The Sun.
London, England, 1869-03-19 00:00:00

THE SUN, LONDON, FRIDAY EVENING, MARCH 19, 1869.

" Her Majesty's Tower." Mr. John Saunders, author of
" Abel Drake's Wife," is bringing out another novel,
" Hirell " by name. Dr. Deutsch, author of the
famous Quarterly article on the TalMud, is tra-
velling in Palestine, with the view of writing an
elaborate book on the same subject. Mr. Charles Reade,
who brought an action for libel against the New York
Round Table, on account of a severe review in that paper
of his " Griffith Gaunt," has got a verdict, and damages
six cents ! The next number of Meliora will contain an
article by the Rev. S. Steinthal, of Manchester, on the
Licensing. S3istem, which is sure to be read with great
interest just now. In the April number of the Church-
man's Shilling Magazine there will be, besides Mr.
Townshend Mayer's new tale, " The Trials of Margaret
Brandreth," illustrated by Miss Ellen Edwards and Mr.
Bird ; a paper on the Catacombs, by Prebendary
Mackenzie Walcott another on Curiosities of Reporting,
by Mr. Merrim, editor, of the Gloucester Journal ; and
others by the Rev. G. Huntington, on Preaching ; the
Rev. W. Baird, on the Working Classes ; and by Mr. D.
Ker, on Easter in Russia. The Church News, which has
been bought for £3O by the Church Press Company
(Limited) is to be enlarged, and published at Burleigh-
street.

The Rev. Daniel Moore, a well-known Low Churchman,
has resolved to add a chancel to his church (Trinity
Church, Paddington), remove thither the organ from the
west gallery, and have a surpliced choir. He expressed
his wish to preach in his surplice, but, in deference to the
prejudices of his congregation, has not carried out that
alteration.

There is quite a rage for theatre-building now. No
fewer than six new ones are talked of—one in Leicester-
square, one in King William-street close by, one in
Piccadilly, two at Kensington, and one in St. John's-
wood.

The reported removal of the School of Mines from
Jermyn-street to South Kensington will not take place at
present, if at all.

MISCELLANEOUS NEWS.

THE HOLBORN UNION.

The Holborn Guardians, having obtained a hearing
at the Board of Trade, have had a large portion of
the burden laid on by Mr. Hardy, and of which they
complained, lifted off their shoulders. The order of
the Board has just been issued. The material points
of the original plan, that three unions should
be united, and should provide a sick asylum
separate from the workhouses, are retained.
This is most satisfactory. Idiot nurses,
neglected patients, and deaths from ill-treat-
ment, ought not to be the usual occurrences in a sick
ward. While able-bodied paupers cause disgust and
indignation. and we call to the guardians for their
suppressiou, nothing but compassion can be felt for
the poor creatures who are thrown upon the
parish by reason of sickness. These should
certainly be well tended, and treated with
all kindness. The separation of the infirmary
from the workhouse, will, it is to be hoped,
lead to better treatment. The points on which the
original order is varied are those which refer to the
erection of new hospitals and schools. A workhouse
which is to be vacated by the ordinary inmates is to
be altered somewhat, and used for an asylum. The
present schools are to suffice for the present.

debentures, mortgages, and ground rents,
£21.266,132 25—total, $48,306,894 75. Divided
into 355 miles of main line, this total is equal to an
average of only $136,075 per mile. The assess on
hand, bear in mind (see report), are sufficient to
extinguish the whole iudehtness of the corporation.
the Pennsylvania Railroad Company's property,
however, is beyond comparison the most productive
large railroad estate, according to its cost, any-
where existing on the earth ; whilst in contrast with
its prospects, as with its performances, all other
railroad corporations fill a smaller scale and lesser
measure of seaport consideration and continental
consequence. Within Pennsylvania, the Pennsyl-
vania Railroad Company's system of works reach
from tidewater to the Ohio river and to Lake Erie.
This is a distinguishing ground plan prerogative
and power pertaining to no other Atlantic trunk
corporation. Its compacts and acquisitions west
of Pennsylvania are all adjusted to a comprehen-
sive field, which is pervaded by a knowledge of its
advantages over all competing transportation
powers, in directness to the sea, in economy for
transit and intertrade between the great seaports
and the vast areas which constitute their inland
markets.— United States Railroad and Mining Re-
gister.

THE TWENTY-SECOND -4 A7217U-4 L REPORT OF THE
PENNSYLVANIA RAILROAD.

