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

'REE PRESS.
grtewJfsss-e, fhe Mechanic a
| RAIL ROADS.
BALTIMORE AND ONO RAIL ROAD
COMPANY.
The undersigned committee, who were ap-
pointed on the 30th May last, TO examine into
the Dctt profits Of this Company for the six
months, ending the 30th June, 1893:
"Also 10 ASCERTAIN tho amount Of interest
paid for funds borrowed in anticipation Of the
several instruments called:
"And further to take into consideration tho
most proper means Of providing for the inte-
rest which will accrue upon loans about 10 be
negotiated for the construction Of the Wash
ington Rail Road. until that road W in become
profitable and the same 10 the Board !:
"And also, further 20 report their opinion
upon the amount Of dividend, If any, that il
may be right to declare, upon the current six
months business u the Company :"
| REPORT,
That the receipts for transportation during
the last Sax months, appears, by the accom-
panying state ment Of the Superintendent Mt Of
transportation, marked A., 10 have been
1855 &c
That the expenses of trans
portation, and the salary
OF the Superintendent of
transportation. were Sal, 53i3J
Thatthc repe - the road,
machinery, and for atten-
dance on the same, and
salary Of superintendent
Of machinery, were 1s,374,ss
The wear and tear Of hor-
ses and harness is esti-
mated at $500
-62, 100 ~
Leaving after deductinc the
foregoing items, the sum
of sa9,si7,6a
From this balance, il is the
opinion Of the committee
there should be deduct
ed the amount Of interest
paid on the loans since
January last s,6s3, 80
So that there remains a nett
revenue Of the company.
for the six months end
ing the 30th June, the
sum OF S2l 1929
IL will be rccollected that in the progress
OF this work, involving heavy expenditures,
the source Of which was mainly dependent
upon individual subscriptions for its payment.
the board wisely, rs we think, deemed il nd.
visablc TO urge on the work to a speedy COM
Pietlon, and in doing so, not 10 press too ra-
pldly on the stockholders for instalments.
Preferrng to pledge the company in its cor
r.l. .x.af.~ n
ney, indispensably necessary tow ards for
wardIng their designs hence have arisen the
existing Liabilities for advances and interest
on them. The money borrowed has been APP
Piled to the construction of the road, and had
not the company obtained il, instalments must
nave been called for al the time of cffecting
the same, and would have been obcycd as IL
IS believed, with great inconvenience at that
period TO many stockholders Justice and
propriety seem TO dictate, that the interest
on these loans should be betrayed out Of the
current profits Of the concern, previous TO
the making of any div nd on the stock, and
that this item is fairly chargesble as one for
administering the affairs Of the company, and
not to its construction.
The policy hitherto adopted TO urge the
work forward, and, at the same time, miii-
gate The demand upon the stockholders, il ia
the opinion OF the committee, will have de-
gree 10 be pursued until it shall have been
completed TO Harpers-Ferry. This being as
sumed as the course the company will pur
sue. it necessarily follows, that, with the liza
oilities already incurred, and those that will
ensue for work to be executed, on the one
hand; and, on the other, the instruments cali
ed Tor being inadequate 10 cover the debt IN
Cured, and TO accrue from the complet ton of
inc road to HarPers-Ferry, il results that the
fnr
Ject 10 The payment OF an interest account
Having examined into the first portion Of
the duties assigned the committee, il remains
20 suggest the proper means Of providing for
the payment OF the interest OH loans to be eff
Iected for tho construction Of the Washing
ton railroad, and to advert 10 the question of
a dividend on the current six months business
OF the company. BY an act of tie General
Assembly Of Maryland, passed at their last
session, the Baltimore and Ohio Rail Road
company were constituted she agent 10 con-
s,ruct :ail road to Washington. This law
did not contemplate that the Baltimore aud
ohio rail road company should necessarily
become stakeholder. II was estimated that
the Washington rail road would cost about
sii5OO,OVo, Of which 5000 was reserved
Tor the State, $500, 600 for certain CORPORA
lions, and the residue was 20 be open 10 indi-
vidual subscriptions. u was only in the con.
ungency of the corporations and individual.
failing TO subscribe for the stock allotted 20
them, that the Baltimore aud Ohio rail road
company had The power TO become a stock.
holder.
Tho corporations I~tieh had The prc-emp-
ton wholly declined. and individual. parfir,-
Pated m only an uncomfortable degree. Thi.
condition OF things now presented 10 the
stockholder' Of the Baltimore and Ohio rail
road the alternative proposition Go abandon
inc work, or that uey should avail Of the
privileges extended by the act.
me present inquiry grows out 81 the de.
termination Of the stockholders, who. Al ,
general meeting. by large majority, resoly.
cd 10 accept the Law and take an the uosub-