Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1851-12-04
James Rivprpnd Kama Wha Cea.
DAmy.

a very largo gumber Of the Stockhols
dcrs Of this Company were in sttondancs
at an adjourned mesiing, held iast Wcdncs-
day evening, on Main street. near the Office
ofthc company,
Mr.. johnson. from the committee to
whom were referred the report ofthc Pre-
sident and accompanying docuassnts. tho
report of The Special Committee on Tolls,
and sundry memorials. reported unon MI
except the subject Of Toll. which tbev
wesa unable fully 60 coe,pic,c. because ,be
printing Of the documents connected with
that subject was not finished. They 70.
ported upon the o'hcr subjects committed
To them as follows;
ANNUAL MEETING.
First The proposed change of the rims
Of holding The Annual general meeting Of
the Stockholders
The President having recsmroendcd in
his rcpor that the time for holding the An.
nual meeting be changed tothe fourth Mon.
day of October, with view to conform to
the chssga o.the fiscal ycar.ard tomcctthc
wish of the Deas5 of Ppblic Works, ihe
committc" proposed ths s.ioptson Of the fol-
lowing resolution.
Resofrel, That the future Apnaai NEE.
tngs of the Stockholders be held on the
fourth Monday in October.
Concurrcd in.
FINANCE.
Secondly, The financial affairs Of lie
Company.
ltappears from the Presidents report
that Notwithstanding ap increase of the in-
come from Tolls, and dsmsun!tian of,hs
expenses OF the general administration Of
the Company, the disbursements of the
company for the late fiscal year exceeded
its receipts by the sum ofSis.626 IS, and
similar excess of disbursements for the
current year il anticipated, to the amount
Of about $4,000. These dcfcicncics " III
have accrued in consequence Of the large
amount OF interest which has been. and il
TO be. pnid by the Company, upon bonds
issued TO pay for works yet in progress and
unproductivc. Moreover, oaother d,[-
cheney is anticipated Of not less than $780,
600, arising from the excess Of the cost Of
the construction Of the second division Of
the improvement, and Of the 1'idcw atcr,
Sou,hside, and Kanawha connections. n
boye the estimates. Oh these deficiencies,
together amounting TO alout S359 900, tho
Company expect 70 be able to meet, from
their own resources, not less than $50 900,
leaving about S300,0 900 unprovdrd for, ia
respect To WHICH they will DO compelled
to ask aid from the State. expecting % re-
pay whatever may be advanced on that
account FROM the large income which will
be received after their new works, now in
progress, are completed. in relation 10
this subject, the committee recommendcd
that the Stockholders adopt the following
resolutions:
Reso'red. That the President and Dircc,
tors, on behalf Of the Company. apply 70
the Legislature Cor aid in relation to the ex.
isting and anticipated deficiencies in their
revenue, so os to enable the Company
Punctnoliy TO pay their semi annual inter-
est.
Reso'Tcd, That n Committee Of five
Stockholders he appointed 10 nd, by their
efforts. in giving effect to that application
to the Legislature.
Rcso'red That it the General Assem-
bly, shall consider it compatible with tho
interests Of the State, npd OF this Company,
TO fund the hond debts Of the Company.
and assume ,hc payment thereof on tho
part OF the State; the Stockholders hereby
assent 10 such an arrangement and TO q
modification Of the charterso as to Increase
the capital stock Of the Company by tho
amount ofihc said bond dcbis, and TO tho
issue of scrip for the same 10 the State, ~
additional Stock Of lhc Company,
Concprrcd in,
IMPROVEMENTS.
Thrifty. Upon the subject Of the futurp
progress of the Improvement to the West,
the committee recommended TO the Stock
holders the following resolutions:
Rcsolgcd. That the President and Dir
rcclors of the Company apply TO the Leg
eEtend ,he cspal iowards Coy;pgton.
ResofrSd. Th9t the Presidcnt and Di-
rectors ask Of the General Assembly, in
their memorial to that body. that in case
any general system Of internal improve
mcnt be adopted, provision be made for
the extension Of the water line Of the
James River and Kanawba Company
Westward 10 the Ohio.
The question being npon concurring ~
these resoluiJons--
Mr. Richard G. Morris offered the fol-
lowing ss a substitute;
Resoircd, That the President and tho
Directors apply to the Legislature toPro.
vide he means necessary TO extend the
Canal 20 Clifton Forge, and the means ncr
ccssary to enable the Company 10 constrpct
thence a railroad TO the Ohio river, leaving
lie Company at liberty to complete tho
water lire when hereafter itrnay be Prac.sis
cable.
Mr.. VI. explained has views in offering
the substitute. strenuously advocating the
construction Of rairood from Clifton
Forge 10 the Ohio. The surveys Of Mr..
Shaw, whose ab.l-tyas an engineer @as aIs
tested by the Board Of Public WoIks.proy
ed that a railroad would be practicable st
cost Of $25 900 per mile, Major Gwynn
| fixed the cost at $4,000 mile; his OWE
opinion was that $50 600 mile would
construct the railroud, There wps aSotb-
er question, too, rs TO which was best for
the interests of the Company--a RAILROAD
in the direction he had proposed. con
structed bya rival company or by this caipr
pany. Mr. M. further contcnJcd that the
cost Of constructing canal would Ae
greater than railroad=-owing 70 patsrs4
tilIicpliieE--the dang pa@ larger nanhFF
of tunnels necessary 10 he made. He tbsp
referred TO the 4otnparaiive cost Of trany.
portation 10 New York State between -.
mails and railroads. which was from s 70 4
mills. Xhey carry freight Of s mills W.
ton gade on railroad, and five epills cei
ton mile on canal; and the diAerenkc il
favor Of the railroad would be greatcr. be
/ cause Of the speed Of traneportstion and tls