The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-04-25

ERS OF THE JAMES RIVER AND KANAWHl
COMPANY = RESIGNATION OF COLONEL
CAnRINGToN As PREsIDENT-ELECTIO
OF MAJOR JOHN W. JOHNSTON, OF BOTE
ToURT, IN HIS STEAD THE CLIFTON
FORGE CONNECTION TO BE PUSHED FOR
WARD, &C., sc.
Pursuant to adjournment, meeting oi
the stockholders of the James River and
Kanaw ha canal was held yesterday morn.
ing-Bfr. Thomas w. McCanee, chairman
of the former meeting, in the chair; Mr.
W. P. Munford secretary.
REPORT OF THE BOARD oP DIRECTORS.
The President read to the meeting the fol-
lowing report of the Board Of Directors:
TO the Stockholders of the James RiUe7
and Kana,rhG Company:
GentIemen,-Your special attention is in
vited to the present conditaon OF the Bu-
chanan and Clifton Forge Railway Com
pany, and to the consideration OF what ac-
ton, if any, you should take in reference
thereto. That company was duly organ
lied on the 10th Of November, 1876, in obe-
dience to your resolution Of instructions to
your proxies for this company, and by vir-
tue of the charter incorporating it, passed
on the - day Of March, 1876. That CHAR
ter, though not granted on your formal ap-
pIication, was approved by you, not because
an extension Of the canal would not have
been preferred if the same had been practi-
cable. but because the adoption Of the
speediest and least expensive connection
with the Chesapeake and Ohio railroad
was deemed the only way OF preserving
the James River and Kanawha Company
from ultimate financial ruin. AS soon a!s
the charter was procured application was
made for aid, in accordance with its provi-
sions, TO the city OF Richmond, and the ap-
plication failed. after the most earnest
efforts to secure its adoption. The only re-
source then left was to obtain individual
subscriptions either to the stock or the bonds
OF the company. This was necessarily a
work OF time and labor, but by the 10th
December, 1876, subscriptions to the bonds
OF the company were obtained to the
amount of S9O,0s0, OF which S5S,3S9 were
in the coupons of the James River and
Kanawha Company, matured and to
mature, and the remaining S31, ,611 to
be paid in money. The subscription
OF the coupons secured the coUpera-
ton OF your bondholders in the work OF
building the road, and assured their con-
tinued interest in its success. The city OF
Richmond having refused to assist at all,
and it having become apparent that indi-
vidual subscriptions (other than by the
bondholders) would be altogether made
quate to carrying on the work with reason
able prospects OF success-a result attributa-
bic not to any want OF interest in the enter
prise, but mostly, If not wholly, to the eX-
traordinary depression in business, which
found our people without the means to be
Iiberal-it was determined to apply to the
Legislature for the minimum additional as
sistance which was deemed necessary to
accomplish the completion OF the road.
That assistance consisted in the extension
OF the time required for completion, ano
the addition of maintenance for the convicts
already authorized by law to be used FOL
the work. With this slight concession or
the part of the Legislature it was conf
IDENTIFY believed that the road would bt
built and the great interest OF the State III
the canal preserved. One OF the most eXpe
rienced and reliable contractors offered, IN
fact, to take the contract for building the
road for sum nearly within the engineer
estimates, and upon terms which could have
been arranged by the company if the bill
for additional aid had passed.
After prolonged deliberation the Legis
lature refused the desired legislation or an!
part of it. The wisdom Of that determine
ton it is needless to discuss, but the resul
is upon you. The work OF building tht
road was begun within the prescribed time
and it was continued upon such small scale
as the means at hand and prudent con
sideration of the surrounding circumstance
seemed to require. 1t is for you to con
slider and decide whether that connecting
link must be abandoned or whether yol
can devise the means for its further prose
cution, since the Legislature has left it t'
its fate. During the discussions upon th'
pending bill for aid to the railway company
certain interrogatories in writing were pro
pounded to the president Of this compan.
by the Senate and by the Committees or
Roads OF both houses OF the Legislature
and copy of those interrogatories and th'
answers made thereto is herewith submitted
for your information.
During the past six months Ito 1st o
ApriD of the present fiscal year the cana
was closed by ice forty-four days, and it:
culvert at Walkers Ford thirtY-one day!
time were $55, ,12S.16, and expenses $40,
4OZ.lC, VI WIlSu tLah ST,ooo WI
extraordinary expenses on account OF the
above aqueduct.
The floating debt Of the company at thi:
date is S2O,011.SS (this sum does not in
clude $50, 722, balance of floating debt con
tracted prior to 1867, and only fractional
portion of which. it Is believed, will ever
be paid.-see Forty-second Annual Report
page 1907, and the matured and unpaid cou
pons on the 9th Of May next WILL be $S2,375
This is exclusive of the interest in arrear tt
the city Of Richmond.
The receipts from tolls, dockage, ant
rents for the six months ending September
90, 1876. were S9O,9S3.42. With like re
ceipts for six months from the 1st OF Apri
of the present year you may reasonably eX
pect S55, 900 OF net revenue to be applied t
this floating debt and arrears OF interest
OF this matured and unpaid interest $4,000
is subscribed to the bonds OF the railWa,
company, but this would not be available
unless it is now practicable to build th'
railway connection with the chesapeake
and Ohio railroad.
Referred to the stockholders by order o
the Board Of Directors.
CHARLES S. CARRINGToN, President.
April "a, 1877.
On motion Of Dir. Straus the report wa
received.
RESIGNATION OF PRESIDENT CARR1NGTOE.
The Secretary stated that he had beer
directed to read the following communica
ton from Major Darlington, president o
the company:
OFFICE OF THE JAMES RIVER AND2
KANAwHA COMPANY,
RICHMOND, April "a, 1877.
10 the Stockholders of the James Riue
and Kana,oha Company:
c+,oro, II herehv RESIGN the office n