The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1854-12-14

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Haar q lie seociho,ders hate generously ofEsr-
| "a TO endorse frf the company, and ~ havo had
such short dine fhas Ne have considered prudent
to decline taking them, or 20 permif gonesuusand
public spirifed stockholders 20 endorse when there
was not certainty that the company could pay ct
| maturity; which cannot be done upon ehort leens
payment placed ri sufficiently remote period 70 en-
sure punctusiiiy, & would be morally wrone h our
view TO enter into obligations Of that sort You viii
| not, We are sure understand m . doubling the
ability Of the company. II properly managed, 20
meet its present oustaning liabilities d maturity,
excepting the coutractsns account Of iron-thehe.
cessary provision for which your attention has
already been directed to-but only - being unwil.
ling to extend that liability further unless longer
| time can be obtained for payments to be made.
| Wehave thus briefly presented 70 your conaide-
ration the present financial condition Of the com
pany, and ask you to weigh seriously the bearing
/
| You were informed by the last annual report that
the Board had through special agent, sent 10 En-
gland for that purpose coDcIudedtw contracts for
200 tons of iron rails, the full amount requisite to
Law the track of the road to Danvile, and that the
| cost estimated at tbst time would leverage not
quite sixty dollars per ton inclusive Of al charges
delivered in this city," The snficipaiions of the
company, regret TO say, have not been realized,
Both these items In the form Of freiehs insurances,
exchange, &c, were nearly doubled, In the execu.
ton of the contracts from causes that could not
then be foreseen avoided, and consequently, to
that extent the cost of the iron increased its
average cost IL found to be nearly S65 per ton de-
livered at City Point and the cost upon the track
of the road either at this port or at the Junction to
| be upwards Of e66. The quantity received under
these contracts is 305 tons, which will lay the
| road from Stauuton river to Within ten and half
miles OF Danvle leaving adefcit of about 1000 tons
| yet to be purchased to complete the track which
| can no doubt be bought at a much lower price
The first shipment of GOO tons, as you were told,
was to have left England In the month of October
1853 but was delayed till the January 1854, and
when at 81 days out the ship sprung leak and
put back to port. After retting by the necessary
repairs, she again put to sea- but as if doomed to
destruction, in five days the ship and cargo went to
the bottom.
The other GOO tons that was to have been shipped
in the spring of 1854, did net leave Liverpool till the
August Thus, instead of having the use of 10 addi-
tonal miles of the road for at least six months of the
year, unable to move foot till after the let
of Ssptember--a delay which we all much regret,
and the Board had no power I'd remedy. Since that
time every effort has been made to push forward the
track and have now the pleasure to say that the
track is completed to South Boston, distant from the
terminus reached previous to the last nral meeting
masonry and bridging Of the read to Danvlle in such
forwardness, that no delay would be encountered
laying the track to its western terminus, had
required for its completion. We have now reached
the valley of the Roanoke that rich and fertile por-
ton of Southern Virginia. favorable fer the naviga
ton along the Dan rver opening the trade distance
of about 100 mee to attract large trade from
both sides Of that river, and taking in wide border
satisfied to remain till the of the road can
furnish means sufficient to continue its onward pro-
can be procured either from the saeof the bonds Of
the company or in loans upon such terms IL would
be safe to take with certainty of the ability of the
company to meet at maturity. We have not at THU
| time much hope that the bonds of the company will
| be taken as mere investment. If sales are made
they must be prompted b. the known liberaty eft the
stockholders to see the work progress and fol
such noble end Mp one should be expected to give
more than they can conveniently spare, and know
along the line Of our road that small portion of the
surplus would be thansucient for that purpose
hs
be more than willing to como forward to aid and
make the necessary loans. and upon liberal terms.
sufceni to 1simSuIss evsry dollar borrowed for shis
purpose As an earnest of its future revenues com
psrson Of the gross business to the close of fiscal
year. 30th September 1854, with that of 1853 fn ly
come wss $Ie4 "a; ana in 1854, saa5ss4 4o; sheW
ing an increase of $50 and that too without the
use Of any material increase in the running distance
but for few days, with very short crop of tobacco
and not much more than half crop of wheat from
the quantity sow1. It is well known that the auan
| now trayersed BY our road, and which must seek
market through its line channel il several tine
greater than before the road whilst
the growth of that agricultural product alone is
yet in its infancy. and will doubt be quad upled
when it shall reach its terminus Beyond that point
any portion of the rich and fertile region through
which we now pass, either la extent Of territory
1t has long been known that railroads 20 yery far
towards raising their own support by the new life
and energy they infuse into agriculture, commerce
transportation having proper regard to the health
full promotion of all those interests in estabshin
such rates of toll ast invite trade and travel whilst
at the same time securing to the road remunerative
revenue In view of the financial condition of this
company, the Board have established such tariff Of
tolls as they Thought under the circumstances just
and proper, whilst is believed by many that until
the read is completed an increase upon the present
rates would be proper, fother running in
competition with it would adopt similar rates. but
without such co operation 1t might not be safe to
change the present rates on some articles.
| With view to an economical system in the divi.
sion OF labor and responsibility in the operations OF
the read the subject of salaries has been revised and
reduced to something like that paid BY most Of the
neighboring companies. The measure was known TO
be harsh, and one at all times dssgreeable To exe-
cute, and of course unpopular with those AT. cted
by it. although few of the salaries paid on our road
now are below what they were twelve months since.
Whilst at the time it was subject of complaint,
and some resgned moat of them have again return.
ed to the service of the company; and we do not
know of one instance in which the company has suf
fered by the change Generally we have excellent
set of agents, whilst occasionsliy have been de-
ceived in selection but 1t was ascer.
tanned that they either incompetent or uesli.
gent in their duties, they have been removed JUS
tice alike to the company and the public demand
that feelings of Kindness should ever prevent Che
proper exercise of the removing power for the pub
lie good.
The reports of the chief engineer and superinten.
dent of ansp cration furnish all the details of the
progress and condition of the road and its ro,linr
stock, and the general statement of ITS operation
during the fiscal year. to which respectfully re-
fer You.
Your attention 10 particularly called to the financial
sa:ements furnished by the secretary and treasurer
prepared in nformity with your resolution ado pied
at the late called meeting. -
Notwithstanding all the endorsements with which
We have been surrounded and vexatious DELAYS th
have attended the execution of the iron contracts
and consequent loss and annoyance to the Company
By them, the road has made rapid pro towards
its terminus Upwards of 10 miles Of the track have
been laid in less than three months and nearly the
whole line completed for the rail. In the MANAGE
ant nj Ma