The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-01-14
wno Annual Report Ter lSa1
p, ". 4 B. n. r.

Mo, aarn,nps OF both roads........ s77d. .4li S3
r5e T TyoIinwips dividends OF four per cent and
limited States were tax paid, VIZ ISL Janusn,y,
iSoo T' a ;se9 sSSI aS6 81 lst July, 1868 from
net eaTnIngs for six months, enulhS Apfh 0O,
1893. $3.50 5sl 5 in all smaller by more
tban four per cent than those OF tne pInyniOus pn Jus
year; while the receipts from Ire,s srom same
ptouTces is1 1867 The gross earnings from all
sources were less than those OF low ,se ~ iOa @
than two per cent aa dn9 If pths pfeceding year,
were less by little over iOur per e, CUuv. ,. ,h -
The policy OF !lpeIaI ,h coTipnam1;s on nronsTtv
fnlIv no 10 It's value at the beginning OF tue
wear nas been adhered 10; ana ~ u Delleyed
mat the road, rolling STOCK, aud other property
are In excellent condition; ,,.
the SusquehannR Bridge each succeeding
wear lus tihes more iully the action OF the COM
many in erecting IL, Notwithstanding the large
ontIey required for the purpose.
In ,hn ar,iei faiinrs ny the ,rin
crop in Delaware, and on the Eastern Shore of
MARYLAND, the net receipts from operating the
nav the rent thereof, and the deficiency Is tenn
SporaTIly borne by this Company.
,oad nroyides that in addition TO a rent Of six
per cent. upon the capital stock, IL 10 TO pay TO
mat Company one-half OF any surplus which
IL may earn after paying the rent and working
expenses of the road. The question arose as to
the meaning Of this provision. The Delaware
Railroad claiming that there is a divlsible sur
DluR whenever the business Of any one year
shows surplNs, and this Company claiming
that there can be no divisible surplus until they
have been reimbursed for all the .osS hitherto
sustained in operating the Delaware Railroad.
The Philadelphia, Wilmington and Baltimore
COmpany's views were sustained by the
referees and as the business of the Delaware
Railroad is Increasing, there is every reason to
suppose that ere long this Company shall re-
0eive net earnings from operatlng 1t, not only
sufficient TO pay It's rent hut also 10 gradually
reimburse to IL the past losses, amounting in
the aggregate TO over S2OOOOO,
Tann aiFanV htN TN
State Of Delaware the report says;-
'In 1884 the Legislature OF Delaware provided
by statute that This company should pay 10
that state o tax of ten cents per passenger upon
each passenger transported through, upon,
over or across any portion 81 M tn9S State, Inns
with this statute. The United States Supreme
Court has recently decided that d tax levied oy
a state upon passengers transported by COM
mon carrier across the boundary line of that
State is unconstitutional Learning this de.
oision, this company hasdeclined to collect and
pay over this tax after November !, 1858. ex-
ceptng that portion Of it woich Is payable by
those passengers in Delaware who are not
transported across the State line"
In relation TO branch and connecting roads
the report gives the following summary
THE Wicomico and Pocomoke Railroad, con-
Meeting Berlin with Salisbury, has been com
pleted during the past year. The Dorchester
and Delaware Railroad is ready for operation
for twelve miles OF its eastern portion. The last
rail has been laid upon the Chester Creek Rail-
road. The work of construction is rapidly ad'
vancing upon the Wilmington and Reading
upon the Maryland and Delaware, upon Queen
Anne's and Kent County, and upon the Town
send Branch. All of these roads will brins
traffic 10 our roads, and so soon as the business
OF the country reviveS. we confidently eXpec
considerable addition to the receipts of th'
past two years"
The Treasurer's report which accompanie
that OF the directors shows that the total asset
OF the road, including roai bed, track, bridges
real estate amounts due, cash, etc, amoun
80 the very comfortable sum OF thirteen mil
lion hfty.eight thousand seven hundred an
Dureen dollars and forty'fVe cents (SlS,O5S
The company's current liabilities amount I
t6l4 ,3O9 80, and its funded debt is 50 359 0Ol
making It's total Indebtedness 80 S73, 300 81
leaving a net capital of $40 1876, ,4O5l5 The capi
tai stock of the company (par Value) is S0O5S, BOX