The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1870-11-25
~ be Completed TO the Ohio by the
Summer Of 1879.

IIr sfGCktiOluSES VA VIC auu
,r';n Railroad Company held their third an
...',. ,I,cIin.. in the Exchange Hotel yester-
|, The meeting was called TO order by
E%1. John Echols, who nominated Mr.. FL. X.
;,,,,n u, chairman. He was elected and
~ the chair. Messrs. John Garrett and
] F. Nctherland were appointed secreta-
wcs.rs. II. NJ. Bell. John Wood, John
p..,,, lr., VIM. NJ. 0verton, and VIM. Fl.
Ha\ali were appointed committee to en-
.wur proxies.
Gcnrral Wickham, Nice-PreSident OF the
r.,,!. presented the report OF the President
and Board Of Directors: Mr.. Huntington,
~. President, he remarked, was unaYoida-
n, absent inspecting personally the route
g.! tie road through West Virginia:
RyroRT OF TIE PRESIDENT.
Gentlemen: Your President and Board of
Directors would report that. in pursuance
-t.h, election made by YOU nj your last an
Anal meeting, they Immediately entered
urua The discharge OF their respective
5.;.vs, ........
FINANCIAL CONDITION.
In considering the financial condition of
NE yompaav, which demanded immediate
attention. il was found necessary to raise
sufficient amount of money to pay off
M. floating debt of the company, which
amounted 10 more than million Of dollars,
sal 70 complete and equip the road from
Wg.tc sulphur Springs TO the Ohio river.
,nrr mature elaboration they decided
That The best way 70 raise the required
amouu; WAS TO issue six per cent. thirty
year ;:st mortgage bonds, principal and in
t.-,cst palaole in gold coin,. to the amount
%, S!j.Ul0GQ0. Such bonds We're accord
1u.ly issued. and mortgage deed for the
amount Shove mentioned was executed and
d.Ryrred 10 Mcssrs. VIM. Butler Duncan
nnI Hu!lo {. Calhoun, rs trustees. These
t.Ud> we're placed on the market in Feb
rt4:y last hy MeSSrS. Fisk e. Hatch, the
tuanci:u agents Of the company, and al
ready more than one-third of the whole
amount have been subscribed for, and the
suhscri ptionS paid. BY reference to the
rrcl>urer's report, which Is herewith SUBJ
mttcd, it will be seen that the money re-
ceiycd for the bonds sold has been used in
PAVING of the floating debt before men,
toned, in retiring the few outstanding
seven per cent. bonds Of the company issued
under the ten million mortgage of 1867, now
cancelled, IN payment Of loans due the State
81 Nir2iEia, tor improving the road east of
IL" White sulphur Springs, and for con-
struct!on west Of that point.
WORK NOW UNDER CONTRACT.
In the winter months of the present year
the revision OF the surveys from the Falls OF
the kanawha to the mouth Of the Guyan-
dptl" was completed, and the line of the
road between those points located. In the
moWiu If March all the work on this part
of IL" I.nc was placed under contract. At
the >aln" time contracts were awarded for
all 81 ne work east OF the White Sulphur
Springs, which includes the heavy work at
Lick KUn, Jcrry's Kun, and Lewis Tunnel,
and also Tor all the heavy work between
Waite sulphur Springs and the mouth of
the Grecnbrler, including the Big Bend
ANA all tie other tunnels, together with the
na>onry for Ill the crossings OF the Green
5G"r river. sections on which only light
Wpik j. TO be done have been reserved tor
future lettings. All the awards above men
toned were made at prices within the re-
vl>el estimates Of the Chief Engineer. AS
II rule, the contractors manifest DISPOSE
ton To perform their contracts in good
faith. and they are generally making salts
factory progress with their work. Care has
been taken 10 secure the prompt payment
ot their monthly instruments on the day
they became due.
During the summer months the contract
"r- On the western division experienced
some difficulties in consequence OF the
scarcely OF laborers, but it is believed that
tie supply i'll the future will he sufficient
for their requirements.
PROPOSALS FOB WORK NOW UNDER CONSIDER
ALTON.
Proposals are now under consideration
for work as follows For the construction
al about 1000. linear feet Of bridging be-
tween the Falls Of the hanawha and the
Ohio river, and for the graduation OF a Sec
ton on New river, including q tunnel ut
Stretcher's Neck, / 800 feet in length also,
far tty,iG hnu fins "a limo fr,r
the Fails Of the Kanawha to the Ohio
river.
II is the intention to place the balance of
The work, necessary for the completion Of
the line to the mouth of the Big Sandy, I'M
der contract early in the ensuing spring,
with The view of completing the entire line
in running order during the summer OIL
1872. You are referred To the report of the
Chef Engineer for statements Ill detail III
relation TO that part Of the line now in
couIsc Of construction.
RIGHT or WAY, DEPOT GROUNDS, &C.
Immediately after the final location Of the
line had been determined upon measures
Were adopted for securing rights Of way,
depot grounds, &c. These have been Sc
cured, in most instances, by private ar
engagements with the owners OF the land,
frequently free Of charge. In some in
stAhccS, where the price demanded was
thought TO be unreasonable, the awards of
commissioners appointed by the courts
have been preferred. The instances in
winch this resort has been found necessary
nave been comparatively few.
TELEGRAPH LINE. /
4 telegraph line from White Sulphur |
Springs to the western terminus of the road /
was found TO be 4 necessity. Efforts were
mad" TO induce the Western Union Tcle- !
graph Company TO build such line, but |
they dld not propose such terms as it was |
deemed advisable to accept. This company i
ere now constructing such line. 1t is al
ready completed and in operation from
S"tlettsburg, KY, to Charleston, West |
sulphur Springs. 1t is believed that in a |
IL" months this investment will yield a |
satisfactory income.
PURCHASE OF THE BLUE RIDGE RAILROAD AND
TUNNEL.
Under the administration of our imme-i
date predecessors arrangements were
made Tor the purchase by this company of
me interest Of the State of Virginia in the
Blue Ridge railroad and tunnel. These an
engagements have been carried out on the
Terms t ana conditions approved by the late
BOARD OF Directors, in November last, and
DE you at your last annual meeting.
Inns OBJECT has been mi,lished by the
issue OF twenty thousand shares Of the cap
llai stock OF the company, which have BEEN
gwen IN payment for the requisite amount
OF the bonds Of the State OF Virginia. A re-
tease, executed 10y the Governor of the
state OF virginia and by the President Of
me Board OF Public Works Of the State of
Virginia, dated June 10th, 1870, and taking
ehect from April l., 1870, granting to this
company all the interests and rights of the
salQ State, and OF the said Board of PnhIie |