Baltimore daily commercial. [volume] (Baltimore, Md.) 1865-1867, 1865-11-21
BAL TIM0RE AND OHIO RAILROAD.
ANNCAL MEETING or STOCKHOLDEPr
PRESIDENTS REPORT
ELECTEOS OF DIRECTORS.

EEiSTEOS OF DIRECTORS.
| The Stockholders of the Baltimore and Ohio Rail
| road Company held their annual meeting yesterday
| at their Office. Camden Station.
On motion of Mile White. E,q., the Hon John z.
! hennedy was chosen chairman, and Joshua l. Atkiu-
| son, ESQ. Secretary
John W. Garrett, E'q., President fthc Company.
| stated, on behalf of tho Directors whilst unable 10
submit the annual reports for 1861 and 1Si7-n con
sequence If the still unadiusted condition of the ac-
counts OF the Company with the Government-hat he
| now presented, on behalf of the Board the annual
report for the year ending September So 1868. lie
added that the progress in the adjustment Of the ac
counts for those years was such. that he trusted in
the course OLA few months, those reports could also
be prepared and that hereafter the annual REPORTS
| could bn regularly made.
The Secretary then read the annual rCpor for fhc
year ending September 80, 1855. Of which the follow
mo Is 4 summary:
The report opens with statement of the difficulties
winch nave prevented accurate presentation the
revenue accounts and condition of the Company until
recent PERIOD part OF the destruction upOn the
line OF the road caused by the war; embraces portions
OF twenty-five bridges upwards of forty five miles of
track and two engine houses and the marbiue shonS
the Company hotel, warehouse, ticket and telegraph
smith shop at Martnsburg besides the sand and fool
houses between IIarper's Ferry and Cumberland
Inc water stations at Marinsburg North Mountain.
Sir Johns Run, Rockwell's Run, Wlett's Run
sleepy Greek, Number T. Little Cacapon, Cranberry
summit and Altamont, and the pumping engines
&C. IN the water stations at Martinsburg PatterSons
Sreeh, Green Spring Run and Little Cacapon, were
burned. The telegraph poles and wire were nearly
entirely destroyed for distance fnnety- two miles
peSues considerable damage in this respect at other
points on the route not included in the nnety-tw0
niles IWcnty-tw0 engines and forty-four ears were
oeSttoyet In various ways; amt a number of hand
and truck cars left along the road the opening of
| the Gettysburg campaign.
., The gross earnings Of the Main Stem have been
S6,g99+3 O5 exceeding those of the preceding year
0ooOS, and those OF the fiscal year S6l, 81 29S
The expenses of working and keeping the road and
machinery in repair amounted to 81 965 H. being
81 1900 per cent upon the earnings. showing de-
year and of l3 12lOO per cent compared with the
| fiscal year of 1851
A large amount of repairs that should have boen
made and the expenses of which would have legiti
mately attached to this fiscal year. could not be ac-
| complished: The financial results should therefore
be regarded subject to the notifications of nCces
Sary expenditures to restore and maintain the dam
aged srl equipment and property of the Company
1862, have increased S202S 0S5GS, ana the working
expenses SaiS5ll 5S, making Il comparative increase
OF net profit of the Main Stem of 81 4s9iii5 50 As
compared with the fiscal year 1861 the increase Of
earnings being S&S 5l936 and the increase of work
ing expenses S2lll52 80 the increase o net profits
During the fiscal year the sinking fund for the re
demPt!on al the city loan increased to @S57 9i5 2i
the redemption of the mortgage debts increased
| 3&l,55l.2l. Additional advances to the Northwest
| ern Virginia Railroad Company after crcditinc all
earnings reccvcd namely, for payment If interest
| and for expenditures in improving the condition of
| the road, amounted to pM0T.
made with the Central Ohio Railroad for the rcor
ganl@S!lon OF that COMPANY, The agreement re
suited in an investment by this Company during the
year IN the rst mortgage bonds of the Central Ohio
Railroad Company of 81, ,223 932SS. portion of
| that agreement is quoted
80 In consideration of which agreement arl l.r,:cr-
taking on the part of the said Baltimore and Ohio
Railroad Company, the said trty OF the second part
hereby agrees tina: sLe passengers and freight passing
over tho Central Ohio Railroad shall 50 far ms the
same can be controlled by the officers or agents Of
said Company, be directed exclusively over the Bal
tlmore and Ohio Railroad; that agreement shall
be made with any competing company to the detri-
lent of the Baltimore and Ohio Railroad Company.
