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

ROYALTY IN IRELAND.

Prince Arthur leaves for Ireland on Mond y,
April 5, and will travel for three or four months in
that country. He is rather young (under 15) to be
lionised; but royalty has to be precocious, and he is
sure to be made much of at Dublin and other places.
His presence in Ireland will give Lord Spencer and
Mr. Fortescue some anxiety, for Fenianism is rather
scotched than killed, and the Duke of Edinburgh's
experience at Sydney is enough to make the
authorities nervous. Prince Arthur will return to
Woolwich at the end of the summer, and continue
his military duties till winter, when he will leave
on a visit to Canada; not quite the best time of the
year, by the way, for visiting that country.

THE PENNSYLVANIA RAILROAD COM-
PANY'S ANNUAL REPORT.

The Pennsylvania Railroad, it will be seen, con,
tinues to develope a vigorous growth westward,
through acquisitions, compacts, and combinations,
meanwhile that the treasury of the company fattens
on its accumulations of receipts and assets. And
concerning the latter, President Thomson, in his re-
port, makes this significant and emphatic declara-
tion : "The assets of this company—exclusive of
its own roads—invested for the protection and en-
largement 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 re-
venues of the company in semi-annual payments of
$230,000 each. During the past year these contri-
butions, after the payment of interest, left
$142,978.50 to he appropriated to the reduction of
the principal, which amount will annually increase
as the debt upon which interest is payable is re-
duced." The unexampled financial strength of
the Pennsylvania Railroad Company is unques-
tionably, in
part, due to its unswerving resistance
of all inducements presented, from time to time,
to consolidate into its own capital the capital of
other corporations, and to the steady maintenance
of the policy of securing. and, preserving co-opera-
tion with other companies, through the acquisi-
ticn of a majority of their capital shares and the
friendly domination of their boards of directors.
The Pennsylvania Railroad Company is the centre
and source of
a power which is diffused not alone
through its own departmental organizations, but
also through other corporations, whose lines, inter-
woven into its system of works, participate in its
benefits of reciprocity, in a union which is strength
both to trunk and to tributaries. The termini of
the Pennsylvania Railroad—not the Pennsylvania
Central Railroad as it is too often inaccurately
called—are in Philadelphia and Pittsburg, but its
combinations strike tide-water east and south of
Philadelphia, and spread out west from Pittsburg to
the great trade centres on lake and river, prairie,
and plain. And so gradual and circumspect has
been the expansion that, so far from the company's
own credit having been weighed down in the pro-
cess, the assets on hand, says President Thomson,
are " more than sufficient to meet the whole indebt-
edness of the company, except the 5 per cent. bonds
held by the State of Pennsylvania." These lat-
ter bonds, issued in payment for the Old Main
Line of Public Works, are yearly diminished
in amount by instalments paid out of net earn-
ings. And in connection with the old main line
we would remark, en passant, that the com-
pany's canal department, organized to operate the
canal portion of the old main line east of the Alleg-
heny Mountain, was extinguished on the organiza-
tion of the Pennsylvania Canal Company, in which
the Pennsylvania Railroad Company own a majority
of the capital shares, and which canal company,
moreover, now own 360 miles of connecting river-
side
canals, comprising 149 miles along the Sus-
quehanna river between Columbia and Wilkes-
Bar r e
river,
, 83 milesalo2nBg the West Branch Susque-
hanna From this river-side series of artificial navigation
there is outlet via the Union Canal into the Schuyl-
kill Valley and via the Tidewater Canal route to
Havre de Grace and Delaware City. Touching the
operations of the Philadelphia and E •
Ile lease,
President Thomson remarks that the Pennsyl-
vania Railroad Company, 1111868, incurred a " loss"
of "$83,274.65 or $271,177.78 less than in 1867."
The next annual report will show, doubtless, a
handsome balance on the side of profit. In verity,
when it is considered that the traffic to and from
the city of Philadelphia, and the immense region
traversed by the 288 miles of. Philadelphia and Erie
Road from Sunbury to Erie City, is also passed over
one hundred and' eleven miles of the Pennsylvania
Railroad Company's main line, including the whole
of the Philadelphia Division, a very small draw-
back, credited to the lease, would more than ex-
tinguish the $83,274.65" of apparent " loss "
charged against it. In the absence of the'lease"
much of this trade might have taken another route
open to it. But President Thomson deals with
figures as they stand on the books, " nothing ex-
tenuate nor aught set down in malice," and so
" P. and E.," must wait till the current year run
out, and in the next report is substituted " gain"
for " loss." Earnings of the Pennsylvania Rail-
road for 1868. $17,233,497 31 ; earnings of the
Philadelphia and Erie Railroad, $2,804,250 36 ;
total earnings of roads owned and operated under
lease, $20,037,746 67 ; add earnings of three de-
scribed roads owned in majority part, $7,055,873 06;
aggregate earnings of roads named in report,
$27,093,619 73. To show that the Pennsylvania
Railroad Company, which was incorporated only
23 years ago (1846) already transact a large
business, and yet it has only expanded to meet
the exigencies *of its situation, for large cities have
risen in the West, with which the great seaports
intertrade in every increasing measure. There is
no option but to grow or stand still and be out-
grown. This is true both of cities and railroad
corporations. Hence excelsior" is the word on
every lip, the aspiration in every heart. And in
pursuing its onward career the Pennsylvania Rail-
read Company has founded and fortified the
grandest transportation work in America, its guid-
ing spirits showing thereby that the position occu-
pied is understood and appreciated, in its strategy
and finance, and all the- considerations and bear-
ings which associate with the theme, in its actu-
alities and in its prospects. At date June 30,
1868, the " expenditure on capital account"
of the London and North Western Railway
Company, amounted to £50,243,787, equal
to $251,218,935. The length of roads ope-
rated by the London and North Western
Railway Company under ownership and lease was
1,3461 miles. At date December 31,1867, the pail
in capital and debt of the railroad companies of
Great Britain—where there were in operation at
that date 14,247 miles of road-7,844 miles of
which were double track, 6,403 miles single track—
reached the enornous aggregate of £502,262,887,
equal to $2,511,314,435 ! The average cost per
mile of the railroads in Great Britain at data
Decetnber 31, 1867, was $176,264. At this average
cost per mile of British roads, main lines and
branches, 355 miles of road from Philadelphia to
Pittsburg would cost $62,573,720 ; whereas, in
truth, the paid in capital and indebtedness of the
Pennsylvania Railroad Company at date Dec. 31,
1868, amounted to capital stock, $27,040,762 50 ;
mortgage bonds, bonds held by the State, •

