The times. [volume] (Richmond, Va.) 1890-1903, 1902-09-12
ANNUAL REPORT OF
c, & 0, PRESIDENT
Board of Directors, Through Mr..
Stevens, Issues Statement.
AN INTERESTING DOCUMENT
Report is Printed in Book Form and
Contains Many Interesting State
ments; Containing Figures as to
Condition of Company.
AN INTERESTING DOCUMENT

S The twenty-fourth annual report OF the
Board of Directors OF the Chesapeake
and Ohio Railroad Company has been
submitted. 1t is full of interesting sta
tistics and information. and shows the
road 10 be'in a prosperous condition.
The most striking feature of the report
Is the amount of money being expended
for bettermept ana cAtenSion Oh Iachs
and equipment
The following extracts from the report
will be interesting reading to all who
Rre interested in the welfare of the road
and the country through which 1t ope-
rates:
The net income for the fiscal year
Amounted to 5000. $50. from which was
deducted for extraordinary expenditures
the sum of si,0So, 1876. representing con-
Strucuon and new equipment; the bal
hnce of net income, amounting to $780,
alS6.97, after the payment of a dividend
.pr one per cent. was transferred to the
sredit of extraordinary expenditure fund.
TO put your lines in condition FOR eco
homicai operation and to take care Of
Increased business will require STEADY
Ind constant expenditures yearly. Inc
Income was materially reduced by reason
pf strike OF coal miners in the West
Virginia coal territory, inaugurated June
It'll and still continuing.
u Inc SreenOI1er 1GLlWay As Soihp'StSa
TO Durbia, w. Va, distance Of 95.5
miles from whitcomb: the l4.7 miles re-
naming upcompleted at, date of last re-
bort were opened for traffic May rs. 1902.
This road Is leased to your company, and
operated as the Greenbrier Division.
The Grcenbrier and New River Rail-
road, occupying the south side OF New
River from Thurmond to Hawks Nest.
was completed December J. 1901. This
road ds4 miles, was on October rs, 1901,
consolidated with your main line, and
thereupon your company became Liable
tor s555, 900 bonds outstanding. s2l6oOo OF
which are in your. treasury. Your COM
pany expended during the year the sum
Of s33,627.74 to complete the construction
pf the extension to a connection with the
main line at Hawks Nest Inc Glen
Jcan, Lower Loup and Deep Water kali
road (36 miIes) was on the same date
consolidated with your company
On January JIG. 1902. your directors an
thoriZed the issue and sale Of S4,UI,oao
general mortgage - per cent bonds,
and from the proceeds thereof set aside
In separate fund the sum of S3oo1.o0o
10 acquire like amount Of Elizabethtown,
Lexington and Big SANDY Railroad first
mortgage 5 per cent. bonds outstanding
and maturing on March j. 1902. OF the
bonds outstanding s2,9SS,000 have been &C
5ul1red as of June 30th, and deposited with
the trustees under the mortgage.
OTHER ROADS ABSORBED.
Taking effect July l. 1902, the Eliza
BEETHOVEN. Lexington and Big Sandy
Railroad. the Ohio and Big Sandy Rail-
road, the Ohio River and Charleston Rail-
way of kentucky. and the Kentucky and
South Atlantic Railroad. all Kentucky
lines. We're consolidated under the title
d. T-;J,,
Company, preliminary to a further con-
solidation with your company. The cap
ital stock of the new company is fixed
at s4,S00.000 all owned by your company.
The Kanawha Railway GAG miles,, a
branch line in West Virginia, was pur-
chased and transferred to your company
by parties desiring the development of
certain coal properties, your company
agreeing to cancel its mortgage of $780,
600 on the property and pay the sum of
81. ossss SO.
February Is. 1902, your company pur-
chased the outstanding capital stock of
the Alberene Railway Company, st4
shares, par value. $50. costing s32, 200 Qav-
ing previously acquired 956 shares.
The ownership of the kineon Coal Ter
minals at Cincinnati was acquired Oc-
tober Is. 1901 by the payment of s125,-
to the amount Of 100000.
Your directors authorized the purchase
October 16, 1901. of ALSO shares Of the
stock of the Richmond-Was hington Com
pany at cost of 900: this represents
a one-sixth ownership in the company
owning the entire capital stock Of the
Washington Southern Railway Company.
and a controlling interest in the Rich
mond. Fredericksburg and Potomac
Railroad Company. On April TO- 1902.
authority was given for the purchase Of
200 shares of the stock of the Old Do
minion Steamship Company, at cost
Of $4,000
An extension of the Guyandot Valley
Railway, about forty miles in length, is
under contract at an estimated cost of
100000. This extension will develop adj
d!tionsl valuable coal territory.
WILL BUILD OTHER BRANCHES.
1he Big Sandy Railway Company was
organized June 1G 1902. to build a line
from the White House, the present ter