The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-10-04
REVENUE
HURT BY FLOODS
Increased Wages and Coal Strike
Also Affected Net Earnings OF
Chesapeake and Ohio.
ANNUAL REPORT
President Stevens Calls Attcn-
ton to Interchange Traffic
Lost in April.

| The March floods in the James and
! ohio River valleys. and extensive wage
increases are named I'm the thirty fifth
annual report of the Chesapeake and
Ohio Railway Company. issued yester-
| day, as two OF the factors responsible
for the Sl,o2O,470.72 decrease in the
net operating revenue during the ifs
| cal year ending June 80 rs compared
with the net revenue for the proceed :
ing year.
| The amount charged to operating
expenses on account of flood damages
aggregate s325.273.2o.
70 Quote President stevens.
While the Chesapeake and Ohio
! lines were open for operation within
ten days after the unprecedented
Hoods of last March. the principal con-
ncctions were unable to interchange
traffic in any considerable volume dur
ing the entire month Of April and are
restricted in their operations.
Wage Increase SS25,OO0.
Increased wages affecting all
branches OF the service were effective
during the entire fiscal year. except
the award to conductors and train
men, which became effective September
]. 1912. and tho clerical forces, adj
vanced February /. 1913. The addi-
tional cost to the company by reason
of the wage increases during the As
cal year was approximately $685. 600"
Among other causes that contributed
/ TO the decrease in operating revenue
are mentioned the prolonged strikes ia
certain sections of West Virginia, ma
tcrially reducing the output OF the
mines affected: and Increased taxes.
particularly in Kentucky, necessitatiug
n n Of
compared with the previous fiscal year
Must Redeem Coupons.
The report serves notice that as a
result OF tho recent decision OF the
Supreme Court OF the United States in
the case involving the validity of the
2-cent passenger rate law passed by
the Legislature OF West Virginia in
February. 1907. it will be necessary for
the company to pay the coupons Issued
during the period OF litigation. Under
the direction of the West Virginia
courts a commission has been appoint
ed TO receive and verify such coupons
rs presented.
In pursuance Of the Supreme Court
decision the 2-ccnt rate Is now in force
throughout the state of West Virginia
1t is estimated that about 81 900, 900 in
coupons were issued during the period
OF litigation. Only small fraction
of the coupons. however, are expected
TO be turned In for redemption.
The road carried during the year
6,S59,447 passengers. an increase of CT
per cent over the number carried dur
ing the year preceding.
Financial Statement.
The results for the year are given in
the following financial statement;
Operating revenues We're. $35,QS5,27S go
uncrease S7s5.4oS.55. or
Operating expenses were o4,45l,56o 81
Qncrease S1,S15,S79.27.
or S.02Fc)
Net operating revenue
Net operating revenue
T Gbscrease si,o2o.iio.s:e. SUCCESSORS Oh
or S.76re.)
Gnersase sael,,642.s5, or
Operating income, taxes
deducted was .........S 9,257,S55 IL
decrease SI,ss2,ii367,
l2.99c1.)
miscellaneous income was o,225,536 so
dger GGes $4l6's7aso' or
Sll.4S3.3s1 81
Rentals and other pay
Gnereass Sa5,71os5. or
4.05@c)
Income for the year avail
able for interest was. 0,e17,6 SCI So
decrease $?9S,S50.7o. or
Interest i(,ss.s3es of amount
available) amounted 10 7,S1s.15S A
DesgeaSe s2s,l4s.o5. or
Net income for the year,
equivalent to D.259S on
capital stock outstand
I ing, amounted to. .....S 3,29S,503 IS
decrease S975,70265 or
22.SSco)
| Dividends paid during the
year -Four dividends OF
! IA 70 each. aggrcgating 3,139.0S6 90
Remainder ...s 1888 IS
J