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is at this day taking precedence, and is most generally approved.

each.

of the New-York and Erie road necessarily || Railroad, and the immense increase of revimplies a connection with and participation enue that the Hudson and Delaware Rad The plan recommended for the rond of in the business of transporting freight and road Co. will derive therefrom, it is believed which we are treating will, I trust, be found passengers from the whole southern tier of that still greater advantages are to be gained consistent with the experience of the day. counties to and from the great EMPORIUM of from its connection with the more southern It will not materially differ from those adop-COMMERCE. That the Hudson and Dela-interests. By this another and important ted on the principal routes in this state, and ware Railroad is secure in this latter meaus part of Orange County is to be served. The will present a graded surface of 20 feet clear of affording a revenue to the company, needs extensive and durable water power of the of ditches, with slopes of one to one in ex- no better evidence than the fact that the O ter Wall, and Rutgers Kills, with the envations, and of one and a half to one in distance from the mouth of the Chechuck Mechanictown Creek, brought into full and embankments. This will give ample room creek, (the most probable junction) by the active use, and a manufacturing interest for two tracks of 4 feet 9 inches in the clear, way of Tappan landing to the city of New-created that will one day rival in importance, York, is, (as given in the report of James usefulness and value, that so long and justThe superstructure will have two contin- Seymour, Esq., upon the New-York and ly celebrated for its agricultural productiveuous and parallel lines of sills composed of Erie Railroad,) 82 miles, while by the way ness. white pine 4 by 9 inches, and not less than of Newburgh it will be only 25 miles by The ultimate object of this route has, 14 feet long each. These sills should be way of railroad, and 60 by the Hudson River however, already been alluded to. But as imbedded in treuches sunk in the gradua-navigation, making in all 857 miles. And the introduction of mineral coal to market tion so that the upper side of them will cor. the rise and fall upon the route proposed through its channel is of primary impor respond precisely with the grade of the road. For the former is 1308 feet, and on the latter tance, it may be well farther to remark that Transversely to these, ties will be placed only 426 to Washington street, and 538 to the distance from Newburgh to the Delaevery three feet measuring from centre to the dock in front of the United States Hotel. ware River will be about 81 miles, thence centre. The ties should be seven and a The route, therefore, via Newburgh is" to the very centre of the coal mines" 53 half feet long, and 6 by 6 inches square, and preferable to that via Tappan landing, and miles, making the total distance from Newof chestnut, white oak, or white cedar tim-will afford the cheapest and most expedi-burgh to the coal beds 134 miles, and eleven ber; also have notches of 24 inches deep to tious means of transit for freight, of every miles more reaches the Susquehannah_riv. receive the wood rail and the spike for se- description. Cheapest, because the actual er, and the North Branch division of the curing it to the sills, and guarding against difference in distance between the two Pennsylvania canals. And further, that it lateral pressure. In the notches of the ties routes is but 3 miles, and because the route is stated by high authority that "we can will be placed the wood rail, and be secured via Newburgh will not only have 770 feet upon completion of our road," meaning that by red cedar, locust, or white oak wedges. less rise and fall to encounter (which alone from the Delaware to the Susquehannah, The rail to be composed of Norway pine, will throw the balance on account of trac- "deliver coal in quantities at the Water Gap and be in lengths of 18, 21, 24, 27 and 30 tion vastly in favor of Newburgh,) but be-at $1 50 per ton, and sell it at that price." feet, and 6 by 6 inches square. The whole cause it will have with an increase in total Now if this can and will be done, the coal in to be surmounted with an iron plate rail 24 distance of 37 miles, an excess of river nav. vast quantities may be thrown into the by inches, which should be firmly spiked igation of 30 miles. And the river affords New-York market at $4 per ton. But if it to the wood rail and underlayed at the joints ueans of transporting both pa-sengers and were to cost $5 50 per ton to deliver it, this by connecting plates. The horse path to be freight cheaper than it can ever be done by channel would still successfully compete formed of materials from the side of the railroads. Most expeditious because the with any other engaged in the traffic. road, and slated or graveled as the material same power will give equal speed, and an is most convenient. equal quantity can be applied and give an excess of speed.

It is confidently believed that a road upon the above described plan, with a single track and suitable turnouts, will, for the present, be capable of performing all the business pan landing will not be as likely to expose its that will accrue to it, and that an additional business to interruption by ice during the one will meet the demands when its facili-winter season, as if it were to terminate at ties are known and appreciated, and its freight is drawn from all the vast resources that must ultimately contribute to it.

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The Charter of the Hudson and Delaware Railroad grants to the company the privilege of connecting with the New-York and Erie Railroad, the one projected from the Jersey line through the valleys of the Wall kill and Pepo Coton creek and the Paulius kill to the Water Gap on the Delaware River, and through it, with that now actually executing from the Water Gap to the Susquehannah River, upon such terms as the contracting parties shall agree.

