The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-12-14
Sl6f,l2s -
Total outstanding. go.

Since date OF balance-sheet ana upon
completion OF 80 miles, satisfying contract
OF jlh March, 1880, all the United States
bonds have been delivered 10 the company
bv the Board Of Public Works Of the State
OF Virginia.
IL was early determined by the directors
i'm lieu of building with iron 20 use steel
rails. TO build iron bridges instead OF TIM
her. and 10 abandon the tOw-path at points
where safer location could be secured by
constructing higher above the river level
These improvements over the original plan,
and due provision for sidings, stations,
round-houseS, telegraph, water-tanks, ana
other necessary adjmcts 10 a complete rail-
way plant required the execution Of the Sc
cond mortgage, authorized by the act OF 2d
February, 1880. The Board accordingly,
on 9th day OF April, 1881, directed issue OF
& Der cent. bonds, bearing date lst May,
1881. maturing lst May, 1911.
Then follows paragraph about the open
inc OF the road. which information has al
ready appeared in the Dispatch.
OPERATION AND INCOME.
During period OF construction neither
canal nor railroad could be operated pro-
fitarly. ~ the energies OF the organization
and liz equipment were largely engaged in
fastening construction. The severity OF
the winter Of 1880 greatly retarded the
work, and the canal from 4 source Of rcyo-
nue. became one OF expense, the result
showing charge OF more than ten thou
sand dollars on this account. On the other
hand, the facilities for the ready transpor-
tdion and distribution Of material afforded
by the canal may be safely estimated 10
have saved the construction account much
larger sum. The receipts for water power
were $4,000.
These accounts present only sums re-
ceived from the public, and no construc-
tive charges against 2.7O2, 900 milc-tons OF
construction material transported have
been credited as earnings. The materials
have been charged only with the sums dis
burscd for transportation and labor.
The resulting balances show net profit,
from operation OF the railway, OF $1,000
during the period Of construction, and Of
nearly S3S. coo from the Richmond docks.
The total general expenditures from acqui-
sition OF the property were SGl,OOO -leay-
ing final charge 10 construction account
OF SG,002.92.
These figures are presented, not as hay
inc significance OF the business or prospects
OF the company. but rs the first chapter IN
its financial history. and a gratifying as
well ~ exceptional result in construction
OF new public work.
WATER POWER.
An engineer OF water power has been
appointed, and under a careful supervision
il is believed that this department Of the
property will become an important one.
Little has been done. or could be done,
while the pressure OF building absorbed
attention and resources. When the pro-
perty was acquired rents were in arrears,
obsolete methods prevailed in Use OF water,
and litigation and claims impaired the value
of existing grants. Measures are under
consideration for the material improvement
OF the power at Richmond.
The power owned by the city OF Man
chester has been acquired by this COM
pany.
The differences between the authorities
OF Lynchburg and the canal company ,fis To
their several rights and liabilities at that
point, have been happily adiusted-the
company builds substantial stone dam,
toward the cost OF which the city con-
tributes by releasing the debt and lien OF
sS5. 900 upon that level, and the rents, held
as collateral. come TO this company.
One dam (Varney's Falls), not needed for
water power, has been destroyed; Others
will follow doubtless. Those whose main-
tenance will be justified by the power sup
piled must, under Requirements Of law, be
furnished with fsh-ways.
CONSOLIDATION.
The important events TN the history OF
the company are, first, the contract entered
into with the Central Railroad Company, OF
Ohio. the Atlantic and Northwestern Rail
road Company, Of West Virginia, and this
company, Tor the consolidation OF the three
companies; the subscription OF five mil
lion Of dollars, secured for completion OF
existing lines; extension Of Ohio Central
TO the Ohio river, bridging OF the Ohio,
and construction oi railroad TO Charleston,
West Va.
The special meeting Of stockholders held
in Richmoud ON the I'D June ratified this