The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-11-17

lie reduced to that extent.
Assuming the estimate Of the engineer, then,
Supposed available TO be Deducted 100000
4 si,77S7si
And estimated cost OF rails II purchased on
time exclusive Of duty aud other
charges. ray. oooooo
Leaves TO be provided. ........ slI257y
This amount accomplished the whole line Of road from
Cumberland to the Ohio river bs let to contractors
early during the ensuing spring Various plans have
been suggested to make up the deficiency which would
thus appear fair estimate af the available resources
now at the disposal of the company
The issue of preferred stock to be subscribed for
by instruments Of g. IL 10 and "a mouths from the LIST
Of June next make the whole available In two
years thereafter being the period within which theroa
Is expected to be spensd
IL. The issue OF the company's bonds having long
period to mature and guaranteed against both city and
State taxstion.
The preferred stock would be free from taxation
would take the precedsnos of all other STOCK and
would not operate tax upon the resources OF the
company, hey ond the rate Of interest which 1t Is pro-
posed to guaranty The of bonds will only be
sorted to- preferred stock plan should fail Rail-
road companies should BY all avoid direct debts
any Issue Of stock is better than bonds and good pre-
ferred stock can be easily negotiated.
The road completed To the Ohio river, the sggre
gate amount Of liabilities to be provided for would be
the interest upon So 20 600 OF the per cent ster
ling bonds S6,5 COO of the conpanys bonds and the
OF the rsu, If purcha,ei time, say $3.50 COO
This that the loan to the Washington Branch
will ren,sis tax upon that branch, without inter-
ference with the main item The entire tax upon the
revenue the purposes OF nsre above cited would
be S27l SEQ to which add the interest at the rate Of
six per cent the necessary to complete the
he ated Outf for tha
fret yesrssy 100000 and there will be fatal aggre
gate Of 1851 223 the tax upon the revenue Of the
finished read and outfit at the Ohio river IL Is est
mated that the trsnspor saton Of the mail would
nearly the whole smouut of interest upon the capital
required to hash and stock the road.
The net receipts Of the company, from Its present
lin. between Cumberland aud Baltimore IL Is officially
stated already exceed by large amount the total Of
interest that would have to be provided upon the
gregste liabilities Of the work when pete and In
full operation The chisf engineer estimates the in
Of at the Ohio river at $2700 00O Of
which about one. half or ST, $50 600 would be net.
The total drawback upon the accrung revenue Of
the finished read at the Ohio river would not exceed
1891 1913 allowing Of 5000 600 for stocking the
road and above the estimate Of the chief engi-
neer II the finished road should produce no more
revenue TRAN is realised upon the line to Cum.
bersnd the entire interest upon the obligations Of the
company could be provided for, and surplus OF more
than remain to be distributed among the stock
holders But if the estimates Of the chief engineer OF
the probable revenue Of this road proxi-
ms,sy sustained sinking fund could be set apart FOR
the gradual liquidation Of the debt, and larger dvi-
dsDd declared than Is realized any similar work In
this country These estimates, 1t will be perceived
In all instances based upon the completion Of the
work in the shortest practicable time and the steady
nsintenance Of its existing revenue.
By the completion OF this road there will be line
$50 miles In extent between Baltimore and the city Of
Wheeling forming an uninterrupted connection with
the Ohio river nearer to Columbus, Ohio, by SIS miles
than Philadelphia 2l6 than New York, and $50 than
Boston; and the most convenient route to either Of
there cities would be through Baltimore via the Bal
and Ohio Railroad. The actual capital invested
would be upwards Of SIS 900 COO and the entire obllga
tions OF the company would be about 50 100000.