The New York and Erie Railroad, it is well known, is rapidiy progressing. That through New-Jersey is now being surveyed under my directions, and will undoubtedly prove sufficiently inviting to capitalists to insure its completion at an early day, after it is known that the Hudson and Delaware Railroad is to be extended to meet it at the line.

Thus it will be seen that the Hudson and Delaware Railroad is ultimately to become the outlet for all the surplus productions of a country widely extended, and reaching far beyond its actual limits, that it is to re. ceive and transmit to the Hudson the freight and passengers concentrated upon more than a hundred miles of railroads in New Jersey and Pennsylvania; roads that will penetrate the richest agricultural and min. eral districts of the former and the vast coal the beds of latter, while its passing the track

||

ESTIMATED ANNUAL RECEIPTS.

Having thus alluded to the general resources that the road will have to augment its business, add to its importance and inIt is, however, urged that the termination crease its revenue, I submit the following of the New-York and Erie Railroad at Tap-estimates with a view of showing that it will pay a large per centage on the cost, even under the most limited circumstances that can exist. They are based upon the suppo a more northern point. This is undoubted-sition that the New-Jersey road is not built, ly true, so far as it is consistent with the and that the transp atation on the whole and actual circumstances that will attend its parts of the line will be equivalent to that of termination at that point. But these cir- the items enumerated for the whole distance cumstances give some plausibility to the from Newburgh to the New Jersey line. suggestions of a more northern route, and as it is understood that the water in Tappan Bay is shallow for some distance into the stream, and that the entrance into the harbor is annually interrupted by ice, it is certainly questionable whether Tappan or Newburgh harbor is preferable for the winter season. It is true that the water at Newburgh is deepest, and it is equally true that water congeals most rapidly where it is shallow and spread over a large surface, hence it is believed that the harbor of the latter will be equal if not superior to the former in the winter season, and undoubt edly preferable for the remaining portions of the year.

This difference too will remain relatively the same if the New-York and Erie Com pany adopt any of the routes proposed for crossing the Wallkill and continuing to Tappan landing; aud any of them can be approached upon ground favorable for a junction. Even should they ultimately adopt the Middletown route they may be joined at that place by passing the Wallkill at Stoney Ford and gradually ascending the high lands west of Philipsburgh, without exceeding the maximum grade between Newburgh and Salisbury, and over ground that will admit of a cheap construction of the work. Or the connection may be made with the same line in the valley of the Wallkill.

But notwithstanding the importance of a connection with the New-York and Erie

40 Passengers daily each way,

80 for 300 days of the 4,000 Cords of Wood, year, 21,000 yearly at $1 50 $36,500 Rails, Posts, Timber, Stone, 7,000

&c.

1,000 Tons of Butter,

1,500 Tons of Pork and Live
Stock,

150,000 Bushels of Grain and
Vegetables,

5,000 Tons of Pressed Hay,
500 Tons of Iro 1,
40,000 Bushels of Line,

2000 Tons of Gypsum,

RETURNING FREIGHT.

1000 do.
4000 do.

Salt, Merchandise of various kinds,

175

2.000

150

1,500

150

2,250

4

6,000

150
8

7,500

3,200

150

750

175 3,500 175 1,750.

175 7,000

$78,950

$28,350

6,000

3,000

ESTIMATED ANNUAL EXPENSE.

Interest on first cost,

5 per cent. on the perishable part
of the superstructure,
10 per cent. on the Cars, Engines,
Horses, &c.
Superintendance, repairs, fuel, &c.

&c.

16,000 Total, $53,350

$53,350 deducted from the estimated an | nual expense, leaves 25,600 dollars as the net income, over and above all interest, and deducting the three last items in the annual expense, and adding the remainder to the net income, gives 53,950 dollars, as the annual revenue, or THIRTEEN AND ONE-THIRD per cent. on the capital invested.

The above estimates, though stated in round numbers, are deductions from much minute data, and it is believed that those of the receipts will be found generally far below the actual tonnage that will pass upon the road, and in no one item exceeding it. In fict, with the exception of pressed hay and lime, equal quantities are now hauled into Newburgh over the turnpikes and common roads that will be within the influential ringe of the railroad. And the items in the annual expense are known to be liberal for even a greater tonnage than is stated.

Deduct for the repairs and
renewal of the road and
steamboats,

And it leaves a nett revenue

of

$200,000 00

have before intimated the cheapest route from any point on the sea-board to the West, from Beaufort, for instance to the narrows of the Yadkin, will be found on a very direct line West, until it falls into your Railroad; and thence, (in this case) along it to some point South of the Neuse river.

