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upon which the business has been conducted, and from ing equal to the dividend of the last year, payable on or afwhich the said profits have arisen. ter the 16th of November next.

To those who have advanced this capital, and for a series of years submitted with unshaken fortitude to so many disheartening losses and embarrassments, the present result will be particularly gratifying. It ought also to awaken fresh hopes of the reasonable profit to be ultimately realized from the success of their undertaking; and to encourage all who desire the prosperity of this community, steadily to persevere in its further prosecution.

It is no part of the design of this report to speculate upon the increase of the profits which may be expected from the completion of the road to Cumberland, which may now so soon be realized. In justice however, to the expectations with which this great enterprise has been hitherto fostered by

the public authorities, in any view in which the subject may be considered, this increase should not be overlooked. The construction of the new road west of Harper's Ferry, will be of the most approved and substantial kind; of easy grades and light curvatures, and adapted to the transportation of the heaviest materials at a far less cost than must necessarily be incurred upon a less perfect structure. The extension of the work to Cumberland will offer a practicable means of transportation for the vast mineral resources of the Alleghany region at a moderate cost, and may be expected to ensure a speedy development both of the coal and iron of that portion of the country. Nor can it be doubted that in the fertile valley between Harper's Ferry and Cumberland, important sources of business will be opened; while every material approach to the Western water; must afford new facilities to the trade and travel from the great valley of the Mississippi.

On the Washington Branch there has been an augmentation of trade and travel, and at the same time as on the Main Stem, a steady decrease in the expenditure.

The repairs of railway on this road are nearly $3000 less than the expenditure for the same purpose, during the preceding year; and the cost for repairing locomotives and tenders, passenger cars, and depots and water stations has diminished in the same proportion. In the repairs of burden the year immediately preceding, in consequence of the necars alone, the expenditure for the past has exceeded that of cessity of thoroughly refitting and renewing a number of the old and worn out cars.

ders, of the passenger and burden cars, and of the depots The condition of the railway, of the locomotives and tenand water stations, is now as perfect as could be expected, mentation of expenditures in all these branches of the serand during the ensuing year a decrease rather than an augvice, except that of the passenger depot, may be anticipated.

Some improvements being indispensably required in the passenger depot at Washington, an increased expenditure for this purpose, may be expected during the current year, but it is believed the excess for this purpose will not be greater than the decrease which may be effected during the same period in the repairs of water stations.

On this road also the payments on account of unsettled claims for right of way, and other causes, have amounted in

the

year to the sum of $3000.

It will be further seen from the statements, that after these

expenditures, the nett profits arising from the operations of this road, during the year amount to the sum of $104,151 73; of which the board have determined to divide among the stockholders six per cent. payable on and after the 16th day of November next.

capital invested.

But while the acknowledged importance of the profits which may be expected to result from the further extension of the work is not to be overlooked by the individual capitalists, or by the public authorities, who will be thereby reIt ought not to escape observation, that this surplus is inleased from any interest upon their investments, it is the dependent of one-fifth of all money received for the transconsideration which, in a public point of view, ought per-portation of passengers, which by the terms of the charter is haps the least to be regarded. In the prompt extension of reserved for the exclusive use of the State, and which, durthe road to Cumberland, the city of Baltimore especially has ing the past year amounted to the sum of $43,407. If this a much deeper concern than that which arises from the in- amount could have constituted a part of the general profits, terest upon the capital embarked. In the immediate aug-ed to the stockholders upwards of eight per cent. upon the the operations of this road, during the year, would have nettmentation of her trade and commerce; in the new impulse to be given to her manufacturing and mechanical industry; in the active, profitable employment which, by means of this work, is to be given to every class of industry, and the successful competition she is destined thereby to maintain with the other Atlantic Cities for the commerce of the Western Country, Baltimore must enjoy advantages not casy to be calculated. Should these be attained without the burthen of permanent taxation, which with a slight increase of the present amount of travel and transportation will be the case, not only should some temporary inconveniences be cheerfully borne, but in their arduous and ceaseless efforts to push on the work in advance of rival enterprises, the board have a right to count upon the liberal and cordial support of the city authorities.

