The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1859-04-14


January ....................3271 1868 317,5137 70
February 39l 10 III ,O35.49
March .410O6lO2 4S9,25 .23
s217l152Oo 217s, 600 70
2l7l ,152. 90
Decrease present fiscal year 2,547.7O
The Committee on Finance presented the follow
ing resolutions, declaring dividend of per cent
on the stock of the Baltimore and Ohio Railroad
Company, and of AZ per cent on the stock of the
Washington Branch, for the fiscal half year ending
on the 3lst ultimo.
the stock of the Baltimore and Ohio Railroad Company,
from the net earnings Of the Main Stem for the fiscal
half year terminating the 3st ultimo payable and
after the 18th of May next, at the Merchants Bank of
Baltimore and that the transfer books of said Company
said
Resolved That dividend of IL per cent the stock
of the Washington Branch Railroad be declared for the
half year ending the 3lst umo payable on and after the
25th inst at the Merchants Bank of Baltimore and that
the transfer books of said road be closed from the Goth till
the 25th inst.
The resolutions passed by unanimous vote of
the Board.
Dr. Ohr Estate DIRECTORY said that he would like
explicit statement as regards the state OF the
finances and the workings of the road.
The President Mr.. Garrett) rose and made the
following statement:
As connection with the declaration of the Dividend
the financial exhibits for the sca half year terminating
3st utimo embrace interesting features the following
and anay statements presented fer the
information of the Board:
Frst.-The revenue of the Main Stem has
Working expenses including repair and '''''
maintenance of road and mach incry. s43,a43 70
Leaving the net earnings. ........... S91s, 95
The ratio of expenses has thus proved AZ cent
being the best result heretofore realized in the history of
the Company for similar period.
Sec0ad-Comparative statement of the revenue and
working expenses of the first six months of the last and of
the present fiscal year:
Revenue. 81 ST. 12037 $l7627s965
Working expenses 1,5l1 ,l5O,S6 s45 9437O
Net earnings Recommendation. $685., 96951 s9lss 95
Decrease of revenue .............. s54,33O72
Decrease of working expenses ......... 667 2O7 10
Increase of net earnings s6l2, s76 "A
Third.-Snce the close of the last fiscal year, Sepem
Der 30th 1885, the remainder of the first mortgage loan
for 81 O00 viz $S366S has been paid except $4,000
not yet presented for the payment of which this amount
of city stock is reserved.
Fourth.-on Both September 1885, the noangdebt, viz
Bills Payable $2S4 65379 all of which has been paid
except S4s43 81 not yet matured The Company has
chased all its materials and supplies for cash.
Ffth.The policy of the Board in fully and effectively
maintaining the Sinking Funds for the redemption Of its
debts has been successfully continued.
On Both September, 1858, the Sinking Funds
amounted TO. 500 % 10
On 3lst March, 1853 ..........'... lO97 ,47437
Exhibiting an increase by investments from
This conservative and valuable system viii ultimately
fully repay and reward it does
for the absorption and payment of the entire mortgage
debts Of the Company at the periods of their respective
maturities
Sirth-Cash payments have been made during the
period for Real Estate and other investments OF Cap
tal SCI l0421.
Serenth-The Profit and Loss account
September Both 1885, Observation-Disclosures SIS 052 27507
On 31st March, 1889. ACKNOWLEDGEMENTS. 566d1725S
Exhibiting gain of. s6o7 S97 81
Being upwards of per cent upon the capital stock
EiqhM-The revenue of the North Western
Virginia road for the six months has BEEN 407 03
Working expenses ........................ lol,12H
Yielding net revenue ACKNOWLEDGEMENTS ,6e4 Sc
Heretofore the expenses this Road have exceeded
SEES 6S per cent indicates better results henceforward
| Ninh-The revenue of the Washington -
working expenses no 81 loo per cent ss1sl 81
Showing excess of revenue working
favorable winter combined with careful and judcious
economy in connection with every detail Of the Compa
ny's service and interests has Notwithstanding
precedenedy low tariff produced these results-the
road and equipment being also maintained in the best and
most effective condition.
| Acknowledgements due and made, with much
satisfaction the officers and of the service for the
vigor, ability and with which important reforms
and economies have been inauguraed and successfully
maintained. rigid adherence to the system, noy in
such satisfactory operation alone required to ensure
in the future similar fruition alike desirable and i'm
portant to all the great interests involved
The Board were highly pleased with this state
ment, as it exhibited most healthy condition Of
the road.
