The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1868-11-21

mouth of Big Sandy, with buildings, rolling
stock, and machinery, made by the late
Charles B. Fisk, the engineer in charge
of the work, for double-track tunnels,
bridges, and masonry, in round numbers
was Sl3,000,000. Deducting from this sum
the amount expended on the work-S3 ,000,-
| 00O-leaving el0,00O,000 as the balance
required by Mr.. Fisk's estimate to COM
plete the work.
MEANS RELIED ON FOR COMPLETING THE
| WORK.
Before going into tho statement of re-
sources it is proper to remark that Mr..
Fisk was proverbal for the liberal allow
ances he made for all kinds Of work, and
| for expenditures more than necessary to
secure strength and durability.
A subscription of stock has been OBJ
tained to the amount of SO, 599, 900, con-
| sisting of S2,200,000 subscribed by the city
! of Richmond and counties in Virginia, pay
| able in bonds bearing S per cent. interest,
at 80 cents in the dollar 100000 by coun-
ties in West Virginia on the same terms,
1920, 900 payable in work and iron material
for the road, and s379,909 payable in land
| received at present value.
The 100000 Of city and county sub
scription payable in bonds at 90 per cent.
will require So, ,222 ,222.22 of bonds to dis
charge the subscription.
In conformity with the directions Of the
stockb olders, mortgage has been executed
on all the property and revenue Of the Com
pany to secure the payment of ten millions
of dollars of bonds, on which the funds will
be raised to construct the road. Although
oc +loca bonds ha sold al O
discount when they are first put on the mar
ket, your Board has the opinion Of their
financial agent, and the experience of other
companies with their securities, that they
will soon advance to their par value, and
they therefore feel assured that the aggre.
gate receipts from their bonds, the county
bonds, proceeds of land sales, and the net
revenues of the company, will complete the
road.
The Engineer of the company thinks
that by the use of temporary tracks al
some difficult points the road may be
brought into operation for efficient use, and
at cost greatly below Mr.. Fisk's estimate
1t is designed to get the western section OF
the road into operation before it is COM
pleted through from the east. Revenue will
| be derived from the road brought into use
with temporary tracks to aid in it's full and
final completion. The road from Covington
| to the Greenbrier river, and from the Ohio
eastward as far as the falls of Kanawha,
may be put in operation for sum not ex-
ceeding the city and county bonds.
The interest on these bonds and the
surplus revenues of the road will more than
paw the interest on the cost of constructing
! these sections. When they are in operation
| the additional revenues received, the pro-
ceeds of sales of lands, and interest on city
| and county bonds, ought to pay interest on
| q sum sufficient to carry the middle section
| through and finish the road, with rigid
economy. .-
If nothing unfavorable to the sale Of
the bonds occurs, the work will be prose
cuted vigorously. The purposes Of the
| Board NAV be understood from the follow
| ing resolutions adopted at their first meet
ing after the contract was made to complete
the Covington and Ohio railroad:
sResoLUed, That the Chief Engineer
cause the line to Greenbrier river to be To-
Gated Immediately, and prepared for put
ting under contract as soon as the funds
may be secured.
s'ReSolred, That the Chief Engineer 10
cate the western portion Of the road as soon
as is practicable, and have the more diff
cult portions ready to put under contract as
soon as the funds may be considered as Sc
cured, so as to have the work completed be-
tween Charleston and the Ohio river IN
eighteen months from January lst, 1869.
RECEIPTS AND EXPENDITURES OF THE FISCAL
YEAR,
by reference TO the
statement ui the oupernt. ndcnt and
Treasurer of The Virginia Central
railroad Company for clever months, ..o, .oo re
penI or real estate for rl, same Lilue... l,3lo 10
s52i, $50 20
Receipts Of the Chcsapeake
AID lhlo Railroad Company
for the month Of september, S74 6'l 81
Rent OF real estate for The
s'ine 'iN' 75,Ol4 so
$500 35I O6
p.cci,ts or the previous yesr,.... s5., $40 IL
,ncreasa or receirts for the year.. SA S.3 ~
Expenses of administration for eleven
months, VIZ, 10 lSt of sepember..... S3S3 sUo o0
Expcnses Of administration for the 49,
month Of Septem mber................... A!,''e -
1856 6ls 10
rN Haar J., Alb se2 o.
1rcre,sa over last vear...... sl77Sj 50
As IN offset for this increase of expendi-
ture, much has been done for the improve
ment of the road-viz., In the laying of
new rails, putting in additional siding, bal
lasting the track, more thorough draining,
and renewal of depo's.
The gross revenue for the year ending
september 80, 1858. 4osT, SoA %
Total cx penses for the year ending Sep
temter so, +'''os' ''
HTs'' isss "a sl6r 7O5 81
Excess of receipts over expenditures last -,
I.I o- -
The detail OF the receipts and expenditures will
be found IN the reports Of Tie superintendent ana
Treasurer.
Deaucting the Increase OF expenditure
GSl7 7ss. SOY from the increase OF re-
ceipts (Si4 s43.42) There Is still gain
in The result of the years operations
over those of the last year amounting -
............. S-''oa' %
CONDITION OF THE DEBT OF THE COMPANY.
1866. Sept. oO-Bonds secured by mortgage-viz.
Common bonds due III 1s72. flsg, 900 %
Registered bonds due In lo72.. i,aoV w
gonds guaranteed by the State, due in
cdnDon 11HOi BONDS cue in ISL. s.e 20, %
hesiS'efe'' 'oA0' - 983, ooO 90
Due TO the Commonwealth on account
loan authorized by th. Legislature, 2IO, 900 90
Eight per cent. coupon bonds due IN
lo76., ''0' w
81, Is9. 500 10
bi',fr tm Svnd nj .,.......... 1lo, 74s OF
Leaving balance OF mortgage debt. ,6SS, 1856 %
tirht per ceLt. coupon bonds,
Issued for funCcd intei est,
dne IN 1917 77.................. loo, $40 90
Eisht per cent. registered
f,r ftnia iai In