It has been already stated, that the nett profits of the year upon the operation of the road to Harper's Ferry amounts to $135,000, being more than 3 per cent. upon the original capital of $4,000,000, upon which heretofore the dividends have been declared. Upon the present occasion, however, the Mayor of the City of Baltimore, has demanded that the city should be considered as a proprietor of the stock to the amount of her subscription paid in, and in that proportion to share in a dividend of the nett profits of the present year. The consulting counsel of the company having concurred in the legality of the claim made by the Mayor, and decided in favor of the city to share in the dividend, the board have felt it to be their duty to acquiesce in the claim, rather than engage in a protracted controversy which they are advised by one of their counsel, must terminate against the company.

Under these circumstances, any dividend of the nett profits must proceed upon a capital of $6,500,000 instead of that of $4,000,000 actually employed; and the board have therefore determined to declare a dividend of 2 per cent. be

As it is, under the present provisions of the charter, the State will receive one-fifth of the receipts from passengers, amounting to $43,407, and a dividend of six per cent. upon her shares of stock $33,000-being more than fourteen per cent. upon her investment in this road, and added to the dividend from nett profits from the Main Stem, will yield her more than eight and a half per cent. upon her capital originally invested in both roads.

If to the other stockholders, these extraordinary advan tages derived by their favored partner, may, in any view be tion, that under no circumstances is it probable, that the bur considered extravagant, they may be consoled by the reflec thens of the State will be increased by the aid she has extended to this branch of her public works. It ought also to be considered that in the renewed confidence which these advantages are calculated to inspire, with all classes, in the public credit, this company has the deepest stake.

SECOND.-As to the extension of the road from Harper's
Ferry to Cumberland.

Should nothing occur to deprive the board of the resources appropriated to this portion of the work, it may be entirely finished and the road put into operation to Cumberland, as was stated in the last annual report, in the summer and

autumn of 1842.

ing, since the date of the last annual report, has been as faThe progress of the Graduation, Masonry and Bridgvorable as was at that time anticipated; and may be best shown by reference merely to the jobs yet remaining un. finished.

The partial re-construction of the Harper's Ferry Viaduct an inconsiderable part of the work upon the section of the road at that place; a small portion of the bridge masonry

and superstructure of the Opequon and of the bridge superstructure at Sleepy Creek only remain to fit the road bed for the railway structure from Harper's Ferry to Hancock, a distance of 42 miles. These jobs may all be accomplished within the next three months.

From Hancock to Cumberland a-distance of 54 miles, the unfinished work consists of part of the bridges at the Great and Little Cacapon, both of which may be completed in the month of December next. Of the arching of the Doe Gulley Tunnel, and the removal of a few feet in depth of the cutting at the bottom of the eastern approach to the Tunnel, and of some rock slips; of the arching of the Tunnel at the Paw Paw Ridge, a portion of the viaducts, and their superstructures over the North and South Branches of the Potomac, and also of a part of the heavy sections at the North and South branches, and at Kelly's rocks, all of which may be readily accomplished in season for opening the road to Cumberland within the time already indicated.

Besides these a few light sections and three small bridges, which may be completed within the ensuing three months, are all that remain to be finished; so that by the first of January 1842, the graduations, masonry and bridging of the entire line from Harper's Ferry to Cumberland, may be completed and ready for railway structure.

By the terms of all the contracts for laying the track and for materials of all kinds excepting the iron rails, and a few others amounting together to $55,000, the board have reserved the option of making payment in the stock orders of the company, or in the six per cent. stock of the city of Baltimore at their par value.

According to the last revised estimate made on the 4th inst. and based upon the large amount of work already done, and upon a knowledge of the actual contract prices for the remainder, the cost of the entire work, including graduation, masonry, bridging and railway, water stations, right of way, depots and machinery of all kinds, is estimated at $3,335,856.

This last revised estimate is therefore less in amount than the estimate of November 14th, 1839, by $38,755;-and less than that of 14th February, 1838, by $225,524.

