Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1855-11-02
Mentine of stookholders


Wednesday.
4 quorum being in attendance, the reading of
the reports of officers of the company was call
cd for. President Mcdaniel read a voluminous,
minute and satisfactory report, the following sy
nopsis of which we take from the Republican
The first part of the report exhibits the fact
that the salaries of officers. employees, and the
price paid for the labor has been reduced not
withstanding an increase of fifty per cent. in the
length of road run.
RECEIPTS.
The gross receipts from all sources have been
$3.50 92025. The expenses SlD. 800. S5.-shew.
ing nett gain Of Sl26,: 800 40--whioh is upon
average length of road of one hundred and thirty
miles-being about per cent. on the former
tmated cost OF road. Estimating tho cost of the
entire road at millions the receipts 1904 per
cent. upon this portion. This is exclusive of ma
teral transported for construction of road. which,
at regular rates would have been S36, 800 more
TONNAGE.
The aggregate tonnage upon the road is 25.-
1851 against %, 554t fast year. The number of
passengers 81 ,003 against Sc, ABS of last year
The same increase ofreceipts for the coming year
would give about 800, 900 for the ensuing year
This certainly secures the payment of all expen
ses of the road and interest upon debts.
APPRENTICE SYSTEM.
This system has been tried and found to work
remarkably well. Out of Il engineers now upon
the road commenced as firemen. or, upon other
train service.
PROGRESS OF CONSTRUCTION.
At the close of the last year there remained on
" of graduation and masonry $4,000. During
the past year 81 miles of track were laid.making
1i91 miles of rails laid of which. l454 were
in operation on Both of September. At this time
there are I53 miles laid. Tho report then shows
that in less than five years 100 miles will be in
md yhola aa1 had do ito
extraordinary obstacles leaving only A miles
of track to be laid
The estimated cost to complete the original
construction, water stations and depots
struction Of cmbankments removal of slides aud
and laying track is sl2S, O75. The whole cost
of road to this time is 5469,7SO7 5.
BRANCHES.
Upon the Salt Work branch the iron is purchased
and delivered, and there remains to be done of
construction about $50 000--making the entire
cost of this branch about $685. 900 The fnan
of this branch are entirely separate from
those of the main line, and there is upon it an ex-
cess ofprovison of Sol 900.
CONNECTIONS.
Since the last annual meeting arrangements for
transferring tonnage to and and from the canal
have been completed. These arrangements will
be found eminently satisfactory. The South
Side has also formed its connection whit his road
1t is estimated that all the connections will be
formed by the close of the year 1857. Thus with
in two years this road will be in connection with
the Miss. river at Memphis the Atlantic seaboard
ut Norfolk, also in direct communication with
Nashville, and ut Montgomery Ala. will tap the
current of travel flowing North from New Or
Leans. During the year near two million pounds
of copper ore have been transported over the
road-the Board are impressed with the impor-
lance of extending to this interest every practi-
cable encouragement.
FINANCES.
Aggregate receipts from all sources are 1879
563 26. The disbursements S56l,l05 40. The
report then shows the entire eXiricntion of the
Company from Selden Withers & Co.
The entire floating Indebtedness; of the Com
pany on the lat ofOct. 1854, was S555,625 b.
The increased Indebtedness during the last year
consequent upon prosecution of work was 1876
379 10. During the year there has been paid
s67366i 65, reducing indebtedns to $555,33O
So.
\ comparison of this road with other roads in
the United States. seems eminently encouraging.
The cost of New York roads exceed this by fifty
three per cent, and the indebtedness of same
roads exceeds indebtedness Of this per mile by if
ty four per cent. The Baltimore and Ohio road
Is greater than this per mile by % per cent.
The report of Chief Engineer Garnet (Which
appeared in issue of yesterday morning.
was then read.
report from Superintendent Gill, setting
forth the condition OF the rolling stock, opera
tive material, machine shops &c. &c, was next
read.
The examining committee, Messrs. Christian
and Manson, reported the books ,accounts, vouch-
ors &c.,of the company to be in proper condition.
The following committee were then appointed
10 take into consideration the various subjects
embraced in the reports:
J. +. Johnson, Judge Fulton, Ro. j. Davis,
Samuel Garland, C. A. Wingtied, Col. S. Hnmet
jr., G. l.. Crockett, Mr.. Pendeton, David Ora
ham.
The meeting then adjourned till 10 O'clock
Thursday morning.
Yesterdays proceedings were received to-"
late for insertion in this mornings paper; they
will appear to-mo rrow.
THEY Don't SEEM TO MIND IT.-'rhe Albany
1tiaS, (rcad out some time before,) in referring
to the expulsion Of John Van Buren from the
democratic party, by the Cabinet organ at Wash
ing'on. says:-
Every day after the King of 'rartary has set
down to his repast and eaten copiously of horse
| ilesa aud drunken freely of mares milk. he or
ders his herald to proclaim through portentous
! ox-horns. to the North the South, the East and
and father of the Moon, has dined the munarchs
Of the rest of the world now permitted to sit
down and eat" There is but one parallel to
4 6 H. obi - 1n