Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1875-05-20

WEDNESDAY, the 18th instant, ut which
Messrs. 8. T. Suit and Horace Crozier,
Of Prince Georges county, s. Sprigg
Belt, +. Putnam Stevens and J. J.
Stewart, Of Baltimore, and George T.
May and Duncan 8. Walker, of WASH
ington City, were elected Directors for
the ensuing year.
Resolution were passed compliment
ting the officers Of the road andapprov-
ing their acts for Tie past year.
- xeeideat Suit submitted his annual
report wEieA NJ s1Yesvsd y
We extract the following from his re
have to congratulate the stockhol-
ders upon the present condition Of the
company. Never have its prospects
been brighter. Il is now out Of debt.
During the past year all the debts of
the main stem incurred for the con-
struction of the road in lower MARYLAND
have been paid. This leaves the COM
pany out Of debt, except the bonded
debt of its branch road, which is pro-
vided for Oboth principal and interest)
by the Baltimore and Ohio Railroad
Company.
The Baltimore, Washington, and Al
exandria branch of your road il now in
full and successful operation. 1t was
first leased to the Baltimore and Ohio
Railroad Company, and has since been
sold to that company. Under this
last sale your company reserves to it
self the right to use all that portion of
the branch running from the main stem
towards Washington and furnishing you
with connection with the B. & o. rail-
road at Hyattsville, and with the Balti-
more and Potomac railroad near the
District line. This portion Of your
branch road your company has the
right to use, free of all expense, for all
time to come; and the Baltimore and
Ohio company is to keep it in repair
forever. This is the most expensive
portion of your road, and the rights re-
tanned in it by your Company are of
the greatest value. Your company is
to be at no expense whatever in connec-
t;on with it.
The Baltimore and Ohio Company
provides the means for the payment Of
the principal and interest of the bonds
Of this branch, SO that, practically, they
need be no longer regarded as debts
of this company.
In addition to the payment of the
Indebtedness Of your main stem. all &C.
counts against your branch road exceed
ing $4,000 have been liquidated.
Although your company has been
compelled to pay so large an amount
of Indebtedness in so short a time, it
has not been idle. When it was de-
termined to stop work on your road, in
st. Mary's county, with view to COM
mence the constructor Of your road
from Washington southwark (instead of
from Point Lookout northward), . large
engineer force was put in the field
Desiring to have the best route, we
were not satisfied with the preliminary
surveys, and put extra parties in the
field, and kept them at work until every
suggested route had been surveyed
The result has proved the wisdom of
the course adopted. The estimated
cost of the located line from Washing
ton to Brandywine has been reduced
IS per cent. over all other previous
lines, whilst the distance has not been
increased. This is more than enough
to justify the very large expediture for
engineering. The line has been loca-
ted and the right Of way nearly secur-
ed, thus nearly completing your right
of way from Washington Junction to
Point Lookout.
The bids received for the graduation
Of your main stem are now being clas-
sifed. Some of them are At very
fair rates, and l think the company
could not do better than to close con-
tract for at least the first Is sections
Of its road at once.
The bids for ties are also fair, and I
recommend the acceptance Of the low
est-deliverable at such dates ~ may
be proper-not, however, until the pro-
babe time Of the competition Of grad
uation.
In view Of the fact that it became
evident your company would be COM
PEELED to construct the whole of its road
from Washington City to Point Look
out, thought it necessary to send
competent persons to examine the con-
dition Of your road bed in St.. Mary's
county. They report that the first
twelve miles Of your road bed from
Point Lookout up to and beyond Fair
field, are washing very badly, especially
on the deep fills. I have, therefore,
entered into an agreement with respon-
sible contractors to put and keep the |
same in repair until such time a. might
be considered expedient to resume work |
on that portion Of your road.
As to resumption of work below
Brandvwine, we have deemed it best,
as / said before, to construct from
Washington towards Point Lookout,
as such course would make your road
pay from the start But a. we have re- |
ceived offers to iron the whole road, paya-
bic part in cash and part in FIRST mortgage
bonds and stock, We would not take the re-
sponsibility Of marking out any course
in that direction without . full consul
tation with the stockholders. If they
should think the rates 1t which the
iron Is offered are satisfactory, the con-
tract can be concluded Ut once. In the
opinion Of your board better terms can
be procured. 1
Since your last general meeting your
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