$700,000 00 Now, although I believe this sum will fall short of the receipts of the first year, yet, lest we should appear 100 sanguine and In a military point of view your Railto remove all possible objection, we will road, in connexion with the Portsmouth deduct from the foregoing, twenty-five per and Roanoke Railroad, and the contemplacent., which reduces the amount to $525,-ted Rail-road between Wilmington and 000 00, or a dividend of 35 per cent on the Charleston, may be regarded as forming a estimated cost of the work. complete line of defence to the whole seaA Railroad which produces 6 per cent. board from Nerfolk to Charleston; for nett in the first years of its operation, is con- there is no Railroad in the country, upon sidered good property; for the increase of which so large a force can be concentrated business which must ensue, always in.in a given time; and where, perhaps, there creases the annual profits in a great ratio. would be a greater probability of its being While our estimates exceed this per required. By the Charleston and Hamburg centage nearly six times, it will be perceived Railroad and its connexions; the Charlesthat we have confined ourselves entirely to ton and Cincinnati Railroad; the Roanthe amout of the present travel; and this oke, Danville, and Junction Railroad; the The result, therefore, is that the Hudson after being taken at a very low estimate, Portsmouth and Petersburg Railroads; and and Delaware Railroad will amply sustain reduced 25 per cent. But in presenting a by means of the Railways to the West i.self by its own local resources, and it is view of the prospects of the Road, we within your own State, levys for troops on therefore unnecessary to enter into any de- should anticipate the probable increase of South Carolina, Georgia, Alabama, Louistail to show that its receipts would be im-travelling by reason of the increase of the iana. Mississippi, Tennessee, Kentucky, mensely beyond our calculations if united business and population of Charleston; Illinois, Indiana, Ohio, Virginia, North with the important works before mentioned which must ensue from the great and gig. Carolina, Maryland, &c., may be met from The single article of coal would more than antic scheme which she has in contempla-the remote States in a few days, and in a double the weight of transit and swell the tion, and which she will no doubt carry into few hours, from the more adjacent States, receipts in like proportion. effect to Cincinnati. And in a few years and any number of troops, may be thrown All of which is very respectfully submit-the Railroad to Hamburg, which is now on the line of your Railway; whence, by ted, JAS. B. ŠARGENT, lateral roads and Steamboats, (down the numerous navigable streams which the road crosses) in a few hours, or by an arch of a day or two, they may occupy any position on this extended coast. And in the transportation of stores and munitions of war, which, under the military head, is a matter of primary importance, it affords a safe avenue; and in time of war, will prove a saving of millions to the Government.*

Civil Engineer.

EXTRACTS FROM THE

being extended to Athens, will be prolonged southwardly to Columbus; and thence in continuation with the Railroad to Pensacola, coinplete the line of Railway, and steamboats all the way to New-Orleans. But without any further specification of the various improvements which are in conTo the President and Directors of the Wil-templation and begun at the South, suffice mington and Raleigh Railroad Company.

REPORT

OF WALTER GUINN, ESQ. ENGINEER,

(Concluded from our last.)

t to say, that your Southern termination a Charleston, towards which all these im The estimate of the road-way formation provements converge, ensures your imme. falls far beneath the average cost of a milar liate, continually increasing and never fail. works; while it is believed that the profits ing sources of revenue; and completely sets will not be excelled by any improvement in all competition by other and similar imthe country. For your Railroad, in con provements, at defiance. For all past expenexion with the Portsmouth and Roanoke, rience has shown that the travel on routes and the Petersburgh Railroad at Weldon; connecting commercial cities, increases in a both of which are links in continuous lines ratio, much beyond that of the business or of Railway and Steamboat communica-population; and the great lines of travel tion to Boston, must become the great thor- n all countries led through the commercial oughfare between the North and South; towns. for between the Roanoke river and Charl s Rutes passing through the interior, ton, or the Charleston, and Hamburgh Rail with a view to divert the travel, must be roid, a knitting, there were any other com regarded as experiments running counter munication by Railway contemplated, its to all experience, and of very doubtful sucg eater length and what is a matter of cess. And lay it down as an incontroverdeeper consideration, its greater expense. tible fact, that those works which will forbids the idea of rivalry; and places your prove most profitable, and most conducive road a'm st beyond the reach of compet to the great and varied interests of the So that we may siy, in fact, it forms country, may be classified under two heads. a important if not indeed, the most im-Those which connect the commercial cities, portant link in the great line of intercommunication between the North and the South. Under this view of the subject, i. is difficult without the appearance of exag-try. geration, to estimate the probable revenue.

t on.

