Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1846-10-17

made OF reconstTucting the entire road be-
tween Harpers Ferry and Baltimore FROM the
general funds OF the company superadds ano-
ihrr rtss,u WHY the expenditure on account
OF thc transportation at coal should hereafter
b. Placcd upon the same footing a. all others
incurred on account OF the Iuiscc ilaneous
trade uf the road.
Under these circumstances. the Boa ri dee IN
II only reasonable now TO return to the stock
holders what has been taken from the reve-
nuc during the pas, year. FOR the purposes OF
the coal trade, aud for its conducl i'm future.
TO rely upon the same provision ss 10 usually
made for transportation OF any other descrip-
,ion.
Upon this principle. adding the sum. sppli.
ed from the revenue fot the reconstruction Of
the road and FOR the power aud machinery
Toe the coal trade, latter deducting the sum OF
$40 81 IL, with which that trade has been
Creditcd) amounted together TO eli6,S lo %,
10 Ia: r.si Tue OF the surplus as above stated,
there would remain a net SUR plus OF revenue,
over and above all other expenditures, OF
S237 $50 81
A. a distribution OF this amount among
the stockholders could only be effected by
sale ol the coinpany's bonds at the drptecis-
ton already stated, OF by the delivery vi the
bonds at their par value To the stockholders.
II brcauc necessary 10 decide. not only the
]
Icy OF dividing only the balance OF revenue
actual, IN hand, amounting. ss already
shown, TO about one aud quarter per cent.
la considering these questions the Board
had reason 10 believe that, with q knowledge
at the general increase in the trade and reve-
MUGS of the company, IL not on other grounds,
the Stockholders generally, including the
state and city, had been led TO expect a divi-
drnd OF at least three per cent. and il was Of
hcislly represented that the authorities OF the
city. relying upon that expectation, had omit.
ted TO make any other than a correspondent,
provision Tor the sccruins interest upon the
city debt
Yielding the fullest force to these conside =.
siions. II WAS, at the same time, deemed in.
eNpedient TO reimburse the amount applied
from the revenue TO the objects already stated
oy a sale OF the compIuy's bonds at so great a
depreciation, end at rates which might have
tendency 10 impair their value in future, at
least until an opportunity could be afforded OF
adopting reasonable means calculated TO es-
,sbli,h their just and full value.
Up 10 this time the amount Of bonds which
tlc company proposed 10 issue a nd the specific
pledge BY which it was designed 10 secule
The payment OF both principal and interest
had not been limited or dehHed. and this had
a tendency 10 deprciste their price. The
!
hands of Baltimore. arc actually subjected to
tax by the state and city, amounting iogeth-
er 10 nearly one per cent; an impression also
| generally prevails, that they would b. liable
To the same tax IN the hands Of citizens OF 9th.
~ states, and II Is certain that IL would b.
competent Tor the authorities. either OF the
state OF city. not only 10 create this liability;
but TO increase the lax according TO the exc
senclcs OF either. These causes combined.
have hitherto eiirctuslly prevented the sale OF
bonds, unless Of sacrifice which the boa al
did not icel authorised To incur without every
effort IN lie power TO avoid.
The first difficulty. the Board have already
removed by executing aud directing to be re
corded mortgage oil the properly, effects and
revenue oil the company, second only 10 the
mortgage slresdy existing iur the million loan
on account OF the Washington road, aud by
limiting the smoInt included in the mortgage
TO 81 ,OOJ.OOO, aud the application OF that
amount TO the reconstruction OF The road, and
( the reimbursement of ssh 1872 81 applied du.
rinH he f,ss, $3.50 80, 81. -
value, aud render the bonds more saleable i,
not 10 be doubted; aud that their exrmp,ior
from tax by the state and city, would estab
llsh them al par, and perha ps enable them 4
oe sold Of premium, is believed to be equal
ly clear.
The chcapening Of the cost OF impor Ia ton
the diminution IA the expenses oil workin
aud repairs, and the consequent increase q
the net revenue resulting from the reconstruc
lion OF the road, would under any circum
stances, be considered as much more than Al
equivalent TO the city sr the state Tor the los
T OF any revenue they could hope TO derive fror
lsN upon the company's bonds.
II rs however, only proper 10 remark, tina
the al AV
10 the thirty miles Of the road but the earl
reconstruction OF the entire line between Ia
tlmore To HarpeTs Ferry, il not a matter 9
/ discretion, but of necessity, TO be sccomnlisi
Cd in no other way, aud by no other mesn
than the use oil the annual revenue, or by N
sale OF the company's bonds, not exceediu
one million at dollars, from taxation by n
9 state aud city, would be preferable 10 the "a,
, Uhce oi deprecated sale, or the loss of a
annual dividend until the present engagement
; can b. complied with; aud the reconSIructio
OF The road completed, II is supposed will nc
. be questioned by any one.
After fully weighing the forero;ns cons;d
eraliuns, the Board have felt il tkeiy du,r n,
, to incur tho responsibility OF producing eth,
OF the losses. OF any OF the incomvenienc,
already pointed out
They have determined therefore "a rein
, burse 80 much OF the revenue Of tn. wear !
has been applied TO the coal trade. and to N
/ reconstruction Of the road, b. the issue of Al
, rer c nj bonds Ne ,ured by the mortaee slread
. fecordei. and IN preference to sacrifice {
, tie bonds OF the market at the present price
T, 20 pay them 10 the stockholders, TO be u.ed ,
/, they may be deemed proper.
Pursuant 10 these views the Board. haVin
:, applied 500 900 to the sinking fund on aceour
!. OF the loan for the Washington road accot,
!, 'ng to the pledge contained in the annual r,
!, port of 1912, have declared o dividend of ibr,
: percent. or three dollars per sh. re-. payable ,
:, follows, that IS TO say; TO all stockhoide,
o""ing on the hrst day OF the present mont
J.. less Than fifty shares OF stock, three dollars
p money on each share on aud after the Both da
OF November next: and 20 all Stockhoids
I. owning on the said first day Of the pFeSer
r. month fifty shares and over one dollar on ca,