Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1855-11-13

| preparations for tho production Oh Cohl, Iehu,
| Copper, and the various metals are going on with
| marked Improvement; and the adaptation at the
| country TO produce. in abundance. every thing TO
| support and enrich man, is attracting great at
| tention from abroad. which will induce tide OF
emigration TO swell our population, increase the
capital of section. and augment our tonnage
| and travel.
All that has been claimed for this great i'm
provement, by its most sangnine friends, has
| been fully endorsed by the Board ut Pubic
| Works, who. in their last report say NV hen
completed, it will necessarily be sought, by pro-
.,ductions and travel, more than equal to its ia
.'cties for transportation, and travellers VIII De
Furnished facilities for rapid transportation
| atbrough mountains and valleys whose scenery
| ..is unsurpassed in beauty; and "A population,
| ..produciion and Of country will be made
| ,.iributary to this Road whose extent cannot be
| calculated"
Daring the past year. l.403 pounds OF
| Copper Ore have been transported over the Road
| and the Board of Directors are impressed with
the Importance of extending to that interest every
| practicable encouragement, by liberal discrim-
| nation in its favour. They have also deemed
it important to see if any justilable facilities
| could be afforded beyond the main line, and with
| that view the Chief Engineer, Col. Garnet, has
explored the sections of country lying between
the line Of this road and some central point in
the Copper regions in Carol, Grayson and Floyd,
"
port is herewith presented, giving you the result
of his observations.
FINANCIAL AFFAIRS.
The past year was commenced with balance
on hand Consisting of cash and six per cent
bonds) of S94, 1927.
The annual statement of the Treasurer showing
the condition of the Finances of the Company, Is
herewith submitted 1t presents the receipts and
di sbursements for the past year as also the re-
oeipts and disbursements since the organization
Of the Company to the close of the last year.
The aggregate receipts from all sources, in
GLIDING balance ON hand for last year,
were -Tof3,ooc'%o
Disbursements -.S4u, l3I,9O
Leaving Balance on hand $39, 4}}36
The receipts since the organization OF the Com
pany have been s., 733 74l 90, and disbursements
S5,694, 3O7 60
A statement giving the yearly receipts and dis
hursements of the Company is annexed.
The embarrassments of the Company were
greatly increased by the suspension of Messrs
SeldeE Withers IL Co., in November last, before
arrange ments could be perfected for substituting
the enlarged Mortgage OF s 0O0.0 900 for the then
existing one of $5OO,000 of Is March, 1854
reported to you at your last meeting.
1t will be borne in mind that the whole cf the
Bonds sec ured by the Mortgage of Is March 1854,
were placed in their hands for sale and that they
had made dvances on them to the extent of one
hundred and ninety thousand dollars in the form
of acceptances. At the time of their suspension
only small por ton of the Bonds had been dispos
| ed of, and those remaining unsold in their hand
were placed beyond the control Of the Company,
| rendering your Board unable to provide for those
advances without resorting to means Independent
thereof which. under the extreme pressure of the
| times, was extremely difficult to do. They were
however enabled to accomplish it by aid of loans
| obtained of individuals in the city of Richmond.
and the kindness of the Branch of the Exchange
Bank at Alexandria.
All the Bonds then remaining unsold in the
hands of Messrs Seldom. Wthers ~ Co., have
since been release d and destroyed and the mort
gage securing them cancelled to that extent
| This however required considerable time. during
| which your Board were not only without Il basis
for making negoti atoms, bnt further ncumbered
| by the then cmba >sed condition of your secu-
rites, added to which was the burden of accumn-
lated and accun,uating liabilities consequent
upon the contin-i led progress of the work during
! that period.
no direct loss has been sustained by this
trasaction beyond the expenses of attending to
| it., aud the Board Of Directors freely say that
! whatever may be ascribed to the misfortune re-
| suting from this connection, it is due to those
! gentlemen to say th ey evncedthroughout di spo-
| sition to relieve thu Company from all the emhar
easements connected with or growing out of their
suspension, and promptly secured tie indebtness
! against all loss. which arrangement carried
out by their Trustees, Messrs. Jno. a. English
and William Bnyne with all practicable faci-
ties.
There remains yet due the Company from
Messrs. Selden, Witht rs IL Co., four thousand
! eight hundred and thirty-one dollars and W cts.
balance account current which will doubt
less be paid at no distant day.
| After relieving the aforesaid Bonds. the Bonds
under the mortgage of st July, 1850, were ISIS
ued and placed upon the lnarket,and five hundred
and eighty five thousand dollars were negotia-
ted up to the Both Sept. Is ST. and about one hun
! dred thousand dollars since that time. leuy-
ing to he negotiated three hundred and fifteen
thousand dollars.
! The subscriptions and CT Elections of stock for
| the past year have been, to- wit;
! Amount unpaid list. Oct 1854.
| BY individuals. 53O97.3
Add subscription during the
| year @o,4OO.oO
Sl26, 397 IA
of this there has been collecte d -. -, 1862 %
Leaving due and unpaid -.-...- l0i. l35. %
| of which S45,235 % is due fl an individuals,
ami S5S90O ON account of State subscription.
The most active means have been taken and
Will be continued for the collection "f the
| paid balances due on stock and it is hoped that
| no nil he,