Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1853-10-27
REPORT,
To the Stochkolaers uf the Virginia and Tel
nessee Rail Road Company:

To the Stochkolaers of the Virginia and Ton
nessee Rail Road Company;
The Board of Directors, IN reporting Ia You
their operations for the past year. desire 10
present first for your consideration their action
in ohedieuce to the various resolutions Of nstruo
ton passed at your last meeting.
Loan.
In regard 70 ln9n soon after Fouf
pdiounm,ni practicable, They authorized
the execution If IA mortgage on the whole
Road aud it, appurtenanees, security for
the Bonds 10 Ne ISSUED III accordance therew1th
all Of which was PROMPTLY carried into effect.
An arrangement having previously been nude for
alfmillion Of Dollars with the contractors. a
heretofore reported IA you.and loan 81 : 900
uu0 having been obtained from the State, further
efforts were rendered unnecessary. one hnlf
million of thee Bonds are held 10 be L.
sued upon monthly estimates 10 contractors, aud
one million 10 b. cancelled aud delivered Ia
the second Auditor of Public Accounts, the loan
by the State hong substituted instead thereof;
all which will be satisfactorily explained by
reference to accompanying copies II the rcsoin=
ton Of Yourself aud Board Of Directors. the
mortgages, form OF bonds aud act Of the Legs-
allure.
lou will observe that bot five hundred thous-
and dollars of these bonds are convertible into
the capital stock OF the company, being those On
~ issued 10 contractors.
Though longer Interested, yet it will doubt
less be gratifying te you IA learn that, in bring
ing our Bonds Is tie notice 81 operators IN stocks
and such securities previous 10 nseertaining TINT
state aid could be obtained, the Board Of Directors
were much lattered by the estimate tint
placed on them, evidenced by the liberal advances
offered both as 10 amount aud terms. as well
a the desire manifested by several parties 10 get
control of them.
The favorable disposition which the contractors
have been enabled 10 mike Of those coming
into their hands. Is additional proof Of the
confidence OF the operators and capitalists, com
mapding ON their hr-t appearance IN the market
% : per cent aud subsequently bringing ~
and % - per cent, which rate=, as tal as il
comes 10 the knowledge Of your Board are, with
but few exceptions much above any sale 81 sim
liar securities, and indeed above manY paying u
higher rate OF interest
The arrangements for future saes are Of tint
permanent and reliable character that no nppre-
hension need be entertained of aneeessty To place
them upon the muIket,fo at 10 effect n5anouslN
their present value, unless under the pressure Of
very serious and protruoted arrangement in the
monetary affairs OF the country.
lion
In reference 10 Iron, your orders were cur
ried out early n II practicable 10 do so,with
due regard IL the interest oi The company IN
der the existing circumstances. contract Wa.
entered mo the first day Of December le52,
with Messrs. Boorman, Johnston &c, for 2000
tons. at t.. los free on board nj Cardiff. pntas
Bile in New ork, deliverable between the ist
of Jan. and the 1t of MAY last, Tie quantity Of
orders then in rendered it impraetioable 10 mike
contract for earlier delivery. IN the hrsi
day OF FEBRUARY last,a farther purchase Of 5hlu
tons was made Of Mr.. 1ames Dunlop, 10 In delir=
cred at Port Nalthal during July and August
last, at so s0coNerng all charges except duty,
payable IN the city Of Richmond and, on the
2sth of March following, 6uo0 tons were purohas-
ed of Mr. Richard Maxim. AT II. payable in Lon
don,to be delivered free on board at Gardl-say
1900 tons by the Isl llecemhrr,nnd 31iiO tons by
LIST February next, being the earliest periods at
which he could then be prevailed OH to contract.
These purchases complete the estimuted quaint
" necessary for the entire truck aud sidelings Ia
the Tennessee line The season of The year
embraced within the periods specified for the de
livery under the first contract Is the one in which
perhaps there i more uncertainty oi shipping
than any other, both in obtaining vessels aud H.
TO the length ri the voyage and the consequence
was nor. delay than was anticipated, keeping
the Board OF Directors IN a continued state ot
painful suspense, and drawing largely on their
patience, which virtue however, when connected
with perseverance duly exercised. isu powerful
lever for operations, aud aided them IN ovcrcom-
ing many subsequent serious difficulties being
fully impressed with the Importance OF eNerton
under the ciroums tances. In addition TO The
difficulties OF the season, the existence Of groat
demand Tor vessels 10 California and Austria
liza, which was likely to continue aud perhaps in
crease, suggested the propriety Of Fastening flu
ture deliveries rs much possible as we'll on
that account, "a to avoid, as far rs prueti-
caple, any additional risk and cost which possibly
might result from the unsettled condition Of Eu-
ropean affairs. And / take pleasure in aelnowl-
cdging the obligations of Your Board.to Mr. .Jas
Dunlop aud Mr.. Richard Maxim, Tor their exer-
tons to meet the wishes of the Board Ia send
forward the iron IN advance of their contract
time he latter gentleman had three thousand
tons atioat during August and September, all Of
which, except one cargo, has safely arrived and
the remaining three thousand tons can be deliver
ed, # necessary, by the close of the YEAR at any
rate, such are the present arrangements, that
nothing short OF an uncomfortable .eausualty can
render the want of iron the cause of delay in the
progress of the work.
The iron is shipped to Port Wathal or CITY
Point and, by contract with the Richmond and
Petersburg Rail Road Company passes over their
line to Richmond, and Is forwarded thence mp the
canal by the Companys Agent Mr.. W b. Isaaes,
to this point; and such has been the promptness
of Mr.. Thomas Dodamead, (the transportation
Agent on the Road) who has afforded every iacil-
lty IN his power, and the untring efforts of Mr.
lsaacs, that no delay has been oceasoned there
The Interruptions in the Canal navigation ha.
sometimes called forth extraordinary eXertons
the part of these gentlemen to pass the iron
under the circumstances, to meet the wants ot
this company; and it is just to say they have ney
er been found wanting
OF the quantity of Iron purchased since YOU,
last meeting. Including one thousand tons pur
chased during the previous summer there hay,
been received
And placed on the track LOO ton