Richmond daily times. [volume] (Richmond [Va.]) 1850-1853, 1851-12-05
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VIRGINIA & TbNNEsshH hAtlRoAp4@
PROPOSED. BRANCH 10 faE CATO
Int our postscript, Tuesday, we copied from
the Lynchburg Virgnan brief statement of
some interesting points in the reports of Presl
dent Clay and Colonel Garrett to the Stock
holders of the Virginia and Tennessee Railroad
Company, at their late annual meeting in Lynch
burg. We now insert fuller extracts from the
Virgnan's article The President stated in his
report
That the Board had purchased the property Of the
Lynchburg Manufacturing Company, at cost oil ST. ,
075 aud thereby secured additional depot room and
facilities which were indispensable to the operations
upon the road-hat the finances OF the Company were
represented as follows: whole number OF shares held
by others than the State, 1914, and by the Common
wealth, ,l25 amounting in all to S2O92 400. The
balance reported in the Treasury. at the last annual
meeting, was SS7,265 35. The fna noes OF the COM
pany are in good condition The amount received 10
cash and per cent bonds is SSS6,9i9 The dshurse-
ments of the current year have amounted 1904 1856 co.
leaving in the treasury nett balance of available funds
at the end of the fiscal year, OF S2l999S o.. That
s35 per share had been called in during the yeathat
the close of The fiscal year. Both September in
dvidual subscriptions had been ncreas $47 500,
king subscriptions by other than the State 81 0l4900;
a corresponding subscription the part OF the State
OF threetitths would be $l522,350, making together
1888 $50. In addition 10 this, the counties OF
Washington and Smyth, have by vote OF the people,
determined to take as county subscription S53400,
which will draw from the State $50 100 more, making
gross addition to the of the Company OF $l33,
500; requiring only $131, 100 OF individual sub
scripon to complete the capital stock OF 100000.
The President continues by saying sit 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 extent and the Legislature
will meet but once in two years, he recommends appI-
cation to be made for an increase at the approaching
session, and TO prevent interruption and the speedy
eution OF the work, he suggests that authority be given
to make temporary loans under such restrictions may
appear prudent and proper
The report of the Chief Engineer, tCo Garnett,) is
like all of his papers, clear, tall and demonstratve Of
the positions he assumes
The Engineer says the work between Lynchburg
and Salem has presented greater difficulties than
anticipated but that every part has been diligently pro-
secuted, and that in deep excavations containing
rock all the force has been employed that could work
advantage; that though DELAYED necessarily the line
| from Lynchburg TO Liberty will be open in January
certainly; Butords in March, and to Salem in Juy
| and ten miles beyond Salem go into operation, in
six weeks alter the road reaches that point; that the
| road and its supersructure will tavcrably compare
with any in this cou! try-that more depot grounds
have been obtained at Lynchburg, upon which Engine
| houses and and Machine shops can be erected and
that the depot yard will De OF the most perfect
| the Southern States.
All the works in good progress along the line,
SO that il funds be obtained, the road entire could
| be completed by June 1854.
The survey down New River shows the distance 10
Indian Creek, to be 62 and halt miles, requiring
| grade rising Eastward beyond GO feet per mile, and
Westward 6S feet per mile, the maximum grade upon
the main STEM The cost of this road he estima tes
! at ST. 062 500, or SIT goo per mile
BY comparison of this route, from the route OF Green
brier to Richmond with the one by Stanton, &c. the
| exhibit stands thus: Miles
| From Richmond to Charlottesville. ........... 100
-" Charlottesville to Stanton. ...... 40
Stanton to Covington. .............. 20
Covngton 10 mouth oil Greenbrar.. 76
236
From Richmond to Lynchburg. ......... lis
Lynch'g to Christiansburg .............. Sc
Chrstiansburgto mouth OF Greenbrar... III