Daily press. [volume] (Newport News, Va.) 1896-current, 1909-02-09
Policy Of Company May Depend 10
Some Extent Upon Action Of
Stockholders Today.
DIRECTORS MEET NEXT FRIDAY
Present Members Of Board Expected
Expected to Resign So Their Places
May Be Filled by Representatives.
of New Owners Of Controlling In
terests-Facts and Spec uIation.

There is much interest in local rail-
road and business circles in the meet.
ing OF the stockholders of the CheS'
apeake and Ohio Railroad Compan,
in New York today. The object OF
the meeting is to pass upon proPo
sition TO issue bonds for 30.00o.oon.
which step President George w. Ste
vens has said will mean that tine
company will be all" to distribute
to stockholders more satisfactory
share OF it's future surplus earnings.
Newport News. AS the tcrminal
city. Is deeply concerned in anything
tina; affects the Chesapeake and Ohio.
and since the announcement that the
recent purchase OF the road by Mr..
Edwin Hawley and associates had as
sociates had made the company In
dependent. this concern has been
greater and more manifest than at
any time in the past eight or ten
years. Hence the result of today $
meeting OF the stockholders. as well
as of the directors meeting scheduled
for next Friday. will be awaited with
unusual interest.
Meeting Of Directors
At the directors meeting 1t is eX-
pecfed that most of the old members
OF the board will tender their resig-
nations, In order that representative
of the new controlling interests may
be placed at the head OF the com
pany's affairs The announcement OF
the names of the new directors Will
answer all questions concerning the
identity of Mr.. HawleyS associates
and will, 1t is said. prove beyond
q doubt that the change of control
means benefit to Newport News.
The current Issue of the Railroad
Age Gazette. the leading railway pub,
location In the country. contains an
interesting article upon the purchase
Of the Chesapeake and Ohio. under
the caption THE Chesapeake and
Ohio in the Hawley system" Accom-
panying the article Is u map. show
ing the Chesapeake and Ohio, the
Hooking Valley. In which the Chesa
peake and Ohio owns one-sixth in
terest, and the other lines in which
Hawley is interested. Among those
roads are the Toledo. st. Louis 4
Western, from Toledo to Alton. the
Chicago & Alton. the Minneapolis
& St. Louis and the Iowa Central
One of the features Of the article
Is that. as II stands. the Hawley
group has no direct route west from
Cincinnati. and no line to the gulf.
Value Of Road Enhanced.
Referring % the Chesapeake and
Ohio. the magazine says; The Chcsa
peake and Ohio has been a cOnserva
lively manageI. first class soft coal
er. paving one per cent dividends up
on its stock OF 279?. ion. the rates
being the same since 1922 Large
sums have been put back into the
pToDerty for Improvement that might
well have been charged to capita
account and this policy has so en-
HANGED the value Of she property
itself that. taking into account it,
geographical position. it appears like
ly that the acquisition of the Chcs
apeake and Ohio was rather en- In
vestment of funds received from tn.
sale OF the Colorado and Southern
than an extension and enlargement
Of the Hawley system"