressed
| business conditions that have prevailed:
"The earnings per passenger per mile
| increased slightly; but owing to an IN
crease Of train mileage and decrease IN
| local business, the earnings per tram
| mile decreased 46 cents.
"The tons OF freight carried have de-
| creased. while the tons carried one mile
| have increased. The rate per ton per mile
| Is very low, averaging on the entire busl-
ness Of the company 419 mills, as against
4.26 mills last year.
'In April, 1897. two of the piers of the
company at Newport News, large
amount of freight, and one OF It's tugs
were destroyed by fire. The piers were
| covered by insurance. which has since
been paid. 1t was thought wise 10 reDulld
one of the piers Of iron, for future pro-
| lection against fire, and to enlarge the
other the whole involving an outlay OF
about $l25,O0O in excess OF the insurance
recovered. The new piers VIII be larger ana
much more convenient than the old ones:
! The Sl25OO0 has not yet been spent, ana
| will be taken care of III next year 8 ac-
count"
FAILING OFF IN COAL
"Allusion was made i'm the last annual
report to an arrangement In reference 10
tidewater tonnage of coal, by which II
| was hoped better rates could be obtained.
| Unfortunately this arrangement did not
| continue Some of the parties TO II be-
| came dissatisfied, and declined to carry
out it's provisions. The results were DIS
| astrous TO this company, as It's Shippers
lost a large number of their best con-
| tracts and its tonnage at Newport news
for the first six months OF this fiscal year
showed Il decrease of 1893 6J0 tons, or 10 Id
| per cent Notwithstanding this loss thls
company continued to abide by the ar
, rangement until the date fixed Tor IT'S tN-
piration; but IL took steps by aiding Us
operators and shippers, to recover IT'S
business after that time, and IL Is hopeo
? that the coming year Will show better
results than the one just closed. For hVe
| years preceding, this company had not
pushed it's tidewater coal business nks
| its competitors. and, as result, tht
| Operators ana HllItlH Oil AIN hii'
without steady work, and were restles
, and discouraged. The arrangements now
| made will give more work ana prOuuCe
. a better understanding.
. ''The operations OF the company show
| a satisfactory increase in the NUMBER oi
: | tons of freight hauled per train mile, the
average going up from 325 tons To 90
: tons: and this has enabled the company
= | Notwithstanding it's very low rates ol
freight. to earn 81 AZ 6-l0 per mile run by
it's freight trains, as against Sl.SS $40 lasl
year. ,,s
charged TO expenses during the year, u
| replace that number of old ones WORT
! | ont and destroyed, ten locomotives, -.
: | freight-cars. two passenger coaches. anC
| one steam-tug, at total cost or $-fS 1917
These purchases have kept intact tht
Il number of engines and cars ana COACHES
I | and as the additions have all been o.
modern and heavier type in place or th'
r old and light equipment, the general con
| dition of the equipment has been CORE
! spondingly improved. ..
| also the cost of 1913 miles OF second track ira 81,
Sl25. POI %; 16.1 miles new sldings' soi.oVo.I 20
/ new buildings at dllcrent points OH 'i
, | line. SS5, ,5j0.59. ,., a.. ,o,,c,
Of taking up light rails and renewing th'
same with sections of l00-pound on TN
mountains. and 75-pound elsewhere. /
= was fortunate. early in the spring, 10 Sc
|
amount OF steel rails al $l6 per ton, ah'
u i'm addition to what has been lald uurlnl
c | The fiscal year just ended, the cOmpaA!
o. | has enough coming 10 II under Tvs con
tract to supply its wants during the pres
a 'i'S Tbp out ogtngt of coal was 1888 OH tons Al
: aer,ust 315G 2o6 tons the year beiQre' am
Y | only 034lSi tons were shlppel Iroii ,dn ,n
: | NewpoTt News wharves, while - IoJ
. | the shfument was l., PAL l9. Ihe Chesd
I neSke and Ohio Steamship Company wa
d | onerated with success, and tne RAW i.
c company was only called upon iot gov,
e oef n! during the year under It's suaran
). tees. all Of which was ueuuS'eu i'o''
> earnings from month 10 mon'h.
FINANCIAL CONDITION..
The report continues: .,.
j. al the close of the year tie hnancld
: condition Of the company Wa sdeiS.90 ss.a
e tory. as il has on hand and was eh'itls
d 10 receive from the trustee or lts i
O ner cent mortgage bonds TO an amour
a which al current market prices, VIII el
. ahIe II 10 iiauidate all current iidDillies
: These bonds can be sold at any INIT % ~
their sale at present is not necessary m nO
y docs n seem desirable 20 your directors
; | Nfsanuhile your company Is Dorrowln
ssoo OoO lat ( per cent. interest payaDl
i June 30. 1889, which meets an Present, r, re
K auirements. Under the plan hereroIor eronor
,ion ~ bond discount, has been Write
Il ofT 10 nrofit and loss. Ii will be observe
II that the company has paid and charse
. ont out during the year nearly $1,000 NOR
Tor Tor taxes than in the previseSSss sSS so year; r;.e
a ,r7e he settlement OF an old claim 10
hsch taxes. and therefore the charge
~ b1shar than il will probably be for tn
% coming year" 49,. oo,,,,sx eso,
II year on The ss5 Os3. .CJ0 will be S,l35,57S
e INTERESTING FIGURES.
-e The balance sheet and statements at
,e oonnanving the presidents report cor
v tain many interesting figures. The inves
= ed assets are SIPS, ,2o1 800 70; working "a. a.
y sets. SAP 4Slli Total @ Mz''oSvOSo,I9' ssaI dab