We publish in extenso from the Philadelphia
Press the twenty-second annual report of the
Pennsylvania Central Railroad, which will interest
many of our readers who desire to learn what a
sound American railroad really is. So much dis-
credit has lately been thrown on railroad property
in America by the operations of unscrupulous specu-
lators that it is necessary to make such reports as
public as possible in Europe :-
Office Pennsylvania Railroad Company,
Philadelphia, Feb.lo, 1869.
To the Shareholders of the Pennsylvania Railroad
Company.
The directors have the gratification to report to you the
results of another year of prosperous business upon your
railway, the details of which are shown in the following
statements :-Earnings - From passengers, $3,431,903 94 ;
emigrant passengers, $78,244 29 ; mails, $99,951 25 ; ex-
press matters, $291,881 21; general freights, $12,882,165
30; miscellaneous sources.. $349,321 32-total, $17,233,497
31. Expenses-For conducting transportation, $3,609,233
18 ; motive power, $3,361,694 42 ; maintenance of cars.
$1,442,735 90 ; maintenance of road, $3,268,896 46 ;
general expenses, $178,423 92-total, $11,860,988 43;
leaving net earnings for the year 1868, $5,371,:f13 43;
The total amount of revenues compared with last year is
-1868, $17,233,497 31 ; 1867, $16,340,156 36 ; increase,
$893,340 95. The changes iu the sources of the revenue
are shown below :-Decrease iu emigrant passengers,
$13,408 97 ; decrease in express matter, $38,613 39 ; de-
crease in miscellaneous, $124,707 22; total, $209,729 58.
Increase in regular freights, $1,049,865 63 ; increase in
first-class passengers, $35,155 33 ; increase in United
States mails, $15,049 57 ; total, $1,100,070 53-in-
crease as before stated, $893,34Q, 95. The gross re-
venues for 1868 are equal to $48,138 2G per mile,
of the main line of the railroad. Tho whole num-
ber of passengers carried in 1867 was 3,347,466, and in
1868, 3,747,178- au increase of the number carried of
299,712. The average distance travelled by each nasseu-
ger was 3Z 54-100 miles, being 2 27-100 miles less than in
1867, showing the increase to be upon the local traffic of
the lice. The number of tons of freight moved (including
294,131 tons of fuel and other materials transported for
the company) was 4,722,015, embracing 2,065,049 tons of
coal. The whole tonnage of your railway exceeds that
of last. year, 721,477 tons, of which increase 384,326 tons
was bituminous coal. The average charge upon freight
during the year was 1,906-1,000 cents per net ton per
mile, and per passenger, 2 71-100 cents. The cost
of transportation was 68 8-10 per cent. of the receipts.
The earnings of the Philadelphia and Erie Railroad in
1868 are :-From passengers, $631,437 59; from freight,
$2,101,613 98; from express matter, $30,954 33; from
mails, $21,518 04; from miscellaneous sources, $18,726
42; total (nearly equal to $lO,OOO per mile of road),
$2,304,250 36 ; the operating expenses during the same
period were-for conducting transportation, $610,774 32;
for maintenance of way, $600,284 40 ; for. motive power,
$677,028 49; for maintenancecf cars, $178,913 85. Total,
$2,067,001 06. To which actd:Bo per dent. of earnings,
payable to the Philadelphia and Erie Railroad Company,
$20,423 95. Total, $2,837,425 01. Showing a loss to this
company in operating the line under the lease of. $33,274
65; or $271,177 78 less than in 1867. To the loss above
stated there should be added to. give a fair exhibit of the
workings of the lease of this lice-the!iititereSC-Upen the
capital required to operate the railway, iffe cost of the roll-
ing stock rind shop machinery, all of which is fur-
nished by this company, amounting, at 6 per cent., to
$910,000 per annum. The increase iu the business of the
line is almost wholly front the development of the freight
traffic cf the company. The decrease iu the relative ex-
penses arises mainly from the diminished outlays on ac-
count of the original incomplete and defective construc-
tion of the toed. The revenues of the lines ope-
rated by this company, and the amounts paid for their
working expenses, interest and dividends, are as follows :-
From the Pennsylvania Railroad and branches, $17,332,497
31; from the Philadelphia and Erie Railroad, $9,804,950
56 ; amount, $20,037,747 67. Aud the expense of operat-
