Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1851-12-01
,Icc,;,. 81 StockhoIdcrs.

their annual meeting, which terminated
Thursday, were characterised by entire
unanimity and undated confidence in the
merits of their work; in proof Of which we
have to state the remarkable fact, that not
a negative vote was given to the various
recommendations made by the President,
or Chief Engineer, in their reports, or TO
the resolutions presented by the several
committees, to whom matters had been re-
ferrcd.
The President, in his clear and concise
report, stated that the petition to the Stock
holders Of the James River and Kanawha
Company, for a reduction of tolls upon
the iron necessary for the road, to the
lowest grade, had been unsuccessful; that
the difficulty between the Board Of Public
Works and the Company. as to the constr
tuition of the directory. had been settled by
the resignation Of Col. Thos. J. Boyd, a
director appointed by the Stockholders,
and the introduction Of Joseph Wilson,
Esq, on the part Of the State-and here
the President most justly complimented
Col. Boyd, for his "untirlng devotion" to
the interests of the Company, thereby
emitting him to the gratitude of the Stock
hoIders--that the board had purchased
the property of the Lynchburg Manufac-
turing Company. at a cost of sl7,07S, and
thereby secured additional depot room
and facilities which were indispensable to
the operations upon the road-that the
finances of the Company were represent
ed as follows, whole number of shares held
by others than the State 9,674 and by
the Commonwealth lips. amounting in
all to S2,O92,4OO. The balance reported
in the Treasury. at the last annual meet
ing was 1865. The amount re-
ceived in cash and G per cent bonds is
SS36,919. The disburscmets ofthe current
year have amounted to S704, 1860, leav-
ing in the Treasury nett balance of avail
able funds. at the end of the fiscal year. of
S219, $685. j- that S35 per share had
been called in during the year-that since
the close of the fiscal year, 30th Septcm-
Der, individual subscriptions had been ill.,
creased $4,000, making subscriptions by
others than the State sl,Ol4,9OO: cores
puHdin5 subscription on the part of the
Stateof3 5ths would be 1929, $50, making
together S2,537 ,25O. In addition to this,
the counties Of Washington and SmS tn,
have by vote of the people. determined
to take as county subscription, S53,400
which will draw from the State $50, 100
more, making gross addition to the means
of the Company of Sl33,500 rcquir-
ing only Sl3l.l moro of individual sub
scription to complete the Capital Stock of
So 100000.
The President continues by saying. "it
was known to the General Assembly by
extracts laid before them, previous to the
State becoming interested in this work,
that the Capital Stock Of the Company,
would have to be increased to some OK
tent and as the Legislature will meet
but once in two years. he recommends ap
plica,ion to be made for an increase at the
approaching session, and to prevent inter-
ruption and the speedy execution of the
work, he suggests that authority be given
to make temporary loans, under such res
tric,ions as may appear prudent and prop
err.
The road is fast being graded between
Salem and Wythevillc; few light sec
tions only remaining to be let, which can
be finished before wanted "The board
Continues the President,) have steadily
pursued the Instructions given by the
Stockholders, at their second annual meet
ing. aud have done all that sound discre-
ton would permit. Few works in this
country have ever progressed more rapid
ly, and every thing has been done that wa,
necessary to make the work perfect and
durable"
In pursuance Of the settled policy of
the Company, letting has been advertised
to take place at Wythevillc, Of so much Of
the work between that place and the Ten
nesscc cline as the condition Of the fnan-
ces will permit"
The survey of branch down New
River, shows very favorable results; so
much so, that ifa road be Constructed 10
the mouth ofthe Grcenbrar, it can carry
the tonnage destined to Richmond, against
all competition from other roads, $50 that
even ii other interests should require--and
the State should authorize a road between
these points, passing through Staunion,
it would not diminish the necessity for the
branch proposed, nor effect its value. =
A recommendation therefore is made by
he President to apply for authority to
construct this branch.wth others to Guy
andotte and Point Pleasant-the Stock,
expenses and dividends to be kept separate
from those of the main stem. The Pres
ident closes his interesting report by say
ing. that every possible attention has been
paid to the interests ofih Company, by
those who have been entrusted with its
managcment-he justly characterizes it as
a work Of great ma guitudea and State impor-
lance, and one well calculated to afford
relief to the wants of our common conn
try. and elevate the dcstinics Of our be-
loved old Commonwealth"
The report ofthe Chief Engineer, (Col.
Garnetf) is like all of his papers, clear,
full and demonstrative of the positions he