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. 10, 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 91;
emigrant passengers, $78,244 29 ; mails, $99,981 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, $3,268,899 46 ;
general expenses, $178,423 92-total, $11,860,983 43;
leaving net earnings for the year 1868, $5,371,E13 43;
The total amount of revenues compared With last year is
-1868, $17,233,497 31; 1867, $16,310,156 36 ; increase,
$893,340 95. The changes in the sources of the revenue
aro shown below :-Decrease iu emigrant passengers,
$13,408 97 ; decrease in express matter, $38,613 33 ; 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, $893,340 95. The gross re-
venues for 1868 aro equal to $4.8,138 26 per mile,
of the main line of the railroad. The whole num-
ber of passengers carried in 1867 was 3,317,466, and in
1868, 3,747,178--an increase of the number carried of
299,712. The average distance travelled by each passen-
ger was 3f 54-100 miles, being 2 27-100 miles less than in
1867, showing the increase to be upon the local traffic of
the line. The timber of tons of freight moved (including
294,131 tons of fuel and other materials transported for
the company) was 4,72-2,015, 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),
$2,304,230 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 maintenance of cars, $178,913 85. Total,
$2,067,001 06. To which add 30 per cent. 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 line -the interest upon the
capital required to operate the railway, the cost of the roll-
ing stock and shop machinery, all of which is fur-
nished by this company, amounting, at 6 per cent., to
selo,ooo per annum. The increase in the bu-iness of the
line is almost wholly from the development of the freight
traffic cf the company. The decrease in the relative ex-
penses arises mainly from the diminished outlays on ac-
count of the original incomplete and defective ceostrtic-
Hun of the road. The revenue's of the lines ore-
rated by this company, and the, amounts paid for their
working expenses, iuteeest and dividends, are as follows : -
From the Pennsylvania Railroad and branches, $17,332,497
31; from the Philadelphia and Erie, Railroad, $2,804,250
56; amount, $20,037,747 67. And the expense of operat-
ing these lines were :-Pennsylvania Railroad, $11,850,983
88; Philadelphia and Erie Railroad, $2,067,011 06; thirty
per cent: reserved to pay interest on debts of the Phila-
delphia and Erie Railroad Company, $820,423, 95 ; total,
$14,748,408 89 ; leaving the net profits from both railways
for le6B, $5,289,338 78. From which deduct dividends de-
clared in May and November, in all 13 per cent., with the
taxes thereon, $3,e42,281 99 ; total, $5,289,338 78. Bal-
ance to debit of interest account, $701,610 84 ; duo 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 hues operated by this company, except the Piffle, •
delphia and Erie, and the East Brandywine and Wayneki-
burg Railways (where the aggregate loss was $88,105
84), have shown balances in 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 in which the Pennsylvania
Railroad Company is the holder of a majority of their
shares, but operated under their own boards of directors,
were for the past year as stated below, viz.:-Cumberland
Valley Railroad, $577,061 72 ; Northern Central Railroad
and its leased lines, $1,151,351 91; Pittsburgh, Cincinnati,
and St. Louis Railway, $2,327,455 43-total, $7,055,872 06:
The Cumberlated Valley Railroad 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 ranged containing some of the most valuable
mines of iron ore in the State, of inexhaustible extent.
These mines aro 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 common and 2,861 sharesof thepreferred stock,
upon both of which, amounting lie par to $614,100, it pays
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 near 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 effort upon the part of the Baltimore and Ohio
Railroad 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. Ihe ordi-
nary traffic of this lino 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 cor.nections through a lease of tho
Shamokin Valley and the Pottsville Railway, the con-
trol of the Lykens Valley Railway, as well as a con-
nection with the Philadelphia and Erie Railway, Lack_
awanna, and Bloomsburg, and other railways, with
all of the coal fields of Peresylvania, which will con-
tinue to give it a constantly increasing tonnage. Tho
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 $5,633,450.09. 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

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