The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1857-11-24
s3,2a5BI II


~ the above Si,5Gt0J3 - the sum of 81 nor .5y
is tunded-s995Jo o. payable in lSS4-si00 nui On: !
ln The year 1854 and S4Gj so 90 ia the wear I,;Z
the whoie bearing interest at the rate Of six mel
cent. per annum aud the property of the company
iioI sage 10 secure its payment. For the remain
company tor t4-2.4"7 so are issued without
any SPECIAL lien, snd payable a. Yariou
times. The balance (s33,003 52) is the indebted
ness OF the company on sccount of bills PAYABLE
&c &c, after drductinC aEaouut dino 10 ,s,o con,
pany On account Of bills receivable and On otheI
accounts. W.
he foregoing statement shows the cost Of the
ro'G ah't IT'S whole indebtedness II is prope,
1hat the boald should exhibit to the stecklnder,
their views OF the Means ot d,chargiuE the debts
ana thp manner ot~rispu-ng Of tn. urrt nre its n,
the company. shat they may lie able 10 arm a ,nr
req opin'"n OF the value Of their property invested
1t is supposed that 100000 10 NAV h.. .,ssrr,sd
as safe estimate of she gross annual receipts a.,
tne company, as they amounted last wear 10 NOR.
teeii S24',P' w., ~hen the last - miles of the
toa! were c6ed less tnan three months, almost ex
ciusFtiy ior passengers and that one-haif will b
sullcient far expenses, leaving applicable 10 in
teresf, depreciation, dividends and sinking fund
49,; 'I % s3n0UOO "
Dividend Of . per cent. on
~ <3,Wl:546, sl52,o27 80
10 pay interest, 100000 10
Sl0klnG IuuN ~
surplus for depreciation, or
any extraordinary ex-
pense, 1892 10
- S300,o00 90
1t viii be seen from the foregoing statement and
e4hlpit that per cent. dividends may probably
90 PAID, but the Board prefer to limit the cacula
tlun 10 per cent, it may be found better N an
ply more than S21,Ul0 to a sinking fund.
1t is proposed to commence on the lot day of
'uis, 1ooo, ana set apart annually $4,000 as q
SINKING fund, the amount TO be increased yshep
the CoYngton and Ohio Road is completed so "a tn
be prepared for other debts. The sum name1 vii
pay on the two small mortgage debts amounting
10 j1oh0o, the last of which falls due in lSSa and
the whole dividend bonds due in ISt5-'G6 and Is
amounting to $2f7, ,19o-in all $55I,2a0-and ieav,
a balance.
LAST SALE or THE MORTGAGE BONDS.
In consequence of the failure to obtain tn. al,
from the Legislature, which WAS expected at IL
last session. In the form of loan, such rs was ex
tehned 70 the virginia and Tennessee, South Side
and Norfolk and Petersburg compapies this com
pany WAS thrown on it's own resources FIR ,ba.on,
pletion OF the heavy work between NiIlhorougl
ana Jacksons River; the sale of bonds being ri,
ohiy reliance besides the profits Of working III,
road. Early in the present wear il was foresae,
| that causes were operating to brin, down IN,
price OF all kinds OF securities aud vet the comma
| ny was compelled to aggrayate the denrpssinr r.,
coming into the market with their bonds At tha
time the contractors were paid for the Iargast ,,r
| Of their work in bonds. and the comnetifion h.
tween them IN their monthly sales had sunk Their
| III the market to $40; whilst they were maid I,
| them at $50 In this state of things il was anna
rent, that when the directors came into the M ?
ket aionSstie OF the contractors, the price must
| from that cause be much farther depressed Tba
PRESIDENT applied TO the Board for authority Z,
change the contracts by which the bonds werf
paid out for work, and 10 be allowed To naoot;,tf
Tue sale OF the whole Of the remainder Of the mil
llan mortgage. He effected an arranpe1nent Mir
Tie contractors by which they were 10 receive M
more bonds, and upon the assurance that tbsx
would cease to crowd them on the market, h,
was enabled to effect their sale at SI5 which va.
s. above the market price previous TO that tirns
III was fortunate that this arrangement wa,
haoe' as subsequent events have proven that othel
causes would have rendered it almost inpractica
bic TO raise money the bonds nt apy nrics. anT
yet the credit of the company would have hsat
jeopardized and greater sacrifice must have hesr
made In sofne way to raise money The an,onnl
sold at $50 was about s250,000; ami whilst the ne
cesslty OF reducing them below the nrice erst al,
was regretted, we have good cause 10 bo sa,,saec
with the sale. as the bonds of the State hays snc,
been sold at $40 less than the price which ,hes,
commanded. ~
Blue RIDGE TUNNEL.
The antcipatiOns in relation 10 tho compla,I,,
oi this work, which were expressed In the last re
port to the stOckht lders have not been r.,IivaJ
~ the date OF this report the company hay. n,l
| obtained the use Of IL.
In the month Of July, the Board having bea,
ihuuceu 10 DfiltNe tnHt IL was expected the frArL
would be laid through the tunnel In a few laws
and learning that there was a large amount =,
arching yet to he done, for the sake of greater
curity against casualty at future day, though NO
required at the present time. (Which IL was the In
tention OF the engineer Of the Blue Ride Eailro
TO construct after the Of the tunnel was con,
menced by this company the Board of Director,
addressed communication to the Board of Public
Works, setting forth the danger OF having such
| operations euried on ia the tunnel under the su
peryision OF any other authority than that which
controlled the running Of the trains, The cor
rectness Of the views Of this Board were assent d
20, TN an order passed by the Board "a Publ
Works, consenting to place that arciaing under
the supervision OF this company as soon as the
track was laid through the tunnel
The temporary track from Miiborough TO Jack
sons river, one mile and a half In length, il il
said. will accommodate the business Of the road
until the Covington and Ohio Railroad 10 CONF 10
ted.
The report refers the sntjeet q free tickets d
the stockholders explains the terms oa which the
telegraph has been established along the line pro
nonnced the rolling stock aud road 70 be in letter
condition than at any hrmsr period; and recon
mends reconsideration OF the resolution adapted
at she last meeting. prohibiting others than stosk
holders from acting - proxiss. a<@sts
A onr readers are aware, tha road v u0w ektena
"A feS mflsa from HichmcnA and within nina mklo1