The travel between Charles on and the Northern cities by steam boats and stares, may be safely computed at sixty thousand. This amou it might be greatly swelled by e abracing the whole travel from New-Or leans; which we confidently believe will take the rouse of your Railroad. But we will say 60,000 Travellers ar $12,50 each, $750,000 00

To this we may add for the transportation of the mail,

Way passengers and freight on produce and goods,

and those which lead from the commercial
owns by the most direct routes to the
interior and western portions of our coun-

But your revenue will be greatly swelled
from other sources, which we have not ta-
ken into the account. All the improve.
nents which are contemplated from the
sea-board to the Western part of your
State, must cross the line of your Rail.
way; and to whatever point destined, will
ind it to their interest, to some extent, to
pursue it, in order to make selection of the
most favorable location. Under this aspect,
your Railroad presents itself to the State
in a peculiarly interesting point of view. It
50,000 00 traverses it nearly through its entire length
From North to South, and forms the basis
100.000 00 upon which the internal improvement
sche e of the Raleigh Convention may be
$900,000 00|| most economically carried out. For, as

As a National work, therefore, yours cannot be considered as secondary to any in the country. But one of the most happy results of the Railway system in the Southern country, and which will be imparted by your Railroad to that portion of the State most concerned, is the effect it will have, by the speedy concentration of troops to put down, if not entirely suppress

* Extract from the Report of Mr. Cass, Secretary of War, on National defence. "The power of transporting troops and munitions of war, has already opened new views upon this subject; and such is the progress and proboble extent of the new system of intercommunication, that the time will soon come, when almost any amount of physicial force may be thrown, in a few hours, upon any point threatened by an army. Nashville may succor New. Or leans in sixty hours; Cincinnati may aid Charleston on about the same time; Pittsburg will require but twenty-four hours to relieve Baltimore; and troops from that city, and from Boston, may leave each place in the morning, and meet in New-York in the evening. This wonderful capacity for movement, increases in effect, some of the most important elements of national power. It neutralises one of the grea: advantages of an assailing force, choosing its point of attack, and possessing the necessary means of reaching it. Detachments liable, under former circumstances, to be cut off in detail, may now be concentrated without delay, and most of the garrisons upon the spaboard may be brought together, and after accomplishing the object of their concentration, be returned to their stations in time to repel any attack meditated against them."

The counties along the line have manifested the interest with which they regard it, by the handsome subscriptions which they have made.

The benefits to Wilmington will be immediately felt in the great increase in the exchange of commodities, which the increased facilities of communicating with a rich back country will afford. And she faay be justly proud of the rank to which she will elevate herself, in having projected and carried into effect, an improvement which may be characterised as a great National and State work.

