Excerpt from First Annual Report of the Directors of the Williamsport and Elmira Railroad Company to the Stockholders: Fifth Month (May) 8th, 1856 Since the introduction of the plan of raising a large part of the money for the construction of roads by the issue of bonds, the cost of all roads thus built is represented by an amount of capital much larger than the money actually expended upon them; but owing to the advantageous terms upon which your road was acquired; after a large expenditure upon its construction by other parties, its just value, when compared with other similar improvements, is, in my judgment, not over represented by the amount of stock and securities constituting its present capital. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.