Lewistown gazette. [volume] (Lewistown, Pa.) 1843-1944, 1857-11-12
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:, ,,.,,s,lyanIa Railroad Company.

JUS
Ice SI,sd That it is not advisable to de
Dividend upon the stock of this Com
al this time.
ming to the conclusion stated in th,
a & resolution, the Board of Directors deem
nor to submit to the stockholders tn
that have led them to adopt thi
notwithstanding the net earnings O
5bmpany for the last six months show n,
Eution from those of a similar period las
Board admits that the receipts Of tin
have been equal to their expectations
is also true that these receipts hav
earned at extremely low rates-the re
III unwise competition between the sever
~ ilroads leading from the East to th'
K competition, which the Pennsylvania
had Company could not control or ignore
4 nj serious injury to the trade of the city
hate, has not only led to the adoption OF
,nneratire tariffs, but has entailed upon
u line the heavy cost of maintaining high
and the employment of numerous
ia. and drummers for the soliciting of
and travel, thus materially enhancing
sFnepse of operating each road, while the
Id e TRANSFORMATION have been reduced be-
sublic requirements.
" addition to the injurious influences
IL have affected, to an equal extent, the
Of its rivals, the revenues of the Penn
ris Railroad Company have been sub
ii still further reduction by the imposi-
4 a fixed Slate "duty upon tonnage"
II must be paid whether or not the freight
Yields net profit to the Company, or
s:nAss must be rejected.
y consequences hat have resulted from
somnetition, if uuregulated, were fore
/. h an earlv date. and an attempt made
rsst its evil effects, bat the movement
u It sustained.
II present crisis. however, by putting a
an undue extension Of railroad cred
4as brought ali com mpanies TO a position
II the interest Of the stockholders must
.usidered in the contest fer the carrying
II betxeen the East aud the West, and
Line be gerGsitted TO secure that business
naturally beIoags to it. With this
an agreement, founded upon just and
#alls principles, has been entered into
Zen the New York Central, the New
u and Erie. the Baltimore aud Ohio, and
il PENNSYLVANIA Railroad Com mpanies, which
4beIieged wiI! secure better prices, aad
Il reduction in the expenses of working
respective roads, while the public are pro-
II from unreasonable charges.
Egithstanding the difficulties enumera-
the accounts of the company show that
Ikidend of fully three per cent. could be
VI made from the profits of the last six
hs Ia period of the year during which
ii business Of the road is comparatively
u did not the necessities of the compa
hinder the existing financial panic, impe
key require that the whole of its net rev
y should be devoted to the e1tinguisbment
$s unfunded abilities-incurred in the
kuuctioH Of the second track, the improve
h Of the works purchased from the State,
n the equipment of the road.
II i,h a view to lessen these expenditures,
BOARD has directed that all outlays upon
secqnd track shall he discontinued. and
naterially reduced tac pay of all officers
employers.
n prevent diversion of the net receipts
be company from the dividend account ar
SSemenis we're made ia May last to dis
If second mortgage bonds in England,
cl would have proved entirely successful,
br the Interruption to the sale of railway
trities, by the unlocked for insurreetion
#la4ia. Previous to that date the money
Fkeis Of Europe had not recovered from
heavy expenditures caused by the war be-
fen the Allies aud Russia. Our own mar
under the prevailing rage for cheap secu-
*s, has been crowded with those of q less
&@ftaaaal character, promising larger re
NJ to the purchaser, and, in consequences,
#as not been prepared, except to a limited
eni, to absorb our bonds at rates current
&Ehere.
be unfunded or floating debt of the com
p on the 3lst Oct. last, was $l,I94,o6I so
az 9tset sgainst which the
I mpany have cash in bank
PHd bills receivable for the
transportation of coal, &C., 403, ,224 67
E'lng the actual floating debt, S791, 703 10
H. meet this, aud continue the work on the
f'nG track, the company has S2,737 600 of
1aa mortgage bonds unsold. If these can
4sposed OF at reasonable rates, the debt
~ rapidly cancelled, and the whole net
sgde; ,ie Of the company, whatever they NAV
U''dea among its stockholders. Should
money market continue in a state to re-
~ railroad securities, without regard to
enaracter the net receipts of the road
ns next SIX months will, we think, suffice
''ps OUT the whole unfunded debt of the
fnpany. 80 - ''''
ne funded debt Of the company consists
y gPnq', secured by two mortgages upon the
a. S5Seen S6S Harrisburg and Pittsburg, Of
aSse bends, there is outstand.
y q the LIST mortgage. s4o05 900
issn .' .lS, .ls "a mortgage. there has
''D ''a 2,263, 900
N. Iss 'he total funded debt 7,l68, 1000
h. ,s;s sa's nc Oot though ght it necessary to con-
MAI YI,a ~ statement by including in it the
II ~ oe0t incurred for the purchase of the
81, Ve d6N Of Public Works, amounting to
a "O' !. wv bearing five per cent. interest, as
,..3 secured by lien upon the works pur-
h. a.. 'Hu can readily be provided for as it
Easnsn,' 'sSo9iders "a will perceive from this
II, thai ' ~ u the Indebtedness of the compa.
Z. fro,, .ley possess a valuable property,
y b m m.s any financial difficulties, that can
d !, man. ~ss oy the suspension of the present,