Delaware tribune. [volume] (Wilmington, Del.) 1867-1877, 1869-01-14
and Reading Railroad
Annual Meeting and Election.


The annual meeting Of the Wilmington and
Reading Railroad Company was held Monday,
in Philadelphia. The old board of officers were
all reelected, as follows:-
President-Hugh E. Steele. l
Drectors-George Brooke, Hiester Clymer,
Charles Huston, G. e. Pennoek, J. L. Pennock,
S.B. Worth, Edward Belts, Joseph TatDall, Irene
DUPONT, Victor DUPONT, Evan Z. Stotsenburg,
Charles Warner.
Secretary and Trcasurer-W William 8. Hillcs.
A vote of thanks, complimenting the officers
for the faithful discharge Of their duties during
the past year. was adopted by the general meet
ing of stockholders.
The annual report of the President was read
Report OF the Directors
TO TIKI STOCKHOLDERS OF THE WILMINGTON AND
READING RAILROAD COMPANY.
For detailed statement of the existing condi-
ton of the finances Of the company you are re-
which 1t will be seen that the receipts for the
fiscal year ending Oct. Both, 1868, were MS follows
viz:-
Balance on hand per last report, s51,67i.15
Reed from stockholders, 1886, 90
" interest on temporary loans l, 285.29
" sales of bonds, 63,231.13
Si52, Si0.57
The expenditures during the same period were
as follows, viz:-
Land damages and fencing, 61,371.S1
roads, 1888, 1881
Coupons due and paid Oct LIST, 1,925.18
Wilmington,) 8,50O.0O
Rails for use Of contractors, 10000
Balance on hand, 75,G49.46
52,s4o.57
OF this balance $57 800 is loaned on call and $1s,-
QiQ AZ Ia dopnctfo cd In Rauk
The last annual report gave the particulars of
the contract entered into with W. M. Wiley &
Co. for the graduation and masonry, and with
VIM. Call and Company for building the masonry
Of the Schuylkill bridge.
The reports of the engineer 10 chief and engin
eer in charge present a detailed statement OF the
progress of tho work under these contracts.
The unusually severe and unfavorablc state Of
the wcnther duringlast winter, followed Us 1t was
by very backward spring, which in Its turn was
succeeded by an unusual demand for labor for the
agricultural community during harvest; so re-
t,rded operations in the early part Of the year
TINT the contractors have failed to complete their
work in the time specified. 1t has, however, pro-
gressed so far that we shall be enabled to COM
mencc laying track as early in the spring as the
weather will permit.
The iron work and timber required in con-
structing the bridges is all contracted for and
most of it has been delivered. The work of erect
ing the super-structurc has been commenced and
fair progress made.
The subject of land damage necessarily claimed
the attention of the Board early in the year and
the courts were applied to for the appointment Of
juries 10 assess the damages In those cases where
the company was unable to procure their adjust
ment by release or negotiation. In large ma
jority of cases the parties acquiesced in the
awards Of the juries leaving few only for ltiga-
ton In the courts, probably not more than usually
occur In attempts to build railroads through q
thickly settled district.
The board in March authorized the issue of
81, 100000 of the first mortgage Bonds of the
Company, bearing interest ut the rate of per
cent, payable semi annually on the first days of
April and October clear of State tax.
This loan they secured by first mortgage on
the whole property and franchises of the Com
pany. The mortgage provides for sinking fund
of $12.500 q year, payable to George Brooke,
Abraham Gibbons and George Richardson, Trus-
used by the Trustees for the purchase of the
Bonds. This sinking fund and the interest accru-
ing thereon will be sufficient to provide for the
extingushment of the debt by the time of Its
maturity.
During the latter part Of the summer the board
offered limited portion Of these bonds on the
market at Wilmington, Gainesville, Reading and
West Chester without, however, deeming II ad.
visablc to press their sale until tho work of
grading was further advanced. Up to this time
they have met with n fair amount of favor.
In the month of September the board con-
| cluded on agreement with tue Pennsylvania Rail-
l r0uu company LOT carrying Inc Interchangeable
traffic between the roads of the respective COM
panies on prorata basis. The terms of this
agreement we consider as equitable and likely to
attract n large amount Of trade over our road
and will place the city of Wilmington in very
advantageous position both as manufacturing
centre and as a shipping port for the heavier
articles of interior commerce.
The survey OF q branch from our main road
near the forks Of Brandywinc, to connect will
the West Chester Railroad near Its depot In TIT
borough of West Chester, was ordered and ha.
been made. 1t deveopes the fact that such
branch can be made at a moderate cost with fail
grades, and when completed 1t will bring Yves
Chester in direct communication with the North
| ern and Western portions of the county o
Chester, as well as with the great travelling line
leading to the South and West.
In conclusion we beg leave to testify TO tn
able and hearty aid and corporation VIC hav
received from our Engineer corps in every dc
l partment Entrusted to their care.
BY order of the Board Of Directors.
HuGH Il. STEELE, President.