All, which is respectfully
Submitted by,

Gentlemen,

and remove all apprehensions of servile ernment with embankment, an to preserve ||ited supply, consisting of passengers from disturbances and insurrections. The speedy access, between the different parts of prop- the National Road, who embrace this de transit of the mail, especially between com-erty divided by the road as it passes through delightful route through Romney, by a daily mercial cities, is an object of solicitude Harper's Ferry, it was found necessary to line of stages from Cumberland. Energetic with all Governments. Your improvement construct twelve hundred feet of double steps have been taken to carry into elect fully meets this object, and its importance track on piles, the materials for which, as the wise provisions of the Legislature to under this head also, cannot fail to attract well as workmanship, were very expensive, improve this interesting portion of the Com the attention of the General Government; and the solid embankment wide enough to monwealth-and throughout its whole and also the concentrated concurrent inter. receive four tracks near the abutment of length, our mountain brethren will soon en ests of the large cities at the North. And the Baltimore viaduct, raised from materi-joy an cutlet 10 market, which they have having the effect as we have asserted, youals hauled from the Maryland shore, drew long and patiently expected, and travellers road will have to turn the whole stream of far more more heavily upon our funds, than be furnished with the most expeditious travel between the North and the South, was anticipated by the Board. The price communication between the Atlantic cities through Charleston, and on the Charleston of tin.ber for the superstructure, went gen- and the centre of the West. But without and Hamburg, and the Charleston and Cin-erally beyond its first estimated cost, and an improvement in the roads get erally leadcinnati Railroads, she, as well as those the amount of land damages paid for the ing to the railroad, fertile as our country is, interested in these two great improvements, right of way, far exceeded the calculation of and variously adapted to productions which are deeply interested in your success, and the warmest friend of the landed proprietor command the exchange of the seaports, it will no doubt contribute largely towards it; affected by its location. They are little will only exist in comparative decay to disand the trade and travel it will throw on short of $40,000, and if to one half of that tricts naturally is inferior, where neigh. the Portsmouth and Petersburg Railways, sum, still leaving a reasonable allowance to borhood communications have immediately will greatly enhance their profits, and ad- meet the original demand expected from been opened with enlarged channels of trade. vance the prosperity and wealth of Peters- that source, there be added more than a the upper counties a laudable energy has burg, Norfolk, and Portsmouth. $30,000, arising from the unexpected diffi. been displayed in improving the main ac Culties above referred to, the reflecting cess to the Winchester market, and below stockholder will not be at a loss to account us several modifications of roads leading to for the apparent miscalculation of the origi- our depots are in contemplation. A char nal friend of the improvement. In truth,er has been obtained to connect Smithfield however, there are but very few works o with a railway lateral to ours; another the kind in the United States, which have branch is talked of, and the citizens of not cost much more than ours, constructed Staunton and other towns, forming a chain at the same time with equal permanency. of enterprising communities through the 15,000 dollars per mile, including the mo centre of the Valley, despairing of a turnive power and depots erected will be deem- pike, which some of them preferred, whilst ed by the experienced eye, which has ex- others have believed such an improvement amined our railroad, as no extravagant ave- unsuited to the great demands of our coun. rage. And may it not in some degree betry and the spirit of the age, have instituted attributed to the laudable views of our in-a survey for the continuation of the railroad land economy, and the too generous confi- from Winchester. This survey, we are in. dence we reposed in our neighbors, as to formed, now almost completed, has encounone item of expense at least, if our com- tered but few difficuities not easily su⚫ munity may have been surprised at the ag-mounted, and presents no grades, it is to gregate cost of the work. Should disap-lieved, worse than those on the Winchester pointment, however, have attended the con. and Potomac Railroad. Recognised as kit -truction of the railroad, and the time it hadred to ours at the first general meeting of occupied, this may be said to have disap- the Stockholders in this Company, it ought peared, so far as the success of its opera- not now to be considered an alien to our in tions has been tested. In almost every interests; it is bone of our bene, and flesh of stance, the trade over it has gone beyond our flesh. In this improving age, it will or early calculations. The crop of last indeed soon become a grave question for the (Concluded from our last.) year was a short one, and a great portion of friends of our railroad, well calculated to While upon this subject, it is due to it was sent to market before our road was excite their interes', how long can we rethe general meeting to state the rea opened. Notwithstanding this, the quan-tain the trade even of the upper Valley, sons why this actual expenditure has ex-ty of flour we have transported up to the should the termination of the railroad be ceeded what was supposed the first estimate 1st of August, a period of little more than fixed here? The citizens of old Virginia, so much-a result, which rather unfortu- four months, is but little under 16,000 bar. roused to the life and enter rise of their nately has befallen nost undertakings of rels. Grain of various kinds, and meal, here- early history, among numerous other ef the kind. It is admitted that the original tofore almost excluded from market, as will forts, are extending their hand to welcome estimate of the work was $300,000, exclu- be seen by the exhibit of our trade, have the commerce of their brethren of the Valsve of motive power. It is equally true swelled our freight and many articles, ley by a railway, penetrating to the Eastern that 27 miles of the distance, the subject or such as pig iron, iron blooms, and a quan. base of the Blue Ridge. Enlightened as fair calculation at the time of its commence-rity of lead from the borders of Tennessee, this movement ought to be considered, and meat, did not at least exceed its proportion-with now and then cotton and tobacco, have calculated to stimulate us to generous rivalate amount of this sum-say $5000 a mule formed an unexpected addition to our trans. ship, destined though it be to a lucrative for graduation and masonry. The remain-portation. The receipts from passengers union with the line of railways which pro der, extending fom the approach of the who have passed over the road have also mise to connect the capitals of the seaboard, roid to the Shenandoah, to its termination exceeded our first calculation. Although it will, when aided by other similar works on the Potomac, not at that time located, but little provision had been made for the parallel to it fail to satisfy the demands of owing to the uncertainty of the route to be accommodation by stages to the south and the great Mediterranean route of trade and pursued, stands thus chargeable with the west of Winchester, where we think there travel, stretching to the borders of Tennesincreased cost of graduation, being at the is much room for competition, and the roads see, and beyond them, the most remarkable rate of more than $12,000 per mile. A good leading to the town have been during the country in the Union, whether viewed as to portion of this was prepared for a double set greater part of the season, in a very dis- its extent, fertility, mineral resources, its of tracks, in some parts more, most of it was couraging state from the frequent rains the healthy climate, and social and political advery expensive, from its coming in frequent number of passengers has averaged about vantages, indicating it as a prominent fede collision with the bed of the Shenandoah or forty a day since the opening of the road- ral artery. We cannot allow ourselves to the rocky bluffs along its margin, or com-twice the number calculated in the first re- believe that the inhabitants of Winchester elled to follow a trace from Island to Is- port, submitted to our citizens on the sub- bave much cause for alarm on account of land scattered in its channel, where embank-ject of a railway from Harpers' Ferry. the proposed extension of the railroad up ment was obatined only from a considerable From the failure of contractors to com.the Valley. With the start of several years distance, and much bridging required across plete the North western Turnpike, owing, in in trade, it would speak but little for the the numerous guts which connect the main some measure, to the enhancement of the enterprise of our merchants if they could not stream of the river with the charnel of the price of labor and provisions, that impor-arrest much of the overflowing commerce Navigation Company. To avoid covering tant avenue to the West, and destined tribu- which such a channel would disarge. Ci the ground belonging to the general gov-tary to our road, has yet yielded us a lim- ties there have been, with no means of

