Western courier. [volume] (Ravenna, Ohio) 1837-1838, 1837-07-27

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Total amount of payments, $346. .OO9
Balance remaing unpaid, and
which ismostly retained as
per centage on work done
until the contracts are COM .
pleted s35, 900
BY this statement it will be seen that
the present resources of the Company for
future operations, without further collec-
tons from the stockholders, are limited TO
the sum Of Sl03, 900 now due from the
State. This amount it ls expected, will
be received in time to meet the claims of
the contractors, as they will fall due here
after, and would if applied to that use,
probably sustain the work until August
or September, when other means would be
required for its further progress.
IT they could not then be obtained, and
the work should be suspended, and the
present contracts abandoned, by default Of
the Company, the per centage heretofore
retained would become due, and other
more serious consequences would follow,
the final result of which cannot be fore
seen.
By making provisions at this time for
raising from the stockholders the further
sum Of SiGO, 900 payable in the months
of August, September and October, the
Company would then be entitled to re
ceive an additional sum from the State OF
$50 900, which would carry on the work
under the present contracts for more than
twelve months.
The necessity Of ascertaining at the
present time, what course under all these
circumstances, the stockholders will direct
them to pursue, has induced the Board Of
Directors to delegate two of their number,
George Handy and Leicester King
committee to confer with the stockholders
in Philadelphia, and make such arrange
ments with them for the payment Of in
stallments at future day, as they shall
deem expedient, without lessening the
amount to be finally received on each
share, and TO facilitate their negotiations,
a resolution has been passed by the Board,
requiring the balances due on each share
Of the stock to be paid on the 25th day Of
July next.
The object of the Board in adopting
these measures was to extend to the Com
mittee all The facilities in their power Of
negotiating with any of the Stockholders
for the payment of future instalments,
and they have no intention or desire OF
urging them further than they shall be in
structed by the Stockholders, great ma
jority of whom reside in Philadelphia, and
on whom they rely for counsel and advice
as we'll as for the means Of carrying on
the enterprise.
In accordance with the wishes Of the
Stockholders, directions were given at the
close of the last year to the principal En-
gineers, to dispense with as many of their
assistants as the safety of the work would
allow, and the contractors were not requi-
red to perform more labor during the win
ter than was requisite to keep the line in
state of preservation; consequently very
little was done, until the opening of spring
when the prospect of obtaining aid from
the State gave additional energy to the
contractors, and the work was resumed
with vigor
By transferring the principal duties
heretofore devolving upon the President
of the Board, to the Chief Engineer and
the Secretary, the salary of that officer
is dispensed with, and by committing the
entire line to the charge of one principal
Engineer, the current expenses have been
diminished about twenty-five hundred dol
lars.
Having received several propositions
for the purchase of portions Of lands
which have been donated to the Company,
the Directors have oeemed it expedient to
make sale Of eleven acres, which were
given by two individuals, andhave enter
ed into contracts TO that effect, at the
price of ten thousand dollars. The price
at which these lands were sold confirms
the opinion heretofore expressed by the
Board, that the donations in land, and OBJ
legations for money well secured, will ex-
ceed the sum Of seventy-fve thousand
dollars.
The procrastination of the work, which
has already resulted from the want OF
funds, by causing some of the contractors
to abandon their contracts, will enhance
the expense and retard its completion at
least one year beyond the period anticipa--
ted at the commencement of the work, and
a suspension during the present season,
must add greatly to the expense, and re-
suit in serious injury and embarrassment
to the Company.
Being fully sensible, however, Of the
extreme difficulty of raising funds in the