Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1873-01-07
a. W. & o. z. II.
EcView Of the Years work--EM-
proved condition. Finances
--ReGd bed--EOiiIng stock
and property Of the com
;spny-Ehe Cumberland
Gap Extension SUM
mary of Gen. Ma
homes Report.

We summarize the following inte-
resting information from the recent
report OF Gen. Malone, made to the
Stockholders meeting in Norfolk.
1.-THE report is an interesting state
ment of the operations of the COM
ny for the fiscal year ending
| September 80, 1872. 1t appears that
the funded debt assumed on account
of the three divisions of the road re-
mains almost unchanged, except th8t
| $4,000 of first mortgage bonds known
as interest bonds of tie Norfolk and
| Petersburg Division, which matured
on the first of January, 1872. have
! been paid, and the past due indebted,
| ness of the Southside division reduced
! by s.. 800. The nominal increase of
Sl7.GO on account of the Virginia &
| Tennessee division is for past due cou-
pons funded into coupon bonds under
pre-eXisting arrangements, and is, in
fact. no increase of Indebtedness. BY
the terms of the law authorizing the
fifteen million loan, an amount of
bonds equal to the bonded debt of the
old companies is required to be SET
aside, and for this purpose five and
nan HliliIOiIS vi tiIC lOSlH lldNC DtCll
placed, as provided by the terms Of tie
mortgage. OF the remaining nine and
a half millions a sufficient amount has
been disposed of upon European mar
kets to meet every demand which has
arisen in furtherance of its objects, I'M
der a vigorous prosecution of the same.
During the past year the former float
ing debt of s.. 307. 1872 81. which had in
i,o 8
the restoration of the property, in an
ticipation of this loan. has been liqui-
dated $4,000 of Norfolk and Peters
burg bonds retired Sl.l5S.63 eX-
pended in the restoration of the prop
erty; leaving yet on hand at the close
of the fiscal year Sl.599. 541 90. The
sum of 1909 $50. 20 has been expended
on the reconstruction Of the roadway.
The revenue derived from transpOrta-
ton department during the year, for
freightS and passengers amounts to
81 954. 27S'S9. In conclusion the re-
port says that during the fiscal year
the work Of survey and location of the
proposed extension of the line to a
connection at Cumberland Gap with
the Kentucky railway system has been
prosecuted to completion. The time
consumer III IllsS WIN Wa D'OiODRGu
to q much more extended period than
was anticipated, growing out of the
development of greater difficulties in
the physical features of the country
than we had reason to anticipate from
all previous reports upon the subject;
and it may not be Inappropriate just
here to remark that these are found to
be such as to make that aid on which
we had counted Mt the hands Of inte-
rested communities, backed 10y their
promises of such cooperation, the
more Imperative. The line for that
work has been established, and on our
part every step taken to put the same
to contract as soon as the time shall ar
rive when its extension is demanded.
The completion of our part of this
line is measured by the time necessary
to make the tunnel at the gap, a work
common to our company and the
Kentucky system, with which il was
originally designed there to connect,
and this must DE taken as forming the
great object, upon which alonesthe
large outlay its construction will en-
tail could he justified, We have sig
nilied TO the proper authorities of that
company our readiness TO enter upon
the perfol nance of this duty, and as
early as December last proposed to put
the tunnel to contract. We are now
only waiting for notification of their
cooperation that the work may he
begun and pushed to completion. The
Importance of the route to be estab-
Iished by this junction of the two
roads is so manifest that we are con-
straired to anticipate favorable res
ponse at their hands atan early day.