Delaware State journal and statesman., 1862-01-17
LocAL AFFAlRs.

huAp OoMfAhh.-Ihe tenth annual meeting
Stockholders of the Delaware Railroad CompaI
was held at the COmpsny's Office in Dovd
pursuant to the act of Incorporation. on ThuI
day the 9th day Of January 1862
On motion OF A. Horaer, DR.. Isaac Jump wi
called to the Chair, aud j F. Alice appoind
Secretary.
The report Of the Directors aud Treasnj
were submitted. read and approved.
On motion Of Jesse Sharpe, IL was
htsoieed, That the Stockholders present pd
ceed to the election Of thirteen Directors, and
Treasurer, for the ensuing year.
1t was announced that Alessrs John A. ID
can and A. Homer were, by the Board, appoint
judges
Whereupon Samuel NJ Harrington, Samuel
FELTON,, Andrew c. Gray, Charles l. Dupo
Joseph Brnghurst, Jesse Shape, DR.. HeI
Ridgely, Henry b. Fiddemau, Daniel Cur
Alexander Johnson, William Cannon, William
Ross and Charles Wright, were elected Directo
and James F. Alice, Treasurer
On motion OF Mr.. Fiddemau,
Resotped, That John Pennington. WiNl
NJ. Jester and Samuel Culbreth, be a commit
to audit the accounts of the Treasurer, prepaI
tory to their submission to the Stockholders At
next annual meeting any vacancy in said Cd
mittee to be filed by the Board of Direators.
On motion Of Daniel Curry,
Resolved, That the proceedings Of this meetiI
together with the reports, be published in paI
phlet form as usual.
On motion of Mr.. Duncan, the meeting 4
journed.
Attest. ISAAC JUMP, Chairman
J. f. ALLEE. Secretary
After the adjournment of the stockholJJ
meeting, the newly elected Board Of Directl
met and unanimously elected S. NJ. narringt|
President, aud James f. Alice. Secretary.
Attest. j. +. ALLEE. secretarv
DIRECTORS REPORT.
TO The Stockholders:
The Delaware Railroad, though not suffer
Immediately from the calamities of the war /
not been exempt from disturbance and loss viii
have from that cause come npon nearly ali
the Railroads and other great interests of
country. To us the loss has been chiefly
diminished travel while good crops and
creased demand for sh'p timber have enlard
Tue ireighiing and tonnage business Of the 70 5
Whilt therefore the detailed reports will sho
railing on OF Passengers this year, they proba
wiz snow an increase Of tonnage; but hot nea
so large an increase AS it would lave been if 1
same disturbing cause had not limited our me 4
Of conveyance.
The tables will also show diminished exne
in operating the road, and reduction of serys
suggested m our last report as advisable, III
with this iuction, the service has been reas
able and satisfactory, and the running has ID
conducted by our lessees with the usual promM
ness and safety. In no single instance have z
cars lailed to make their trip, and they have
dom Jailed to make it in the prescribed time M
foau and its operating agents are therefore d,
serve1ly popular; and there is no conn aint e,
cept from the cause mentioned, aud every reaso
able effort has been made to meet that deman,
Ihe lessees having thus fully discharged the
duty to the public have also discharged the
oblgauons TO this company in the prompt pay
ment semi annually Of the siipulatel rent. wbie
mas mas been distributed to the Stockholders.
ire state Treasurer has failed to pny tb
Company's portion Of the last half yearly insia
ment under the act Of 1869, 10 promote Intern
improvements. better known as the Lottery La,
inis money Was due in July, but was not pa
into me treasury until the month of October
and for this delay of payment the ersntte mad
hihseu liable to forfeiture Of the lottery gran
out the obligation of the Slate Treasurer 10 pa
over to this Company the money already iu
whenever received, is as plain as legal enactmei
can make it. The President took therefore Ii
proper steps, under authority Of the Board.
dehand payment which has not indeed been ri
FUSED but only delayed. 1t will doubtless /
paid.
AS the source of this fund causes a good de-
oil public criticism, it is proper that this Con
pahy's connection with it should be bri, fly es
pla ned. - '-
lu 1853 the Delaware Railroad as original
designed, being open d TO Scaford, but not tnisl
ed, the Company was obliged to ask further al
from the State to finish it for the safety Of trnve
They asked this aid by loan Of the State's cred
on good security; aud the legislature decline
TO grant their petition. But at the same sessio
the claims for other works of internal improve
ment were SO pressing that the legislature thougl
proper 10 pass the act iu question and as OH
of these objects. (the extension below Sealord
could not well be effected otherwise than throup
the agency Of this Company. the appropriate
Of one hundred and six thousand dollars Wi
made in that why, aud to be used exclusively Il
that object.
As the Delaware Railroad Company did nj
contemplate any such extension at that time.
had not asked for, and did not desire. any sue
appropriation but after 1t was made, it becom
question whether this road after having pal
taken largely of the public patronage for its ow
user, should place itself in the position of oil
strncting other necessary improvements depen
ent on it by refusing 10 carry out the objects q
this appropriation or should incur the risk ,
carrying on the work and advancing its ow
credit ou the faith of their appropriation. Tn
matter was much discussed ia the Board, but
was fually resolved to issue our bonds, based @
a mortgage Of the extension and raise the mean
to build il, trusting to be reimbursed out of III
fund so appropriated to this ohiect by the sal
Act, aud Of which We were the Trustee. TIL
road was built, and another road absolutely de
pendent ou it for n connection, as it is on our.
has also beRp built. Both of them depend o
the ability Of the Delaware Railroad TO contipu
running the extension, which has hitherto bee
Improbable, and must he Unerous, if the mean
relied on for repayment ot Its cost should fail
Whether this fund shall now be cut off it
not for us to say. The fund still exists and tn
prospeA.Sl It's prompt payment iu future is be
lieved 70 be good Its origin may have been 0
donbtlnl, or even OF pernicious, policy. Th
legislature decided otherwise In relation to
portion of it we became, without solicitation an,
by kind OF necessity, the agent for carrying
out It's objects, aud incurred responsibility. Thi
Is our only connection with this lottery fund -
II is not our purpose to interfere with the settle
ment of this question of forfeiture but our dnt,
to the Stockholders requires that we should thu
explain how its settlement will affect us; nm,
how we came to he 20 connected with il. A nor
ton of the liability incurred by this Compan,
because of the appropriation lie now falling due
and if this source Of revenue fails, it may hay,
to he paid out of their dividends.
We leave to the other roads interested to pre-
sent their cases, and To vndicate, if they can
the public Importance and necessity Of fnishino
the works begun; but we may say in regard d
the ocean connection at Lewes, and that win
the Tangier Sound at Annamessex, their general
public Importance was never so manifest as since
The breaking out OF this war; nor until now when
a graVer war threatening our e0ast and harbor
lelences seems to be imminent The importance
TO the government of a connection with tbe be a.
ware Capes has already produced the telegraph
line for which We have been so long striving .
lnd in case of such war as that referred TO, tbe
means of transporting troops over that route