Delaware tribune. [volume] (Wilmington, Del.) 1867-1877, 1867-03-07
WILMINGTON AND READING II. n.
Annual Msstlnq-Repor Of the Director,
.-Electlon Of the New Hoard.

Of Reading, and was adopted,
Resoiced That the action of the Board Of d. |
rectors held on the 9Th day Of February 1867, in
creasing the Capital Stock to the sum of Eight
Hundred Thousand Dollars, be, and the same Is
hereby appraised ratetnl and confirmed, and that
they be, md are hereby authorized and cinpow-
cred further to Increase the same, OF any time to
any amount not exceeding One Million OF Dollars,
providing that such increase be authorized by n
vote Of thrce-iourths of the Directors.
VIM. Ferris offered the following resolution,
which was adopted unanimously:
Resoiped, That there be no work commenced on
the road until ten per cent OF the Eight Hundred
Thousand dollars subscribed, be paid into the
hands of the Treasurer. Joseph L. Snydan and
VIM. Ferris presented their authority aud quail
fcation for holding the election for Directors.
The report of the Board Of Directors was pre-
scented, and read rs follows-
TO the Stockholders Of the
WILMINGTON g. Reading r. r. Go.
BY an Act of the General Assembly of Pcnnsyl-
vanla, approved April 70, 1861, a Corporation was
created under the name Of "rhe Berks " Ches.
ter Rail Road Co.," which WINS authorized to con-
struct n Railroad from Birdsboro', point ON the
Philadelphia d Reading Railroad, nine miles be-
low Reading In Berks county, thence BY the val
ley OF the hay Greek, to connect with any Rail-
road then constructed in Chester county.
The amount Of capital stock was fixed nt
Sl0O,O00, and II majority thereof having been sub
scribed for and the first instanent paid, letters
Patent were issued on the 9Th of June, 1864, and
the company was fully organized by the election
of President and Board Of Directors. Under
authority of this act preliminary survey of that
portion Of the route between Birdsboro and
Springfield In Chester county was made during
the summer OF 1864.
A supplement TO the charter was obtained OIL
the 10Th of March, 1866, which authorized the
company to connect with the Delaware " Penn
sylvania State Line X. X. Co., and to be CONSOLE
dated herewith under the the provisions OF the
General Act of this State relative to the CONSOLE
dation OF Railroad companies, approved March
"a, 1868.
The delaware & Pennsylvania State Line X. r.
company was chartered under the name OF the
Wilmington Il Brandywine X. X. Co., by an act
OF the General Assembly of the State Of Delaware,
approved March o, 1861. The requisite amount
o1 capital stock was subscribed for, Letters Patent
were issued, the company was fully organized by
the election of President and Directors, and sur
vcy5 were made.
by a supplement to the charter the name was
changed to that of the Delaware ~ Pennsylvania
State Line r. X. CO., and byaiurlher supplement,
approved February Z, 1866, 1t was authorized to
connect and be consolidated with any Railroad
company In this State, extending towards or into
the coal and lime regions of PENNSYLVANIA.
| The necessity legislation having been thus pro-
cured from the STATES Of Delaware and Pemisyl-
| vania authorizing THE consolidation Of II cuntiu-
| uous line vi Railroad from the Valley of the
| Schuylkiil ut BirdsbOr0' ~ point on the Del-
ware ut or near Wilmington, tho Directors OF the
l,erks q Chester R. X. Co., and OF the Delaware
| u Pennsylvania State Line X. X. Co., on the I'D
OF Aprii, 1866 entered into articles OF consolida-
| ton whereby tile Two corporations We're merged
| into one, under the name and style OF tile VIII
mingt0n and Reading Railroad Co. These art-
/ c.es Of consolidation were submitted to vote Of
Tie Stockholders OF the respective compaui,s ac-
curding to law, aud approved by votes Of two
thirds of each company. Certificates Of the fact
| of this ratification and copies OF the articles OF
consolidation were filed in the Office Of the Sec
rotary OF each OF said States as required by law.
| The Wilmington md Reading Railroad Co.
| having then been created and oiginizrd, II was
determined to revise and complete the surveys
which had been progressing under the separate
organization. Mr.. T. Bady, who had previously
been making the surveys for the two companies,
| was chosen our engineer, and aided by corps Oi
assistants spent the greater part OF last summer
In exploring the country between Wilmington
and Springfield. From Wilmington to point
on the Brandywine near the mouth Of Buck and
Doe.liun, tile whole country was carefully exanl-
ined To Ind the best route, and three different
lines were surveyed. Being prohibited by u law
OF the State of Delaware from passing within
half mile of the powder works OF the Mcssrs.
