The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1856-11-14
LOCAL MArrnRa

| Of Stockholders Of the Virginia Central Rsarc.,
Company, was held ct Odd FelIows Hall IN ~,
city. yesterday afternoon, It half past o'clock
On motion of Mr. Page, of Hanover, Mr. AIIrr
chair, and on motion of Mr. Wickham, of Hauov.,
Messrs John Garrett and G r Netheriand uer.
appointed Secretaries
On motion, the usual committee TO ex anime nror
les. and report thereon, appointed, a. follows
VIM II Tate Of Augusta John Wood Ir of Alha
marie, and Henry w Quarles Of Richmond
The committee having performed the duty a
signed them, reported that there were present il
person or By proxy. more than 1869 votes; ueces
sary for quorum 44l9. An organization hayiua
larry to business
The Presidents report, of which the following
Is synopsis, was received, read aud adopted:
The President and Directors eonxrstuIate the
stockholders upon tbs present prosperity OF the
psny and the exeelienl condition of the road The
receipts dulDg the year have far exceeded ~. .si
mares amounting, from all sources to d 5o9 ais &
psins an Increase Of S29 e47I2 on the recein.s OF
may be safely estimated at $500 0e0 and il the bro
pnetors OF the various springs shall enlarge their
s scsomm odations, they have doubt the receipts
VIII greatly exceed thst sum- The Whole snopnt
paid out during the year for expenses n 257 9s "a
Ih's sum 10 about 30 per cent. OF the whole .ross
receipts and leaves balance of $3.50 $685. which
ton of the road, would have been mhisct ~ 4; ~
dend among the s.ockholders after dedu lin nro-
Psr sum for depreciaiicn of road and macbinery-
with regard to the progress of the work the report
states that miles of The road we've
Into use early in the month of July and even that
snort extension towards the Springs had most Sc
shle sHsct in increasing the travel
The Legislature, last seskiop having disapnoin.es
the confident expectation entertained of rscev;ns
soma aid in the prosecution of .he work prudence
CURED hat the board should nsent to some curts.
msnt OF their operation Arrangements W ere tber
fore ade with the contractors to transfer ALI ri
iorce they had on the ten miles next to Covinston to
HactlOD he Isef x,ixa
present terminus for the purpose of citing il into
operation ar as early period next rear as possible
ns con'raetoss except for small amount of work,
agreed to receive the mortgagsd bonds of the com.
peny in Payment far their work at $50 in s 100 f,,
ossh prices; and the board determined to issrs 10
contractors no more tweive-month bonds
On this section comprising twenty uiles of this
hea-iest work the line u large portion of The
work had ready be- done A nIact for the Iron
having been made with the house of Bsrinss Len.
don pay able twelve months from delivery the .oi;
cy of concentrating all the force there will ensb,
the Board to have the road in alton by ths ,t OF
July, 1871, to point on Jacksons river, two miles
above Clifton Forge where it will connect with a
good turnpike about thirty miles ON the White
sulphur and Sweet Springs. When tbs valley OF
the work have been overcome, and the road will be
accessible to tho treds Of large and valuable portion
the western part Of the state besides bringing the
Sweet sfr.nss aud White sulphur within one day,,
ride fsr passengers from Petersburg, Richmond Al
exsndra, Washington and Baltimore The terminus
will then be only about forty miles from the county
seat OF the counties of Monroe and Greenbrier with
| fms roaas the W ole distance Connecting them
fhs complet1on of the road to the valley of Jack
sons rlver will secure to the company all advant
afes they can enjoy until some portion of the Gov
| lnston and Ohio road il done; and tbs remainin,
| ten miles from thence to Covinston, the commence
nent of the State work. will be completed whrneye,
found necesaryo be ready for the State road a. fa,
ss the White Sulphur Springs.
1t is believed that the Blue Ridge Tunnel will be
nsxt sprng Col. Crozst, the engineer, states thai
'ths drills from side to the other srs now heard
very plainly" fhe total cost of the four tunnels
5ot fee as stated in note appended to the report
In aludiny to the perfect success Of the mountain
track the report compliments the skill of Mr. Ellet
adnirable management Of Mr. Netherland, the su
perintendent; and says it to furnish informa
tien Of incaculabie vniue to all who may hereafter
be engaged in the construetion of railroads thrcugf
mountainous regions where natural difficulties ii
shs want of funds would otherwise cause delay il
! their completion.
