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

caution has marked their progress throughout,
until their operations are below the point To af.
+ ford the necessary and required aid to the ordina-
f ry commerce of the State. This statement of
f facts will enable you TO form some idea of the
difficulties with which the Board of Directs
have had to contend in making negotiations for
] the wants of the Company.
II is truly gratifying, however. to be enabled
/ to present the evidences of confidence Us mani
Tested by the extensive negotiations made.
In every market the offerings very heavy,
and all securities have yielded 10 the pressure.
| Even city and State stocks well known of un-
doubted responsibility and commanding hereto
fore considerable premium are now sold at a
discount.
In the opinion. however, of many well informed
upon such subjects, the causes producing the
present difficulties will soon be removed, and an
easy, if not a prosperous future may with conf
dence be expected within short period.
Rail Road securities have had obstacles to en-
counter other than those consequent upon the
extreme demand for money. These however they
are overcoming and are thereby regaining conf
dencc.
Under authority given them at your last meet
ing, that by anticipating the resources of the
company 10 raise by loan or otherwise, such
an amount AZ may be necessary TO complete the
road 10 the state line" the Board of Directors
caused "A second mortgage to be executed on the
18th March last, covering five hundred thousand
dollars of sx per cent coupon bonds, running
fifteen years, interest and principal payable in
the city of New York.
subsequently, this mortgage has been suspend
cd by covering one million dollars of similar
bonds, running thirty years. The inducement
to do this, was to avoid even the appearance of IA
floating debt, which. in the opinion Of reliable
and experienced bankers, will add much to the
confidence of operators and thereby increase the
facility of u negotiation. Your board INDUCES
the hope with some confidence of being enabled To
consnmmate an arrangement in reference there
10 which they now have in progress, and, if eff
teeied, will place you beyond contingencies and
insure an uninterrupted progress and speedy com
plctlon of your work.
In obedience to your instructions, the Board
Of Directors opened Books of Subscription for
thnt portion of the original capital stock which
remained uusubscrihcd Mt your last meeting, and
five hundred thousand dollars of the additional
capital; but, being unable to make any sales be-
yund previous engagements without some IN
duccment near the close Of the year they ere
ntcd ''prcfcrred stock" to the extent of the a
foresad remaining unsubscrbcd portion of the
original capital. aud three hundred thousand dol
lals Of the increased capital sock,in manner and
form as set forth in their resolution of Bird An
gust last, copy Of which is appended by which
yon will observe it has the effect only of IA tenn
porary loan.
he collections ana subscriptions during the
pnst year have been rs follows
AMOUNT UNPAID lsT OCTOBER, 1854.
On individual subscriptions 66,5O7 81
On State subscription, $4,000 %
-SI53,30s 81
During the past year there
has been subscribed in
the original capital, 7l,lG0 90
By the state W,6oo 90
200 90