Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1867-02-28

The Shareholders will perceive by
comparing the above items with their
cost, as shown in previous reports,
that in addition TO the payment of
dividends upon your original invest
ment, equal to 46 per cent above legal
interest, the cost OF your Road from
Philadelphia 10 Columbia has been re-
duced 5000 and from Harrisburg
TO Pittsburg, Sc, 1865 from the sur
plus profits of the Company; and the
Equipment of the Line, which has cost
Sl0.603, $50 55, is now represented at
s3,37l,214 SO.
The Sinking Fund, which cost
1896, ,367 6S, it is believed is ample,
with its accruing income, TO take up
at maturity the debt of the Harrisburg
and Lancaster Railroad Company, and
still leave in il all the stocks that it is
important that this Company should
retain for the security OF its traffic.
This conservative policy has been pur-
sued in view of the adventitious char
acter of the traffic Of the line during
the past five years, and for the pur-
pose of giving the Company a fnan-
cial strength which will render the
continuance Of its dividends certain, in
dependent Of the action or policy Of
rival lines
The company has been placed in
this strong position while it has, al
the same time, TO a larger extent than
any other Corporation Of the kind,
promoted tho development Of the in
terror ofthe Commonwealth by aiding
the completion and extension of other
Railroads where private capital would
notincur the risks of such investments.
At the commencement Of its work,
the views of the Company extended
only to the construction Of railway
between Harrisburg and Pittsburgh.
Sut in operating such line in con-
nection with the uncertain and fre-
quently adverse management Of the
Philadelphia and Columbia Railroad,
under the State authorities, it became
evident that it must fail to meet the
Just expectations Of its projectors,
unless an independent connection could
be made with its commercial depot,
or lease or purchase Of the existing
lines effected. After many abortive
efforts, this object was accomplished
by n lease of the Harrisburg and Ian
caster Railroad, and the purchase Of
the State improvements at high
price, but upon satisfactory credit
The great point, however, of securing
harmonious action throughout the line,
from Philadelphia to Pittsburgh, was
accomplished, which at once impaired
now life and vigor to the enterprise,
and insured its prosperity.
1t was early forseen that trunk
line, intended to accommodate the
traffic between the East and West,
would fail in its object If wholly de-
pendent upon the uncertain naviga-
ton Of the Ohio River as feeder.
The earlier commencement of the 9th
er trunk lines had already diverted
the routes OF the railroads in progress
from the commercial centres Of the
West towards the East, to their works.
To overcome th.::s disadvantage, il be-
camo essential that other lines con-
meeting your road with these trade
centres of the West should be com
menccd, and to effect this, direct and
efficient aid by this Company towards
their construction was necessary. So
fally impressed were the Shareholders
Of this Company at the time, Of the
Importance OF this movement, that, in
voting such aid, they exceeded the
views Of the Directors. The three
principal lines selected for such aid
were ono TO Cincinnati, second to
the centre Of Ohio, at Columbus, and
a third towards Chicago. The con-
nection with Cincinnati via Marietta
was adopted, and failed from the mad
equsto means provided TO construct y