The President also made statement to the Boart
in regard to the action Of the Eastern RAILROAD
companies which were parties to the est. Niehola
agreement" He stated that those roads had low
cred the freights westward, and on his being in
formed of this fact, he had ordered a similar re
duction on the freights of the Baltimore an,
Ohio road, thus sustaining the difference il
favor OF tie city of Baltimore. The rates ha
again been lowered on these roads, and he ordere
al,,nt Dali n
thus showing them that this Company were deter
mined to give the city of Baltimore the benefit @
her geographical position. In the healthy con
dition of the road and the spirit of economy whic
prevailed every department of the management, h
felt sure guarantee that they would not only b
able to compete successfully for the great trad
of the West, but ultimately force those road
into abandonment of the policy which the
were now pursuing. He had also issued an orde
that passengers should be carried one dollar cheap
err from the West to the East and rice over tn
Baltimore and Ohio Road, than over any of tn
competing lines, it being mmaterial to what fgur
those roads might reduce the passenger fare. As
further inducement to persons travelling to use tn
Baltimore and Ohio line, he had ordered tina
by paying two dollars additional on throug
tickets the party should have the right of trave
ing on the Washington Branch road to and trol
that city, and could return at pleasure, without e1
ira charge. He said he felt confident of triumph
this matter, and as the business men of Baltimore
9 had sustained the road in tattering manner,
great work to see that Baltimore shall not lose I'll
advantage of her geographical position. The re
duction on freights from and to Baltimore was
the same ratio as from eastern points.
, The action of the President sanctioned b
the Board, and on motion a resolution maxim
valid his past action in the premises, and empoy
ering him to so act in the future in regard
: freight and passenger fare, as he deemed won
, best serve the interests of the Company and me
the issue made by the eastern roads, was passed
unanimous vote of the Board,
Mr.. Travers presented memorial from the co
trade in reference to the dminution in the Cumbe
land coal trade of this city, notwithstanding tt
increased demand for bituminous coal.
1t was referred to the Committee on MachneI
and transportation.
A resolution was offered authorizing free pass
| to be issued to each of the members of the Gil
, Council for year.
An amendment was offered making the time thr
| months instead of one year.
The reso tuition amended passed
Mr.. Landlord stated that report had appear
IN the Clipper newspaper of the proceedings
the last meeting of the Board which stated that
had voted in the negative on the passage of a re:
}, luton relative to the pay of employees, when
+, had voted for its reference to a committee. He U
4 derstood that this report had been furnished by
Of member of the Board and for the purpose of pro
ing it incorrect he asked that that portion of t
n proceedings of the last meeting might be read.
The proceedings bore Mr.. Landlord out in
statement.
a. Mr.. Travers said that he supposed that the &c
ID tleman referred to Mr.. William Z. Bartlett as
L. director who gave the report.
- MIR. Landlord assented.
" Mr.. Travers said that Mr.. Bartlett had request
ID him that if the matter was'referred to by any
Der of the Board to send for him.
Id The President said that there was no subject
= discussion before the Board.
u The Committee on Finance reported adversely
the claim of A. j. Marshall Esq, for services r,
Y, dered to the Company at the session of the Virgil
a, Legislature in lS47. The committee state that
N evidence has been adduced other than that viii
r had previously been examined by committee a
fully acted upon.
os The report was adopted by unanimous vote
After some other business, of no public intere
=, the Board adjourned.
d. The transportation Eastwardly, into the city
ne Baltimore, in the month of March, on some
he the principal staples has been as follows
Bark. ... ......l22 Tons Lumber ...... 1872 To
er Fire Brick..... 176 g" Live Stock, viz:
Firewo0d Hogs........ 4,b55
49, | Flour, %. .....55,Ol5 bbs Sheep. S,O65
~ Grain.,,....... 2,276 Tons Horses and
as Granite 100 Mules ..... SOC
n | Iron .......... $50 - Horned Cattle 2,048
- Iron ore maui Meal and Shorts SIG To
ranese $500. 498 Pork and Bacon 1921
Ia