The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1861-03-12

Hnanuldct0rY or tncm mere. An examination
Is all that is necessary to be convinced ofits utility
and merit.
THE ST. HELENA BAR.
capt. Peck, of the steam packet Celee, who ar
rived here on Friday morning, reports that tn,
DuoYs have not been replaced in the channel of
st. Helena, as has been stated by a newspaper o
the South.
@z=z=-=z-Hzuu4=Ezz=
SIXTH ANNUAL REPORT OFTHE PRESIDENT
AND DIRECTORS OF THE NORTHERN CEN
TRIAL RAILWAY COMPANY.
OFFICE OF THE NORTHERN CENTRAL R,I1wAY)
COMPANY, February %, 1851
10 the SocEhOldeTS-G The Presiden
and Directors respectfully report to the stockhod
ers of the Northern Central Railway Company:
When we submitted our last annual report We
entertained the hope of being able at this time to
make one more gratifying than we fear this will be
although from that report it not to have been
expected that the Company could at an early pc
rlod be extricated from theiI difficulties.
BY q careful examination of the report made by
the President and Directors who preceded u.s. i
will be seen that there was floating debt o
S642 ,l29-atter adding the coupons due the mex
day, and after giving credit for the cash assets.
part oil this debt was secured by the bonds of the
company, of which the market value NAV have
been 10000, leaving, to be provided for the sum
OF S322, 600; there also suits and claims for
very large amount, which have been for the most
part paid and settled by the present Board.
Such was the condition of the bed of the road
from Baltimore to Bridgeport that we had to relay
with new iron twenty-One miles, aud upon the bal
ance, between the points named, to expend large
sums, you will find by reference to the report of
the General Superintendent
The machinery of the road was in as bad con.
dition as the track. In the first year we had to
expend S5S,000 in repairs of machinery, and to
purchase Sl2l ,279.37 of machinery and cars. Had
the revenue of the company not exceeded our px-
pectations, we could not have overcome the diff.
culties which we have enumerated, even at the
heavy rate of interest We have been compelled to
submit to- The large increase in business alone
justified the paying of this interest to sustain our
credit.
To meet our engagements with the State Of Ma
tryland, pay the interest our bonded debt, meet
he floating debt, pay for the material, rolling stock
and cars absolutely required, was impossible, not
wlthstanding our large increase of revenue.
Under these circumstances it was difficult to de-
eide which was to be left unpaid. To suffer protest
upon our HOatng debt was to put an end to apy
purchases upon credit; if we failed to pay the
interest upon our bonds, the parties with whom
they were hypOthecated having right to sell upon
defacation in payment, would sacrifice them i'm
mediately for any balance they might have against
US, and the only thing left was to trust to the
forbearance of the State Of Maryland.
The State had a deep interest in this road, which
was helping to build up her metropolis, and al
though she did not receive her interest promptly,
yet she received large increase of revenue annu-
ally by her taxable property being enbaIced in
value, and she did not require the money in her
N"iCss IL was iOT tue Eastern SDOfC hall-
road.
In trusting to the State we have been mistaken.
The Comptroller of the State, by his counsel, has
harassed US by every possible and uncalled for
proceeding.
Had the State of Maryland not sued the compa-
ny, 1t Is more than probable that we should have
been able to have borrowed an amount which would
have paid the interest in January, and in the pres.
ent state of the money market could have borrow
ed enough to have paid the State the amount sued
ioF, especially as the stock Of the company is like
y to get into the hands Of such holders as could be
relied upon for relief.
When the State commenced proceedings against
the company, the first of November last it was
almost impossible to borrow money even upon un-
doubted securities. To sustain the company John
). Cuttings d Company had then advanced us
Sl2O,OOO and upwards-rasedin in part by them upon
pledge OF their own assests and those Of their Sc
nior partner.
