Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1848-01-11

cable, IN any OF the modes alluded 10. TO raise
the amour; requisite 10 finish the road to the
Ohio, il would necessarily becon present
drain upon the receipts, aud, in some OF them,
would entail lasting debt. both as 10 inter-
est and principal. upon the earnings OF the
road. In fine. have not been sbe to discov- 4
er any available mode Of raising the requisite
amount to complete the road without creating
a temporary or permanent charge upon It's
earnings: and, therefore. OF all that could he
devised, that mode which would afford the
most eilectuai pr'senl aid. aud yield the grea-
test permanent advantage to the Stockholders
ought, on every ground TO be preferred.
Ia this posture Of The Company 'salfairs, aud
looking to the paramount aul urgeutimpor
tance OF an Immediate prosecution OF the
! work, | have irit the necessity OF devising
other means, ia anticipation oil any aid thai
moy hereafter he derived from the sources al
reody indicated, by which, independently OF
them. and whether they may or may lot prove
| productive III future. The road NAV Grtaiuir
be completed within the period allowed by
| the present law. Ii has appeared tome that
tins object could be, without difficulty, and
must eit7ctually. accomplished II tine annual
surplus revenue from the Main Sten shco.
be directly applied to the extension of The
road; aud the capital OF The Companyincreas-
al TO tnat amount By the delivery OF new
Shares OF Stock to the Stockholders in pro-
poruon 70 there respective interest. 1t will
appear that, BY the operation Of such ,schene,
the road will certainly be c, mpeied to
'Fheeting within the time allowe, by the
law; and that, III all reasonable prtbAtititv.
the object may he accomplished in at most
six, and perhaps in three OF four yeas.
h. .,l l,,f L.,
stockholders would be thus ACCOMPLISHED wi h
absolute certainty, from their OWE resources,
without dependence upon otheraid, and with
out the creation OF any permanent debt, or
other Obligation, by which the future opera
tons OF the company could possibl be EN-
barrassed. The stockholders wouldthus be-
come the sole proprietors of their o.n work;
and, instead of depending upon pscarious
profit of 3 or per cent, upon / c,pital OF
81 900 600 in an unfinished work wpuld be-
come the owners OF completed pai of the
first importance. with a capital gteatly in
creased, and yielding profit of MT less than
II per cent. Such scheme wouR not only
secure to the stockholders the gretest ulti-
mate advantage, but would appearo present
both legitimate and natural resufce. and
one that in the situation in which he compa-
ny is placed ought not 10 be neglecd. 9th
er companies in the commencement of their
enterprises, may be driven to othr expedi-
enls, and TO consent to push forard their
works al great sacrifices That viii which
we are associated is under no suchiecessity
Having selected their own rouleand fixed
upnH terminus according TO therJwu sense
OF pfopnety, the stockholders of It's compa
ny happily possess ample mean, from the
operations OF the present line of rad. to ac-
conpilsh their object without an, other as
sIstaDce. Pressing forward their enterprise
win Their own unalied means, thy could
justly encounter neither jealousy no conflict
win DINER lnteress, and need appreend mel
ther opposition nor discouragement lom nv
quarter whatever Ii Other aid =, nresen,
more or less contingent. should be hereafter
realized from other sources, it tGht sssis,
that which is now cert in. and actr hrate the
extension OF the work. but woulbe wholly
unnecessary to lis Gnal competioh
am obliged 10 confess that. wih such a
sure resource at our command ii we rested
upon uncertain expectations Of contingent as
sistance, and suffered thu present Law to expire
and other enterprises to get in advance OF Us
II would b. dtiicuit hereafter to secure on,
own appreciation Of such policy.
vi the authority OF the President and Di
rectofs to employ their surplus earrings in The
manner suggest ID. it is impossible to doubt
me right and duty .! their incorp,ralion au.
t0orizA and require the CONSTRUCTION Of raj
ad tom Blitimore to the Ohio RIVER and il
Is OBVIOUS from lis whole scope and spirit
mat me charter contemplated the annual earn
i4lSs OF partial sections as d legititiaie means
oil completing the entire work. laaa Tree 70
confess mat has always appeared rs metha'
Wiunout 'he discretion conierredng the 1911
Seton, the President and DIRECTORS would
not BE- authorized TO ma Ike ony dividend vi tt,
! receipts as long as they were needed 10 s.nisi
| lhe WorN; and. III the eXercis. of that discr..
iion: would al all times have preferred re
serving The surplus earning, as d contiugen
i iuld Tor TIE ultimate extension Of The road.
Conclusion t0-m0rrom)