The estimate of the 14th February, 1838, formed the basis upon which the instalments upon the subscription of $3,000,000, by the city of Baltimore were demanded and in great part paid; but as the recent estimate of the 4th inst. contains work amounting to $95,000 more than was included either in the estimate of February, 1938, or in that of November, 1839, the last estimate in fact falls short of both those of an earlier date by $133,755, and $320,524, respect

The resolutions of the City Councils directing the Mayor to subscribe the sum of $3,000,000 to the capital stock of the company provided that the whole sum should be exclusively applied to the prosecution of the work in an unbroken line from Harper's Ferry; and therefore until the whole of the city's subscription should be exhausted; it might be questioned whether the board were authorized to apply any other part of their resources for that purpose.

The amount necessary to complete the graduation, mason-ively. ry and bridging to Hancock, is $40,000, and thence to Cumberland, $85,000, together $125,000, being only 1-14 part or 7 per cent. of the estimated cost of the whole line. Contracts for the iron rails for the entire road have been entered into in London at the low rate of £85 per ton; and upon terms which it is believed will enable the company to make payments from the sale of the State Bonds in the hands of the Messrs. Baring, and without a sacrifice. Eight hundred tons of the rails have already been delivered in Baltimore; more shipments are now on their way, and the delivery of the whole may be expected in season for the earliest completion of the road.

Contracts have also been made for the iron fastenings and timber, and for the ballasting and laying down the track, at prices considerably below the estimated cost; the preparation of the ballasting, and delivery of the fastenings, have progressed satisfactorily, and with the requisite speed; and ten miles in length of the wooden structure of the track between Harper's Ferry and Hancock have been already laid down, ready for the reception of the rails and their fastenings.

Sites for the water stations throughout the whole distance have been selected, upon favorable terms. The superstructures of those east of Hancock are in a forward state, and may be completed before the 1st of January next.

The contracts for the delivery of materials for the track were made with the intention of opening the road to Hancock if practicable, on or before the first of January, 1842, and to guard against contingencies the delivery of an extra quantity of lumber was provided for. The hope of accomplishing so important an object, has not until recently, been abandoned. It has been discovered, however, that from the inefficiency of some of the contractors, and difficulties of procuring suitable timber experienced by others, and in consequence also of the extraordinary drought which interrupted the operations of the saw mills, and prevented the possibility of rafting upon the various streams and rivers, the necessary supply of timber will not be furnished during the present season. From these causes and the unsuitableness of the winter season for such operations, the opening of the road to Hancock may be postponed until the month of May next. The causes which have produced this delay east of Hancock, will not operate west of that point, and no failure in the delivery of all the requisite materials within the period assigned for completing the work to Cumberland is apprehended.

Preparations have also been made, and upon terms less than the cost originally estimated, for the necessary moving power, and for the construction in the company's shops of the machinery which will be required for the operations of the road from Cumberland, and no doubt can be entertained that these will be all provided in due season.

By an ordinance subsequently passed, directing the Mayor to subscribe, the city agreed to pay the amount in instalments of not more than $1,000,000, in any one year. The agreement on the part of the city was to pay the instalments in money, and by the same ordinance the Commissioners of Finance were directed to borrow on the credit of the city the sum of money necessary to meet the payment of the instalments, and a stock bearing an interest of six per cent. was created, and a provision made for levying the necessary tax to pay the interest. No limit was prescribed at which the stock should be sold; and upon the demand of the company, the instalment must in good faith have been paid by a sale of the stock upon the best terms that could be obtained.

To comply with their own obligation, and to enable the Commissioners of Finance to perform the duty prescribed by these ordinances, the city councils proceeded to levy a tax to provide for the interest upon the loans, thereby clearly indicating a wish and intention that the work be commenced and prosecuted with the utmost despatch. In all these proceedings, the board could see only an instruction from the city authorities to act without delay. The immediate prosecution of the work was deemed of no less importance by the public at large, every day's delay being considered as injurious to its welfare, and tending to strengthen the rival interests of other communities. Notwithstanding the liberality, in amount, of the city's subscription, however, its adaptation to the end proposed was attended with many difficulties.

