Lewistown gazette. [volume] (Lewistown, Pa.) 1843-1944, 1865-01-18
THIRD ANNUAL REPORT
OF THE
Mih1in and Centre County R. r..
January 9, 1865.

commonwealth, Tue GfeS!QenJ ana Dl-
rectors of the Miflin and Centre Coun-
ty Railroad Company submit to the
stockholders the following report:
When the report of last year was
made to the Stockholders, we expected
that before the time for another annu-
al meeting we would be able to an
nounce the completion of our road to
Milroy, but number of unforeseen
events have united in preventing the
tultlment of our expectations. The
difficulty of obtaining labor, and the
large advance in wages and in the cost
OF materials, have retarded the COM
pletion of the work, and increased its
cost. Weare however pleased to be able
to inform the stockholders that the
grading of the road has been completed
to Milroy, and the rails have been laid
as far as Reedsville, seven miles from the
point of connection with the Pennsyl-
vania Railroad at the Lewistown sta
ton. And although the road has not
yet been regularly opened for general
business, yet the engineer having placed
on the road a construction train, for
transporting n aterials, and in connec-
ton Herewith car or cars for passen-
gers, and transported freight cars to
and from the Pennsylvania Railroad,
the amount of business SO done, with
very imperfect facilities, is sufficient to
show that the road is likely to surpass
the highest expectations Of it's friends
IN the extent Of the business to be
transacted upon it.
In q few days we expect to have
completed lease to the Pennsylvania
railroad Company, when the road will
be formally opened for the transporta-
tion OF freight and passengers, and we
doubt not that under the management
OF that company the business of the
road will be largely increased.
In regard to the early completion of
the road to Milroy, we are sorry to say
that our expectations are not very
sanguine. By our agreement with the
Pennsylvania Railroad Company we
were to pay to that company the sum
Of twenty-five thousand dollars, 1925
OO0,) and to secure the right of way
and pay all damages to property and
the Pennsylvania Company agreed to
cash our bonds to the amount of one
hundred thousand dollars (S100O0O1
At the time this agreement was made
(l862) this amount (S125, ,000) was con-
sidered amply sufficient to finish the
road, with all the necessary build
ings, &c, to Milroy. Owing however
to the great increase in prices, we have
already expended more than that
amount, leaving still about five and
half miles OF road to be finished The
Pennsylvania Company have advanced
nearl y twenty thousand dollars (S20,-
OO0) beyond the one hundred thousand
100000 they agreed to pay, and are
not disposed to proceed any further
in the work, unless the people who are
most interested in the road are willing.
by additional subscription OF stock, to
aid in it's completion. This we think
they are called upon to do, and with |
the data furnished by the operations of |
last few weeks, we feel no hesitation in |
urging them to subscribe to the stock, not
only in order to secure the completion
of the road to Milroy, but as safe and |
profitable investment of their money. |
The whole cost of the road to Milroy |
with all the necessary buildings, de-
pots, water stations, &C., will be about
two hundred thousand dollars (S2O0,-
000)
The interest on this sum at per