Wilmington daily commercial., 1873-10-08
The BerIts County r. r..

MEETING OF THE CONTRACTORS. YEsTERDAY-THE
ROAD NEARLY FINISHED BUT OUT OF MONEY TO
PAY oFF-sTATEMENr OF ]. DUrroN STEELE.
A meeting OF the contractors who are engaged
in constructing the Beeks County Railroad, from
Reading north to Slatington was held in the
former city, yesterday, to discuss the monetary
condition OF the road. About all the contractors
were present.
Chief Engineer j. Dutton Steele made state
ment to the meeting the important parts OF
which we clip from the Reading EdqLe:-A tight
money market has brought us all up standing ="
money panic is like kicking horse, and this
time 1t has kicked without putting it's ear back
but there is nothing to be alarmed at in the situ-
alton, and we must get upon our feet again.
The Berks County Railroad is sound insti-
tuition it has plenty of good First Mortgage
Bonds, but their sale is checked for the present,
and money is hard TO get The banking house, in
Philadelphia, which had the charge of selling the
bonds has been forced to close its doors, and all
other banks are hard pressed, and it is nothing
against them that they are for, with thousands
OF good securities in their vaults, they connot
raise hundreds of meney.
You all know, as well as do, that the Bsrks
County Railroad is nearly finished. have just
made a careful and liberal estimate of the
amount of work necessary to complete the grad
ing and bridging from Reading to Slatngton on
the 1st of the present month Of October, aud
find that 258 625 is all that is required for that
purpose. The rails are all made, and three
fourths Of them are already delivered to the
company, and the other fourth is ready for de-
livery one half the sills are on the line of the
road and six miles of the track ia laid and To-
comotive running upon it. The company have
expended one million of dollars in the construc-
tion thus far, and $3.50, 900 more will lay the
track to Slatington. You see, therefore, that
it will be finished ii is now only question OF
time The million of dollars expended ought
not to be lost for the want OF $3.50, 900 more and
it must not be. To meet the expenditures yet
to be made, the company have one million
dollars of first mortgage bonds unsold, and there
are no better bonds IN the country, aud nothing
that will sell sooner when the bond market again
opens, which we hope aud believe will be within
the next three months.
Now how to turn this sharp corner is the
question we propose to issue due bills Of small
denominations, payable in six months from
date. For every dollar Of due bills issued, one
dollar Of first mortgage bonds will be put aside
to secure their payment at maturity, or II they
are presented before maturity, in sums OF one
hundred dollars or upwards, they may be ex-
changed for bonds or il the bonds will sell in
the market before the due bills mature, they
will be paid in cash as soon as the money can be
realized on the bonds
l have only to add that will sign these due
bills, and will see that they are kept good for
their face value ana furthermore, that the
per cent. bonds for which they may be ex-
changed il desired are as good and safe an in
vestment as there 1t in the country.
The proposition was discussed, and the meet
ing adjourned to 2 p. Nj.
5000 to 10 900 rails for the..Berk County Rail-
road are piled up at the Fshbach Rolling Mill
Of Atkins Bros, at Pottsville The mill has sus-
pended work at present, on account Of the mo
netary striDgency, but it is expected that opera
tions will be resumed in few days.