The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1858-11-16
THE BALTIMORE AND OHIO R. R.
ELECTION OF STOCKHOLDER DIRECTORS.
THlRTESEC0ND ANNUAL REPORT
PRESIDENT AND DIRECTORS.
ANNUAL REPORTS OF THE TREASURER AND
MASTER OF TRANSPORTATION.

The annual meeting of the Stockholders of this road
was held yesterday at the Camden station. The meeting
organized by calling VIM McKim Esq, to the chair
and appointing J. l. Atkinson, Esq, Secretary. The
port of the President and Directors abstract of which
We append, was read by the Secretary
Mr.. VIM. Bose offered resolution authorizing the |
President and Directors should they deem proper and
advisable, to grant permission Marion Coal Compa
ny of Va to make branch road five miles in length.
The resolution adopted by those present. but the
amount of stock represented being equal the prov
sion of the bylaws Of the Company necessarily
laid upon the table
The meeting then proceeded the election of twelve
Stakeholder Directors, Messrs VIM McKim, Jas George
and Wm. Bose acting teers Thirty-four thousand
five hundred votes cast, and there being one
ticket presented the vote unanimous for the follow
! ing gentlemen
Johns Hopkins, VIM A. Hack
| John W. Garrett, Allen A. Chapman
Nathan Tyson, John Spear Nicholas,
Samuel W. Smith, Wm. W Taylor
| Francis Burns, John Gregg,
Wesley Starr, C. Oliver O'Donnell.
The annual reports of the Treasurer and Master of
Transportation submitted the board abstracts Of
which also append
ANNUAL REPORT OF THE PRESIDENT AND
DIRECTORS.
Chauncey Brooks ESQ., the President the Road sub
mted their Annual Report and therefrom we make the
| following extracts;
He prece his report by saying that in view of the un
precedented financial crisis through which country
has passed during the last fiscal wear the n;ndcoIs
competition between the four great Atlantic lines and
consequent low rates of transportation considerable
portion of the period combined with deficient and
extraordinary depression in business generally the
accompanying Reports from the several Departments ex
hibt gain from the years work that the Bosrd trusts
will give satisfaction the Stockholders and increase
their confidence in the future profits and prosperity
Company. Reliable grounds for such conviction are af
forded, when under circumstances adverse such net
results have been realized.
THE MAIN STEM.
liabilities of Comnanv ,ra aXb;h;+o5
in the statement of the Treasurer also the Revenue
1t will the gross earnings Of the Main Stem
have been $3s56 70, being decrease of s76051316,
increase over the fiscal wear Of is55 Of s45 an
The expenses of working the Main Stem, Of keep
ing the road and machinery in repair have amounted to
1888 90 being 6563 per cent upon the gross
ing an increase, compared with the previous year, of
In connection with the decrease revenue reference is
requested to the elaborate and interesting Report of the
Master of Transportation. An analysis of the business of
the Road shows, that Notwithstanding the
Northwestern Virginia Company of large portion of
the tonnage received and shipped by the Ohio River
tofore passing the entire line Wheeling thus re-
ducing the and profits of hundred miles of
the Main Stem, between Grafton and Wheeling; yet
whilst the local passenger and freight business
hibt reduced aggregate the increase in the through
merchandise -four and stock trade has
to more than compensate for all deficiencies except of the
| coal trade.
Excluding the reduction in receipts from the change in
tariff and the falling off in the transportation of coal the
entire freight and passenger business of the Main Stem
shows an increase of gross revenue Of S64 ,4S6S4
The reduction in local traffic is readily explained by the
light crops and unusual scarcity of money prevailing
throughout the region ravescd by the Road checking
pleasure travel and decreasing the surplus agricultural
products for shipment eastward
As the aggregate trade of the West with the seaboard
cities has been greatly diminished, the large and sasfac
tory Improvement in through business must have resulted
from the increased appreciation among travellers and
western merchants of the great facilities advantages
attractions of this route.
The quantity of coal transported for the fiscal year.
terminating October l. 1857, was 53O116 tons and the
derived therefrom 81 5O00O For the past year
but 797 tons have been carried and the receipts from
this source have diminished S65,OO0 Since the
duction in the tariff on lst March last, of fifty cents
ton 100000 tons have been transported the difference
on the freight of which has amounted to $4,000.
