Sunbury American. [volume] (Sunbury, Pa.) 1848-1879, 1855-06-02

SohortCJ WIFI u. ID. a w. ". M0Orneau Tor
work, say 100000, and also with the Mon
tour Company for iron, S250,00O, making an
aggregate of $3,l54,0S0. This sum is made
up as follows, to wit :--Baance of the City's
subscription OF 81 ,050, 900 Cleveland. Pains
vile and Ashtabula Railroad, 100000; City
OF Erie, $150,000; the Crane, Goodwin and
White subscriptions, as assumed by James
Burns Co., per contract for work, $780,
600; individuals, S3lA,060; by contracts for
work and material, as above stated, S54O 900.
We find, in addition, that sundry informal
and conditional subscriptions have been
offered by Counties and Boroughs on the
limo of the road amounting in all to about
81 100000. But we have not regarded these
as resource for the prosecution of the work
The receipts up to the first of March
were $2,361, ,351,7 20
The expenditures to the same
date s2,O75,G5O.s9
Balance S295, 5,70O,s2
Sundry claims to be deducted,
will leave an actual balance Of Sl95, ,493, ,96
The Board encountered no serious Difficult
ty in ascertaining the financial condition of
the Company.
The accounts Of the Treasurer have been
carefully audited by gentleman selected for
that purpose, and re examined by Commit
tee OF the Board. 1t is but just to say that
the accounts OF that officer were found correct
as compared with the vouchers. Some of the
bills paid are not satisfactory as to the prices
charged, for it is obvious that the Company
has been subjected to some illiberal demands
in matters of incidental expenses; repeti-
tion of which, in future, can only be guarded
against by rigid system in contracting lia-
bilities.
We have deemed it proper for the moro
convenient and systematic mode of transact
ing the business of the Company, to make
some change in its organization. Heretofore
the Offices of Secretary and Treasurer have
been held by the same person. From July
next, they will be separated, and an officer
designated to fiji each. The charge will
involve but little additional cost.
In November, 1858, mortgage was crea-
ted on that part of the road found between
Milton and Williamsport, to secure bonds to
the amount Of 100000. Subsequently the
bonds issued were redeemed by exchanging
for them an equal amount of the City Bonds
and the mortgage cancelled.
On the 9Th Of December, 1854, another
mortgage was made for one million of dollars
covering the road from Sunbury to Williams
port, and bonds created accordingly. o.
this sum $lS5,000 has been expended, and
the balance $SI5,00G IS still in the possession
of the Treasurer.
The road from Milton to Williamsport
285 miles, has been graded and bridged for
double track, with q single track laid down al
a cost Of 81 ,460,9l4. To complete depots
sidings and pay balances on contracts ant
rights on this link, an additional sums
OF twenty-five or thirty thousand dollars vii
be required.
This completed part Of the road, We are
happy to say, has been constructed in the
most substantial manner, and laid with raj
Of 60 lbs. to the yard. Although more ex
pensive than originally estimated, because il
was deemed necessary to raise the prices OF
which the engineer based his estimates, its
general character rs q specimen of railroad
structure is highly creditable to the gentle
men who had charge of its construction, as il
will certainly prove satisfactory to the stock
holders in its future USE
IL now forms q link in the great line o
roads from Philadelphia to Buffalo and Mia
CARA, on which the traveller is conveyed from
the former to the latter points in 16 hours
Its business has more than equalled the ex.
pectations Of the Board, and is daily increas-
ing. If we are not sadly disappointed, its
net earnings next season, when it shall have
of the Shamokin valley and other tonnage
yill equal @ liberal interest on the origina
cost.
The line between Milton and Sunbury il
in progress Of rapid construction, arrange
ments having been made with the contrac
tors In February last by which they became
obligated TO have the road between thss,
points except the bridgeat Northumberland
in running condition by the lst OF Angus
next. The completion of this link will opel
Western and Northern avenue for the an
thracite coal of the Shamokin region, ant
hence its Importance. 1t was deemed prope
to fix q time for the completion of this work
in order that parties wishing to do bushes
on this part OF the road might make their al
rangements accordingly. The bridge at Nor
thumberland cannot be in passing condition
prior to January or February next, but al
angements have been made to carry Goa
cars from Sunbury TO Northumberland o.
aat-boats, and tranship them on the railroa
at the latter point and it is in this way tha
the Sunbury and Erie Railroad may be th
means OF sending coal to Western New Y or
during the current year.
The exceeding solicitude of the Manager
for the early completion of the great wor
you have undertaken, has not entirely close
their eyes TO the serious obstacles which, a
present, interpose themselves against tn
rapid consummation of schemes Of this chal
acter, however merit )rions. The timidity
monetary circles, ant consequent apathy
business operations, ,gether with the scare
ty and high prices of PROVISIONS, present S,
rious impediments. Bnt, fortunately, thes
difficulties are likely to prove but temporar
A good crop, united TO the advantage of
heavy reduction in foreign importations wi
issue speedy restoration Of the country
It's usual energies. Until then our NOV
Inents should be cautious, and your expect
tions moderate.
In accordance with these views, and loo
Ing steadily TO the eonsummation Of the who
original scheme, the Board have determine
that il is the true policy of the Company
direct its present means andonergies towar
the construction Of such parts of the line
will be most productive when brought IN
use, and give the most character, capital, Ii
and hope to the Company. That portion
certainly found between The Anthracite Co
OF The Shamokin valley, reached at Sunbur
and the Bituminous coal field at the mouth
Tangascootack Creek, above Farrandsyill