Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1871-11-10

Great Western Railroad Company:
sit is with much satisfaction, alter
a most protracted negotiation, that |
am enabled 10 report that arrange
ments have been made with compe-
tent parties in the city of New York,
and through theTi with parties i'm Lon
don, Eng, to construct the Norfolk
and Great Western Railroad, an enter
prise i'm which we all take so deep an
interest, and the construction of which
will prove of such an mcalculable
value TO all the region of country
through which it is to pass, as one OF
the great arteries of trade now in pro-
cess of construction, to connect the
waters of the chesapeake at Norfolk
with the great valleys of the Ohio and
the Mississippi, and ultimately with
re Pacific coast. ..-
by the arrangement alluded TO
THE WORK Is TO BEGIN AT DANVILLE,
going West, by or before the first day
of December next, and on the Eastern
division as soon as the subscription
already made applicable 10 that divi-
sion shall he increased to three million
dollars. The subscriptions already
made applicable TO the line between
Norfolk and Danville amount to about
one million four hundred thousand
dollars, leaving by the terms of the ar
rangcment alluded to, some one mil
lion six hundred thousand dollars still
to be raised before the contracting par
ties could be required TO commence
work on that portion of the line. iii"
cities of Norfolk and Portsmouth and
the counties o. Norfolk and NanSe-
mond, which rs yet have made no
subscription whatever, should vote the
required amount without difficulty.
During the last Sumn!e most
important connection has been estab-
lishcd between the cities of Norfolk
and Liverpool by
TIE ALLAN LINE OF STEAMERS,
arriving al and departing from Nor
folk twice each month. An immigra-
ton agency, cooperate with this line
ofstCamers and with al railroads from
Norfolk, has also been established III
Norfolk, which will greatly increase
the interest already felt 10y The people
of that city in our enterprise, and in
my judgment but little else than the
commencement of work at Danville
Is necessary 10 NiiltS anu
counties named to subscribe the re-
uuired amount of one million six hun
dred thousand.
"Since cur last meeting very impor-
tant legislation in aid OF our read has
been obtained. The tenth section o!
The charter of The
RICHMOND AND WASHINGTON RAIL
WAY COMPANY
provides that, that company shall pro-
cure the endt rsencnt of tle Pcnnsy1-
vania railroad company on tho bonds
OF the Norfolk and Great Western
railroad to all amount sufficient to
complete that portion OF OR road be
tween DanvIIle and Bristol. And
while there has, as yet, been no formal
acceptance of the charter by the COM
pany, yet they SreactivCiy at work on
their line southwark from the city of
Washinet ton. The same parties have
also acquired the States interest, three
fifths, a controlling one, in the Rich
mond and Danville railroad, and are
understood to hc the owne of ma
joIity of the stock by recent purchase
of the lines of railroad west of Bristol,
known as the East Tennessee and
Georgia, and East Tennessee AID Nir-
ginia. And from frequent interviews
with person in authority in
THE PENNSYLVANIA RAILROAD COM
PANY,
am satisfied that, that corporation
looks To the State of Virginia as one
offering the flirest field for railroad de-
vclopmcnt, and that it means in good
faith to comply with all promises made
on its behalf to the people of Virginia.
1t is proper, however. to state that the
contract | have made is i'll no wise de
pendent upon the good or bad faith
of that corporation and we prcdi-
cate our assumption of aid from them,
not only upon assurances given, but
upon our own conviction that they
know their interest and will not neg
lcct it.
ut is due to myself and to the stock
holders that | should avail myself of
this first opportunity 10 explain to
them the trouble that arose from n re-
ported sale of the
BONDS OF THE COUNTIES OF PATRICK,
BRUNSWICK AND SOUTHAMPTON.
In the conditional contract, entered
into for the construction of our road
in the month OF April, 1870, Il portion
of the bords of those counties lin a.
mount one hundred and three thous-
and) were hypothecated for an advance
of money necessary to enable the COM
pany to complete the surveys OF the
read.
THE stockholders in general meet
ing on LIST February, 1869, conferred
The power to hypothecate bonds and
borrow money for this purpose on the
Board of Directors. Again, in July,
1869, express authority so 10 do was
conferred hy resolution on the Board
OF Directors, and by resolution the
Board of Directors, on the Sd day of
September, 80, conferred the power
TO borrow money and hypOthccate
bonds upon the President. At the
same meeting another resolution was
passed authorizing the President tn
borrow the sum of S5G0000 upon the
same security. to prosecute the work
of construction. Subsequently, when
the conditional contract of \ pril, 1870.
was entered into and the bonds hy-
pothccatcd, the contact was endorsed
and the action of the President ap-
proved and ratified by the Board OF
directors.
ALL SUBSEQUENT TROUBLES
sprang from the untowald failure of
Norfolk to vote the subscription so
confidently expected of her.
"All things in relation to the con-
tract of April, 1860. and to the hypoth-
ecation of bonds referred to. We're done
in the utmost good faith and were
prompted by the interest and conf
dence we all felt in the assured success
of the enterprise. have not borrow
ed a dollar CI hypothecated bond
since the failure of the city of Norfolk
to vote the expected subscription, and
soon after that event the means i'm the
treasury became exhausted From