Your obedient servant,
WALTER GWYNN,
Civil Engineer.

Wilmington, Aug. 15, 1836.

FIFTH ANNUAL REPORT OF THE STOCKHOLD.
ERS OF THE WINCHESTER AND POTOMAC
RAILROAD COMPANY.

In bonds for stock

$3,577 44

2,025 91

239 73

and loans, Interest on these bonds, $5,843 08 The receipts and disbursements of the Company between that time and the 15th of July, 126, are shown by the following statements:

supply inland to cheer the monotonous ster This condition, it is confidently believed On the 15th day of July, 1835, lity of their situation on the border of the the company has now attained-few claims there was in the hands of the s a, whence alone they derive their support.|| yet remain on account of actual construe- Treasurer, to the credit of the Companywhose names have bee a preserved only in the tion of any part of the road, and the repairs In cash, history fsome foit inate neighbor; but there neident to the first effect of transportation is no stance on record, of any town situa- will soon be completed. The entire debt of ted in the heart of a district like ours, bles. the company including the convertible loan sd with all the elements of social wealth, of $150,000 authorized by the Legislature al in the line of a flourishing trade, having amount to a little upwards of $171,000.— failed to prosper, unless the apathy of its That portion of this sum consisting of temina biants tamely relinquish to others the porary Loans from Banks, if changed into a a Ivantages first enjoyed by them. A popuoan for a term of years, would, it is lien such as ours cannot well be deprived thought, give more animation to our stock, of a large share of the commercial benefits now a little under par, and would tend to arising from an extended improvement of equalize the claims upon the present stockthe Valley, while it might well combine holders, with those who may succeed them, with these the prosecution of many branches and enable the company to make a dividend of manufacturing industry. ia February next, unless the failure of this year's crop should defeat their calculations. This course the stockholders will most likesanction.

Whether the liberal appropriation of the State of Maryland, on behalf of her great works of internal improvement will con-ly strun the Baltimore and Ohio Company, ul- In the accompanying documents, relative tima ely to prosecure its gigantic underta to the receipts and disbursements of the king from Harper's Ferry by a route north company generally, are exhibited the ag of the Pot nac, we know not; but we ha. gregate amount of expenditures, since the zird little in predicting, that the known first survey was instituted-stated at $586,forecast of the directors of that company 926 48. In this sum is included the purwill first ascertain if it be practicable 10 ex- chase money of some valuable improved tead a railroad fron Winchester to some property at Harper's Ferry, and the grounds pint on the upper waters of that river, adjacent to the depot at Winchester einbrawhich might shorten the distance to the cing about seven acres-the interest upou Oaio-the great object of their commercial money borrowed to relieve the stockholddesire. A route which would avoid all col-ers, and expedite the construction of the ision with their former rival, and would read, which with other items, not justly. bring them into contact with several fertile chargeable to its expense, would reduce valleys watered by branches of the Potomic, and in the vicinity of beds of Anthracite coal, might entitle it to an examination; for although the intermediate country is generally hilly, it is penetrated by remarkable passes, such as are not to be found out of the basin of the Potomac on its north sile. Independently of its locality, however, and adaptation to prospective extension, the Winchester Railroad holds out im mediate and posit ve benefit to our country and early remuneration to the stockholders. The receipts of the company up to the 1 t inst. a period of little more than four months, have amounted to $16,656,87; and had they been charged only with the expenses proper to transportation and incidenta repairs together amounting to about $5000, a nett profit might have been divided among the stockholders of more than six per cent. per annum. The obligation restig upon the company previous to the opening of the road, and the heavy demands on account of a portion of it not yet entirely fin shed at the Ferry, compiled the Board to dvert all the available proceeds, from what might appear to some of the stock. holders their legitimate object, namely, distribution among them in the shape of a dividend.