OF the $4,000 900 loan, (I6S5 bonds,) large part
OF the avas actually went into the treasury of the
State and had it not been for them it is doubtful
whether the State would have received any Part of
the annuity stipulated to be paid, and this should
have entitled those bondhoIders to the considera-
ton and forbearance of the State. Ihe parties
most entitled to the sympathy of the stockholders
are the holders Of these bonds Of 1885 and the
holders OF the contractors bonds and it is the duty
OF the stockholders to make some arrangement to
satisfy them. We would propose to fund the inter
est now due, and the interest due in July by which
means the company will be able to meet the de-
ElanuS OF the state, and the floating debt: after
which there be doubt of the company's
ability to pay demands as they accrue, even should
the revenue not increase to the extent reasonably
to be expected. The interest can then be paid on
the lst OF January, 1862 and under such an
rangement the bonds will, as soon as public conf
dence is restored, command the prices at which
they were sold, and probably more.
BY order of the Board,
JOHN 5. Cuttings, President.
The following interesting statistics are taken
from the report of the Superintendent:
The total earnings of the road from all sources
have been SL0l8, ,l027l, which is an increase of
So8, ,574.76 above the gross receipts of 1859.
The total expenses have been S734 AIS 81, which
is an increase over those of 1859 Of Sl45, ,463 49,
The expenses of the transportation Department
have been 1921 ,50l. 49, which is an increase of
SIS, ,720.06 over those of 1859.
The expenses of the Machinery Department have
been Sl6S, 1888 Al, which is increase of S31 1874
over the year 1859.
The expenses of the Road D apartment have been !
S239, ,53l Is, which is increase ofSS0 497 IL over
hose of 1859.
The general expenses as per Treasurer's report
or the year 1860 have been S35, ,259S 80, which is
IN increase of Sl4, 20 over those of 1860.
The working expenses for 1860 have been
y l4l00 per cent. of the revenue which is an in
crease over 1859 of 7S-IOO per cent.
The net earnings OF the road and its branches !
for the year 1860 have been $283 627.l7, which is
less by So, ,365.57 than that of 1859.
The large increase in the expenditures for the |
year, was rendered necessary By the general bad
condition Of the track between Baltimore and
and also the worn.down condition of
the engines, freight and passenger cars. Much of
the road has been rebuilt and otherwise improved
as also the motive power and rolling stock.
Inc total number of passengers carried during
the year was 63,07G%, and the average amount
paid by each was seventy-four cents. The total
NUMBER OF tons OF paying freight on all the roads
worked by the company was 592, 100, and the ave-
rage receipt per ton for freight was Sl.lS. The |
revenue from the coal trade alone amounted to
S44O SO365. The company owns ], ,764 cars; 2l5 OF
these were rebuilt during the past year, and 81
cars are now unfit for service. The company owns
IL engines and the superintendent recommends the |
purchasing of two additional engines.
The repairs done to the road during the past year
have been very large. There were q lilo miles of
new iron laid down between Baltimore and
Bridgeport; S4 042 crossties have been put in the
track, and forty miles of the road have been bal.
lasted, with 900 cubic yards of ballast to the mile
The work of repairs had to go on with an average
of eighteen trains per day which seriously inter.
rupted the operations, notwithstanding which, the
work was vigorously and successfully prosecuted,
and the road Is IN much better condition now
than has been for many years.
Mr.. Clarke, whose experience in railroad affairs
is very extensive, and whose thorough business
capacity eminenty fits him for the position of
has been unceasng in his efforts
% conduct the affairs of the road in such manner
Is TO gam Tor 1T the confidence of the travelling
public, and he has been successful No serious ac-
,ldent has occurred on the road during the wear.
ne ul1erent trains run on precise time, and it is
'ut seldom that the schedule is interrupted. The
epor is full of interesting details in relation to the
Ittairs of the road.
How THE CARS ARE LIGHTED WITH GAs.-The
Railroad Company have their cars
lighted with gas This gas the Pittsburg Chront-