and that the Central Ohio Railroad Company will pro-
fate win the baltimore ana ONO Rallroad Company
in manner satisfactory to the latter all through
rates. and that while it gives 10 the said Baltimore
and ONO Railroad Company the full benefit OF the
local rates of the Central Ohio Raroad it will at no
time use them to its prejudice but far practical
BILE ana lawful and 1t can do without unnecessary in
jury to its own road, Will them for the advantage
| Of the baltimore and Ohio Railroad Company; and
that will at all times, IN all rates when may e.
taoilsh' recognize IN a manner satisfactory to the
Baltimore and Ohio Railroad Company the geo
graphical advantages claimed by it in favor of the
CITY o. baltimore orGi the cities of New York and
/ Philadclphj."
! i resolution having been adopted 10 cancel the
mortgage bonds oil the Company accumulated and
held in the sinking fund for the REDEMPTION of The
mortgage debts and to deduct the same from tho re-
J spectvo mortgage loans the liabilities of the Com
pany, as compared with the statement of the liabi-
ties and assets 30th September, 1862 have been
reduced to the extont of $669, ,2I9.5l.
Whilst deciding upon this action further resolu-
ton has been adopted, by which the equivalent of
the aggregate amount annually of the pruciEa and
interest, which would accrue under the former sys-
TEN. shall continue to be appropriated for the reduc
ton and payment q the mortgage debts Such re
dgeti9ns will hereafter appear in the direct decrease
OF liabilities upon the respective loans on which pay
ments shall be thus made
The balance OF cash in the treasury on 3Uth Sen
tember, 1868, was S2,23S1l. after deductng $751;
l46.25 for payment Of interest on the city loan and
! on the bonds Of the Company which maturcd on lst
! of October. 1858.
The earnings of the Washington Branch for the
year were 5l03 l2@59, showing decrease of G'
compared with the previous year. and an increase of
26i.9S3.90 compared with 1861. The expenditures
charged amounted to S213 1882.
The partial expenditures charged, deducted from
the revenue stated, produced the net sum Of Sl29
oS02I showing decreased @ gain, compared with the
preceding year, OF Sl9i $3.50, and an increased gain
The earnings Of the the Northwestern Virginia
railroad for the fiscal year amounted to aIi622OS6
and the working expenses to S1Ol ,UA5.OT.
On this road seven bridges We're burned and two
partially destroyed, besides the burning of some
trestlc work.
The of restoring the bridges destroyed by the
enemy. with other losses connected with the hostile
occupation Of various portions of the line, and the
large increase OF iron required for the repair of
the road, emil mbraced in the oxpensesn" charge
having been made To the construction account. The
The earnings were So 1887 greater than Tor the
previous year, whilst the EXPENSES increased S137-
II 80 making decreased comparative net result Of
The ratio Of working expenses to the earnings
1 Tor the year 1863, S.ON0.
The aggregate earnings, working expenses and net
| results Of the Main Stem, Washington Branch. and
| Northwestern Virginia Railroad for the fiscal year
have been. viz
Main Stem. Wash n B. y. W. Y. r. R.
Earnings. s. 1856 S708l235g SAG, ,22O. .Si
| Expenses........ 65Si741 2I3,2S332 4OiU95.07
Net Earnings l54O97,65 si29,s9o.27 S5Ol6, ,ll3.7l
Grand Total. Ol6 ll3I
After the reading of the report no other business
being presented, the Stockholders meeting adjourned,
for the election Of Directors to for the ensuing
| twelve months.
| MessrS. John p. Kennedy Miles White and Wm
J. Albert acted as Judges, and on counting the bal
lots the following gentlemen found to be unan
mOUsly reelected by vote of 81 $50 shares viz:
| Johns Hopkins, Samuel W. Smith, Francis Burns,
William A. Hack, John Spear Nicholas John Gregg
c. Oliver O,Donnell James Harvey, William Heald,
Galloway Chester, William W. Taylor, Samuel Kirby
The only change in the Board of Directors is the
substitution of Mr. Samuel Kirby in place of Rich
| ard H. Miles.