Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1853-03-30
Orange and Alexandria Railroad.

A Convention Of the Stock. holders of the
Orange and Alexandria railroad was held in
Alexandria Thursday and Friday of last week,
to consider the recent acts Of legislation enlarg
ing their charter and authorizing the exten-
sion Of their road to This city. Regarding the
latter condition, the President in his report
said
1t IS matter Of regret that the Legislature
did not authorize subscription by the State
for part of this Stock, upon the terms of the
original charter, and thus have expedited the
construction OF valuable work, and at the
same time secured for the Commonwealth the
profits which must flow from opening this new
and valuable line of intercommunicaton The
Board, however, entertain the opinion that
work OF so much importance. will invite the
investment of private capital 10 large extent
and recommend that authority be given to open
books TO receive subscriptions for the purpose
at the earliest practicable moment. They
would also recommend that full reconnaissance
and surveys should be ordered of all the differ.
ont routes between Gordonsville and Lynch
burg, with view to the most eligible location,
and should a better line be found, than the
one presented in the act, by Charlottesville,
that application be made 10 the next Lsgisla-
ture for leave to construct the road according.
ly.
The road is now completed, equipped and
IN operation from Alexandra to Culpepper
Court house Touching its completion to Cor
louisville. the following facts are stated in the
Presidents report:
The whole original pital stock of the Com
pany, saving small balance, and nearly the
entire issue Of bonds heretofore authorized.
have been expended in the construction of the
work and its equipment. The means now on
hand are insufficient To meet existing liabilities
1t is estimated. by the Engineer in charge o
the work, Mr.. Vandegrif. that the sum o
1922, 900 will be required TO finish and equip
the road, fully, 10 Gordorsville. The large
advance IN the cost of railroad iron has in
ereased this sum beyond the estimates hereto
Ore submitted. To raise this sum, will re
cure subscription of 1929, 200, on the part o.
Individuals, which will draw the sum OF Sl93.
500 from the State. This may be affirmed as
he sum absolutely necessary to complete the
road TO Gordonsvile, while further small
private subscription would be convenient to
meet existing demands.
Resolutions were adopted by the Stock. hol.
ders, accepting the amendments to their char.
ter, proposed by Act Of Assembly:
Authorizing that $3.50, 900 of the $3.50. 900
additional stock be made preferred stock, by
guaranteeing dividend of 6 per cent per an
mum, until the whole amount of investment
shall have paid that dividend for five consecu.
tive years:
Directing books of subscription to be opened
at such places as the Board of Directors NAV
| select:
And requesting the authorities and citizens
of Alexandria and Washington city to take into
consideration the propriety of making appro.
priatons-the former for the work between
Alexandria and Gordonsville, and the latter for
that between Gordonsvle and Lynchburg.