New-York tribune., 1910-09-24
CHESAPEAKE & OHIO YEAR

The report OF the chesapeake * ONO
Railway Company for the year ended on
June so. 1919. presents the heaviest gross
earnings for any one year in the history
OF the road amounting 10 $Sl, ,237. .16s, an in
crease Of 1T29 per cent over the fiscal period
ended on June 80. 1909 Ten years ago
gross earnings were si3, ,402, ,070. and twenty
years ago S.15l.s $50. on basis of 1885 miles
In 1910, i,s76 miles in 1900 and 9S1 miles in
1890. The increase ia mileage in the last
ten years is 31-2 per cent, against an In
crease in gross operating revenue Of I33 l
per cent.
Operating expenses IN the last year in
creased 15.7o per cent, and net earnings
Of Sl2, 500. 470 showed a gain OF s.. .o56. $50. or
1884 per cent After the addition of other
income of s1,16l,365, and the deduction of
taxes rentals and interest charges. there
was a surplus OF Sc. .2s0,4S6 equivalent to
l0.o2 per cent on the capital stock. Divi-
dends of s.. 6eS.e17 were paid. leaving bal
ance OF s3,621, ,SsS. Total freight revenue In
the year amounted 10 s24. go. .19e. compared
with s1o,oe5.144 In 1900 and $3.50, 255 in 1880.
In 1880 the road carried 1.470Si2 passen-
gers. while last year 4,s69.s12 persons trav-
elled over the company's lines. Coal and
coke tonnage last year was 15,54s,9U tons.
1454, $50 tons twenty years ago.
In the year the company acquired oS4's
shares OF stock of the Hooking Valley
Railway Company and 40.2T shares OF
stock OF the Kanawha & Michigan Rail
way Company. and payments amounting
to S,919, ,1ss 60 were made on account OF
cost of the Chicago lire. The company
owned at the beginning Of the fiscal year
NJ
ing Valley Railway Company, so that its
ownership of stock OF that company at
the end OF the year was 75.O1s shares. At
the time Of the purchase referred to the
Hooking Valley Railway Company had out
standing 10000 shares of common stock
and 15o,oo9 shares of preferred stock, but
that company, having received a large
amount of cash on account of the sale Of
its interest in certain other lines. applied
it to the retirement of its preferred stock.
The total number of shares of the Kama
wha & Michigan Railway Company CAPT
tai stock outstanding is $1,000, Of which the
company owned on June 30, 1910, 4o271
shares. A similar amount is owned by the
Lake Shore & Michigan Southern Railway
Company.
For payments on account Of cost Of the
Chicago line, together with payments made
since the close of the fiscal year (all pay
r9ents to date aggregating SS.2a0, ,s64 go, on
account OF which the company has received
and now holds in its treasury as free assets
securities OF the Chesapeake & Ohio Rail-
way Company of Indiana, company was
organized on July 2. 1910. which acquired
from purchasers at foreclosure sale on July
5, 1910, the road formerly owned by the
Chicago. Cincinnati & Louisville Railroad
Company. The results Of operations OF
that line, the shortest between Cincinnati
and Chicago, are included. from July l.
1915 with those of the Chesapeake & Ohio
Railway Company. AS a trunk line be-
tween the Atlantic seaboard and Chicago
the Chesapeake & Ohio has taken a dis
tinct forward step. The distance from
tidewater at Newport News to Chicago by
wsv of the Chesapeake & Ohio lines is $40
miles. comparing favorably with the length
Of lines of other systems from tidewater
at New York to Chicago, ranging from Se6
to e9S miles.
The balance sheet as of June 80, lSio
shows working assets of S12,207.S66, ma
terials and supplies OF $2,473,653. and un-
pledged securities worth S2l.S25.62J. In the
wear improvements and betterments to the
amount OF S3, AZ, ,726 were made and added
to the cost of road and s1.95o.076 was added
to equipment account The report goes eA-
tensiveIy into details, and is one OF the
best, from every point OF view ever issued
by the company.