Thus instructed and urged forward, the board, in July, 1839, consented to enter into contracts and commence the work, upon the condition, that the city would advance in money-to be raised by aid of the banks-the sum of $500,000 in part of her subscription; and upon arrangements being made for that purpose, the road was commenced and vigorously prosecuted.

When it became necessary to require payment from the city of a further instalment, which must have been raised by the sale of her stock, the banks south of New York had suspended specie payments-the value of all public securities at home and in Europe had become greatly depressed, and the obligation of the city to pay in money could only have been complied with at a considerable sacrifice.

Neither the city authorities nor the public had lost any of their zeal for the prompt completion of the road. Indeed, to the city and the community liable to taxation, it had acquired

of the railroad, would, of itself, require a considerable increase beyond the ordinary circulation, and that these orders, safe as they are from the ordinary casualties attendant upon irresponsible paper; might be advantageously allowed to take the place of the various individual issues which were previously in circulation. From all these causes, it was hoped, that the present amount might be paid out without materially, or if at all affecting their value; and at all times, down even to the present period, the contractors have not only been willing, but anxious to receive even more than it has been deemed expedient to give them.

They were issued to enable the City of Baltimore to pay her subscription, and promptly finish the work to Cumberland, without a sacrifice of her stock, and at a considerable saving of interest, and consequent exemption from the necessity of taxation. The obligation of the company is on the face of the orders; and in each annual report, and in va them in city stock at par; with the additional engagement to receive them at par in all debts due to the company.

a new importance from the fact that the loan of half a million of dollars already obtained from the banks would remain a burthen and dead loss until the work could be carried to its termination. Under these circumstances, a suspension of the work could not be thought of, if it could be possibly avoided. The only legitimate resource applicable to this part of the road was the city subscription; and to apply this with the least possible loss, became an imperative duty. In this crisis, to relieve the city authorities from the dilemma, to avoid any loss upon the stock, to husband their resources, and at the same time to push forward the work, the board resolved, to receive from the city, from time to time, It is taken for granted that no one supposed that the reif it should deem it expedient for its purposes, the 6 per cent. demption of these orders in money forms any part of the stock at par in payment of her subscription. They also pro- company's obligation. Unlike bank paper they are issues posed to the contractors and others furnishing the company from which the members of the board individually derive no with the necessary labor and materials, to receive payment profit nor any pecuniary advantage whatsoever, but on the in the funded debt of the city, at par, instead of money. To contrary in common with their fellow-citizens must share this they consented, provided adequate portions of the stock any depreciation in their par value. should be so divided as to meet their purposes in distributing it to pay the laborers and meet demands growing out of their private engagements. To effect this end, the scheme of issuing stock orders fundable in the six per cent. stock, at par, was devised, and was carried into effect accordingly; and by these means, and, to some extent, by the direct payment of the city stock, the work has been prosecuted-and in a short-rious ways, has always been distinctly announced; to fund er time than even the most sanguine could have anticipated, -to its present termination. That the public at large have derived and stili do derive great benefit from these stock or- These promises will be complied with in good faith and ders, which the circumstances of the times have rendered a to the fullest extent; and though the orders may depreciate circulating medium, will be admitted. The banks having never so low, the company will continue to receive them at in 1839 for the second time in two years, suspended specie par. Any loss which may, in this way, be sustained by the payments, these orders have supplied the necessary purposes company, it is not doubted will be cheerfully borne in conof the retail trade, of so much importance in the aggregate, sideration of the vast advantages which, by the early comwith an easy and secure currency, and at the same time mea-pletion of the work, will be conferred, not only upon the surably relieved the community from an amount of tax, which stockholders, but upon every citizen of this community. had the subscription of the city been paid in money, would If the board could now incur a new and farther obligation, have been imposed upon the citizens. And it is no more never at any time contemplated, and undertake to redeem than just to remark, that on these grounds the chief advan- the orders in money, they could not redeem a part only for tage in the extensive circulation of the orders must result to the benefit of a few without comprehending the whole; and the city and the community rather than to the company is for such purpose it is apparent that the company have no suing them, whose original design and purpose would have means at their disposal; neither the subscription by the city been better answered if they could have been speedily funded nor that by the State, under existing laws and ordinances, in the city debt. being applicable to that object. Even the amount of interest upon the stock, which has been saved by the issue, has accrued to the benefit of the city treasury, and not to the company.

