The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-05-28

ITO THE BONDHOLDERS OF THE
l. JAMES RIVER AND kANAWjA COMPANY.
AS the Period vii hin when 1t Is necessary Tor The
Richmond and Allegheny Railroad Company to
csmple;e its contract with The james River and
Kanawha Company is drawing rapidly tn close,
we deem 1t proper 10 urge upon You me importance
Of at once signing the proposition for etilcment,
upon which depends The success OF The railroad ell
terprise.
appointed by the general ,leetinS OF the bondhol-
erS 10 obtain our subscriptions, and have no other
motive In addressing YOU than to secure The success
of those measures which were adopted by that IL eet-
ipg for the advancement OF our common interests
unle:s we obtain your assent 10 TINS prop2sion
wch WAS adopted Sy anal nnsd r.
your committee, the railroad canno be built.
II it fails, after all the time and money expended
success. 1t Is not probable that other capitalists
viii be willing 10 commence anew an UNDERTAKING
which those who are most 10 ne benefited by IL nave
shown their unwiIlipgmcss to assist.
We have received no interest upon our bonds Tor
two years more. We have not the slightest pros
peci of receirias any from tie james River ana
Kauawha Company in the future. If we look 10
sale of the propCrtysunder decree of foreclosure
as an alternative, the prospect Is remote cloudy
aEdurceriain. IS ..-1ts.t1,... 49, ss. 49,.
TO our efforts in that direction we must expect a
strenuous resistance from tic company and tedious
litigation which may be prolonged for wears. III the
end, when sale is obtained. The purchaser must
take The property with the bnrlhen OF the franchise
which requires a canal TO De opera ell from Rich
mond 10 buchanan. II being demonstrated by the
past history Of the company that the canal cannot
operated In us cntlre ic2tn except AT
will purchase with the burthcn of this franchise?
On the other hand, by ac1rpting tins PROPOSE ion
1t IS true that we reluqush portion OF our debt;
linn cda1e pay Of cur interest in advance, and
The pay:nent of The principal IN three years
there Is OF value IN the caual-riZ the revenues OF
the Richmoud dock and the wa,er-power. The rest
IL an incubus, which annually absorbs the income
which should be, but never Is, applied 10 the uay-
ment Of our interest. EheGe gross revenues are 10
be placcdat once In the hands Of our own trustees.
tpf n,fr' 1fpr
whole property Of The James River and kanawba
9Ipans 1s @e a hs proq sqman
prepared &c issue their own frst-mortgagc bonds.
They then give us first lien upon the gross reyc-
their lrst-mortsase bonds, as collateral sccurity
equal 10 the amount of their Indebtedness Tor Tie
| purchase OF car bonds .
I'VE do not surrender our lien upon the entire pro.
perry OF the company uuti all liens are eItneuish-
ed except trltins debt TO the State Of Virginia,
which i not yet due.
If the ralrond company fails 10 make the deposit
OF 100000 required by Law we cannot be Injured,
Seed 10 t rse our Is a1 h our
Pete their contract hy making .he DEPOSIT is sat-
We havf manifested our faith in the scheme and
the security offered by subscribing our own bonds.
The great bulk OK the Virginia bondhoders have
done likewise. But IL is necessary that all shall
come into.this arrangement. L 30 si..:F
is aya aSs1
Of ne OF gs7t s sl
the Gortian knot of the difficulties In which their
Interests are iayolyed; and they have nothing to
look 10 In Che failure but continued disaster, de-
pressed yaines, and prolonged litigation, with q
ldoubtfulapd ,Inpronlising termination. Less than
. month remains within which 70 consummate the
compicsted Improvements for tins great undertake
| Ing. Aswe undelstand and afe Informed, It's suc-
cess or failure depends upon your immediate action,
ject apdnatnre new rli farcnt schemes. We there
sl who ace yet doubling to make up their