Cooper's Clarksburg register. [volume] (Clarksburg, Va. [W. Va.]) 1851-1861, 1853-06-15

dNanHt 1tePors 81 tneF pfoceeQtngS.
I.
Soon after the meeting OF the Stock
holders on the Cd of August last. the
Board of Directors elected on that day,
convened in the City of Baltimore: and
steps were taken to place about hfty.two
sections of the road-comprising all the
heavy work in the hands of contract
tors.
The Chief Engineers Report hereto
annexed, (marked A. will show in detail
the operations of that department. 1t
will be seen that there are now about
1000 hands and 425 horses distributed
over 40 miles of this road. This, force
is expected to be augmented should it be
practicable, in the present expanded state
Of railroad improvements in this country
and the daily increasing demand for labor,
to accomplish this object.
At a recent meeting of the Board, the
remaining sections. not comprised in the
first letting; as we'll as some of those
which had been abandoned, were direct
ted to be placed in the hand ofthe contrac-
tors
It is the desire of the Board to press
this work to completion with as little de-
lay as practicable. and they have
made all their arrangements with this
view. Experience, however, has satisfied
them that too much haste in the prepare
ton of the road-bed is only to be justified
by the most urgent necessity; and they
will be governed by circumstances in the
policy which may govern them in this pc
culiar. In the course of the present sum
mer the extended line from the point OF
junction with the Baltimore and Ohio
Railroad, to it's terminus at Parkersburg,
will be in active progress of constrac-
ton.
Preparations for depot buildings, at both
ends of the line. will engage the earlier
attention of the Company. in order that
there may be no delay in affording the
necessary facilities to trade and travel
when the time shall arrive for opening the
road.
The representations Of the Chief Engi-
neer and his assistants, in confirming the
impression in regard to the highly favor
able character OF the line, made by the
original surveys; and it is believed that
few roads of the same extent will be found
to present greater advantages, in direct
ness, grades and curvature. In securing
these important features, the Chief Engl-
neer deemed it the part of economy to
submit to some little advance on the orig
nal estimate, and changes were made in
the location as first reported, with view
to the accomplishment of line that would
admit of the easiest grades and the highest
rates of speed.
II-OfMe Finances.
Tbo F1.b;h;E D I
will show the state of the Company's fl
nances.
Soon after the last annual meeting. sire
nuous efforts were made to complete the
stock list, by the addition of some $50,
600. which at the time named, remained
70 ?e subscribed. The Board have the
satisfaction to announce the accomplish
ment of their object. by the addition re-
quired to secure the guaranty of the City
of Baltimore. They have now obtained
a bona fide subscription of more than the
amount stipulated for. both by the charter
and by the ordinance of the City of Balti-
more. The installments called for on this
stock. with the exception of very few ca
ses. have been promptly paid up,and all the
conditions imposed upon the Comapny,
strictly complied with.
The experience brought into this road
by a majority of those entrusted with the
management of its affairs, by their con-
nexion with another and kindred work,
directed their attention at an early day.
to the accomplishments of all the means
necessary to complete the entire improve
ment, without the necessity for throwing
themselves upon the contingencies of the
future. The easy state of the money mar
was such as to encourage an effort of this
sort so soon as the provisions of the char
ter could be fully complied with and the
plans ofthe Company sufficiently matured,
TO ensure the public confidence in their ul-
innate success.
Accordingly on the first day of Februa
~ last, the requisite amount of stock hav
ing been subscribed, and the instalments
paid thereon, the Board issued proposals
for So, 5OO,O 900 of their Bonds guaran-
teed by the City of Baltimore and the
Baltimore and Ohio Railroad Company.
These Bonds being limited by the ordi-
nance of the City, and the arrangement
proposed by the Company, at their full
per value, and the money market giving
way under a temporary pressure which
happened to show itself about the period
Of opening of the bids, great anxiety was
felt. as to the success Of the Compan's
play for supplying their wants upon terms
that they would feel justified in accept
ing.
The high estimate. however in which
these securities were held. apart from the
undoubted character of the road, enabled
the Board to negotiate their Bonds upon
the most advantageous terms, and at their
par value. The success of this operation
placed at their disposal $2,5oo,Ooo, be-
sides the stock subscription which they
were authorized to call in at any moment.
In his report upon the last letting of the