With regard to the anticipated payment Of ths
! Este Quo Me&r. Barnss, the report says:
Pho serious asitaion resulting from the interfs
| enee of northern fanatics with the domestic
Germs OF the South, disturbing the political tranquil
ty Of our Union, calculated to affect the credi
Of all American secarties abrcas A the stockhold
ers were Informed in the last report purchase o
COZ tons of iron had been made of MesTs Bdyings
payable IL months from time of delivery. In pIo-
posing tho sscsnd purchase of this house, of which
mention is made in the previous part of this report
consisting of 200 tons. the same terms, it wsi
very gratifying to find their confidence in the crsdlt
| of this company was unimpairsd 1t would be
just to Mr. Est not to say that this confidence is in
degree to be ascribed to the impression Fosde
during his visit to England last year, on the busnes,
| of the company
'The board Is glad to be able to state, that with
vsw of assuring the Msesrs sarnss that their conf
| dence In the punctuality of this csmpay was not
| misplaced, the settlement of more than half the
amount due neZt March, for the first 100 tons wi
be anticipated by paying it in the present month o
| October"
| The report refers to the connection with the York
River Railroad, in the city of Richmond. and to va
Iious improve.ens on the line of tho Central road
with which eur reaseis ere already familiar. The
| following paragraph is interesting:
The public confidence in iron bridges has recent
ly been somewhat impaired. ana although those
Chatlo ttesvlls have given no indications of weak
yet simply because iron Is material that some
times yield. without any pIemoni,lon: Of decay the
| gpard-brid ses of wood to be constructed atibe RI
wanna and Aoorss creek, for supporting them which
# ai.eonn.cted entirely from ths iron bridges"
Some addition will be required to the stoek Of en-
snes and cars in view of the increase of bnsiness
| the present line of the road, and its extension it
| With regard to the Dissatisfaction manifested
within the last twelve months by that class Of stses
holders who were excluded from dividends, viz
! those who became stockhslders under the acts fo
building the western portion OF tbs road the report
says; 49,. -. ..u,.
legal counsel and represent stions have bsen made Il
| the LegisatuTe the subject, to our great prejn
! dice Finally, the city of Richmond, which In he
corporate CAPACITY holds 600 shares. $500 zoo o
eur stock being Of the excu1ed stockholders nsti
| tuted suit against the company for the recovery
| Whist was claimed to be her share of the distribute
| BILE fund.
sin this state of tho case, conference HEX
| between the board and commtse OF the City Coun
| ell and the board agreed to suspend any action OF
/ the Tubact of dividends until ths meeting OF tin
| stockholders. propt sition for compromise wa
made by the City Ccuncii to this effect. viz that !
the stockhol6ers in general meeting would eonsen
TO make dividend until the road ia completed a1t
then place all stockholders footing of equality
| their suit should bs dismissed
| Tho board, though their opinion Of the sbstrac
| Justice of the former practice IL unchanged nos
| unanimously recommend that this proposition TO
| compromise should be 50 far accepted es to make ~
| dviddnd until the road is completed to Jackson
river the point which will be reached ne=t year. tel
miles below Covington and that aftef that lime o.
| stockholders who had contributed to BUILDING th
road to that point shall be a common footins witt
respect to dividends. This will be practical Con,
pl'ance with the terms OF tbs proposed compromise
and the board hope II win meet with the sprrsbitio
| of the stockholders"
The estimatsd cost now to be Incurred, OF gettin
| the road into operation TO Jsctsons river AMI q
other payments which win fall duo by the lst day
January, 1853, 10 e6i5s65 The resources to NEE
this amount, shown ty an estimate ct the Close
| the Presidents report amount to e6s2 s94 So
| The reports Of the Treasurer, Superiutenden'
| &c, were then read and adopted.
/ 4 petition was received from Henry N. Lpney
of Orange, for reimbursement for damage sui
tanned by him in 1855 from fire. communicated
Il ID =. ASAA k