Civilian & telegraph. [volume] (Cumberland, Md.) 1859-1875, 1865-12-28
THE WESTERN MARYLAND RAIL
R0A1.

tional outlet for our coal and mineral pro-
ducts. and that which offers the most speedy
and cheapest mode of transportation is the
one we should take advantage Of We, as
community, have done very little towards the
construction of the improvements which we
now have, although without them we would
be virtually nonentity. Now, it is time for
Allegany County, and for the city of Cum
berland, to do something 1t is time they
should lay aside the Anticipated IDEAS of days
gone by, and assume to enter the world Oh
commerce as competitors for the Immense
trade which is so rapidly growing up in our
country. We are rich in undevcloped wealth.
aud the only thing necessary for its prorer
development is the production of the means
whereby we may meet the immense demands
made upon US. We hold that one OF the
means of meeting this demand and ofenabllng
US to develop our resources is the construc-
ton of the Western Maryland Railroad
This company was granted charter to build
road from Baltimore to the Cumberland
coal region, although it was not Intended to
extend the road beyond llagcrstown for sew
eral wears. The officers of the road, however,
have become satisfied by the experience OF
the past, and the demands of the present,
that there is very great and immediate ne
cessity for the construction of the road at the
earliest possible moment
The distance from Cumberland to tide wa
ter by this road will be one hundred and six
ty. five miles. Over forty miles of the road
is in successful operation, and the remaining
distance to Hagerstown will be completed as
soon as possible. There then remains seven
weight miles to be built to reach this city,
the route for which has been surveyed, and
is highly practicable, extending through Ia
country which will furnish large and remu-
nerative trade to the road, and no grade will
exceed seventy feet to the mile
Thus far the road has cost an issue OF
5000, 900 of six per cent. first mortgage
bonds, maturing in 1890. $500, 900 of these
bonds have been endorsed by the city of Bal
timorc, with sinking fund for their redemp-
ton already of $50, 600. The stock basis is
$3.50, 900 in shares of $50 each. A tempo
rary floating debt of $4,000 has been created
since the opening of the road, to meet the de-
mands for machinery and equipments arising
from the rapidly increasing trnde of the road.
Washington county has subscribed $3.50, 900
to the capital stock, and has besides, in con-
junction with Baltimore city, endorsed the
compapy's bonds to a large amount. The
amount necessary to complete the road to
IIagerstown is 81 100000 of which $780,
600 have been provided, and the remainder
will be furnished by the people of Baltimore
city, and the counties of Frederick and Car
roll
In order to secure the extension of the road
to this city, and to place it in position to earn
and meet all the pledges made, the sum OF
$4,000, 600 must DO raised, which the COM
pany propose to do by tho issue of bonds.
The city of Baltimore will, at the meeting OF
her councils next mouth. endorse these bonds
to the amount of Sl,5Oo,O00; provided the
coal companies Of the Cumberland coal region,
will endorse them to similar amount. We
think there will be no difficulty whatever il
securing this action on the part of the Goa
companies, inasmuch as the road would b'
built for their benefit principally, and there
can be but little if any risk. 1t is calculated
that the average shipments from our mine
for the next ten years will amount to 900,
900 tons per year, Mt least. In the division
of this transportation 100000 tons are allot
ted to the canal $500 to the Baltimor
and Ohio Railroad, and 400 900 to the Yves
tern Maryland Railroad. OF course the com
pauies would ship more largely by this road
because they would be pecuuiarily inter
ested The present cost of transportation b
tho Baltimore and Ohio Railroad is S4.2
per ton. Now, the Western Maryland Roa
, will agree to transport the coal at $3.50 pc
to-, and this will yield revenue of 81 900
. 900 per annum.
The coal companies can, then uuitedly
, guarantee 81 500. 900 of these transportatie
bonds of the company to mature in ten
o twelve years, and pay Is per cent of Il
freight arising from coal transportation
, these bonds at their par value. which will,
this basis fully absorb the whole responsible
within the term of the bond.
1t is calculated that tho road would n
demand for its maintenance more than
, per cent of its gross earnings, at least for t
. first ten years. The gross earnings wou
&, be, from coal transportation, 81 900, 90
!. Expenses of operating, GO per cent. of th
amount) 100000. Is per cent. of frcigl
4 paid in bonds at par. $4,000. Six p
cent. interest on 81 500, 900, (Which is
+ minishing yearly,) 100000. Making to
# yearly expenditure of $4,000, and leavi
surplus of 100000.
. II will be seen from tho above statemc
.L.t tha c,.I comnonies would be perfect