Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1848-10-13

hoard. az the stockholders are aware. w bile
they declared the usual dividend. were oblig
ed 10 make large portion of II PAYABLE IN
the bonds of the COMPANY: aud during the
year just ended. The neeessiiv Of a siill fur
ther increase ot the motive power and ma
chinery. and Of putting the road on the best
and most permanent footing. in view of the
business constantly sccumulating upon IL.
have not only absorbed the entire revenue IT
the year. but caused engagements to be enter
I'd into which must BE- met out uf the rcyen-
ne OF the year to come Hence il Is thut no
dividend in money is at this time declared OF
The capital stock of the company.
When the board undertook 80 DO what has
just been adverted to. and what viii be pre-.
sntiy detailed, they expected To be able 10
use the credit OF the company 50 rs. az all
events. to- obviste the necessity ci any charge
upon the income OF the wear ending Sepiem-
Der Both. lci9. But 1t was iuuud that ms
could not be done without greater sdcuhee
Of the COMPANY 5 honi- then would have hefn
at all al, isabie; besides Hnich.1n TIE then
condition ut the mereet, the appearance Ut
| the company seller, to any extent. womb
I have impaired The value OF The bonds lh The
bands OF contractors vho had agreed 70 re-
ceive them, at par, IN payment Tor work
WINCH was tti every uNtOAilA 10 " uNFi.itt'.
The expenditures properly chdrZeao.e 10
capital. aud here particularly referred To-,
have ell had reference 70 the permane mt in
crease OF the business 81 the read and The
most profitable transactions of ii, were i'm
periously called for by the demands of the
public end will realjz. 20 the company. in an
addition 10 its property aud effects and in in
creased facilities in its daily operations, more
than an equivalent TO the amount OF the out
lay.
With this view, the boarl deemed it ne
cessary to add largely 10 the motive power ana
machinery; to proceed with the reconstruc-
ton OF the old imperfect. AMI worn ont road;
TO change the original and defective location
of the track east Of the Monocacy, So that
thete should occur upon it no curve OF less
radius than six hundred feet; and to extend a
branch road TO the south side OF the basin, On
which the transportation, not intended Tor
distribution in the city. might be done by
steam 10 tina waters edge. and much OF the
cost Of horse power in the streets be saved
and other serious inconvenience avoided.
The demand tor transportation eastward
from Cumberland. in lS47, far exceeding as il
did. owing to peculiar causes the experience
of previous years, admonishcd The board OF
the absolute necessity OF providing, by the
purchase OF additional cars and engines, a
gainst contingency which. having occurred
once, might occur again, and when ignorance
could not, second tim, be pleaded as an ex
cuse for not being prepared to meet IT.
Large as was the increase of the company s
business in the year ending IN September lo47,
the business Of the year just ended has as al
ready shown exceeded it,-at this under a
diminuton in the price OF produce of every
description, showing how unsafe, indeed
how inexcusa bic, il would have been for the
board TO have looked upon the demand for
transportation in lSi7, as temporary, and as
too unlikely to occur again 10 require any I'M
usual expenditure upon the part OF the com
pany. Had the board been disposed to take
this view, the suits brought by those who claim
damages consequent upon the company's ina
biity TO bring their live stock from Cumber-
land as .as, as it arrived there, would have
sufficiently admonished them of lis danger
And although the board are advised and be
heved. that the company could not be visited
with the consequences ei an emergency which
could not have been foreseen, yet, they are al
SO advised that, with the notice that had been
given them Of possible demand upon Them,
ii would be ut their peril TO neglect IT, While
the purchase OF cars and engines was an actual
addition TO the motive power Of The company,
the construction oil the road so as TO increase
the safety and focilate lis use, and to avoid
oil curves otless than six hundred feet raiius
was virtual addition to it-lor the work
which the alteration and Improvement would
enable each engi to do over and above The
limit Of its performance on the old track, with
curves o.. sadiias small Us four hundred fee, *
in some cases, even less, would be equivalent
TO adding to the number Of engines, aud uti-
Daetly make up, in annual pref to the com
pany, the cost OF reconstruction. Nor would
this be the only gain; the saving OF wear aud
I, tear on all the engines aud cars oi the com
pany, aud the lessening OF the risk OF acci-
dents being alone sufficient 10 JUSTLY the ne
cessary expenditure.
Nor was ii less necessary 10 provide for the
distribution OF the freight thts brought in iu-
! creasing quantities to The border OF the city
OF Baltimore, tlan twas to provide means FOR
transporting it from Cumberland and other
points on the main stem. 1t Is well known
that, even heretofore, IN the busy season, /,
has been by the greatest eXertIons only, and
I by working day and night, that the track in
Pratt street has been sufficient for the pas
| seuger and burthen business OF the company
and, although the city authorities permitted
! steam to be used in The streets, yet it VAS uu-
| der restrictions which made the ordinance
practically useless.
1t became necessary, therefore. in the opIn-
| ion OF the b ard, as part oil their general pur-
pose, TO provide such all access 10 the water:
edge with steam power. relieved from the OBJ
jections attending all street transportation, as
will be furnished by The track eading 10 the
south side of the basin. la view then of The
objects TO be accomplished, and for the rea-
| sons here given the board ordered Is engines
| OF the first class, and p released 2 OF the sec
ond and one OF the third class, 2o passenger
and III burthen cars, at a cost OF $40, 3S4
and they put under contract such portions oil
The main stem as required immediate i'm
provements in the road bed and the branch
10 the south side o the basi the estimated cost
vi the former being $500 ,ul6, and OF the LAT.
ter Sl43 .5O3-making total proposed extra
expenditure OF $3.50 ,o97.
As this, necessary as ii was, in addition to
The expenses for interest, &c exceeded any
probably amount Of nett revenue, it became
important that the contracts for the graduation
and masonry Of The reconstruction and exlen-
ion should be made payable, as tar as posi-
Die, in bonds falling due at remote periods
provided this could be done on terms compa
ible with the interests Of The company. Pro
,osals were invited accordingly and contracts
in every way satisfactory payable in bonds
we're soon alter executed and the work was
commenced.
OF the whole sum expended during The year
IN account OF The reconstruction OF the track
rdered in previous wears, Sl3.S3S OF was
,ald in bonds; $3.50 0l6 Tor the alterations
in The b ID OF the road, aud So9J0l on occounl
the extension OF the track To The south side
the basin, are payable in Ike manner; and
IA each case the payments are made in bonds
L par, and for amounts thin the estimates
Il the chief engineer.
Up TO 30lh September there had been deliv-
red engines, l6 passenger ant III burden