the actual disbursements on account of the road and present appurtenances to less than $150,000. In the document which shews the particular items of expenditure, up to the same dare, some causes of disbursement may appear high-their acknowledged imperiance, however, will we think satisfy the liberal investigation of the stockholders. Others there are, we feel assured, which will meet the views of a rigid economy, and in pronouncing upon their merits generally, it might be well to institute a comparison betweea the condition and cost of our road and other similar works elsewhere-the means for which are within the reach of almost every stockholder. Such is the state of the undertaking, which has drawn so largely upon our interests and ex. ertions At first conceived far beyond the resources of our community, it has nevertheless been accomplished. Many difficulties have occurred in its prosecution, which its most calculating friends did not foresee, but they have been surmounted. Some of its early opponents have been agreeably disappointed by its results, while, with regret, we count many of its warmest sipporters, whom Providence has not permit ted to witness the consum nation of their ealightened exertions. it has had its days Much of the stock has remained for a of excitement, of gloom, and of triumph.considerable time durmant, but to attempt A variety of opposing interests have some. to render it productive by a recourse to tem-times assailed it with threatening effect, porary bank facilities, appeared to the Di- but it now stands erect. Its promised benrectors, and it is thought the reflecting efits have appeared long in coming, but they stockholders w I agree with them, a policy will steadily advance, and be sure, for they of very questionable propriety. The pa will flow through a thousand channels ment of the delt is the appreciation of yet unopened. And when the toil and dis. the stock of any company, and although appointinent, and party bickerings which that desirable obj ct is best attainrd by ma.'attend the first stages of such a work are king a dividen, it would appear to be a forgotten, it will grow in favor, and every forced and injudic o s m de of finance t d part of Western Virginia feel its raving inso, until the floating debts of the company fluence. were paid, or converted into a loan of some Mr. Sherrard, from the Committee on Fi perminency. The later arrangement it is rance, made the following Report : thought can easily be made, when the char- Th Committee of Finance respectfully acter and prospects of the work are some-ask leave to submit the following repori. what established, and its ability to meet its showing the receipts and disbursements of current demands and pay with promptitude the Company for the fiscal year ending the interest upon its bonds, is beyond all doubt.[[15th of July, 1836 :

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RECEIPTS.

From stockholders, (being the

whole amount due from the
subscriptions of individual
stockholders.)

From the Board of Public works,
balance of State subscription,
From J. I. Cohen, Jr. and Broth-

ers, of Baltimore, on loan,
From Thomas Biddle and Co. of
Philadelphia, on loan,

From proceeds of discounts

$33,106 33

20,000 00

20,000 00

49,971 67

fromthe Banks in Winchester, 14,345 34 From the Baltimore and Ohio

Railroad Company, to reim-
burse the amount advanced in
constructing the southern
abutment of the Potomac via-
duct at Harper's Ferry,
For principal and interest on
bonds for stock and money
loaned,

For costs and interest,
For amount overpaid M. Schol-
field on timber contract, and
refunded by him,

For amount overpaid for dis

counts in Mechanics' Bank of
Baltimore, refunded,

For amount paid to Treasurer by
receiving and forwarding
agents, on account of trans-
portation of passengers and
tonnage,
8,371 12
For amount received by

receiving and for.
warding agents on
same account, and
disbursed by them
for the use of the
Company,

4,555 09

Making the total amount of re-
ceipts by the Company, for
transportation of passenger
and tonnage, from the open.
ing of the road, (14th March,)
to first of July, 1836, that
being the time to which the
accounts are made up,

Total amount of receipts for the
year ending July 15, 1836,
with the exception of the
amount received for transpor.
tation of passengers and ton.
nage between the 1st and 15th
of July, an account of which
has not yet been rendered by
the agents,

To which add the amount of the
balance of cash in the Trea-
surer's bands to the credit of
the Company, on the 15th of
July, 1835,

10,161 02

2,525 06 76 28

135

338

12,926 21

163,116 59

3,577 44

And it makes the whole amount
received during the past fiscal
year including the balance in
the Treasurer's hands at the
close of the preceding year, $166,694 03

DISBURSEMENTS.

Amount disbursed by the Trea-
surer from the 15th July,
1835, to 15th July, 1836, in
clusive,
Amount disbursed by the re-
ceiving and forwarding agents
from the opening of the road
up to the 1st of July, 1836,

Making the total amount of dis-
bursements,

Which, being deducted from the
receipts, leaves in the Trea-
surer's hands, on the 15th of
July, 1836, a balance to the
credit of the Company of
To which add the balance of
bonds in his hands at that
time uncollected,
Interest on bonds to same time,

Leaves the total balance in the Treasurer's hands, on the 15th of July, 1836, to be carried to the credit of the Company for the ensuing year,

