1836] 



FARMERS' REGISTER. 



347 



by this company in regard to the trade and travel 

 passing frouj the ont; road npon the other, the 

 board on tlie 2()ih of April last, came to a deter- 

 mination on this subject which has iriven general 

 satislaction to those who were inclined to embark 

 as stockholders in the Louisa road. The board 

 declared that npon being informed by the Loui>a 

 Company of the tolls charged upon the Louisa 

 road, it would adopt their tolls as the tolls of this ' 

 company li)r the transportation of persons, pro- 

 duce, merchandize and other goods received li-om 

 or delis'cred upon liiecars of the Louisa Companjr 

 at the point ol" connection, and cliaro;e for tiie 

 same only so much per mile as might be charired 

 on the the Louisa road, with this proviso, howe- 

 ver, that tiie rates (ixed by the Louisa Company 

 be such as to enable that company after the pay- 

 ment of all necessary expenses and setting apart 

 a fair and reasonable sum tor renewal and repairs 

 us required by their charter, to divide at least six 

 per centum per annum on the capital stock invest- 

 ed in it Books have since been opened ; more 

 than enouirh to incorporate the company has been 

 subscribed ; the president and directors appointed, 

 and other measures taken for going on with the 

 work. The accomplishment of this work v/ill 

 bring upon the road committed to the board not 

 only the travel between the West and Richmond, 

 but the travel between the West and Fredericks- 

 burg, a large amount of local travel and an ex- 

 tensive trade in produce and return Ireights, all of 

 which will be sources of profit to the stockholders 

 in the two roads, and of benefit to the city of 

 Richmond. 



A company has been recently organized to 

 make the railway between Richmond and Pcters- 

 burix of which mention was made in the last an- 

 nual report ; the location of the road is now going 

 on, and the work itself, it is understood, will he 

 speedily commenced. The execution of this work 

 may be expected to add lar^eiy to the amount of 

 northern and southern travel upon the road under 

 charge of the board. 



In addition to these improvements, another, the 

 Raleigh and Gaston Rail Road, not contem|)lated 

 at the last meeting of the stockholders, but which, 

 ii more remote, will be not less advantageous in 

 its influence on the improvement committed to 

 the board, has been lately underiaken. 



With these additional and important sources of 

 profit, it may safiily be presumed that the work 

 committed to the board, will on the completion of 

 the roads just mentioned, if not sooner, realize the 

 maximum of fifteen per cent, allov^ed by the char- 

 ter to the stockholders. 



Viewed in this aspect, the right to increase the 

 capital stock .§300,000, with the privilege to the 

 individual stockholders of taking the additional 

 shares, imparls greater value to the stock now held 

 by individuals. The company has power to ex- 

 tend the road, should it deem it advisable to do so, 

 from its point of termination within the town of 

 Fredericksburg, to the Potomac River or some 

 creek thereof. Whilst it may be preferable in one 

 point of view, to delijr increasing the capital until 

 the present stockholders, general!}', can find it 

 convenient to avail themselves of the priviieire re- 

 served to tb.em, it will evidently be desirable to 

 make the increase of capital soon enough to in- 

 sure the completion of the road between The Rap- 

 pahannock and Potomac by the time at which the 



improvements above named will probably be in 

 operation. Before this road can be constructed, it 

 will devolve on the board to cause two preliminary 

 surveys to be made, one to Aqiiia Creek, or a 

 point contiixuous thereto, and the oiher to Potomac 

 Creek, or a contiguous point. These and some 

 other preliminary measures the board contemplate 

 taking during the present j'car. Should the stock- 

 holders at the present meeting declare that they 

 deem it advisable to extend the road to the Poto- 

 mac, the board would probably deem it expedient 

 prior to the next annual meeting, to increase the 

 cafiital stock of the company to the extent author- 

 ized by the charier, as the whole amount will pro- 

 bably be required lor the purpose of executing the 

 portion of the road just mentioned, and lor provi- 

 ding the increased number of locomotives, cars 

 and carriages which would be required for its in- 

 creased trade and travel. 



Soon after the last annual meeting, an arrange- 

 ment was made with the Bank of Pennsylvania, 

 whereby facilities are afibrded to persons residing 

 in Philadelpha or its vicinity, for making transltjrs 

 of stock in the mode suggested in the last report. 

 The Philadelphia stockholders deposite their in- 

 stalments in the same bank, and will there re- 

 ceive dividends on their stock whenever declared. 



The president and directors cannot close their 

 report without calling the attention of the stock- 

 holders to the necessity of a more efficient organ- 

 ization of the company. As one step towards it, 

 the office of Treasuier and Clerk has been placed 

 contiguous to the depot, and the late Treasurer, 

 not being able, after this change of location, to 

 continue in the office consistently with the duties 

 of another station, and having in consequence re- 

 sitrned, Mr. Hilary Baker has been appointed in 

 his stead. Another measure of more importance 

 is deemed indispensable. Relieved, as the pre- 

 sident, has been, in a great degree, by one of the 

 directors, who has acted in the country, as 

 an agent of the company, and by another 

 director residing in Richmond, who has aided 

 as far as he couid in preparing business for 

 the board, and attending to the finances of the 

 company, the president has still found more of his 

 time occupied by the duties of his office than he 

 could con\eniently devote to it, and has been de- 

 sirous of resigning for some time past. lie has de- 

 ferred resitrnino; thus long because it was thought 

 preferable by the other members of the board, as 

 well as by himself, that the appointment of his 

 successor should be made by the stockholders ia 

 general meeting. The board cannot forbear to 

 mention that while the duties properly devolving 

 on the president have heretolbre been very consi- 

 derable, they are still on the increase, and upon 

 the manner in which they shall be discharged, the 

 prosperity of the company most essentiaily de- 

 pends. Necessity therefore exists for adopting 

 means similar to those taken by the Petersburg 

 and Roanoke Company, to procure for the office 

 of president an individual who will be able to give 

 to the office all the time that will be necessary, 

 and to dischartre the duties of the station in such a 

 manner as the interest of the com;iany require. 

 All of which is respectfully submitted, 

 B}' direction of the Board. 



JOHN A. r.ANCASTER, 



President. 



