The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-11-14

gable order thrOugn0ut, except perhaps tue
completion of work at Quarry Fails by
Jordan, Ballard & Co., before May 8, 1879.
Observation-Disclosures PROCEEDINGS.
The President next devotes much OF his
report to recital Of the financial affairs OF
the company, his negotiations with the
bondholders, and the institution Of the suit
on the 26th OF October looking to 2 fore
closure in the Circuit Court OF this city.
There is reason to believe. he says. that
sooner OF later nearly all Of our known bond
boli'e.s have been approached by would-be
speculators and spoilers, who from time to
time made and used extraordinary efforts
and means TO ascertain the names and resi-
dences Of all bondholdcrs. But it is known
that, up to very recent time at least, many
ondhoIders-probably considerable ma
jority-have Wthstood these solicitations.
1t is believed that some who have recently
entered existing combinations against the
company have done so under misappre-
hension as to their rights and interests and
as to the feelings and purposes OF the COM
pany.
Of late especially there have been whis-
perings OF combinations" "poois,"
committees and subcommittee, icon
| tingent bargains" "and speculative schemes
| forming against the company.
At no time, however, has any association
or committee or subcommittee OF bond
holders, addressed to the company any re-
monstrance, proposition, or communication
whatever, in person or by counsel. On the
part OF the company no opportunity has
been neglected to assure the bondholders
that the company was anxious to do the
very best it could under existing crcum-
stances, and that there was every diSposi-
ton to give information and to have confer
ences and 10 make negotiations in order to
the promotion OF the interests of all con-
cerned-company and bondholders alike.
OTHER FEATURES OF TIE REPORT.
The report next gives in detail a history
Of the proposed Clifton Forge connection
statement of the damage to the railway
company and damage to the canal by the
floods Of November, 1877, and September,
1878; and refers at length to the legislation
which the canal company asked for at the
hands OF the General Assembly last session.
The freshet Of November, 1877, damaged
the canal to the extent Of gala, $3.50; the
Clifton Forge railway, $4,000. The freshet
| of September. 1878, damaged the canal to
the extent OF S25,553.
FUTURE POLICY OF THE COMPANY.
Maior Johnston concludes his report as
follows:
whether the canal shall be preserved,
and its connection with Clifton Forge com.
pleted, or whether the canal shall be con.
Yerted, in whole or in part, into railroad
and if so, how, when, and under whose
auspices and control? is now living, prac'
tical question, the consideration OF which
the stockholders cannot avoid If they
would.
1t is for the stockholders to decide whether
or not s'the commissioners Dill" entitieo
nA bill to extend the franchises OF the
James River and hanawha Company and to
proyide Tor the sale OF stock held by the
State OF Virginia" shall be again. in Its ori-
ginal or some modified form, presented to
the General Assembly Of Virginia. It's fu'
ture enactment will not perhaps be so BEN
eficial as ITS enactment would have been at
the time and in the way originally pro-
posed. II, however, the stockholders
cannot so provide as to preserve the