4,555 09

Land damages,
Expenses for Depot at Win-
chester,

Do. for motive power,
Do. for superstructure,
Interest on loans,
Expenses of graduation and

masonry,

Do. of transportation,
for timber,

Do.
Taxes,

Contingent expenses,

36,200 41

7,185 35

3,097 91

114,514 99

7,298 07 199,489 52

2,061 82

72,913 73

1 42

1,613 17

This apparent anamoly of the disbursements of the company exceeding its receipts, will be explained at once, by recurring to the fact, that whilst the account of $162,037 17 lisbursements is brought down to the 15th of July, the account of the recepts of the receiving and forwarding gents is only rendered to the first of the same month, although the money received by them since that time has been in part placed to the credit of the company in Bank $165,592 26 and appropriated to meet demands upon it. The phrase "ascertained liabilities" employed by the committee in the foregoing statement, is designed to refer to its actual existing liabilities, as distinguished from STATEMENT OF TRANSPORTATION AND TON. such as are yet unascertained, or unprovi$101 77 ded for, such as land damages in cases where the amount is not yet determined, outstanding demands upon the company which remain to be adjusted; and, in short, all expenses which have been incurred, but for which the accounts have not been presented and paid.

941 85
3 44

$1,047 06

The committee believing that it would not be unacceptable to the stockholders to be put in possession of the amount of the disbursements of the company, from the commencement of the survey made by Capt. The committee have carefully examined Graham and his corps of engineers, up to the warrants and vouchers, upon which the the close of the last fiscal year, on the 15th various items of disbursement, compre-July. 1:36, have caused a statement to be hended in the foregoing general statement prepared by the e.erk of the board, which have been made, and find them all in proper accompanies this report, showing as well form, and duly authenticated, in the manner the total amount of disbursements up to prescribed for that purpose. that period, as the several heads under which they were made. They will only add, that if any stockholder should think the infornation thus furnished not sufficiently mi

ure to supply the deficiency by producing
the books of the company and submitting
them to his inspection.
J. H. SHERRARD,
J. SENSENEY.

August 5, 1833.

Without a word of explanation from the committee in regard to the aggregate amount of receipts and expenditures as sta ted above, the stockholders would be misledute, it will give the committee great plea. as to the actual expenses of the company The sum of $7024 50 should be deducted from the accounts of receipts and disburse ments respectively. That amount was bor rowed from one of the Banks in Winchester and was of course credited to the Company in the Treasurer's account of receipts; and when the debt thus created was afterwards paid off, it was charged to the account of d'sbursements. This amourt being de ducted, the receipts of the year would be reduced to $159.569 53, and the disburse ments to $159,567 76, without affec'ing the balance to the Company's credit in the hands of the Treasurer, at the close of the||Expenses for books and stationyear, which would stand as above stated, at $1017 03.

The committee might here close their report, but as the work, with the management or which, they have been charged, in com. mon with their colleagues of the Board of Directors, for the past year, is now rapidly drawing to a close, it will not be thought out of place, perhaps, to state, so that it may be seen at a single glance, the liabities of the Company and its disbursements in the execution of the work, so far as the same have been ascertained.

Its ascertained liabilities areTo the stockholders, for capital stock

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EXPENDITURES BY THE WINCHESTER AND P.-
TOMAC RAILROAD COMPANY, FROM THE
COMMENCEMENT OF ITS OPERATIONS TO THE July,
15TH OF JULY, 1836.
Expenses of surveying by Capt.
Graham and tus corps,
Expenses of printing,

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$1,123 33

535 00

197 01 1,087 37 12 50 116 84

At Harper's Ferry, 299 48

$730 33

Apri',

At Winchester, 1,900 44

At Harper's F.,

1,156 64

3,057 (8

May,

At Winchester,

1,768 65

19,100 56
7,339 77

At larper's F.,

1,188 93

2,957 58

June,

At Winchester,

606 88

26,440 53

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Salaries of President and other
officers,
Office rent,

bridges,

4,033 33

At Thompson's, 21 21

1,054 56

distinction in his drafts, but included all in graduation and masonry. This item includes, indeed, only the wood work, gen erally, of bridges.

*This item only includes passenger and

burthen cars. See next note.

*In this item is included the expense of In this item is included 53,000 dollars, mathematical instruments, horses, chain paid for bills of exchange remitted to Engcarriers, office rent for engineers, fuel, sta-land to purchase iron, locomotives wheels tionary, board of hands, &c., &c.

This item does not show the whole ex. 486,926 48 pense of constructing bridges-it shows only the cost of bridges under separate conWhere bridges were made by contractors for sections of the road where $1,453 21||bridges are situated, the engineer made no

tracts.

and n.ountings for cars, spikes, &c. Not having received the full statement of those purchases, the whole amount of that remit tance stands charged to expenses of super. structure.

LEMUEL BENT, Clerk. Win. and Pot. R. R. Office, Aug. 2, 1836

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