Daily Richmond times. [volume] (Richmond, Va.) 1849-1850, 1850-10-25

This truly eredi WORK vi lhteIilai i'pioFStii9"'i
being intimately connected with the interests OF
large portion of our State, and one OF the leading
thoroughfares between the Atlantic Coast and the
Western Interior, we are sure that we cannot lay
before our readers anything more acceptable than
the most recent authentic information as to Its
condition.
The Stockholders of the Company held their
tventy-fourth annual meeting in Baltimore, on
Monday last, and President Swann submitted the
annual report. 1t opens wththe following sue
cnct statement of the operations OF the MAN
Stem" during the year which ended with the
month of September;
From the Ireasurer's exhibit we learn that larger
amount of revenue has been realized during the fiscal
wear terminating on the Both September last, man at
any former period of the companys operations snow
ing the gratifying increase OF SioSo'' o~oVet lpe GA
| hbit OF the 3OthSeptenber, 1917 E,
| The recents from passengers, mails and merchan-
disc have amounted in the aggregate, curing he year.
TO 81 343 sos 81. Otthis sum S39oS|9 oo nave oeeu
! S42 7O7 as from the transportation OF the mails Inc
expense of working the road and keeping It repair
during the same period, have been So09os9 3d. snow
ng reduction under this head oil So2o49 So result
winch could hardly have been anticipated, CONSIDER
ing the large augmentation in the company BUSINESS.
The proportion ofexpenses will be less than 40 per
cent. otthe gross receipts.
The net revenue Of the company Will be lound 10 eA-
coed that of any previous year. shelving an aggregate
OF 1874 PIC A. equivalent 10 10 AZ 100 per cent upon
original capNel OF 81 600 oo AND o. too per cent
upon the augmented capital OF ooo ioo as at present
represented.
Ofthe amount thus stated the net earnings OF the
road during the year. the board have decareda div-
dend of seven per cent payaben the stock oil The COM
pany on and after the 26th of November next.
This lis certainly most favourable exhibit
Al of in
stock is in conformity with the fixed policy OF the
Company to devote its annual earnings to the ex-
tension and completion of this great work to the
Ohio: the dyidendthus declared is made payable
in stock The policy of the Company, in fact is,
saws the Baltimore American, to borrow annually
from the stockholders the amount due them as
dividends, and this amount being devoted to the
prosecution of the road the stockholders receive
a representative equivalent in stock.
The progress of the road towards the Ohio ri
yer has been vigorously maintained, though the
Chief En- oineer complains of some scarcity O!
abour In accordance with the decisions of the
Board of Engineers appointed by the Governor of
Virginia, in favour of ''the Grave Creek route"
the Board have directed it to be put under con-
tract. The following extract from the Presidents
report exhibits the present advancement OF the
Western extension:
The Chief Engineers report states that l67 miles on
the road in various stages oil advancement and
that the commencement OF laying the rails viii take
place early in the ensuing spring, when the line will
progress without interruption to the Ohio river.
There are now employed upon the entire line $500
laborers and TOO horses and the value of the work
DONE up to the 30th OF September, under the various
heads grad uation, masonry and bridging, was $685.,
liz 40.
7tb sth. 10Th 3lst 35th, 42d SD. and 95h sections
"a additional sections will be finished by the LIST May
next and the line from Cumberland to the "P led
mont Station near Westernport, say % miles, is ex-
neeted to be opened about the LIST June.
All the heavy sections upon Savage River and Crabb
Tree Greek are progressing with comnendabe rapid
ty and with every prospect OF competitor during the
coming spring and summer
more rapidly than could have been anticipated Its to-
taI length is 100 feet Fifteen hundred feet of the
heading have been driven through in period OF five
months being than one-third OF the entire dis
lance This work it is now certain will be completed
within the limit of the engineers estimate
The bridge masonry upon the whole line s IN state
of ra id progress and will offer obstacle in the
opening OF the road ;.
ability to meet the expectations OF the stockholders in
the prompt completion OF the work, should no untore-
seen accident occur to retard his progress.
Iftne laying ofthe rails should progress without in
terrupton and according to the plan proposed by him.
junction will be formed with the northwestern turn
pike at the Tygats Valley Bridge, early in the Spring
of 1852.
At this point, the transit from Parkersburg to Bah-
more via the Northwestern Turnpike, would not
coed % hours The State otV irglnia has made large
appropriations for matchmaking this great thorough
fare-and it cannot fail to prove most important
feeder to the road even after shall have been COM
pleted to the city OF Wheeling Roads are in progress
and completed from Beverly the county seat OF Kan
doIph Weston, the county seat OF Lewis; Sutton, the
county seatoi Braxton; aud Phlpp the county seat
OF Barbour-all connecting with the Northwestern
Turnpike
From Paramount turnpike is also projected and is
now in the hands of contracorsto Fishing creek, on
the Ohio river, distance OF So miles.
The report estimates the whole available means
of the Company for the construction of the works
beyond Cumberland, includ ng S934,713 already
expended and 100000 of anticipated reve nue.
during the progress of the work, to be $780,
93S; which, with an estimated defc iency of
Sll28.731, gives a total cost of S6,279, $780,
In October, 1919, the Engineer estimated the cost
at 36,27S,00o.
Most ofthe large sums now at the command OF
the Company was secured through veSy judicious
negotiations with the Barings, which the report
explains.
The surprising effect of the railroad upon the
prosperity of the city of Baltimore, is thus refer
red to:
During the two years in which this Company have
been maturing their plans to prosecute Their work to
completion, the growth OF the City of Baltimore has
not been equalled any former period OF her history
II may be safely asserted, that her subscription OF 3d.
500 600 has been than returned to her, IN the en-
HANGED value of her real estate to say nothing OF the
influx of population which increased activity in trade
and the prospect OF early connection with the Wes
has brought within her limits. The effect of this road
in It's present unfinished state has contributed largely
towards the indications of general prosperity which
everywhere apparent, The City of Baltimore has fell
NAV be better estimated by the fact, that during the
year ending the Both Of September, her imports
ssting in part OF Flour, Grain, Tobacco, Live Stock
and Coal passing the inc OF the Baltimore anC
Ohio Railroad amounted 10 an aggregate OF ,905
tons and her exports to "A $50 TOMS making total o
AT, 555 tons both East and West.
1t is worthy OF remark, also, that Locust Point, the
terminus Of this road on tide water, place within the
corporate limits Of the City OF Baltimore, which two
years ago existed only in name, has since its opening
1 IL