The star of the north. [volume] (Bloomsburg, Pa.) 1849-1866, 1856-11-05

Report Of tie President 10 the Managers of The
-Catdp'ssa, WilHamspor;, and Erie Ra,lroaa
Company. ees4. 40

3"to's " "se ttestHeHt 10 the Al0Hdgefs OF the
-Caiav'ssa, WiQiamspori, and Erie Ra,iroas
Company. -sas- -
GEsTLEmEE LIN compliance With q re.
quest Of the former Boaia Of Managers,
have, for some weeks devoted considerable
attention and time TO careful examination
Of the history and present position Of the Cat.
awissa; Williamsport, aud Erie Road.
The books and accounts have also been
accurately written ar and exsmired /; and
By the aid 'of tour Treasurer, William R.
Fisher, am now able 10 lay before the
stockholders and The public, a statement of
the acirinancial position of the Company.
The results Of The investigation, have
been, in all respects, of .he most satisfactory
character. The road is in excellent working
order; and the credit Of the Company is now
amply sufficient for the purchase OF all need
ful machinery and material, and for the eco
nomical management OF i,s business. It's
debts along the line ofthe road have all been
promptly discharged, and ihe pay-tols brol'
up IN cash, to the frs, of the present month.
The past indebtedness Of The Company has
been funded, with the exception of about
sixty thousand dolla's, which is not required
10 be paid for a year, and for which there
are bofds.in The hands OF the treasurer am.
ply sufficien, 10 uquida,e ttIe amount az ns
maturity. The coupons aud other "hlisa.
lions OF the Company are all now promptly
met, and the present trade OF The road en-.
snres beyond doubt their punc.ua pa ment
for the future. Tie receipts of last month
were over thirty thousand dollars, besides
the proportion due 10 connecting roads leased
BY the Calawissa Company, and there is ev-
cry reason TO believe that the average
monthly income, for the ensuing yesr, will
considerably exceed that sum. 1t will be
seen by The statemsnl presented below, that
even at this rate, the mel earnings of the
Company will pay the interest on all its out
standing bonds, leaving surplus 10 the stock
holders and with the calculated increase in
the trade OF The road, which The machinery
and furniture, contracted for, will admit cf
the sock of this Company ought in years
time to take i's place among the regular DIV.
iienh paying investments oiihe country.
Owing 10 the enormous racrihces and
losses incurred hy the first protectors and
contractors of the road, the prese'n, slock-
holders have more Than adequate re,,resen-
tation Of the par value OF their securities, as
the. acinal cost OF the work was 2rea ter To an
tho whole stock and boDds OF The Com pany.
The bonds were all taken al par by The
contractors, and negotiated at very little sac,
rifice, several years ago, ll.roush leading
capitalists OF New York.
Finally, although the parties who pur-
chad the old road obtained il for a mere
nominal consideration, after The expend-
,ure in cash of nearly million and half Of
dollars by the first projectors Of The enter.
prise, yet they have all suffered heavy losses
iu its subsequent construction.
In order 10 explain aud establish the above
ets.ements, present to you, in as clear aud
comprehensive manner as possible, an out
line OF the history Of this Road from the
commencement, the original objects OF its
projectors, and The various changes which
have resulted in its present completion and
prosperity.
The muterials for this narrative may be
found principally 10 the copious Legislation
which accompanied the earlier stages OF the
enterprise, as we'll as In The different reports
OF engineers and others who, from time 10
time, snpefin,ended ths work. But much
has been altered from personal inrercGurse
yilh those who. from the first, have been
identified with its history, and Eave faithful
~ stood by il through its long career Of diff
Gully ahd misfortune. Among these ii is
proper here TO mention pre- eminenliy the
name of Joseph Paxton, Of Calawissa, to
whom il will be necessary 10 atiude, and
whose Interesting letter, appended to This re-
ron, sTe The authority for many Of It's state
Hehts.
have also drawn freely on tie accompa-
eying Sepots Of Major Motell and Mr.. Shaef-
fer, for the facts TO which they respectively
allude, with reference to The present condi-
tion Of the road, and the value Of the prop
'sry belonging In The company.
In The year 1927, the Legislature of Pe.,n'
sylvania authorized the survey of a railroad
to connect Ph'Iajelahia with the wslers of
The North Branch oI the Susquehanna, the
public mind not having hen Rrasped the
grand idea of iis extension to hose vast in.
land seas which are now The main chanRei
Of the commerce of the far West.
Yet, from the report OF 'he engineer ap
pointed 10 make this survey, be, appears to
have fully realized the magnitude and I'M,
posIance of The local trade which The Gaia
wissa fonis would command; and Ior This
season he selected the site Of the present
road as The most eligible location for this
connecting link between the Susquehanna
and Delaware rivers.
No action appears TO have been taken up
Oh this report until the year 1891, when an
aci passed the Legislature, through The infu-
ence of Nicholas Biddle and Edward r. Bid
die, OF Philadelphia, and Col. Paxton, of Cat
awissa, Incorporating "The Little Schuylkill
and Susquehanna Railroad Company" with
capital of six Thousand shares, the reqni.
cite porlion of which was soon subscribed.
The work was, however, DELAYED until the