Wilmington daily commercial., 1872-01-08
DOMESTIC NEWS.
wilmington g western Railroad.


ANNUAL MEETING AND ELEcT1oN-RrPoRr OF THE
. -rt DIRECTORS.
The annual meeting OF stockholders of the
Wilmington Il Western r. r. Co. was held at
noon, to-day. Franklin Fell, Esq, was called to
the chair, and VIM. H. Connel appointed secre
tary. The several reports Of the Directors, the
Treasurer, and the Chief Engineer, were read.
REPORT OF THE DIRECTORS.
The Directors state in the outset that their re-
port covers the operations Of the road from the
time of Its organization until the close of 1871.
The Company was regularly organized June 80
1859, with a certified subscription Of 1913 shares
OF stock, at $50 per share, the legal requirement
OF the charter being 1000 slaree. Nine Direc-
tors were chosen, officers were elected, and
Major Alfred Sears appointed Chief Engineer,
TO make preliminary surveys. October 4th, 1869,
the President announced that the first install
ment of per cent. on 1908 shares had been
paid in, according to the call. At this meeting,
the Red Clay Creek route was unanimously
chosen by the Directors, and it was decided to
proceed with the contracting for the road, when
ever @25,00O stock subscription should be re-
ceived.
After much labor, in canyassinR for subscrip-
tons, DO, the President announced June Sd,
1871, that they had reached the full sum of
$780, 900, and the full organization Of the Board
was then completed, officers appointed, By-lawp
adopted, &c. June 9th, 1871, II was decided to
make Landenburg the point Of intersection with
the Penna. Il Delawere r, r. Contracts for the
graduation, masonry and bridging were then
awarded, requiring the completion Of the whole
before April 20, 1872.
Work was formally commenced, July 3, 1871.
On Nov. 7th, the location Of the line across the
Chrstiana, to the harbor OH that river, g miles)
were fixed, and on the 18th contracts for its con-
atruction were awarded all to be completed on
or before May 4th, 1872 The condition of actual
progress, at this date, is stated in the Chief En-
gineer's report.
The Report says that the line has three dis
tinot features
First, local line Of unusual promise; second,
as connection at Landenberg, with the Penna.
and Delaware r. R., which crosses the Baltimore
Central, and extends to the Penna. Central, and
which is expected to be ready for cooperative
arrangements with us by the time our line is
completed to Landenburg and third, as a con-
Meeting link between the West and the commerce
Of the Delaware River. There is no reason to be
less hopeful Of the results as to the first and
second points, whilst the connection with the
West seems to be growing in importance and in
certainty. narrow, q fooD gauge road from
or near Hanover junction. York county, to OK
ford, Chester Co., is now assured, (alse narrow
gauge connection promised from Oxford TO Lam
caster,) and it is evidently matter of great in
terest to our Company to be prepared to coop
crate in the extension Of this narrow gauge sys-
tenn leading to the West by continuation of the
same from Oxford to Landenburg, and thence
per extra rail or rails along the line of our pres
ent road TO the city of Wilmington. Looking
with confidence to such an ultimate and desired
result, and with view te be prepared with
proper data therefor, our Engineers are from
time to time, as their pressing engagements will
permit, examining the line from Landenburg to
Oxford.
Your Directors believe that with due regard
to true economy, and TO desired financial credit,
the true interests Of the CompAcy can best be
served by persistent determination to have the
-
lest practicable moment. They deem it indis
pensable to financial success to make all nego-
tiations for cash payments, and to NEE every en-
gagement with reliable promptness. To do this
and at the same time, to avoid the expense and
embarrassment OF temporary loans will require
prompt payments for our stockholders, in re-
sponse to the respective called instalments
which are being made as rapidly as the condi-
tion OF the subscriptions would permit, OF 10
per cent, EACH
Preparations are now making to secure by
Mortgage Loan the additional means for timely
completing the superstruction of our Road to
Landenburg, and for supplying it with the pro-
per rolling stock for operating. In view Of our
unusually good stock subscription basis, Of the
favorable contracts made for graduation, ma
sonry, bridging, and trestling, and Of the ad-
vanced state Of the work on the entire line, we
see no reasen why we cannot offer such securi-
ty to capitalists, and investors, as to commend
their prompt and Appreciative attention, and es-
pecially do we believe from the terms proposed
to be offered and for obvious other reasons, that
our Bonds must prove to be from the start a
favored Home Investment and that sales Of the
same can be effected as rapidly as we may need,
to insure us the means to continue our system
of cash payments, and of cheap construction
and supplies throughout"
The Directors in conclusion express their be-
lief that "a Railroad backed with liberal cash
capital basis and desirably located we certainly
believe ours to be, and then constructed and
managed upon fair business principles should be
a legitimate business, as financial Investment,
with expectations Of average returns to its stock
holders. We mean to relax no efforts of ours to
realize these expectations, and will rely for CO.
operation as we may deserve II, from our stock
holders, from entorprising friends on the line,
and from capitalists generally"