Wheeling daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1852-1859, 1857-01-06

Upon that part of the line between Wheeling
and Washington, at the date of the last annual
report, the following amount has been expended
in construction Of the road, viz:
'9E i5s 700
:. arisps 9s0
Making Total for these specific objects s9ssoOo
Since the last report, the expenditures for the
same objects have been as follows:
bridge sapsrstrueture. 71Is
! 3" Railway do ..'''.''.''.''''''''''-. $50
Making Total during the past year $3.50 96s
By which it is shown that the total exPendi-
| ture of the Company, from the beginning, for
these objects, has been as follows:
For Graduation. $s2s,aaS
" R5SSnry 99Ia
RalEay ....------.-----.---..... 2oO,'IO
sHs '2 ss sss has ps5 'f road t
been expended me SUN t ol :, and aciin
cry, chiefly the purpose of construction, the 49,
sum "7'UDV
| From the report of the Chief Engineer twill
also be seen, that ''the rails have been laid to
point about % miles from Wheeling, and within
| 10 miles of Washington; beyond that point the
road-be is ready for the track as far Us Wash
| ington Borough, with the exception Eot few
DAYS work yet acquired on sections 28 and 20.
To complete the track TO Washington, that
officer estimates it will require further eXpen-
diture of the following amounts, Wig:
:" Railway suPsrstrueturs '6,OoO
Making total or $4,000
| The Board would also call attention to his Sug-
gestions in relation to the additional water sta
| lions, equipment of repair shops buildings for
the repair and protection of locomotives and
cars, and the purchase of additional passenger
and freight cars.
The estimated cost of these improvements and
additions is as follows, viz:
For engine and carhOuse, stations, &e...S 1900
Tools for maehice shop; SS ~
Making total 5000
Which, being added to the estimated Of placing
the road in working order from Wheeling to wash nm
ington, before stated will give total Of
These with other matters of great and press
| ing Importance have already engaged the atten-
ton of the Board and no effort will be spared to
accomplish this first and most important part of
the Company's enterprise. The Board would
also call your attention to other matters OF great
interest in this report of the Chief Engineer,
and commend it to careful perusal and consider
alton.
| Immediately upon assuming their control of
the Companys affairs, the first effort of the Board
was to ascertain its financial condition; and to
| that end they caused the most accurate and re-
liable statements to be prepared, all the accounts
I OF the Company TO OG as accurately dS
possible and its books made up to the LIST of Octo-
Der 1865. They now append to this report
statement marked c, of the receipts and dis
/ bursementS of the Company from Its organlza-
ton to the 1St of Oct. 1866. They also append
| similar statement, marked 4, showing the re-
ceipts and disbursements of the Company from
the beginning to LIST October, 1856; the state
ment also appended, marked E, shows detailed
account of the character and condition of the
Company's credits and securities on the Both
September, 1855; and the statement, also APP
fpended, marked 8. shows similar account OF
the credits and securities of the Company on the
3Oth September, 1856.
The Board deem it their duty to call your at
tention to two matters apparent on the face OF
these accounts, deserving especial notice and
comment
1st The amount charged as disbursements
| for Commissions sales and discounts on va
rious subscription bonds and for interest paid
on these bonds, for loans and to stockholders,
prior to Oct 1st, 1856, amounts to the total sum
lof $256;293.2T; these several accounts have been
Increased by the addition of $50, 607.Sl, during
the year ending Sept S0th 1896, making the
! total Of these disbursements from the beginning
to the last named period S345, 90l .0S. Thecap-
ital stock Of the Company now amounting to
Isl, T6s, 1857 these disbursements are shown to
amount to very nearly one fifth Of the Capital
Stock That part of this amount charged for
payments OF interest on subscription bonds, and
to Stockholders, would moro than cover the eS"
timated cost Of completing the road from " heel
ing to Washington, which would insure an i'm
mediate and rapidly increasing revenue, apart
from the importance so clearly resulting from
the success of arrangements to be hereafter ex-
planned.
End. The securities of the Company, includ-
! ing themortgages bonds C$l, 600 0O0,) amount to
the sum of 81. eSS, 600 Thesesecurities, with the
1 exception Of 1856, 900, in Mr.. Crangle's hands,
are pledged rs collateral for the payment Of in
debtedness, so far below their actual value, that
the most watchfnl vigilance should be used to
| prevent their sacrifice
Upon these Facts the Board wouldres specially
parent to every one giving the subject candid
consideration, that the Company has been great
lly embarrassed and crippled in its operations by
being compelled to pay interest upon its stock.
The fulfilIment OF this obligation and the sacd-
/ fees required for That fulillment have produced
the effect mentioned, and their continuance and
repetition must lead inevitably to results which
the board need not discuss. They submit the
subject to the spacious forecast Of all interested
with the candid declaration OF their own con-
Eviction, that it VIII be found impraeticable for
the Company TO continue the payment of the
Interest hereafter accTuing upon the subscFip-
ton bonds delivered by the Counties Of Wash
Iineton and Ohio; the Borough Of Washington
and the City Of Wheeling The payment Of
this Interest TO the 10Th inst, has been arranged
and having declined paying any interest to the
individual Stockholders since 1stJuly 1855, they