ing these lines were :-Pennsylvania Railroad, $11,860,983
88; Philadelphia and Erie Railroad, $9,067,011 06 ; thirty
per cent, reserved to pay interest on debts of the Phila-
delphia and Erie Railroad Company, $820,423, 95 ; total,
814,748,408 89 ; leaving the net profits from both railways
for 1868, $5,289,338 78. Front which deduct dividends de-
clared in May and November, in all 13 per cent., with the
taxes thereon, $3,',42,281 99 ; total, $5,289,338 78. Bal-
auce to debit of interest account, $701,610 84 ; due on the
lease of the Harrisburg and Lancaster Railroad, $135,274
18; annual payment to the State of Pennsylvania on ac-
count of interest and principal due upon the purchase of
her works between Pittsburg and Philadelphia, $460,000;
total, $4,539,167 01 ; leaving balance, $750,171 77. The
average dividends of the company since 1860 have been
fully equal to that paid in 1868. All of the branch and
lease lines operated by this company, except the Phila •
delphia and Erie, and the East Brandywine and Waynes-
burg Railways (where the aggregate loss was $88,105
84), have shown balances iu their favour over operat-
ing expenses, equal in the aggregate to the interest upon
the amounts standing upon the books against them.
The earnings of the railways iu which the Pennsylvania
Railroad Company is the holder of a majority of their
shares, but operated under then- own boards of directors,
were for the past year as stated below, viz. :-Cutnberlaud
Valley Railroad, $577,061 72 ; Northern Central Railroad
and its leased lines, $1,151,351 91; Pittsburgh, Cincinnati,
and St. Louis Railway, $9,327,455 43-total, $7,055,872 06.
The Cumberlamd Valley liailroad extends from Harris-
burg to Hagerstown, Maryland, a distance of 74 miles. It
is a very important feeder to your main line, and traverses
throughout its length a wide and densely-populated valley,
rich in agricultural resources, and bounded on either side
by mountain ranges containing some of the most valuable
mines of iron ore in the State, of inexhaustible extent.
These mines are now being developed, and when reached
by the branch railroad now in course of construction, the
transportation of these ores will add largely to the net re-
venue of that company. The interest of your company in
this railway is held by its sinking fund, and consists of 9,418
shares of the com V. u•-• nig of thenreferred stock
•• - - r•-•- 4..0°114", " ro.To
regular dividends of eight per cent. per annum, leaving a
surplus which is being appropriated in aid of the con-
struction of. the _branch line mentioned to the largest of
these iron ore deposits, and towards the extension of its
own line to the Potomac, at or gear Williamsport, Mary-
land. The Northern Central Railroad :extends from Bal-
timore to Sunbury, Pennsylvania, a distance of 138. miles,
and through leases of and contracts with other railway
companies, it is practiCally extended to Buffalo, New York.
Its control by this company was the result of an unsuc-
cessful effect upon the part of the Baltimore and Ohio
lailroad Company to shut up this avenue as a competitor
with its own railway for transportation between Baltimore
and the West. Instead of a burthen to the Pennsylvania
Railroad Company, as apprehended at the time a purchase
of a majority of its shares was made by the Sinking Fund,
it has proved a very profitable investment. After placing
this work in good condition, and increasing its equipment,
it has been able to pay regular quarterly dividends to its
shareholders at the rate of eight per cent. per annum after
leaving a reasonable surplus of net profis. The number
of shares of this company held by the Sinking Fund is
43,614, equal at their par value to $2,180,700. The ordi-
nary traffic of this line has increased with the population '
of the wealthy and enterprising section of country which
it accommodates, while its coal transportation, which is
still in its infancy, has become a very important source of
revenue. It has connections through a lease of the
Shamokin Valley and the Pottsville Railway, the con-
trol of the Lykens Valley Railway, as well as a con-
nection with the Philadelphia and Erio Railway, Lack-
awanna and Bloomsburg, and other railways, with
all of the coal fields of Pennsylvania, which will con-
tinue to give it a constantly increasing- tonnage. The

