The republic., 1852-01-16

thsr than resort to the appropriation of the annual
profits for that purpose.
| The managers cannot regard the fact, that they
have desmed IT judicious TO hold for few months
longer the securities which you authorized TO be s-
sued in order to obtain better prices for them, and
the acquisition of valuable real estate, which can
30 readily be disposed OF, as any reason for depart
ing from that policy In accordance with 1t, a dvi
dend Of three and one half per cent. has been de-
| clared
| The investments in the sinking funds have
riously diminished the cash dividend fund, If this
sum had not been expended, it would have equal
led six per cent; and it is to be remembered that
this Investment is for account Of the stockholders
and that in January next the accumulation for four
years will then be divided among them in stock,
and will equal about twelve and half per cent, of
which about nine and half per cent. ia now in the
possession Of the company; and that thereafter the
division will be made annually
The prospect for the future was never more en-.
couraging for all directly indirectly interested
| in the anthracite coal trade. Without glutting the
| market without depression in price, with profitable
results to producer, carrier and consumer, ,lUl,
| 05l more tone have been transported during the
| past than any preceding year With the peace
and prosperity OF our country the demand seems
surely to increase. New channels Of trade and its
application to new purposes are daily presenting
wider fields for its consumption. The supply is in
exhaustibe, and no one can safely venture to place
n limit to the demand for future years. Ii may
well be that in 1852 all other channels for the trade
will be employed to the extent of their capacity,
and that this company may be compelled to use to
the uttermost all their means for transportation.
L he machinery, with such new locomotives may
be purchased from renewal fund in the coming year.
may be equal to 900 900 tons, and this may sup
ply for that time the wants of the consumer. But
1t may be proper for you, even now, to consider
what will be the condition of the company and the
trade for 1853. If the other works employed to
their utmost capacity, upon this road will then be
cast the necessity of transporting every ton which
tho increased demand may require. 1t rests with
you to decide how far it may be prudent to nu-
thorize the managers, should the business Of the
present year in their judgment warrant it, to pre-
pare for such results by erecting more wharves
upon the property already owned at Richmond, and
purchasing such machinery may be thus
qured. The cost of erecting wharf upon the
company's property, of sufficient capacity to ship
from it 1000 tons per annum, 10 about $4,000,
and the expenses Of the machinery will be-
locomotives, at Sc, 500 each. -. S25 500
$50 coal cars, at 100 each..... 36,4oO
Or at the rate of, say 81 900 for each additional
the low rates OF the past year, produces net profit
of SO cents per ton, or $50 900 per annum.
The results Of the business for the past year, now
communicated to you, are regarded by the man
agers as just subject for cougratulation. 1t is
true that the severe competition has, in some de-
gree, diminished the profits; but even if it should
continue, the proprietors have the satisfaction to
know that, whilst contending under such una-
vorablo circumstances, six per cent. upon the
whole capital has been earned. The small advance
of only ten cents per ton on the average freight
(whlch cannot fall to satisfy the pubc) WILL with
out any increase in the tonnage, equal S l65 ,000
or, in other words, additional profit of four per
cent. upon the amount of common stock
That the demand for Pennsyl ylvania's great staple
will continue to increase none can doubt. 1t has
become, by its price, by it's ease of transportation,
by its economy in use, forever connected with the
steam engine, and is thus inseparabe from the
commerce and manufactures of country. In
their progress will be found the basis Of the
prosperity of this company
By order of the Board OF Managers.
JOHN TUCKER, President.
OFFICE OF THE PHILA. AND REApINo X. X. Co.,
PHILADELPHIA, January, 1852
General account Of the Philadelphia and Reading
Railroad Company, Nousmbr 80, 1851.
DR.
Railroad .......... S l3,350,52 80
Depots 2l1 $50 50
Locomotive engines
ana cars ......,... 2JZi0,oib 80
Real estate .......... 4S5,S37 35
Capital, per report of November 81,
1850 s II, 49,, 1892 90
Railroad from Broad and Willow
streets, extending three and half
miles TO the junction with this road
the west side of the river Schuyl-
kill, purchased from the State and
charged to the capital account, per
resolution of the stockholders in
January 1851, when securities for
$3.50, 900 were authorized to be is-
sued Observation-Disclosures. 324 ,ls3 l3
aR .,n