Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1857-01-23

The Wilmington Journal must pardon us for again
correcting it's propensity 10 magnify the cost OF our
Coal Fields railroad. 1t says
We know that he contract with Silas Seymour
g. Co., was for $784,0OO, but know. also, that TO
enable the road to DO any business in the coal carry
ing W av, the additional expenditure we have named
4rGS contemplated, and stated so to be ny the PFe
dent of the Road. Without referring to our report
made at that tme we know that in this ma'Ier we
are correct
Now we would like to know, who ever heard OF an
expenditure of 100000 for outfit for railroad winch
oniy cost S784,OOO? The idea is ridiculous. Ana
we venture to ssy lin the absence OF the Preslueht VI
the Road,) that he never made such an estimate.
The Engineer's estimate OF buildings. locomotives.
freight and passenger cars, &c, was SIlo'oOo anu
that amount the President doubtless staled' II Ut
cd ANYTHING on the subject.
Fayetteville Observer, 18th inst.
We don't like to copy from own paper but we
are forced 10 do so by the above accusation OF INC
Observer. We have no propensity TO magnify 'he
cost of the Coal Fields Railroad. On the evening oi
the last Thursday in February last meeung "d'
held in the Commissioners Hall IN this place, lot tns
purpose OF meeting and comforting with delegahor
on behalf of the Road from Fayetteville TO the Goa
Mines. We attended that meeting and did our pes
to arrive at the facts of the case, as stated by MT
Mallett, the President of that Road. We compared
our notes with those taken by others, TO be sure ha
we had arrived at q correct understanding, and W
published report based on that understanding w
have not file of the other town papers OF the sam
dates but recolect that their report and ours colnCo
ed in all essential particulars. we give our repor
ade at the time a report, the accuracy OF whlc
was not then, nor subsequently called IN question
until the Observer comes out now -
From the Daily Journal, March Ist, 1856.
The Western Railroad.
On Thursday evening we attended the meetn
h Id at he Commissioners Hall on the occasion G
me visit to orr Town of the delegation on behalf
ibe Road from Fayetteville TO the Coal WINES "
,ould not give material aid,n but we felt an inter
.st in the matter in hand, and desire to be full
informed in regard 10 the actual state and progress
the wOlk The attendance of those who couId CIV
such aid was full.
c, B. Mallett, ESQ, the President of the ompan.
being Introduced by the Chairman gave s'"ten'e e.
of the actual position of things. He spoke OF IN
difficulties and struggles of the Company from tn
first and announced that actual operations had
Ierotb been commenced. During the summer OF las
wear contract d been made with SlIas Seymou
4 Co.. Of New York to plete the road, ready TO
the rolling stock at the rate OF Sl8,25O per mile
which rale the whole cost would be some S784UOl
10 be paid in the following manner :-$3UO,OOO /
bonds of the Company 100000 IN cash, ana S04
600 to be taken by the contractors IN stock
meet the cash payment, there was SlOO,ooo III ray
ptrpyle bonds and about 1925 600 in indIvdus
subscriptions. which. it was understood, would
raised 10 S5OOGO thus leaving $50 900 still 10 b
raised to sccue The construction of the road. i
stock the road fully ould require conslderaHI
additional amount, say not much under $35O'Oo'
although ii could 90 INTO operation with much less
say one halt Of lha sum, or even One-thrd' Dut
is fair to presume that to finish and FULLY equip IT
road for the prompt transaction of the heavy bus
ness anticipated for it, an additional amount OF ha
a million viii he required The road is to be tort
two or forty three miles in length.