The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1867-05-23

take to build"
They foresaw that the completion of the
road to Covington, the payment of the
floating debt, the renewal Of bridges which
were constructed in a very temporary
way at the close of the war, rebuilding OF
dep6ts and water stations, changing the
temporary to permanent track at Millboro',
and the renewal of large quantity of
iron, with other obligations now due, or
shortly to become due, would absorb for
several years to come all the means Of the
company called "nett income," or the
surplus after paying interest and the or
dinary expenses Of administration. In
view of the forfeiture clause in the acts of
1866 of Virginia and West Virginia, they
did not think it prudent for the company,
with the existing membranes on its pro-
perty, to rely entirely on taxing its credit
to raise the large sum required, at least
$40, 100000, and by failure to complete
the work within six years in the manner
prescribed, to hazard the loss Of what
ever might have been expended, and to
Iieopardize their existing property in the
Central road. If, however, as stated IN
their resolution, at least So 900 of avail
able cash capital was placed at their dis
posal and expended on the work, the
Board thought that the amount Of work to
be done being thus reduced, and the basis
of credit increased, it might be possible to
borrow money enough to finish the work.
BY Mr.. Fisk's estimate the road graded
for a single track, and with single track SUI
perstructure, but with tunnels, bridges, and
masonry for double track, will cost nearly
thirteen millions of dollars $4,000 ,OO0)
Something over three millions of dollars
ts3, ,000) has been expended on the
work, the greater portion between Coving-
ton and the White Sulphur Springs. If
the currency remains depreciated-as at
present-this sum may not be more than
enough to make up the difference between
currency and gold, and the work to be done
NAV cost as much as the estimate Of the
whole viz, l3,000,O00.
This is a subject requiring much delibe-
ration and caution, and as such it is sub
mitted to the calm Judgment of the stock
holders. 1t must be remembered that the
cost of the work may be extended beyond
the cash estimate, in proportion to the sac.
rifice in selling bonds below their pal
value, or being compelled to let the work
to contractors at higher prices, for the want
Of cash to pay monthly estimates.
The uncertainty OF the value Of the
stock of this company while its road re-,
mains only local improvement will JUS
tify its iucurring some risk, and, indeed
making some present sacrifice to insure
the completion of the Covington and Ohio
road. But the benefits resulting from the
construction of this great work will be .
| IL a vi Il
in Richmond and along the line of the
road, and therefore the burthen should no
be thrown altogether on this company; the
stockholders should not be expected Il
forego the prospect of some returns from
their own road after its completion and i
called on to undertake the work for the
public good, they ought to be guardef
against the danger Of torfeiting what ma!
be expended.
1t is proper to bring to the notice of the
stockholders the views which may be en-
tcrtaincd in the contingency Of the work
being undertaken by some other party. II
may possibly be supposed that the only
way to secure much benefit from the Co
yincton and Ohio road is for this company
to build and control it. No apprehension
of that kind need be INDUCED. The law!
require that it shall be connected with
and il will necessarily be Of the same
guage of, this road. The traffic will come
seventy miles on your road 10 Staunton
even if diversion at that point To Balti
more is apprehended, which is not likely
to occur, as Richmond is seventy mile:
nearer; and if the short track is con
s.ructcd between Charlottesville and Rich
i. l.. hun, t,lrlg
miles in favor Of Richmond. 1t matters
not who builds the Covington and Ohio
road, the Central Company must deriv,
great advantages from it. Ii it is built by
any other party, this company will get the
benefit without incurring any risk in the
undertaking.
In connection with this subject, the
stockholders are informed that an act Wa;
passed at the last session Of the Legisla
ture authorizing this company to lay dowr
superstructure on the track Of the Coving
ton and Ohio road to the State line neal
the White Sulphur Springs, conditioned tt
reimburse the expense If 1t become:
necessary to reclaim that part of the road
1t is not doubted that the West Virginia
Legislature will make similar grant tc
use the track as far as the White Sulphur
Springs, If the entire construction of the
Coyinpton and Ohio road Is not undertaken
il will clearly be the interest of this com
pany to avail themselves of the privilege a
the earliest practicable period.
Your Board has no hesitation in express
ing the opinion that it is desirable that th'
whole line from Richmond to the Ohit
river should be under the control of thl
company; yet the apprehension that th'
western end may be in the hands OF othe
parties need not embarraSs the stock
holders in the consideration of the expe
diency Of undertaking it the mselyes.
The first question presented under tht
resolution of the Board by which this
, meeting is convened is, whether consen
will be given to make preferred egh
per cent. stock to the extent of $4,000, 600
and that amount being subscribed by par
ties who may be relied on to meet requisi
tions in cash, as called for, whether tn
stockholders will authorize the Board t.
negotiate with the commissioners to bull'
the road.
Although not required to make repor
on the subject, the stockholders will b
gratifed to know the results OF the opera
tons oil the coDpaH. iot lhc Se'cn 'ii'i'h
OF the fiscal year up 10 the lst OF May
The gross receipts from the lst Of
October 1866, TO the lst of May,
Issz we're $3.50, 722 l
The superintendent reports the or
dinary current charges OF adj
ministratiou, including audited
e"t,s o"t oi,ice % ..,.....!.......... 2oS, PIG {
=
This has been applied to meet varlet
e .....,nl;,,rr Enhilitins the most