Of these stock orders, of all denominations, there have been issued by the commissioners of stock up to this date the sum of $1,419,051-and of these, $13,712 have been funded. For the entire sum so issued, city stock has been transferred to the commissioners in trust for the holders of the orders.

It is understood, however, that in the minds of some, an apprehension is entertained that this amount is greater than the ordinary demands of circulation require, and appeals have been made to the board to stop any further issue, or to adopt some other means by which a depreciation in their par value may be prevented.

By an arrangement with the city authorities, these orders are receivable in payment of all taxes and other dues to the city, which are understood to amount annually to not less than $500,000. The revenue of the Railroad Company also daily amounts to upwards of $1,500, and in the year to upwards of $600,000.

It is confidently hoped that, by limiting the amount of the issues, even if the present sum shall by any be deemed too great, an amount will be constantly absorbed, sufficient to prevent any injurious depreciation.

The board have come to the determination not at present to increase the issue of the stock orders, beyond $1,500,000; and in future to act in conjunction with the city authorities in the adoption of any practicable means by which a less amount may be definitively limited, and thereafter gradually reduced, or for devising other means to sustain the value of the orders.

The ultimate security of the orders, based as they are upon the stock of the city, cannot be questioned; and the holders may at any time acquire their value, and six per cent. interest thereon, by funding them in the stock which they represent. The board, however, notwithstanding the importance they attach to the prompt completion of the railroad, now so far advanced, to Cumberland, and their just claim upon the cordial co-operation of all interests in the city of Baltimore to this end, are not insensible to the obligation of If, in these efforts the board be seconded,-as they have preventing as far as their intervention can prevent, any de-a right to expect, by the public authorities, and other instipreciation in the value of these orders, arising from any ex-tutions, and by their fellow-citizens generally, whose busicessive issue.

'It is understood that the regular circulation of bank paper, even under the specie standard, was not much short of $2,300,000, and that from various causes, it is now reduced to $1,000,000, and in fact for purposes of small circulation, the banks can do nothing whatever. Indeed, to obviate this difficulty the board, upon the special application of the City Councils, were induced to increase their circulation by the issue of orders below the denomination of one dollar.

It has been supposed also that the enlarged trade which has been brought to this city by the expenditure on account

ness and prosperity are so vitally interested in the great enterprise in which the board are engaged, they do not doubt that the present temporary cause of uneasiness will subside and the orders be maintained at their intrinsic value.

It cannot be doubted that the people of Baltimore may do much to sustain or depress the standard of these orders,

to quiet or spread alarm,—without regard to their real value; and it is not less doubtful that efforts which may succeed in bringing them into disrepute, will not only supply their place with a circulation less entitled to support, and more exposed to ultimate loss, but will also seriously retard

if they do not suspend the prosecution of a work upon which the trade of the city so much depends.

It will be at once perceived that to enable the board to carry on the work, and continue the limitation they now propose to assign to the amount of the issue of orders, and ultimately to reduce the circulation within a still more narrow limit, the application of the resources specially appropriated to the extension of the work from Harper's Ferry towards Cumberland must be essentially changed.

This great work has hitherto been pushed forward by the application of the city stock, in one form or other, at par; while most of the other principal works of internal improvement have been partially or altogether suspended. It is now within less than a twelvemonth,-and at a comparatively inconsiderable expenditure-of its completion to Cumberland, and within seven months of its extension to Hancock, and from either of these points, it is to yield a profit upon the capital, and greatly invigorate the trade of the city. Payment for much of the work remaining to be done, and for materials to be furnished may be made by the direct application of the city stock at its par value, and this mode as far as it can be done advantageously, may be continued, but it is at the same time obvious that, independently of this resource, to prevent a suspension of the work in its present unfinished state, a considerable amount of current funds will be

needed.

