Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1856-03-07
The wesfern Railroad.

held at the Commissioners Hall on the occasion oil
the visit to our town of the delegaon~on behalf Of
the Road from Fayetteville 10 the Coal Mines. We
could not give 81 material aid, but felt inter
est in the matter in hand, and d desire to be fully
informed in regard to the actual state and progress OF
! the work The attendance of those who could give
such aid was full.
CD. Malett, Esq, the President of the Company,
being introduced by the Chairman, gave statement
of the actual position of things He spoke of the
difficulties and struggles of the Company from the
| first and announced that actual operations had al
length been commenced. During the summer OF last
wear a contract had been made with Silas c. Moore
Co., of New York, to complete the road, ready tor
the rolling stock, at the rate of S18,25O per mile at
which rate the whole cost would be some SI04,0OO'
to be paid in the following manner :-S3OO,OOO ID
bonds of the Company, $4,000 in cash. and 1884,
900 10 he taken by the contractors in stock. 10
meet the cash payment, there was SlOO'OOO 10 ray
et,ev;Ie bonds, and about s125OO in individual
subscriptions, which it was understood would De
raised 10 $4,000 thus leaving S15O'OOo shil 10 be
raised TO secure the construction of the road. 10
stock the road fully would require considerable
additional amount say not much under S35O,OOO,
although it could 90 into operation with much less
cav onebaIf of that sum- or even one-third. But 1t
is fair to presume that to finish and fully equip the
road for the prompt transaction Of the heavy business
anticipated Tor it, an additional amount of half a
million will be required The road is TO be forty
two to forty-three miles in length.
Work was commenced in August last, am is now
in actual progress on section of ten miles. The
highest grade in the direction of the coal freghtlng
business is As feet to the mile and this Only at one
point.
This is the present position of the Company
what has been accomplished and what remains to be
done In regard to its business prospects-no doubt
remains of the abundant supply and excellent quality
of the coal specimen from the Egypt mine was
exhibited, which is believed by good Judges to be
fully equal to Camel coal for The production OF gas
and is an excellent article for any purpose. II is de-
signed to have a quantity of the coal fully tested,
with reference to its value gas coal. The soon
er this is done the better.
The country through which the road will run is a
productive one, and the local business will go to
swell the receipts of the Company.
Geo. Mcneil, Esq, one of the Directors of the
Company, gave some statements of the estimated
receipts and expenditures Of the road, made by the
Engineer, which bear very encouraging appearance
Unfortunately most Railroad stockholders, and River
Improvement stockholders, too, have been taught by
painful experience to make large deductions from pa
ner estimates; bat after making such deductions, it
really does appear TO that there is the strongest
grounds for believing that this road hen built, will
Weld liberal per centage upon the capital invested
in its construction.
James Banks, Esq, of Fayetteville also spoke up
on the subject with more direct reference to the
pacty Of the Cape Fear River, in its present state, to
carry the coal down from Fayetteville. He would
guarantee that million tons could easily be brought
down He also spoke of the prospective extension
of the Road West
Remarks ere made by many of the citizens pre-
sent indeed, the participation in the discussion was
general, and the interest lively. Every disposition
was evinced to lend helping hand, but, in the pre-
sent stringent state of the money market cash sub
Scriptio; to any extent could not be made. 1t was
therefore proposed to make subscriptions in the stock
of the completed Railroads in the State subject, of
course the action of the stockholders of the West
ern Railroad, in accepting refusing to accept such
exchange of stock The stock SO subscribed might
either be sold by the Company used collateral
security in the negotiation of bonds The Fayette-
vile delegation were not of course authorized TO ac-
cept such subscriptions, but regarded the matter with
favor and would commend it TO the attention of the
stockholders. Some $18,50O was thus subscribed in
short time, and we learn that considerable amount
in addition has since been put down.
The probable cost of bringing coal from the mines
to Wilmington is estimated follows-on the Road,
to Fayetteville, 81 % the boats from Fayette-
vile to Wilmington, 81 per ton.
We arc not apt to view matters through a rose
tinted medium, and We give the state of things as
they exist, as nearly ascertain them. Be.
fore this work be completed many difficulties will
have to be overcome and many strenuous exertions
made We think these difficulties ought TO be over
come--these exertions made and we tust that they
will be.
AS an evidence of our views in this connection, we
may alIude to matter, of no manner of consequence
in ITSELF and whick certainly would not allude to-
except as furnishing this evidence refer to the
resolutions Of the meeting of Thursday night last
reported the Herald having been passed
on motion Of William A. Wright, Esq, which
we believe is correct and had they been writ.
ten by Mr.. Wright they would undoubtedly have
| been much better written, but such as they are
| they hastily penciled off and offered by the
Editor Of this paper, and certainly express giews il
which he comedies.
Long Creek,
Although acquainted with every citizen of Long