In comparing the balance sheet September 3Oth with
the corresponding date of1S57 it will be observed
! following payments have been made, viz:
For Loan No. S5,S20.00
For increase of Sinking Funds Gncuding in
vestment in Mortgage Iron Bond of 1858,
For reduction of Floating Debt. being Bills
Payable, previously issued, and maturing
| within the year,
September 30, 1857 ...... ss2O89s7s
| September so, 1S5S...... 2S4 ,65379
- $50 pa go
Making s795, ,594 Il
the respective items of Capital, viz
Cost of Road (chiehy arch'g tunnels 1903, 735 90
| second track 5S,9O3S4
Boiling Ri e Power... ............... 2257555
And exhibiting total of............s1lS49 Of 92l 90
The Northwestern Virginia Road has continued to
quire constant and large expenditures place it
working condition. that the additional advances
Company, after crediting all the received have
produced balance, at this date of 81 473 1854, making
| $37I ,1lI.75 ''
During the twelve months of the City Loan
have been received which embraced $l4 expendi
lures in archng tunnels and for double track in August
and September of the fiscal year Ten cent
of the amount viz: S59222.7S deposited with
the Register of the city, to be invested for the Sinking
! Fund
BY resolution of the Board the remaining Bonds of 1854
viz $83 66S not yet presented for payment have been
called in absolutely and bear interest after this
date The first Mortgage Loan for 81 100000 contracted
for the valuable investment of Stock in the Washington
Branch will thus be liquidated in full and the Mortgage
Mortgage security upon the property of the Company
The Dividends upon the Stock held by the Company in
the Washington Branch and Rent received for the past
| year, have amounted to S101 ,512. co.
The report of the Treasurer presents the Profit and
account which, after charging discount Bonds of City
Of Baltimore sold during the twelve months 40531
interest ground rents, sS144OoSe passen
gain for the fiscal year. of Los being upwards of
six per the Capital Stock This account now ex
hibits a surplus of S., ,052,275.07.
WASHINGTON BRANCH.
The financial condition of the Washington Branch is
| shown by the statements of the Treasurer
1t will be that the for the fiscal year has
amounted s4694 showing s14
previous year. the expenses s2o2 a.
being 43% per cent, leaving net 1856 969. .28
The increase Of revenue is remarkable, during period
Of such genera. al. depression and was derived viz from
semi-annual dividend Of ~ per cent was declared in
October, and the same in April last. similar dividend
for the six months has been declared payable the
oath proximo.
The amount paid the State of Maryland as capitaton
tax passengers is SOS, ,415.02 being than
SOUTHWESTERN VIRGINIA ROAD
The report of the Treasurer shows the this
Road for the fiscal has amounted to $24s O6 and
the working to 1858 25279 102 12100 per
| cent.
This exhibit is accompanied by the remark, that sin
consequence Of the incomplete condition of this Road
ing chiefly from OF embankments, vertical
fv of accnrae snnear in tb tateent nu an
mex as to Onstru
ton"
dnary working expenses
The report of the Master of Road presents the outlays
directly charged construction. The
is $50 III 06, which has been expended in securing tun
nes additional railway track, depot accommodations
water and fuel stations etc.
The excessive cost Of working the Road, under the
agreement Of lease causes the entire equipment and ma
chinery be furnished for the past year by the Ba
and Ohio Company without any interest
ration for the capital so invested.
Although these large outays have been very onerous
the Board has deemed the pursuit of this liberal policy
udcious prevent accidents and promote future
mica working As the condition of the Road and its
commodaons for business have been much improved it
is expected that the expenditures for the
ing year will be materially less and the financial result
much more satisfactory.
The aggregate OF the Main Stem, Washington
Branch and Northwestern Virginia road amounts TO S4
5739l277, being decrease from the preceding of
| $571 ,92O.29
Irrespective of the depressing circumstances surround
ing the Company, the Board steadfasy pursued its poll
most effective condition.
The expenditures in these departments have conse
quently been large, viz
For repairs of Railway sS29143 o2
. . Locomotives and Cars. 62l OBS. 60
The continued exemption of the Company from serious
accidents the great regularity of passenger and tonnage
trains and the hemproved and excellent state of the track
and equipment, endorse the wisdom of their
During the sS1 tons of rail have been used relay
ing 921 miles of the main stem with new iron This is
the largest quantity placed in the track for the
period.
The number of locomotive engines and cars has been
fully maintained. Among the charges to repairs have
been the of coal burning passenger engine
just completed to replace engine No 1885, destroyed by
explosion of the boiler in February last and Of rebuild
ing twenty engines and thirty burthen
One hundred and sixteen engines have also been thorough
| ly repaired.
The great work upon the yelling, Broad Tree Little
| ton, Glovers Gap Murray's Magure's, Rodemers and
Eaton's Tunnels has been finished. The expenditures
on account during the year. have been s2S 76092
The Master of Road in describing the character of the
work that the archng of these tunnels has been
substantial manner, the sidewalks
being OF range rock-work well laid in cement and all the
ofhard brick also in cement except 1852 neal feet
iron in Kingwood Tunnel, above which is placed
liable arch of stone masonry Neither pains expense
spared this work compare favorably
with any similar structure in the world and make it
endure long the mountains themselves shall re-
man.''
Thus has been removed the last objection to the rea
bity the route for the rapid and regular transpora
tiOno of freight. O All