In this emergency it becomes the duty of the board to continue to look to the subscription by the city as the only resource; not merely because it is specially pledged and appropriated to this part of the work, but because an attempt to make sale of the State bonds in the existing crisis, would be hopeless, unless at a sacrifice ruinous to the company and to the public. While, therefore, the board will hereafter, as heretofore, consult the convenience of the city authorities, by continuing to receive the stock at par in such amounts as can be directly applied in payment, it will be necessary, nevertheless, to require in money, or some equivalent to it, such further instalments as may be required to prevent a suspension of the work.

Nor is it doubted that a requisition for this purpose may be made of the city, in such manner, and upon such terms as will reconcile it both to her inclination and ability to comply.

It appears in the foregoing report, that in addition to the amount of interest returned to her treasury, upon the stock represented by the orders and not funded, the city has claimed, and been allowed to share in the dividends of profits earned by the employment of the old capital, and by the operations of the present road. Her share of the dividend will amount to $60,000, and with the interest heretofore returned, will exceed the sum of $100,000. By these means she will possess the present ability to pay in money an instalment sufficient, within a few thousand dollars, to complete the unfinished graduation, masonry and bridging to Cumberland.

The board also entertain the hope that the amount annually collected to provide for interest upon her subscription of $3,000,000 but which will not be required for that purpose, may be conveniently contributed towards the payment of such further instalments in money as may be necessary to finish the road.

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Statement of the Revenue and Expenses of the Baltimore and Ohio Railroad Company, on account of the Main Stem of the Road, for the year ending the 30th of September, 1841.

The amount received for the transportation of passengers and merchandise, for the year ending the 30th of Sept. 1841, is..

The Baltimore and Ohio Railroad Company, October 1, And the expenses for the same period are as

A.

1841. DR.

Stock in the Washington

Branch Road..... Cost of road to Harper's

.........

follows, viz :

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.$3,465,048 79 266,156 86

268,794 35

Ferry... Real Estate and Depots.... Locomotives, Horses, Mules, and Harness, Passenger and burden Cars........

$107,207 64

$391,069 87

Carried forward.....

69,095 44

$176,303 08 $391,069 87

To this amount is to be added the dividend due the Main Stem from the Washington Branch Road, viz: $61,956, 4,000,000 00 and which will make the nett revenue $135,198 55.

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Showing the nett revenue of the road to be
Office of the Baltimore and Ohio Railroad Company, Octo.

ber 1st, 1841.

Balt. American.

J. J. ATKINSON, Secretary.

Something for Ornithologists.

We were yesterday shown one of the most singular and outre specimens of ornithology which we ever saw. It was a bird resembling in point of shape and color of plumage, an owl. The face, however, had an animal appearance, and looked much like that of a baboon; the claws, feet and legs too were foreign to the usual construction of those of an owl, resembling those of a hen. The bird was shot a few days ago on Petit's Island.-U. S. Gazette.

There is now in Wilmington, (N. C.) a strange bird of the owl species, which was disabled by a shot and taken alive on the sea shore, about eight miles from town. No one about here has ever seen an owl of the kind, nor does Audubon in his ornithological work give any account of such. Its face, like the one spoken of above, strikingly resembles that of a baboon, and its feet and legs have no feathers like our common owls, but have a few hairs only, and are in appearance very much like hens feet. Its back and the upper part of its wings are grey, spotted with white, the breast yellow, the face and under portion of the wings of a dirty white.-Wilmington (N. C.) Chronicle.

Snakes.

The editor of the Concordia (Louisiana) Intelligencer says: "Louisiana is a delightful country, but very snaky. Our office and sleeping room are so near to, that they may be said to be inside of a cotton field. Every night on going to rest we have to shake the snakes out of the bed; we consider it amusement to kill three or four before getting to sleep. What makes us write about snakes is that we have just been disturbed by a long garter crawling over the table, making rather free with our newspapers. We have an idea of setting up a snake museum."

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