Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1833-08-08

near two-thirds Of the whole work, provide
for the payment Of the interest OF their stock
out Of the loans, IL Is obvious that tho State
and individuals have q right TO be credited
with An abatcms equal 10 the interest paid
BY the Baltimore and Ohio rail road company
and the fund designed for construction Will
be materially diminished in the payment Of
interest, rendering IL necessary for each stock
holder to make further provision TO obtain
a fund sufficient 10 complete the work, there
oy enhancing its nominal construction.
The Baltimore and Ohio rail road compa-
ny, as stakeholder, stands in the same po-
at,on m relation to the work AZ other stock
holders, and on every share, it 10 immatsrial
who may be the possessor, tho ins,alrnents
must be paid, par, pas'u. II this DC correct,
the Interests on the loan cannot be deducted
from stock to be filled up by the Baltimore
and Ohio rail road company, and at the same
time withheld from another class Of stock
holders.
II the position assumed Is the true one
does IL not follow that the interest on loan.
must DC paid from some other fund? If 20,
there IS none TO be rcsoricd 10 but the Rsre-
nue. of the Baltimore and Ohio rail lad ON
paDy. Under these impressions, with work
Of such great magnitude about 10 be COM
mcnced under circumstances as detailed, the
dent, and injurious to the permanent interest
of the stockholders, TO make any dividend OF
the nett profits Of the last half year, and that
II will be best TO retain that fund To meet the
exigencics that may arise. by extending the
road Ia Harpers-Sfry, and constructing the
road to Washington.
The circumstances detailed may not NJ first
view, appear Of so hattering n character as
may have been anticipated, but on an exanii-
nation Of the affairs Of the company, tic
committee trust there Is every thing 10 hope
for, in the future, and ia confirmation of this
opinion they will contrast the receipts and
expenditures of the first six months of the
last two years--the result Of which is as fol-
lows
Income. Erpensss Of Tronspoyta.i0,
is3?, sIs,160 10 1882, s4l,iii %
1888, oa.556 Sc 1888, 4I,534 IS
When the road shall have reached lIarpcrs-
Ferry, and communicated with the rich val
icy OF virginia, by junction with the Win
chester rail road, great increase IN this in
come may fairly be calculated upon, and on
the completion Of the road to Washington
The use OF that part already constructed 20
The Patapsco will, without doubt, essentially
benefit The Baltimore and Ohio rail road COM
pany, while nj the same time il is anticipated
that tais company will receive a fair and rea-
sonaoie remuneration for the employment of
ats credit and resources in the construction of
the Washington road. And under al the CT
cumstances Of this corporation, the commit
tee entertain confident hope and belief that
at no distant day is resoEccs win bs found
ample to meet al the liabilities it has con-
tracted for the construction of the road 10
washington, still leaving gratifying surplus
10 be divided among the stockholders.
A. I'M ,.bl
g'e-hahded have been the pioneers in the Uni
ted States in the cause, and although great
difficulties have ensucd in tie prosecution of
the enterprise, We are animated with the
hope Of favorable termination
All which IS respectfully submitted.
JOHN b. MoRRIS,)
JOHN McKIM, Jr. COMMITTEE
NV: EVANS,
July 18th, 1888