Pittsburg, Cincinnati, and St. Louis Railway has been
described in previous reports. It extends from South
Pittsburg to Columbus, Ohio, a distance of 193 miles. The
interest held by this company in their stocks and bonds
stands upon its books at $5,633,4.50.09. It is an indis-
pensable connection for the Pennsylvania Railway with
the West and South-west, and must. eventually pay rea-
sonable dividends to its shareholders. Its traffic for the
second year of its use as a continuous railway between

its termini is equal to $12,000 per mile of road. In the
connecting railway, which extends from West Phila-
delphia to Frankford—a distance of seven miles—and
operated under a lease by the Philadelphia and Trenton

and Camden and Amboy Railroad Companies, at an
annual rental equal to six per cent, clear of all
taxes. upon its whole cost,- the Pennsylvania Rail-
road 'Company holds 25,547 'shares of the capital stock,
amounting to $1,277,350. This road was con,tructed
with means furnished by your company for the purpose
of decreasing the heavy cost of passing its New York and
Eastern trade through this city, and in the expectation ef
returning tn.the Philadelphia division of its road much of
the trade and travel which the delays and obstructions re-
ferred to had driven to other channels. The result, as
shown in the eighteen, months since the road was opened
for traffic, has been such as we anticipated, while, in ad li-
tion thereto, we will receive during the term of the lease
legal interest upon the expenditure incurred. The canals
east of the Allegheny Mountains purchased by this com-
pany of the State of Pennsylvania, 173 miles in length,
have, as stated in our last annual report, been sold to
the Pennsylvania Canal Company, of which General Isaac
J. Wister is president. That company has siuco pur-
chased with its first mortgage bonds a majority of the
shares of the 'West Branch Canal Company, extending
from the Juniata river up the Susquehanna and its West
branch to Parrandsville, above Lock Haven -123 miles-
and has consolidated its shares with those of the Wyom-
ing Valley Canal Company, which occupies the North
branch of the Sesquehanne, from Northumberland to
Wilkesbarre, a distance of GI miles, making in all 360
miles of canal. This arrangement brings the Susque-
hanna system of State canals, below the coal measures
- dismembered by their sale to three companies-under
one control, without which they could not successfully
compete with the railways traversing the valleys of the
same water-courses. The whole of the revenues of these
canals must for a few years be appropriated to their im-
provement and protection from freshets that have hitherto
Periodically destroyed their usefulness for mouths at a
time, to the great injury of their revenues and the business
of those who use them for the transportation of the pro-
ducts of the country to market. When these objects are
secured, the investment of this company in the Pennsyl-
vania Canal Company will doubtless become profitable.
and highly advantageous to the community, for
whose accommodation they were originally built by
the. Commonwealth. The assets of this company-
exclusive of its own roads-invested for the pro-
tection and enlargement of its traffic, are now, at a
reasonable valuation, more than sufficient to meet
the whole indebtedness of the company, except the
five per cent.. bonds held by the State of 'Pennsylvania,
which are being paid by a contribution from the net
revenue of the company in semi-annual payments of
$230,000 each. During the past year these contributions,
after the payment of interest, left $142,978 50 to be appro-
priated to the reduction of the principal, which amount
will annually increase as the debt upon which interest is
payable is reduced. In the month of October last an at-
tempt was made by the Erie and New York Railroad
Companies to break up the through traffic arrangements
of this company by making large reductions upon their
freight charges. This movement was promptly met by
the Pennsylvania Railroad Company by still greater re-
ductions from time to time, which resulted in a large in-
crease of its tonnage. Those low charges were continued
until a restoration of former rates was desired by those
companies, after incurring a heavy loss in their revenues,
while the effort increased the prestige of this company by
bringing its shorter lines and better facilities more-promi-
nently into public notice. After the failure of this attempt
the managers of the Erie Company, by means of large sums
of money, suddenly realized from a confiding public, iu a
manner, at least, unworthy of imitation, disregarding the
comity which should exist in the relations between indi-
viduals or officers of corporations, and against public senti-
ment and public rights, endeavoured to arresta competition
for the traffic between the east and west through the control
of our connecting lines, and by this means divert business
from its natural channels to their circuitous route to the
seaboard. The policy of your board has heretofore been
to limit its investments outside of Pennsylvania to those
companies that they originallydeemed it proper to assist, for
the purpose of securing connections with the then existing
lines, whose interests harmonised with its own. The rest-
less spirits of our rivals in the East and West have, how-
ever, rendered it necessary to make our connections with
the chief trade centres of the -West more perfect, and less
liable in the future to molestation and interruption. This
has been done to a great extent through a recent lease to
the Pittsburg, Cincinnati, and St. Louis Railway Company
(known as the Pan Handle route), guaranteed by this com-
pany, of the lines of the Columbus, Chicago, and Indiana
Central Railway Company, which has direct connections
with Indianapolis, St. Louis, Louisville, and Chicago.
These arrangements will require a considerable amount of
money, to be applied especially to the increase of rolling
stock to render them productive. This it is proposed to raise
