The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-11-04

Loss In rents nts.............1l,l52 90
.Ha s,5~ G.a.... 81. --S 14,750 93
The loss in rents is because of the nom
payment of rents due, and also 10 the fact
that the receipts from rents in 1874 included
large amount of rents in arrear on the Both
September, 1873. The annual rental OF the
company amounts to g.. B The num-
ber of tons moved on the canal in 1875 was
$50; the number OF tons moved on the
canal in 1874 was 2l9,117 decrease, 7.547.
The loss of tonnage in tobacco was 4, 4,4S3
hogsheads. This was due 10 the small crop
of this staple in 1874. The annual state.
ment Of the secretary of the company shows.
tbat-the expenses for 1875 were S--.
This sum includes all expenses, both ordi.
nary and extraordinary, exclusive Of inter-
October, 1875, S750,000; second-mortgage
bonds outstanding 1st October, 1875, $170,-
400; secoud.mortgage bonds outstanding
1st October, 1874. Sl21, 400; Increase, s49,-
oOO These $4,000 of second.mortgage
bonds were issued TO pay the balance OF debt
incurred in repairing the North River canal
after. the food of1S70. ..." g. 5
The report Of the engineer and superin-
tendent shows the work done on the canal
during the last fiscal year, and its condition
both during that period and at present.
The memorial resented by your instruc.
! tions to the Legislature of Virginia during
its last session, and the act of the Legisla-
ture, approved March 81, 1876, amending the
act entitled Gan act to prevent obstructions
to the free passage of ti.h in the streams of
the State" and the act approved Doth March,
1875. "to authorize the James River and
Kanawha Company 10 execute mortgage and
to subscribe to the capital stock of the Btu
chanan and Clifton Forge Railroad Company,
and to authorize the city OF Richmond to
! guarantee such subscription in whole or in
part" are submitted for your consideration.
The Legislature did not grant the relief
| asked In this memorial from the liability OF
the company from what are called the "guar.
| anteed bonds" These bonds were .guaran-
| teed by the State Of Virginia under the pro-
visions Of the act of March %, 1889. On the
9 h of May, 1912, the James Riyer and Ia.
naWha Company executed a mortgage to the
Board OF Public Works in pursuance of the
act OF March 25. 1912, conveying all the pro-
perty of the company for the purpose of
protecting and saving harmless the Common
wealth from all loss by reason Of this gusr-
antee. In consideration of seyenty.tw0
| thousand shares of preferred stock of the
! company received by the State the Board Of
Public Works, on the 5.h May, 1850, in pur-
| suance Of the net of March %, 1860, released
the said mortgage and all other liens held by
the State against the property of the COM
pany, and gave to the compasy full acquit-
lance of all debts due from the company to
the State and duly assumed all the debts Of
| the company for which the Commonwealth
| was bound as security or guarantor. The
Board of Public Works was directed by the
act of March 49, 1850, TO issue to the holders
Of the bonds Of the company, which were
| guaranteed by the State, a corresponding
amount of the bonds of:the State "a: large
proportion of these bondholders aVaiied'
thems ewes Of this provision, but others re.
| fused to do SO, aud a portion of them claimed
| the benefits OF the mortgage executed by the
company oh the 9th of May, 1912, notwith.
Standing this mortgage had been duly re-
| leased by the State. For several years since
| 1867 the company has been involved in lti-
cation on this account. This claim was de.
| feated, but a court of laR rendered several
| judgments against the company for the in.
tetest on a sportion OF these bonds, and
through these judgments the company con.
itinues to be subjected to expensive and en-
barrassipg litigation. The principal money
of these bonds outstanding is $13O,1S0. OF
which S43, 1000 belong to the Orphan Asylum
Of Lynchbnrg. It Is submitted that the
Legislature of, Virginia be respectfully asked
| to make such provision during Its next ses-
sion for the payment of these t.guaranteed
I bonds as will relieve the company from
furtber expense and embarrassment on this
account. ---~
| The year intervening since the last meet.
I Ing of the company has made more apparent
the necessity for the extension OF. che canal
Itn Clifton L Forge: The revenues or the
| canal are now more dependent upon
the Insufficient agricultural; products or
| the valley of james river. and the great
mineral wealth of, this valley and rofi that
| OF the Kanawha are better akHoWn anu
more appreciated. The I. canal petWeen
Buchanan and Clifton Forge was definitely
located by the late Edward Lorraine, ensei
engineer Of the; company. From Buc hanan
| 10 5noiIIt on sthex line OF location called
Craie,s Creek, fifteen miles west OF Buch hapap,
nearly all OF the simporsnt masonry OF sthe
canal has been completed, at % + cost OF
fs5l1 .O94. These fifteen miles will consist ot
both canal and : slack. water navigation.
The canal west Of, Craig's Creek was located
on the north side OF James river ior eigns
miles. to the foot of Woods island, where
| Il crosses by an squeductto 70 che south side OF
James river, and continues on the south side
to Clifton Forge. The distance by this loca-
ton from Craig's Creek to Clifton Forge Y
seventeen miles, and the navigation is Dy
canal. The dietnnce by this line from bu
chanan 20 Clifton Ferge is thirty.tWo mGes
and the estimate made ln 1896 Ry nf, 4oF'