Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1853-06-08
From the journal Of Commerce.
Virginia ~ Tennessee Railroad.

10pY ~ u fsfffcf JFOHb r. d. 1icHHfb JT Is"g
10 MesSys. Cooper d HeoiH, 0fHis city.
LYNcnBURo, May Is, 1888.
DEAR SIRs In reply 10 your enquiries rel
alive to the ability Of the Virginia q Tennes,
see Railroad Company 10 pay the interest and
redeem the principal Of It's loan OF one million
five hundred thousand dollars In accordance
with The provisions Of the mortgage Of the
2llh day of December, 1852 it heng the first
and only mortgage executed by the Compa
my, beg leave 10 furnish the following brief
statement, aud estimates. The terms Of this
mortgage are ,7ucclnelly these; the Company
propose to borrow S 800 600; ON which sum
they agree 10 pay interest semiannually and
one pr cent. oitho principal;or in other words.
this company offers the same terms toits bond
holders, as is granted to those who hold The
bonds Of the State. Ofthis loan the State has
taken one million Of dollars, leaving only
5000 to be sold. The trustees OF this
mortgage are Chswell Dabney, President Of
the Branch Of the Virginia Bank located in Ibis
city; Gen. Oden q. Clay, till recently the
President of the Railroad Company, which po-
siDion lie resigned because OF infrm health; and
Mr. AIram q Hewitt of your firm.
The Virginia x Tennessee Railroad Com.
pary have a chartered capital of $500 600.
81 this capital s 100000 has been subscribed
and pnidu by the State, and individuals have
subscribed one million two hundred thousand
dollars oil htch last sum all has been paid ex-
eePl about 100000 one hundred thousand
dollars.
Tins Company has not contracted any float
ing debt whatsoever; the stock subscribed and
pad mp, has been expended IN the construc.
ton and equipment of sixty miles of the road
which Is IN working order, and indeed has
been IN use, since December OF last year,
The grading. bridging, aud masonry OF the
road West OF Salem (the point to which 1t IS
now m working order) is in such state of for.
wardness as 10 render ii very certain that the
entire road will be at work! by the first ofJan.,
1888. The length of tie road is two hundred
and four miles; is eastern terminus IS al
Lynchburg, on the banks ofthe James River
and kanawha Canal. This canal gives water
transit To The tonnage Of the road, only &c
Richmond at present, but in few months the
Iconnetton oil the canal or upper navigation 81
the James River at Richmond, with the tid,
ater will open water communication to
canal barges loaded at Lynchburg) with Nor
! folk
This road will also have at lis eastern ter
minus railway connection with Richmond
Petersburg, and Norfolk through the "Soutl
Side Railroad; which road abuts its rails will
those of the Virginia * Tennessee road at III,
depot OF the latter road. Seventy-two mile
cast OF Lynchburg the South Side road con
meets with the Richmond and Danvlle road
through which we have transit to Rcht1on,
for tonnage and travel. Vt Petersburg tn
South side road connects with the Peiersbur
and Norfolk road; distance from Petersburg
to Norfolk so miles Total distance fron
Lynchburg to Norfolk, 202 miles All thcs
railways have tie same gauge, say five fee
which Is the gauge of the Tennessee roa
Though 10 Memphis. This gauge is commo
to South Carolina, Georgia, Mississippi, an
Alabama
The Western terminus Of the Virginia an
Tennessee road is the boundary line of tn
State, where il uniteS with the East 7 ennesse
and Virginia Road; which is the commence
ment Of the great system OF railways now
rapid progress Of construction through Ter
nessee 10 Memphis. They will all be fnshe
in from three TO four years; and will tn
South Side, Norfolk and Petersburg roads
thus establishing continuous line Of raiIwa
from the best Southern Atlantic sea port TO TIA
most important commercial point on the Nj:
slssPPI, between NeW Cliedhs ~ Tue hloui
of the Ohio River.
In estimating the export tonnage of tn
Virginia and Tennessee Road, shall assur
, this to be true; that in agricultural district
: hitherto relying upon Wagon transportation
t there will be such an increase IN all the indus
. trial pursuits when railway transit is aft ,rdeC
: as to give traffic equal in tonnage to the er
Il tire production ofthe staple crops whilst tn
energies OF the people were restrained by tn
: onerous taxes imposed by Wagon freights.
e For the import trade will ask an amour
{ oftons equal to one forth the exports.