The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-02-05

equivalent In capacity 10 16, 664 four-wheSie I
cars. Many Of the locomotives have already
run more than 200, 900 miles, and several have
run more than 300, 900 miles. The Allegheny
seems to have seen the most service. Like
nearly one-haf of the other locomotives on
this road, II was built in the company's shops
.at.Reading. II was first used in lSol' ana
has run 324,870 miles, with . prospeot Oh
further usefulness, as II was, at last reports,
still at work. and in 1868 It run II, ,4S2 miles.
Tba total number of miles run by all the
! locomotive engines belonging to the company
IN 1868 WAS 4,5OO, 1876, and the total number
Of tons hauled one mile on main line
and branches last year was l,O42, ,766
| The total number of miles run by all the
locomotive engines of the company from May,
1888, to November 80, 1868, was 81, ,403, ,753,
and the total number Of tons hauled one mile,
between same dates, was IL, 474 229, 068. This
statement not only gives an impressive idea
of the transportation Of the company, but it
shows that about one-twel6h OF the aggregate
work of the road, during a period of more
than thirty years, was performed in 1868.
During the last eighteen years the business
of the road, although subjected to occasional
fluctuations, has, as a rule, steadily increased.
1t carried more coal in 1868 than in any
former year except in 1866, and although its
gross receipts last year were less than in any
year since 1868, this result is attributable
mainly to a reduction in the charges for
freight, which will meet the cordial approval
OF the public, and which, in view of the COM
petition Of other roads, Is conducive to the per-
manent interests of the company.
The policy pursued by the Philadelphia
and Reading Railroad of extending branches
to new collieries throughout the entire
Schuylkill region, and to various productive
regions contiguous to the main line, neces-
sarily causes large permanent expenditures,
which can only be met by new loans, or by
dividing new stock, instead OF cash, among the
stockholders. While the total stock liabli
ties have thus been increased, there
has been a much larger corresponding
increase in the actual value of the
property owned by the company, aud the
bonded indebtedness is comparatively small.
The stock dividends which are so strongly
denounced by sensational writers when they
are actipg in the interest of ''bear" move
ment, are represented by improvements of
immense value, and the road and its appur-
tenapces could scarcely be reconstructed now
for twice the sum represented by the par
value OF the stock. Systematic cash divi-
dends have been prevented in part by the
extraordinary expenses for repairs aud
for maintaining the road in good order, as
well as by the numerous extensions to which
we have referred. Terrible wear and tear are
inevitably caused by the enormous amount of
transportation conducted by the company.
The average life of the iron rails is but few
years, and in 1868 more than eleven thou
sand tons of new railroad iron was laid down,
costing $S71, ,4S2'S6, while nearly an equal
quantity of old iron, valued at S546, 98l'O2
was taken up-the net expenditures for
new railroad iron, used for renewals
being 1924, sol "a. The company are endeavor-
ing to reduce these expenditures to the lowest
standard, however, and for this purpose have
erected large rolling mill. 1t went into
operation in April, 1868, aud at the date OF
the Presidents report (Jsuuary 8, 1869 it
had manufactured S97l tons of rails, which
are believed to be of superior quality.
The current business of the railroad is not
only large but profitable, the gross receipts in
1865 being s,79l, 937, and the gross expenses
So, l62, ,5ll, leaving net profit of 81, 629, ,426.
As the road is we'll managed aud constantly en-
largipg the wide sphere of its usefulness, the
period cannot be lar distant when it will be
enabled to declare regularly large cash div-
dends.