The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1869-01-06

r, The report Of the committee was adopted,
and the meeting adjourned until the second
Tuesday in March. -fz
AS the reports Of the President and Chief
Engineer, which were to have. been sub
mitted 70 the meeting, ere possessed OF con-
siderable public interest, we give conden-
sation Of them below z-.,. .-,..
= S, u -. PRESIDENTS REPORT. .N~
Thereport commences by q statement Of
the fact that no satisfactory basis could be
agreed upon between this and the Dan7ille
company as, to a union between them for
the completion of the road to West Point
and its extension to the Chesapeake. No
thing has been attempted in regard to the
Chesapeake extension further than recon-
noissance of the two proposed routes-the
results TO be used for future reference. The
arrangement between the company and
| the owners of the two steamers Admiral
and Kennebec for connection with the
trains of the road for four trips week, to-
gether with the contemplated establishment
of q daily line on the completion of the
road to West Point, was briefly spoken Of.
The President next refers to the resigns-
tion of his predecessor (Mr. Dudley, and
expresses his high appreciation Of his abil-
ity and of the boldness and forecast which
he exhibited In, projecting and pressing
forward arrangements for the restoration of
an Improvement go nearly demolished by
war.
The report next recurs to the litigation
lin which large amount of the mortgage
bonds of the company we're involved) with
the Lochiel Iron Company of Harrisburg,
Ps., setting forth that inasmuch as the
matter had been amicably adjusted, and q
period of depression thereby passed over,
anxious attention would be given to the re-
building Of the remaining portion of the
road. = sl.so- "HF
In regard to the financial operations and
material transactions of the road, we quote
from the report:
"In regard to the financial operations of the
company, it,appears by the books of the trea-
surer that the receipts from the business OF
the year exceeded by the sum OF I'll 200 the
expenses incurred in running the road-a re-
suit, it Is submitted, which should be regarded
as highly gratifying in view of the sharp COM
petition which has existed and the incom.
pleteness OF your Improvement. Inis VIII
Justify the confident belief that when 1t shall
be fully operated to West Point you may DEFY
competition, and begin to realize those bene-
fits which have been always anticipated by
the sauguine friends of the road.
Although the material transactions of the
year have in the foregoing been briefly but
substantially given, your Directory cannot
feel justified in withholding from the meeting
a statement Of events which have since trans
pired, and Of the present condition OF the
work. In the month of October negotiations
were successfully prosecuted for the purchase
of iron rails and other necessary supplies, and
the work of reconstruction was resumed, and
has been pushed with some vigor to the pre-
sent time. The road is now completed TO Win
in four miles of its eastern terminus. For de-
tails, reference is made to statement by
Major Myers herewith submitted.
"In the mean time large sales of the bonds
have been made at satisfactory and advancing
prices, and there Is no reason to doubt that
under the present auspices all the balance may
be readily sold, and the road finished in few
weeks.n
The report concludes as follows: :
att only remains for the Board to congratu-,
late you upon the changed and improved as
pect of your affairs; and to state further, IN
conclusion, that surveys have now been Or
dered and completed for connections In Rich
mond with your road by both the Richmond
and Danville and the Chesapeake and Ohio
Companies-which connections they propose
to consummate at the earliest practlcaole DAY.
If now you look to both of these roads even as
at present operated, and still more 10 tneir
prospective developments, involving as they
do direct connections with the railroad sYs-
TENS Of the far South and OF the young ana
mighty West, do you not perceive substant tial
ground for encouragement and hope in the fu-
lure, as well as a practical illustration of the
far. reaching sagacity of the early projectors
of this road especially if, in addition 10
these, the great Virginia water line, com
pleted as it will undoubtedly be, shall bear
the cast productions of the interior TO its lower
basin, which extends for more than one thou-
sand feet alongside of and almost in contact
with your depot and track? In view Of such a
prospect who shall despise your magnificent
brthright, or doubt the wisdom Of that policy
which shall avoid tentangling alliance with
either one of them while in a spirit OF impair.
tial Justice and enlarged liberality you shall
be ever ready, to the utmost of your capacity,
to serve them all in their transit to the sea.
"In behalf of the Board of Directors.
gy-w .r,.#..a. n. r, President ~