Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1854-10-26


Leaving due and unpaid, S9o,997 p
Of which S53,O97 81 is due from individuals,
and SlG.9OO on account of State which to he
deducted from the loan, payments from indi-
yiduals shall be made and reported to the Board
al Public Works.
The following statement will appro INNATE tho
liabilities of the company
Amount due by bills payable, nclu
ding business paper. loans and
ndyancements by Messrs. Sci
den, Withers & Co., Sl49,35 81
Amount due Contractors, by esti-
mnte and bills 272.sap 81
AMOUNT due by sundry bills on
open account, 43i3O 81
Amount temporary loan from State
on subscription, 10000 90
Amount Engineers estimate for
Graduation, Masonry, Bridges
and superstructure, 23oooo w
Amount Bridges and Rolling Stock, HISS ~
-" duty on Iron, in bond. 5o,SH oo
Aid for freight Iron and other
expenses, oo'ooo w
81 ,2i0, 500 %
To meet the above estimated liabilities, the
Board of Directors have the following means:
MORT '' oi,462 II
Amount due 10y bills receivable, 22,29i 81
Amount due on subscription, stock
individuals. 53,O97 p
do do State $4,000 90
do LIST mortgage bonds ON hand, 2Os,o0o 20
do I'd mortgage bonds l,OWO,ooO w
l.l2I,754 81
Amount original cap
ital stock Yet UNI
subscribed by midi
Niduals, 2,3OO 90
BY State 22,6OO 90 2l,9O0 OO
Sl.4l9,65l s.
In addition to the above estimate of means, it
would be well to mention that there are S5OO,OOO
, of the increased capital stock, independent of
the convertible privileges given in either of the
, mortgages
The present engagements or Indebtedness of
the Company with regard to its securities may be
: thus stated
\ first mortgage covering
: bonds issued to contractors,
and running 20 years, 100000
And loan from the State,
running "a years, l,OO00OO
100000
4 second mortgage covering bonds
running 30 years, 100000
So 100000
The provisions for the payment of these labil
tiles are, first, the state loanof which one half of
one per cent. of the principal is paid semi annu-
ally, or in other words IA payment of seven per
cent. per annum pays the interest and cancels
the debt in thirty four years. and for the final
payment of the bonds issued underline first mort
gage, we'll as the second mortgage bonds,
sinking fund of one per cent. per annum is re-
quired by the mortgages to be set apart or in
vested.
The operation of the provisions for the pay
ment of the State loan diminishes the principal
direct and the security of the bond holders is in
the same ratio increased
The aggregate debt of the Company, when the
road shall be completed, will be less than 80 per
cent of its cost and real value This gives an am.
pie margin for uutoubtcd investment; and as
such in tio opinion of all well informed as to the
locality ct the road and its prospects, it will be
proper 80 class these securities.
In bringing the securities Of this Company to
the notice of operators and capitalists the policy
adopted Al }our last meeting, with regard to not
dcciarin; or paying dividends without first max
ing ample pro i~ions for all your liabilities. meets
with mach favor, and continuance of it must
oprr't" greatly 10 your advantage.
Being necessarily compelled to prepare the
above report in much haste aud under djsudyanla-
geoas circumstances, some subjects may have