The Mathews journal. (Mathews C.H. [Court House]) 1903-1937, 1911-03-02
RAILROAD TO MAKE
IMPROVEMENTS
Will Continue With Double Track
ing and Use Its New Equip
ment as Needed-Expect
No Depression in Its
Stock on Market.
RICHMOND. VA speoIaI-

r / G MOND, VA, eciaI.-
Notwithstanding the adverse ruling
OF the Interstate Commerce Commits
sion IN the freight matter by which
the railroads are denied the right TO
increase their charges. the announce
ment causing a considerable furry In
the stock market this morning. 'PreSi-
dent George w. Stevens, OF the Ches-
apeake and Ohio Railway. declares
that his company Will so ahead with
all contemplated improvements and
will continue its policy Of develop
ment as If nothing had haDpehed
The decision OF the commission
Will seriously cut into our receipts"
Mr.. Stevens said but the Chesapeake
and Ohio is big enough and strong
enough to take care of itself There
was a slight fiuctuation of the stock
this morning, the quotation failing
some three or four points and almost
Immediately recovering. This indi-
Gates think. that the pessimists were
mistaken They appear 20 have
thought that because We were denied
the right to increase our freight rates
our stock would immediately become
less valuable than heretofore, but
Chesapeake and Ohio stock is as good
as II ever was. and is going 60 be bet
ter.
The road is being run on the most
economic basis. Our methods are as
scientific as we can make them. We
are not employing n single man who
is not needed, and we do not propose
to do so. We have given large orders
for additional rolling stock. When
we receive it we will use Just what
we need. If we need IL all we will
use it all. Any that we may not need
will be stored in the sheds.
we expected that we would be al
posed schedules. 1 think, were emf
nently just Increased cost Of opera
ton should be met by Increased re-
ceipts- If we are not allowed to raise
our rates the road will or course
suffer, but the Chesapeake and Ohio Is
strong enough TO take care Of itself In
Commerce Commission. 1 DO. not be-
lieve that the stock market furry Will
positively what the stock market Will
do, but from my knowledge of the
financial condition Of the Chesapeake
ano Ohio 1 do not see why Chesa peake
and Ohio stock should be depressed.
Our budget for this year call for i'm
provements which VIII cost the road
about S6,OOO,000. When this budget
was drafted we thought that we would
be allowed 10 raise our rates but not
" Stanulhe tne reIusal OF the COM
mission to grent our request we pro
pose to spend every dollar OF the
budget appropriation.
ing the Cincinnati division. This yeaI.
the work will he completes We have
about eighty miles TO lay. We are now
do so until IL is finished. We. WIFI then
have a two-rail line from Newport
facilities viii in consequence be vast
ly increased.
Our new Office building which Is to
stand on the site now occupied by the
Richmond Chamber Of Commerce will
be begun as soon as possible. Our
agreement with the First National
Bank and the Richmond Frederfcks-
burg and Potomac Railway still stands
regardless OF the fact that we viii not
be able TO increase our rates We
have the money ready or know where
IL will come from and the Chesapeake
ana Ohio Railway can be counted on
to carry out it's part Of the contract to
The Chesapeake and Onto has sew
eral large new equipment orders out
standing. We do not propose 20 can
eel any OF them. For instance We have
forty passenger cars ordered, ten pas
senger locomotives Of the best and
most modern type, twenty-five power
full freight engines and about two
hundred fiat cars.
For the Hooking Valley line ten
locomotives for passenger service have
been ordered and fifteen pdsEseu gBr
cars. Other small improvements ere
in progress throughout the entire ays-
tenn. None will be stopped. The
Chesapeake and Ohio is not only build
ing up its lines. but developing It's
territory TO the best of it's GbfIfty.
we have seen no reason 20 change ft3'