The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1856-11-05


To make up your entire capital stock Of 0G0 OF
"That of the capital stock so subscribed there has
been expended, up to the Both of September last
the sum OF S253 e5346, leaving balance of funds
now on hand, which, together with unpaid requisi
tions, amounts TO the sum of S242, ,43796, for the
further prosecution of the work"
The following extract from the report embodies
some important suggestions:
"The total cash estimate of construction and
equipment amounts TO 81 056 526 which is $50 52s
more than we are empowered by law to borrow,
even when the whole of our capital stock shall
have been subscribed. Taking into consideration
the expense of etfecting loans and the amount of
interest which may accrue before the road begins
to transport and other contingencies, we may call
this excess in round numbers 100000; and the
question now arises first as to the mode of OBJ
tanning the sum of 100000 which we are author
lied TO borrow and, secondly, as to the further
sum of 100000, as above stated
"After much consideration, your Directory would
suggest to your body, that you avail yourselves of
an act of the last Legislature, passed the 18th
day of March, 1885, entitled An act for the relief
of Railroad Companies &c. and that you ISSUE in
accordance to the provisions thereof, your bonds
to the amount of five hundred thousand dollars
bearing eight per cent interest, payable semi-an
nually, and redeemable at such periods may suit
purchasers after ten years from the date thereof
to be secured by deed of trust or mortgage upon
the works, franchises, property, and effects of the
into stock at the pleasure of the holders and thai
by resolution of your body, the whole nett pro
fits and income of the road, after paying expenses
and setting aside an adequate fund for repairs
constructions, &c, and paying the interest upon
the mortgage bonds be pledged and invested in q
| sinking fund, for the ultimate redemption of the
principal of the bonds 80 to be issued
The report proceeds to give a variety of reasons
why the suggestions of the Directory should be
adopted; expressing the confident hope, founded
upon negotiations now pending, that by the means
thus afforded, they will be enabled to complete
and equip the road by the fall of 1857 But should
the Directors fail in these expectations the Stock
holders will then have ample time to apply to the
Legislature of 1878 for the means to complete the
road.
"As before stated" proceeds the report) syouI
capital stock and the amount proposed to be OBJ
tanned by the issue of your bonds, will fall short OF
the amount adequate for the completion and tuh
equipment of your road by about 00OO, which
will constitute floating debt for the liquidation
of which your Directors recommend that an apph
ca ton be made to the next General Assembly fol
a subscription on the part of the State to thai
amount, as six per cent preferred stock.
with these means, your road will commence
operations without dollar of debt, save themort
gage bonds, and with facilities and advantages
unsurpassed by any other work of the kind; and
will, it is confidently believed, more than realize
hiOot ca ApcCtGtNoAS VI Ils
The numerous advantages of the proposed road
as an outlet to the sea are set forth with much
clearness, also the amount of business required
to pay working expenses, provide for the annual
payment of interest the bonds and to establish
sinking fund which may meet the debt at ma
| turity. The report in enumerating the anticipa
tions of trade and tonnage, says:
| "Siace the organization of this Company, the
attention of enterprisine capitalists has been drawn
| to the coal mines known as the Springfield mines
| A company has been organized with view OF
raising COAL and operations at the pits are already
begun. 1t is the desire and intention of this Com
pany provided only that road is ready in time
| TO carry their coal upon it on its way to market
And they tell US that we may count upon a trans
portation daily of $50 tons during the first five
years Here is a sure and available source of rev
enue. affording in itself at the rate of only two
cents per mile per ton, more than fifty per cent
| the required amount To ensure it, there is only
| required the energy and enterprise which the
Board anticipate the part of the stockholders"
Our space forbids any farther allusion to the re-
| port of the President and Directors. The Stock
holders will doubtless seriously consider the sug
gestions embodied, and If in their wisdom they
| deem such course necessary to the speedy com
pletion of the road. adopt them without hesitation
4