Baltimore commercial journal, and Lyford's price-current. [volume] (Baltimore, Md) 1840-1849, 1848-10-14
BALTIMORE AND ONO RAILROAD.

| Below will be found extracts from the twenty Sc
cond annual Report of the President and Directors TO
the Stockholders OF the Baltimore and Ohio Railroad
| Company, made the 9th inst, on which day the
annual Election for Directors also took place The
election having terminated it was found that all the
old Directors were reelected except Gen. w. H..
Marriott, whose place was filled By Andrew Gregg,
| by majority of 1874 votes On Wednesday, the
Board unanimously elected Thomas Swami, Esq, of
Baltimore, the President of the Company in place of
the Hon. Louis M'Lane, who, some few weeks since,
rendered his resignation TO take place the day Of
the annual election.
Of the Main Stem.-The gross income, for the
year ending September 30h lo45, has been ,2l3,-
664.57; the total expenditure properly chargeable
thereto Coz 100 50; and the net 55 ,55o.
OF; showing an increase over the preceding year of
s IL 1921 9 in the gross income; l,277.52 in the
expenditure, and ! 40, 0.47 in the net revenue.
With the net revenue of Is sol ,55S .02, equal to
about per cent the capital stock, the board
might have declared handsome dividend in money
among the stockholders but for the presently
to be noticed.
The board however, have determined in lieu of
dividend to increase the capital stock of the company
to the amount of the revenue applied during the year
to reconstruction, including the extension 10 the south
side of the BASIN the alterations in the bed of the
road and to surveys and right of way, and to give
the stockholders certificates or scrip therefor, pur
suant TO the terms of resolution adopted by the
board on the 7th inst.
The capital of the company, at least all that could
be made Immediately available, was, as is well
known, exhausted before the Main Stem compile
ted to Cumberland, aud adequately stocked with mo-
tive power and machinery To supply the deficiency
it became necessary the revenue, when neith
er the bonds of the state those of the company,
payable at remote periods, could be negotiated
During the years, ending respectively September
Both, 1876, and September 30th lS47, the demands
upon the revenue for purposes TO which capital, had
it not been exhausted, or could it have been made
available, would have been applied, were so heavy
that the board, the stockholders aware while
they declared the usual dividend, obliged to
make large portion oil ii payab in the bonds of the
company; and during the year just ended the neces-
sty of still further increase of the motive power
and machinery and of putting the road on the best
and most permanent footing, in view of the business
constantly accommodating upon it, have only absorb
ed the entire OF the year, but caused engage
ments to be entered into which must be met out Of
the of the year TO Hence ii is that no
dividend in money is at this time declared the capi
| tai stock of the company.
Large as was the increase of the company's bust
ness in the year ending September o47, the business
of the year just ended as already shown, has exceed
cd it,-and this under dimnution in the price Of
produce of every description, showing how unsaic
indeed how inexcusable, 1t would have been Tor the
board TO have looked upon the demand for transpota
ton in lS47 temporary, and as too unlikely TO &C.
again to require any unusual expenditure upon the
part of the company. Had the board been disposed
10 take tnls view, tne SUITS Drought ny those VIM
claimed damages consequent upon the company's in
al y to bring their live stock from Cumberland as
fast it arrived there, would have sufficiently ad
monished them of its danger And although the
board advised and believed that the company could
not be visited with the consequences OF an emergen
CIV which could not have been forcseen, yet they
also advised that, with the notice that had been given
them of possible demand upon them, it would be at
| their peril to neglect 1t.
| OF the whole sum expended during the year
count of the reconstruction of the track ordered in
previous years, $l3, S3S02 paid in bonds,
5000 046 for alterations in the bed of the road and
1904 account Of the extension Of the track to
the south side of the basin payable in like man
ncr; and in each the payments made in bonds
at par and for amounts within the estimates OF the
chief engineer.
Up TO the 30th September there had been deliver
ed engines, passenger and III burden cars on ac-
count of which there had been paid $3.50, 653.37.
The reconstruction of the track be said to be fin
ished on account of which bonds falling due January
LIST, 1867 for S 3,S3S02, and s l6t.64523 in cash
had been paid during the year. About two-thirds OF
the graduation and masonry in the "improv emcnts"
in the road bed had been completed, on account OF
which ll3, IA in bonds falling due January LIST,
1861 had been issued; and s ID, 1874 90 had been paid
in money on account Of right of way and superinten-
dcnce. The extension TO the south side of the basin
was about three fourths >compleed, and this &C
count bonds TO the amount Of 1878, payable as
above, had been issued, and $22,56s:l paid II
money.
II will appear from the statements and reports re
ferred to that the outstanding OF The com
pany for the objects above enumerated amount Il
about S270,3l7 90. to be paid in bonds and money
The part TO be paid in money amounting to aoou
l56 ,S09 TO- will to that extent be charge on thu
revenue of the year ending on the 3Oth September
lS49-and if to this be added the sum due for borrow
ed money, say S35 900, and to the Washington road
a ~ h, he Df