Duponts, the first line was un over the high
ground on the west side OF the Brandywine. and
entering the valley Of that stream at Twadelrs
Ford, ten miles from Wilmington, follows the
valley of the Brandywine and its west branch.
The second line, taking westwardly course,
strikes the Red Clay Greek at Marshalls Rolling
MILL tour and a halt miles from Wilmington, ant
passes up that stream TO It's head waters by way
Of kennett Square and Unionvle. The THIRD
line was run still further west by Chandlervill,
and Avoniale; the three lines all meeting on the
west branch Of the Brandywine near the moutl
Of Buck and Doe Run.
After very careful comparison of these differ
ent routes, the first (or Brandywne route) wal
adopted, us presenting most advantages, 1t being
the least expensive, having the light,st gradei
against the heavy tonnage, (Which will be south
ward) and commanding the largest amount o
on this line, branch three miles long will rcacl
West Chester, and one seven miles long will rcacl
Downingtown, connecting at these points witt
roads leading to Philadelphia and Norrlstown.
The line is continued up the ,st Branch o
the Brandywine through Coatesville, and cross
ing over 10 the East Brandywine near Isabel,
Furnace, thence by Springfield and Jones Mine
down the valley of the Hay Creek to the Phila
dolphin and Reading Railroad Co., at BirdsbOro
The length of the road will be % miles and thu
estimated cost 81 ,G63,O00. The estimate wa
made for single track, with rails weighing d
to the yard. all materials and labor being takei
NJ present prices, aud 1t Is believed is full enough
to coc. tile total cost of the road when com
pleted.
and some parts OF II no doubt will BIZ change
and improved.
The land damages have generally been released
aud hopes ARE entertained that nearly all will b
released.
) When the estimated cost of the road was ascer
tanned, it was unanimously determined that til
work should not he commenced unless an amour
OF capital stock should be subscribed for by re
sponsibc parties, which would put the enterprs
upon sound financial basis. In the judment q
the Board the sum OF $500. 900 was tine least whic
would warrant them In entering upon the col
struction Of the road, and subscription book
were opened containing condition that no sui
!. scriptlon should be biuding unless that sum wa
fully taken.
Ii affords us great pleasure to say that at
meeting OF the Board held ON the Sth day Of Feb
the committees from the different localities mad
, report of subscriptions 10 that amount. Wher,
, upon, by resolution the Board declared all sui
scriptions to be binding and directed the iir'
inst,lment to be paid.
:. To have secured subscriptions to so large q
amount is Il matter OF sincere congrntunton, ail
especially SO when 1t is known that very neari
!, the whole amount has been taken by persoi
along the route and ut its termini, who ure direc
: ly interested In the success OF our enterprise.
+ proves that we are strong in the confidence {
r these upon whom we must In The future rely IL
our trade, and that they have faith in the necess
u ty and value of the project.
II The amount of capital stock subscribed havin
. rendered the building Of the road fixed fact, oi
: chief anxiety was to secure the services oi a Ch
u Engineer whose experience, capacity and IN egI
9 ty would tit him H. take charge of the enterprise
q At the last meeting we by unanimous vote clectt
j. button Steele, ESQ.,, and IL affords us gratlhc
ton to be able to announce that he has ctnsentt
i to accept the position. His preeminent titne
n for the place will not be questioned, aud und'
!. his direction and care the stockholders can re
assured that every dollar will be honestly apple
r to the construction Of the road in the mo
It economical manner.
The amount Of our capital stock having bee
subscribed, II might seem that there would be II
necessity to refer to the resources and futu
p prospects of the road, yet justice to the busne
|. sagacity of those who have contributed so free
! and literally, suggests brief alusion to them.
u Data, which have been carefully collecte
If thoroughly convinces us that our local trade an
8. travel alone will pay ut least six per cent on IL
cost of the road after deducting running expei
SEES, and we confident that in addition we sha
J. have large through tonnage of Anthracite III
Bituminous coal, and other great staples of o.
N State, and of the West to be shipped at Wi
mington to home and foreign ports; since OF
= road will afford to the two great Railroads of tn
d State an outlet to the ocean by shorter rout
70 terminating on the Delaware 30 miles below the
"a existing ternn at point where the largest We
sells may load, and navigation is never obsructe
T. by ice.
Is Then our trade and travel going Northwal
NJ must be large and constantly increasing, as o,