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


the stockholders to order; and on his motion
THOMAS G.. COLEMAN, Esq, Of Halifax was
called to the Chair. and Mr.. DAVID I. SAun-
pEns Of Richmond. was appointed Assistant
On motion of J. B. Stovall, committee Of
i've was appointed to examine the Proxies
and report the amount Of stock represented
in the meeting.
The Chairman appointed COL George w.
TONNES Of Pittsylyania. Wood Bouldin,
Thomas r. Giles, William L. Booker OF
Amelia and Mr.. = Watkins of Prince Ed
ward.
( A discussion having taken place between
Messrs. Stovali. Wifcher, Clifford, Atkinson
and Townes, rs to the propriety of reading
the report of the President befor quorum
was ascertained to be present,
On motion of DIR. Atkinson, the meeting
decided to have the report read.
President WITcHER then arose, and. at his
request, Mr. David l. Saunders. the Assistant
Secretary, read the report as follows I:
GENTLEMEN In presenting this, the seventh
annual report. the Board of Directors can bat con-
graduate you on the prospects Of the company. In
regard to the business and profits OF the road though
regret that my first COMMUNICATION to you on their
behalf viii not present SO fattering statement Of
it's financial condition, it has been the good for
tune of you late lamented president sometimes 10
submit.
At your late called meeting 10 April last, reso
luton was adopted authorizing 1.-THE Board Of Di
rectors to borrow on the credit OF the company
sum not exceeding 100000" 90 the wants of the
company might require land 10 such way and on
such securities and terms" al they should ''deem
best tor the interests of the company, having 10
view by this action the object OF securing suth
cieut supply of funds for a speedy completion oil
the road to banville, result which we have all
looked to with anxieus and eager expectation.
Soon sfter your adjournment, the Board Of Di.
rectors took this subject into consideration, and
after mature deliberation, determined to issue the
payable five years from the lst of August Last, In
Gums OF $500 each, with coupons OF interest at
tached, payable semi annually. These honda were
prepared in this form, under the conviction that 1t
was the surest method OF securing the amount re
quired to push forward the work on the road to its
completion with as little deley possible, antici-
pating no difficulty In effecting the negotiation of
these bonds, we were met with o condition in the
monetary affairs OF the country which has derang.
ed and embarrassed our operations. 1t is known
to you a.! that the financial endorsements in this
State and the stringent condition OF the money mar
ket everywhere, has not only affected the opera
lions of this company, and so far prevented success
in our negotiations, but all expensive and extended
operations, whether OF Incorporated companies or
Of private enterprise, are more or less suffering
from this sudden and unlocked for condition OF
affairs, which has extended its influence throughout
the country.
The introduction oil the financial affairs oil the
company at this point was deemed important, that
it might at once arrest your attention and claim
your consideration, to devise the means of relief
from the pressing embarrassments which at pre-
sent surround in attempting to meet your expec.
tatons of the speedy completion of the road to ts
western terminus.
You have already been informed that since Jam
uary 1852, when your Chief Engineer made an es-
road to Danville, great increase in the cost OF
material and labor has obtained in every depart
ment, and what was then believed to be sum suf-
fcient for the successful and speedy completion OF
the works, ia: been nearly doubled by the large
advance in prices.
Indeed it was known before the bill passed grant.
ing loan to this company of 100000. that the
amount deemed sufficient at the session when the
bill first introduced before the bill passed into
law at the succeeding session. was below the sum
required, because before that time iron had advan
ced in price to nearly double what 1t was estimated
at the session before. And these remarks are ap-
picable to all the loan bills then pending, and YET
none of the companies thought it advisable to
change the amounts of their application.
If the pecuniary difficulties which now harrass
and perplex the wisest had been foreseen by thii
company, many liabilities that have been incurred
would doubtless have been avoided, modified
is thsir ~fccts upon operations not to have
been seriously felt Since entering upon the duties
OF my office as your President the Board of Direc
was deemed absolutely necessary for the preserya.
ton OF property or essential to the profitable use
OF that portion OF the works of the company alrea
dy In operation. As early July last the Engineer
was instructed to give notice to the contractors
along the line, other than those whose contracts
were based on the stock of the company, that they
must either give up their contracts or wait the nav.
ment Tor their work until the bonds of the company
about to be issued could be negotiated or take the
ponds In payment upon such terms they should
be sold tor in making our negotiations of them
and we are pleased to say some the largest contrac
tors have conseRed to these terms, and we hone Al
no loss to them. This course was deemed ndis-
pensabie, because we saw an amount of contracts
existing at the time came into office, and then
in progress of rapid fulflment, far beyond any
means under the control of the company for their
payment
twill be seen by the Treasurer's report, that the
whole means of the company on the 30th Septem.
her last was $2l9,S52 16, to which 10 added the
probable nett revenue for the fiscal year endino
3oth September 1885, $4,000, which is considered
aiair estimate OF the working of the road. He
also shews the liabilities OF the company 10 the
| same date OF 1850 10, including the Interest
that will accrue on the guaranteed bonds and State
loan, due LIST January and LIST July 1855. Whilst
US true par. OF the mears stated are not imme
dia,ely available, consisting of delinquent ptocb
and county bonds yet it Is believed that comnar
a'ively email sum will be ultimately lost To- the
| company, even from these sources. NEVERTHELESS
none on lnese can De Immediately made available.
| excepting the earnings of the road and the fund
rom this source has already been so far anticpafed
asto De unsafe to make any additional drafts pnon
It Tor some time to come S0A
we know that 1t 10 extremely difcu]t IN as,;,,
the cost OF railroad with all of it's ot
buildings, bridges, furniture and MACHINERY with
any tnlng IKE accuracy or precision vet with the
hgnts now before u.s. we feel confident that i, viii
not require more than S400 600. nor will i, rear;ra
that sum exclusive of the revenues of the roaa ~
nnlsh It, unless the money could be nrocnraj -, ~
push the work through 10 few months-in that
case no aid could be expected from the nrofs as
the ROAD as they have already been anticpa,ed "a
stated above. We are, however, of opinion. that
me road could be completed for the ann Of
SsUUWo, 1t was thought proper to postpone the
buildings and other fixtures that might after ;ts
completion De provided for out of the revenue. af
the road and be supplied after the whole road va
opened to the town of Danville when ne orosa
receipts cannot fall below s4O0, 600 Der apnmm and
VII Ill more probably reach $500, 900, or upwards
Inc great pressure upon the COMPANY m rho
present moment, Is the want of means to nav orr
oogafions In iuhlment of the foreign contract far
i1on iais % also the duties $50 tons In Custom
noase bond to put 1t In the company's possession
ano under ifs control. The sum immediafelv re-.
CURED to close mp the iron contract is about
Soo,ooo, and ", 900 to pay the duty on CARO- In
oond, wanted tor present use, the remnining
qusniiy OF iron in bond viii not be needed beiors
adoHional means can be procured, maxine the
amount required at once for this part of our one.
iatlons $42OoO. Unless we can provide II once I'm
the payment of the balance due on this iron con ~
tract II VIII seriously embarrass the comnsn, .na
nay involve loss in damages that II wouid be
dfiicttlt 70 estimate II the sum shoxa ,.....s -