Lewistown gazette. [volume] (Lewistown, Pa.) 1843-1944, 1860-02-16
2I6,549 10
269,94l 9l
34O.S67 %
S3l 356 800 69

shipment account, for the past year, the sum
of <758.547 26 which has been expended IN
completing the second track from Pittsburgh
to Lockport, and Johnstown, in Cambria
county. to Barre in Huntingdon county, leav-
ing a space of Is $40 miles to be filed up
between Lockport and Johnstown. and Of
55 9-l0 between Barre and Harrisburg, in all
y 40 miles, to complete line of double
track for the entire length of your road. 9th
er portions of this expenditure have been
made in extensions of the shops at Pittsburgh
and Altoona; the constructions Of sidings,
warehouses and passenger stations on the
line of the Philadelphia Division, (Phlladel
phia and Columbia Railroad, and IN the In
crease Of our car equipment; details OF all
which will be found in the statement marked
b, hereto appended.
These expenditures have in part been met,
as well as a payment to the State CT SlUU,OUu
on account of the Main Line purchase, by an
increase Of the funded debt of the Company
the remainder, after providing for the pay
ments due to the Sinking Fund, having been
contributed from the profits OF the Road.
The erection Of a passenger station at FIttS'
burgh and one at Lancaster, Il warehouse at
Johnstown. and the extension of the second
track from Barre to Petersburg or Hunting
don, as also the cost of reaching Delaware
terminus will require an expenditure to be
provided for IN 1860
The practicei working of the road since the
purchase Of the Philadelphia Division has
demonstrated the I'M ortance Of change in
the distribution of the motive power of the
line, which will render necessary the enlarge
ment Of the accommodations for 1t at Ilarrls
burg, and throw out of use the intermediate
shops Ii is estimated by the General Super
intendent that the cost resulting from such an
arrangement land by which the road can be
operated in three divisions) would be fully
covered by the saving effected in the motive
power and transportation departments IN
single year.
The Pittsburgh, Fort Wayne and Chicago
Railroad Company, which from time to time
received pecunary aid from this Company,
has been in operation from Pittsburgh to Chi
cago during the entire year 1859. Its increas
ed revenues during the period, over those OF
the preceding year. when We consider t."
depressed condition Of the trade OF the north
west, should be deemed quite satisfactory.
Had the older portion of the road and ma
chnery been maintained in good, effective
condition, the net results upon that road would
have been such as to restore confidence iii the
enterprise. The heavy expenditures on these
accounts, however, left but a small amount
to be applied to the liquidation of the float
ing debt, and to meet the advances required
for the extension of the line.
This floating debt consisted chiefly of the
aggregate of that Of the three Companies
composing the consolidated line, which at the
time of consolidation was much larger than
prudence justified. 1t was carried mainly by
hypothecation Of its bonds. The protection
Of these bonds from sacrifice has been the
chief difficulty encountered in arranging the
Indebtedness Of that Company.
Under the belief that the floating debt
creditors received toe much consideration from
the Directors, to the injury Of the mortgage
bondholders, the latter applied to the United
States District Court for the appointment of
Receiver. This proceeding was concurred
in by the Board Of Directors, aftera change in
the olicer vas agreed upon, and the decree
of the Court so arranged as to cquitably pro-
tect all the interests involved This decree
Of the Court protects, as far as practicable,
the interests of the Pennsylvania Railroad
Company, while it relieves the working OF
the road from vexatious interruptions from its
creditors.
1t has been the policy Of your Board tn
seek an increase Of traffic by securing freight
destined to any part Of the world in all cases
when they believed they could add to the pro-
fits Of the shareholders, while they have, with
equal care, sought to protect the manutactur
ing and commercial! interests of Philadclp phia,
whose means have been so literally embark
ed III the enterprise, by such differences in
her favor III the rates Of freight, us were due
to the shorter distance it was to be transpor
ted to and from the west. More than this
could scarcely be asked of this Company, and
more, if demanded, would not be permitted by
the competing lines of transportation between
the east and the west. During the past year
the New York Central Railroad Company, in
an unreasonable (if sncere) effort to bring the
rates to and from New York to the same lev
el with those of Philadelphia and Baltimore.
sacrificed hundreds of thousands of dollars to
herself and rivals, without attaining her OBJ
ject, beyond temporarily destroying the uni
tormity of these differences in rates
1t Is with feelings of regret that the Board
have to record the decease, during the past
year, of Benjamin I. Curtis, Esq, elected
Director to represent the interests of the city
of Philadelphia. Always prompt, courteous
and afable in the performance Of his duties,
he won for himself the confidence and esteem
of his colleagues
Your Board Of Directors refer you to the
accompanying report of the General Super
intendent, and to those at the heads of other
departments of the company's service, as con-
tanning much valuable detailed information
quite too voluminous TO be embodied in this
report.
In conclusion, it is with great pleasure that
the Directors record their appreciation of the
skill, zeal, and fidelity of the officers to whom
the details of the management of the road
and canals is more Immediately confded.
By order of the Board.
j. EDGAR THOMPSON, President
VIM. b. Foster, Jr., Vice President.
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