by giving to the stockholders of the Pennsylvania Railroad
Company, registered upon the books of the company on the
30th April next, the privilege of subscribing to twenty-five
(.1.5) per cent. of their holdings at that time, in new
shares at par. 'With the proposed, increase of capital the
board entertain no difficulty in continuing dividends of 10
per cent. per annum, even if these arrangements should
not, as anticipated, increase our net profits to a greater ex-
tent than the interest upon the outlays to be incurred. It
will appear from an examination of the statements already
given that the business of the past year would have justi-
fied dividends of 5 per cent. semi-annually upon our whole
authorised capital of $35,000,000, and still leave a surplus
of half a million of dollars. Tlei proposed increase will
make the capital stock about $33,000,000. The rapid pro-
gress made by the Union and Central Pacific Railroads in-
dicates the completion of a railway line across the con-
tinent during the ensuing summer. When it shall have
been opened throughout, Sour own road and its imme-
diate western connections present the shortest line to and
from the Atlantic seaboard, either by way of Chicago,
St. Louis, or by au intermediate route from Warsaw
westward, connecting with the Union Pacific Road
near fort Kearney ; and assure us that we will be enabled to
secure a fair and reasonable share of the large traffic that
`will be carried between the Atlantic and Pacific States.
By some oversight, local considerations, or a limited con-
ception of the important part that railways were to play in
the movement of the internal commerce of the country,
Pennsylvania and Ohio have each been placed betweeu
two different railway gauges, which for a long time forced
trans-shipments of freights. The Pennsylvania Railroad
Company has both on its eastern and western connection
a gauge of four feet ten inches, and Ohio on each side of
her a gauge of four feet eight and a half inches -the latter
being the prevailing gauge north of the Ohio and James
Rivers, while south of these the gauge of five feet prevails,
which should have been adopted originally as the uniform
gauge of the United States. To obviate the inconvenience,
the increased cost of transportation, and the additional
capital required to move traffic, in consequence of these fre-
quent trans-shipments,from a difference. of gauge of only one
and a half inches, broad-tread wheels were introduced
for through traffic, which, to a large extent, has over-
come these evils. Owing, however, to the great oscilla-
tion of the cars on the wider gauge, the Ohio lines
insisted upon a play upon the narrow gauge, that added
materially to the cost of hauling upon the four feet eight
and a half-inch gauge, to remedy which the gauge of your
road has been changed to four feet nine inches, and the
Ohio roads have been, or are being changed, to four feet
nine and a half inches, leaving but a difference of a half of
an inch, which it is presumed that time will reduce tc the
uniform gauge of four feet nine inches. Your directors,
in their last annual report, alluded to a very important
movement contemplated by the Philadelphia and Erie
Railroad Company, by which it was proposed to build a
railroad, leaving that line at the mouth of Bennett's
branch of the Susquehanna, thence up the stream to the
summit, and down the waters of the Allegheny to tha
river at the confluence of the Mahoning, and thence to
Pittsburg. This line is designed chiefly for the tran-
portation of freights at a slow speed, with a view to so
cheapen its cost as to compete with the water lines lead-
lug IA) 111 OW IVra. 'JOU ito inn tuna tn. into IUULU Ics OA.n
a gradient against the heavy traffic to the East exceeding
ten feet per mile, or 16 feet against the westward-bound
trade, except for about four miles at the summit, where a
gradient of forty-eight feet in favour of the heavy trans-
portationeft
he 3f a ish enuisnegd: awn
hd
efroerabfiout
fi fvoeu rf
fee
ti I epsenr ema teh emmayo
bet h
adopted. Until the traffic justifies the application of
assistant power at these points, the full loads upon the
sixteen feet gradient will be passed over them by a divi-
sion of the train. The exceptional gradient of fifty-five
feet per mile, near the mouth of the Mahoning, may be
avoided by continuing upon the side hill after strik-
ing the creek, and intersecting the Allegheny Valley
Railroad lower down, but the work will be expensive,
and may be left to a period when the traffic will
justify the outlay. It is not proposed to extend the
Philadelphia and *Erie line beyond Brookville in this
direction, as it will be there met by the Westein
Pennsylvania or Allegheny Valley railroads, the charters of both of which companies cover the ground. From
Brookville the Philadelphia and Erie will eventually be
carried westwardly, south of the lakes connecting there-
with by branch roads. The grading of this railway for
about 20 miles is now under contract, and all of its expen-
sive sections will ba let as soon as the lino is carefully
located. The satisfactory results obtained from the business
of your railways during the past year is largely due to the
judicious management of E. G. 'Williams, Esq., general
superintendent, who has been ably seconded by his
assistants, John A. Wilson, Esq., chief engineer of main-
tenance of way, and A. J. Cassatt, Esq., superintendent of
motive power and machinery. The heavy traffic of the
lines under their charge has been moved without serious
accidents, and at a material saving in cost, compared with
the previous year, considering the increase of tonnage
transported. The management of the Philadelphia and
Erie Railroad under its general superintendent, A. L.
Tyler, Esq., and his assistant, W. A. Baldwin, Esq., also
reflects much credit upon them fann the reduction of ex-
penses realized in the movement of its traffic per ton.
11:spectfully submitted. By order of the Board.
J. EDGAR THOMSON, President.
LT

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