Wilmington daily gazette., 1872-10-21

Esq take the chair. The motion was carried g
Mr.. Jones advanced to the chair and in neat and
appropriate speech returned thanks for the high
honor conferred upon him, and congratulated the
President Of the road through whose energy and
perseverance the great and noble enterprise had
mainly been completed, and he also congratulated
the stockholders who furnished the money and
also the friends Of the enterprise at the great
ces that had attended the work.
Mr. Harrington then read the following list OF
Vice Presidents and Secretaries. and on his mo-
ton it was adopted unanimously.
Vice Presidents. Martin Landenberg, Francis
Barry. George s. Capelle, David b. Niven, Spen-
Ger Chandler. Evan Brown. ]. Hayes Graves,
John Jones, Delaplainc Mcdaniel, John Marshall, |
Isaac ID. Phillips, Amor Sharpless, Jr., Zadock |
Townsend. Otley Vernon. Stephen Wilson.
Secretaries. Geo. w. Stone, T.. +. JONES' Jos.
Boughman, John A. Cranston, Evan X. Greer,
Thomas H. Hopes,
| Prayer by Rev. Mr.. Jacob Todd, OF Grace
Church. Wilmington.
Col. John W. Forney was then introduced, and
on behalf Of his friend, Mr. Landenbere md the
people of his State, ulaed those interested
IN the enterprise, the completion of which they
were celebrating, and extended to all present
hearty welcome to the grpnt State Of Pennsylva-
mia. He referred in complimentary words to his
good friend lleald. the President Of the road, and
spoke briefly and laudtory of the country, the
State and the enterpris,ng spirit OF the people, and
retired amid warm applause.
The President then introduced j. T. HeaId.
ESQ., the President of the road, vino spoke as fol-
, lows:
4 Stockholders Of the Wilmington and Western
I I.a,lroad Co.-Guests md Friends
e Somewhat more than year has elapsed
since it was my pleasure to make few re
marks on the occasion of the ceremonies OF
: breaking ground for the Wilmington and
g Western Railroad, and it now becomes a
v still more pleasant duty to add some remarks
on the occasion OF celebrating the completion
n of the line to I.andenberg. | am sure you
will all agree with me, that whatever may
d have been the shortcomings of the Managers
q much has really been ACCOMPLISHED in the in
i. tervenng time. The Drecter, and officers OF
this company make no claims to great expert
e ience, they have not aimed at perfection
70 they have not expected to do their work free
70 from errors and they have not tattercd them
selves that they should escape criticism, botl
merited and unmertetl, but what they haN,
10 been meaning to do, was carefully to con
IS struct road best kadapted to the means Il
~ their command, and to the probable require
mentS OI lllluleuIdle uS WCIi ttS liuuN
u, and at the same time to complete it at TIN
" earliest practicable time consistent with du
ne regard to proper economical considerations
H. So, with faith in our enterprise, with reliance
. upon the cooperation Of good friends, rs ".
10 might merit their confidence, with energeti
III determination to pgsh, and with, trust am
A, believe, honesty of purpose behind all, tn
= result il before you. We do not forget TIL
prediction, lthe necessary stock subserlptlo
n could not be raised, but the requisite $3.50 Oot
and more were in dntl ime, and IN good ialt;
ne subscribed. We do not forget that the Bond
could not be sold, but they have been sold a
" means were required, and as admitted by III
OF tellipent capitalists, on most advantageou
er terms to the interests of the Company w
do not forget that we should soon nave I
stop progress for want of cash, but thanks
: ;; the faith manifested by good friends, we hav
-, been enabled to meet each and every just ol
= LEGATION with unquestiOned promptness. w
NJ do not forget that The Road would not be run
ad ning in less than two years, put II Is runn,n
nd in about Is months, and l do not forget thu
ho we could not finish it in one year, and ju
ot there | confess "Cuba Hill' was too niue
th for us, and the doubters were right. Eve
re- for this | could give many reasons in explan
lly tion, but ,cM not. 1t is the duty OF eac
Ice we assume, and therefore charge thts she,
"a coming to me- Well, says one, admit that ye
las have persistently accomplished this much, al
Of that you are ready to go into operation
iss "RailrOadS do not pay AGAIN. this Is III
ch true. Carefully compiled statistics dlsproN
I'm it. and insist as one of my hobbies, tn
", Railroads, intelligently located, economical
lth constructed. and honestly managed shon
nav quito as well as Investments in Bar
of stocks, or in other operations that from the
nd magnitude are necessarily conducted on II
Joint stock principle. The Nv erage earnin
\ a Of the Railroads of the United States,
,,h 1869, were % per cent. on the estimated &C
.. for construction ..and equipment then TAXI,
on as liberal allowance 70 per cent Tor .
ers cost of operating, and We have 80 per cei
Of nett earnings, which would be equivalent
:. | clear profit for dividends Of ~ per cei
Der nnIum on the stock. But says anoth'
o u our line is too short to be an average one
sIa- having In answer to this we cite the fact I'll
one OF the shortest roads in the country, fri
Hanover junction to the town or ilanoY
1oI miles, is one OF the most profitable, ma
,. s ing regular 10 per cent. annual dlviaenas'
ives at the same time has cancelled a DEBT nea
:, o double the amount Of the original paid in ei
ital. Nor has this road rs important term
am- as ours 1t passes through valuable iron
mines. as ours passes through and near !
,try mense beds of kaolin, Lime and Marble,
..;c. well as by important manufactures upon
Red Clay and White Clay Creeks. But agi
was the Hanover Road has important term
and IcOnnections. Ours has already an Import,
.roe northerly and westerly connection, an,
~. surely destined at an early day to mi
'"o others of great value, opening up eXtens
AN iron ore. coal and slate mines, and otl
fr,ighting material. Permit me, now /
s,ed here. to place upon record my opinion for
80, Iture reference, that the present line Of aD
'u'e' 20 amiles Of the Wilmington and West
ance Railroad Is the initial link OF . great tut
eau Railroad system that will connect the
hasr matarial Of interior and Southern Penn :
."";a and of the West by the most dil