Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-12-31
and about 5000 dollars on account of the food will be
about 1850 dollars.
6. kanapha Rirs,

Owing TO the swollen state OF the kanawha River,
no work upon it was practicable up 10 the month OF
October In the latter pert Of the simmer, whilst the
sgen was engaged upon Tie eastern end of the river,
MIR. Wright, The assistant Collector procured the
vices of an old end experienced boa;man, and placed
the necessary buoys on The river. During the month
Of October company OF bands wcs employed in nisa-
ing improvement upon Elk and Tyler shoals. At the
former the western wall raised two feet through
out the whole length of the suice, and was extended
some distance at the foo al the latter, some large
rocks we're excoyated from the bottom of the suce.-
No impor!an. work is required upon the river, and
the condition of the navigation very satisfactory.
am happy to have it in my power to slate, that ct
the last term of the Court OF Appeals at Lewisburs,
the suit Of the Commonwealth against Dickinson O.
Shrewsbury, rclotve to the right 10 levy tolls the
kanawha river after full argumcn: heard in favor OF
both the parties, unanimously decided in favor OF
the Company.
Proper steps haze been taken render this import.
ait decision available practicable, in tho
collection Of III outstanding tolls upon the river. IL
appears, however, that some considerable time VIII yet
Ella pse, before these be recovered by the
Company
The review which has now been presented to the
Stockholders, Of the whole property of the Company,
co,nprehencs inclusive of the line Of 81 miles unfn-
shed between Lynchburg and the mouth of the North
river, line of works occupying an aggregate length
OF $50 miles 1t would apfear from the statements
made tia. with the exception of the "a miles just
mentioned all these works are now in good condition,
and prosperity of The State. | trust that the pro.
lixi,y Of the review will find its apology in the high
interest and magnitude of the subject.
M-FIscAL CONCERNS.
l. Foreign Loans.
Immediately after the adjournment of the called
meeting of the Stockholders May last the mortgage
required by the Loan Act Of the 25h March, 1912,
having been executed 10 the State agreeably TO their
order. the President and Directors received from the
rd IF erfif tEP 0nf
State stock authorized by that act to be loaned TO the
company md deposited It in the Bank Of Virginia, un
der arrangement that it should be sold by The Pres.
dent and Cashier, and its proceeds passed TO the credit
of the company. At the time, the Directory OF
the company applied TO the Board Of Public Works TO
state the minimum limit at which the stock might be
sold The Board Of Public Works hcsitn:ed for some
time 10 consent TO lower rate then 50 per cent but
upon representations heing made TO them that sales to
any considerable amount could not be effected ct 4
higher rate than 60 they Of length fixed upon that as
the minimum limit at which tie stock might be Sold
A proposition YVES thereupon made TO a member OF the
house Of biorison Sons & Co, residing in this coua
try take amount Of the stock sufficient at 80 per
cent. TO pay off ei0000 of their debt, with view TO
the release of the eco Of the companys sterling
bonds pledged with that house, which had some time
previously been lodged in the Bank of Virginia; but
the proposition was declined In the mean time, the
period for the payment of the semi annual interest on
Tire company currency bonds being near at hand,
failure in which would have deeply affected the credit
of the company, the Directory, due advlsemen set
apar! portion Of the State stock, sufficient at the pre-
scri5ed limit the foreign debt and having done
co. felt authorized apply the proceeds of the residue
the interest debt aud other pressing demands against
the company. Accordingly, the proceeds of the sale
Of $50 ,353 were appropriated TO TIA, purpose Beyond
that amount, only 1888 of the stock could be sold at
30, the proceeds OF which RENTED on account 10
the house of Morrison, Sons s. Co.
Shortly after the decision of tie banks to resuTe
specie payments early day, the sales at 90 closed
entirely, although the Stock continued TO be offered and
every eI"r! TO dispose OF il made by the Bank of
GERS and The Directory OF the Company.
Early in the Summer proposition made to the
house of Delcmeyer, Westliugh /; Son Of Amsterdam
receive the amount of their debt in State Stock al 10
per cent; and in the month Of October went to New
York and rendered TO Mr.. Charles Morrison, of the
house OF Morrison, Sons & Co.. payment of the amount
due to his house. in Stale Stock ct the same rate
Both of these propositions promptly declined
Immediately alter my return from Rev York, renewed
e,r,s were made by The Cashier Of the Bank Of Vir
gina, in the absence Of the President by corresPon-
Gence with different Northern cities, to effect sale Of
TIE Stock the prescribed limit, hui without success
In The latter part Of November, however, Mr. Chas.
Morrison conc 10 Richmond TO press again the coec-
lion of he debt due 10 his house. and offered TO receive
STATE Stock payment al So per cent, and at rate OF
exchange on London which would render the transoc-
tion nearly adyantsgeou TO the Company as sale
90 would have been in the early part OF the Summer.
AT the date Of this offer, State Stock in small parcels
Directory decmng all important TO get rid of this
debt end obtain possession Of the sterling bonds pledged
for its security, with view 10 leseen the Liabilities OF
Of The Company, made application to The Board OF Pub
lie Works for permission TO accept Mir sorrisons offer.
which after due granted by that bocy
According y, the 29h November, contract Of get.
tlcucn Of The whole debt 10 SIR Morrison house wan
Elected he basis tf payment in State Sock at 6
rer cent Thercupon Mr.. Lancaster, ere Of the Di.
.cctors BY request Of Ike Beard, proceeded 10 Phadel
-, the n
delivery thereof The Agent of Morrison, Sons Co,
in Tia, city, received from him sterling bonds TO The
amount If &c 800 end order from MIR. Morrison
for The G500GG OF bonds which had formerly been de-
posted in tic Bank Of Virginia The result that the
whole Of tie sterling bords pledged with Morrison,
Sons & Co reached Tie flee of tie Company on the
9.h If this mouth aud forthwith delivered over to
the Treasurer Of the Stale TO be cancelled, with view
to the issue Of currency bonds in lieu OF such portion
thereof MS is allowed ty las, FOR the purpose Of being
e exchanged for the Company Outstanding Pest Noiea
and certificates Of DEBT.
9 Re.egss and di.Gur,ments for The year and present
state # he fncn0s.
On the 1st December, lsil, there was due TO TIE
fund o revenue derived from the Old improvements
of Ike company and from the CANAL balance
of S65,ll6 G7
Add to this, the aggregate receipts du.
ring the year inst closed, for tolls on
the Western Improvements and new
canal, and for rents ard other minor
sources Of income 1864 81
Making total of Sl9479o 90
The disbursements during The same pc.
Rod, for the manage ment and ordinary
repairs OF those works, for extraordi.
nary repairs Of the same, rendered ne
ccssary by the tresh nf July, le42, for
the annuity Of SOL ,0C0 10 the Stock.
holders ofihe oiG James river company,
for dividends the guaranteed bonds
issued under authority Of the act Of the
23d March, 1899, for interest tho
State etock loaned to the company By
the State under authority Of the act ne
the 25:h March, 1912, and FOR other
MINOR expenses, ctargeablc 90 the re.
venue, have amounted TO 1856 70
Resulting in deficit Of revenue TO meet
charges thereon 1914 81