The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1874-10-31

ordinance authorizing the Commissioners of
Finance Of the city Of Baltimore TO purchase,
in their discretion, overdue coupons detached
from the unendorsed bOnds Of this Company,
they determined TO coniine such purchase to
coupons Of first mortgage bonds. This, put
in effect in May last, checked at once the
movement then being made by certain holders
to ioreclose under that mortgage, since which
time there has been no important action mi.
mieal to the interests Of the stockholders
The second preferred holders appear well
satisfied at seeing their security daily strength
ened by the rapid increase Of business and
the application Of so large o proportion Of the
net revenue TO the improvement of the road
and its equipment, and the consequent en-.
hancement in value Of the property upou
which their mortgage is based they are there.
fore practically receiving tho entire benefit Of
the operations Of the road.
II Is not the policy Of your Directors TO rest
satisfied with a road 10 Williamsport, but in
view of the great importance to yourselves
and the city Of Baltimore, steps will be taken
as early as practicable TO secure two important
extensions or branches, which if successful,
will make the Western Maryland one of the
important roads of the country, and win be
the means OF largely promoting the growth
and trade OF the city, by bringing to il bust.
ness entirely new, enabling it to recover that
which i has temporarily lost, and securing Il
IN much that il now possesses by warding off
or neutralizing the encroachments of her
rivals.
With few exceptions, the great cities of
this country owe their importance to their
railroad connections, and it is notable fact
that Baltimore has fewer than any other city
OF like size and importance.
Philadelphia, alive to her interests, has
long since taken steps to divert from its orig.
inal and legitimate channel, almost the entire
trade of the peninsula east of the Chesapeake
bay. She has more recently reached out her
iron fingers and gathered as thoroughly the
trade from the southern tier of counties in
Pennsylvania, once exclusively controlled by
baltimore, and ut this moment is making
strenuous efforts to gather in over our heads
the products Of the rich Valley Of Virginia, a
district in which Baltimore as supremacy has
never before been questioned, demonstrating
how completely the most superior geograph-
ical advantages may be overcome and Invested
of their importance when opposed by we'll
directed energy and enterprise. To keep
the scales balanced your road should be push.
ed in Pennsylvania and made to ramify with
its branches every accessible region.
In the original transfer by the Northern
Central to the Western Maryland Company of
the Green Spr.lg Railroad, extending from
tho Relay to 0wing's Mills, il was stipulated
that should the Western Maryland Company
subsequently construct an independent line to
the city of Baltimore, it should re-transfert the
Green Spring Railroad to the Northern Cen.
trail Company. Agreeably to this provision a
re-transfer Of nine miles was made in July
list, the Western Maryland Company reserv.
ing, under satisfactory arrangement, that
portion included in and composing its main
line between 0wing's Mills aud Green Spring
Junction, about one and one-fourth miles.
The balance of the Construction FUND.-
given in last annual report has been expended
in completing the unfinished line and tele.
graph between Green Spring Junction and
Baltimore, in the purchase of thirty new
freight cars, and in constructing depot build
ings at Fulton and Williamsport.
The passenger stations at Arlington, Mount
Hope, Howardyille, Pikcsyille and MELON
ough, now either completed or in process Of
construction, are supplied by local interests
without cost TO the Railroad Company.
The relations with connecting roads are Of
the most cordial and pleasant nature, and the
cooperative spirit, which seems daily increas.
ing, is expected to work much to the general
good of all.
Economy, with due regard to efficiency, is
being practiced in every department OF the
road, and il is with great satisiacation that we
congratulate you on continued immunity
from serious accident to life or property dur.
ing the year. Too much credit cannot be
accorded the employees of every grade for the
zeal and fidelity with which they have per-
formed theirduties. Byorder ofthe directors,
j. NJ. Hoop,
President and General Manager.