Wilmington daily gazette., 1874-01-13
EXPENDITURES.

| Tie ordinary expenditures for operating the
| road during the year, not including the eNpend-
lures the road bed, bridges culverts, and charg
ed 10 construction account, have been "a follows:
Maintaining road &c, repairs Of ma
chlnery and operating road, S31,S50 -
| Interest on bonds, 1852 y
Municipal taxes, Hl9 Al
| State tax, 81
Earnings for Sly months from May I"
OctoUer inclusive, 22tll -
Expenses for same time lb,S%9 -
Net earning, ',lSl -
BY a resolution of the Board, passed April
Goth, 1872, the President was instructed to
request the Trustees of the lst Mortgage
bonds to execute a release Of the property
purchased of the Christiana improvement
Co. ami of the late James Goodman and he
WAS instructed to sell any OF all of said pro
perty.
The Trustees, at the request of the Presi-
dent, released the property bought of James
Goodman and that bought of the Christana
Improvement Company, except 800 feet on
the Chrstana, below Third street bridge, and
"a lot between the road bed and ChrsiaIa
avenue 5i2 feet long and So feet wide the
piece an the is below Z street that on
which tho engine house and other buildings
III west Wilmington are, and the piece i'll West
Wilmington south of the F., W. 4 i. Rail
road, all of which has been sold and proceeds
amounting 10 S20,i9 10 appropriated to the
completion of the road bed, bridges, culveits
etc, and the payment OF interest and other
debts OF the Company.
| We believe that with liberal policy on the
part OF the b0ndholders the road can be- eX-
tended to Oxford, and that i'll a few years the
earnings over and above expenses will pay the
| interest on the bonds. With the revival
| of the business Of the country which has
been generally depressed since September
last, We believe ourI receipts will greatly in
crease without corresponding increase in cN-
penses.
| AS yet the connection with the Penna. X
| Del. Railway Co. has been of little advantage
| to us. Had We received the trade which nat
urally belongs u us, and which should come
from this road, and which we think will not
long be withheld, our receipts would have
been greatly augmented, and in few years,
with the growth of business on the line of our
| road, enable lis to pay our expenses and the
| interest on the bonds.
The stringency OF the money market dur
| ing the first part of the year prevented the
| negotiation o. the first mortgage bonds and
the completion of the road to the Christiana
or the Delaware, which is necessary that We
may have facilities for shipping aud thereby
meeting the wants of the interior and the
West
Arrangements with some of the bondholdcrs
| were nearly completed; which would have in
sured the payment of the interest on bonds due
Oct. 1st which were prevented being consum-
mated by the panic consequently We were
compelled to pass the interest due at that time.
And regret to say that as yet the company
has not been able to make any arrangement
with the Dondholders to fund the interest for
a limited period.
We herewith submit for your consideration a
proposal from the Bondholders, and ask your
careful consideration OF the same. Also submit
a proposition from this Board to the Bond
holders, which, we think, fair and just one,
and believe that the acceptance of the same
by them, would be to the interest OF all par
ties,
We also submit the report of Chief Engineer
John Il. jackson ON the prospects of an extern
sion of the road to Oxford also submit the
report of the Treasurer.
BY order of the Board,
GEO. q. LoBpEIL.
Tn. proposition submitted by the Bonholdsrs
was read and rejected The proposition was
! published in the GAZETTE "a few wetks ago. by
the adoption of the following
Resoieed-Ihat Ia the proposition submitted by
the BondholdeIs We can see neither success TO
the Road nor justice to any OF its creditors and
we therefore respectfully decline to accept such
proposition.
The vote TO adopt this being unanimous, two
other resolutions were offered by Mr.. Taylor, as
follows:
Resoleed- That our Engineers estimates, fully
endorsed by another engineer OF large experience
are such that believe that, with the hearty CO.
operation OF the citizens along the hue and the
present creditors of tue road the extension to OK
Icrd can be made al accomplished fact under the
present. organization, at an early date.
ReSoired-That In this policy OF extension TO
Oxford through the valleys OF White Clay and
Big and Little Elk creeks, we perceive a carrying
out OF original Intentions and psrfecting OF the
conpections Of our road attended with large in-
ia unit