Middletown transcript., 1869-01-16
Ph,la. Wilmington s. Baltimore Rail Road.


The annual report of the President and
Directors of this road shows that during
the year ending October 31st, 1868, the
earnings and expenditures of the road
were as follows Earnings of P. w. &
B. R. R., $2,393, 1897 50; Earnings of
New Castle Il Frenchtown r. r. $685.
O61 90; Total earnings both roads, $2,-
451 1858 81; Expenditures of p W. T.
B. r. r. for operating expenses, interest,
&c. $1,626,2 ,232 35; Expenditures of N.
G. Il L. r. r. for operating expenses and
$11 900 tax and bonus to State of Della
ware and New Castle county, $40, ,311 43 ;
Total 81 ,675, ,543 78; Net earnings both
roads, $776, Ala s3.
The following dividends of four per cent.
and U. s. tax were paid, viz 1st of Jan
uary, 1868, from net earnings, for six
months, ending October 81, 1867, $751;
1856 81; 1st of July, 1868, from net earn
ings for six months, ending April 30
1868, $685., ,391 So; in all, $763,S77 80.
The passenger receipts were smaller by
more than four per cent. than those of the
previous year while the receipts from
freight and express were slightly larger
than those from same sources in 1867
The gross earnings from all sources were
less than those of 1867 by more than two
per cent. The operating expenses, as
compared with those of the preceding year,
were less by little over four per cent.
The policy of a liberal expenditure for
the purpose of keeping the Company s
property fully up to its value at the begin
ming of the year, has been adhered to ;
and it is believed that the road, rolling
stock, and other property are in excellent
condition.
The Susquehanna Bridge each succeed
ing year, justifies more fully. the action of
the Company in erecting it, notwithstand-
Ing the large outlay required for the pur-
pose.
In consequence of the entire failure of
the peach crop, and the partial failure of
the grain crop in Delaware, and on the
Eastern Shore of Maryland, the net re-
ceipts from operating the Delaware Rail-
road were again insufficient to pay the rent
thereof, and the deficiency is temporarily
borne by this company.
This Company's lease of the Delaware
Railroad provides that in addition to a
rent of q per cent. upon the capital stock,
1T Is to pay to that Company one-half of
any surplus which it may earn after pay
ing the rent and working expenses of the
road. The question arose as to the mean-
ing Of this provision. The Del. II. II.
claiming that there is a divisibe surplus
whenever the business of any one year
shows surplus, and this Company claim
ing that there can be no divisiulc surplus
until they have been reimbursed for all
the loss hitherto sustained in operating the
Del. Il, R. The p. w. Il B. Company's
views were sustained by referees, and as
the business of the Del. r. r. is increas-
lng', there is every reason to suppose that
ere long, their Company shall receive net
earnings from operating it, not only suff
clent to pay its rent but also to gradually
reimburse to it the past losses, amountil z
in the aggregate to over $500, 900.
On the subject of ten cent tax the fol-
lowing brief paragraph gives all that is
said
"In 1864, the Legislature of Delaware
provided by Statute, that this company
should pay to that State Tax of Ten
cents per passenger, upon each passenger
transported through, upon, over, or across
any portion of that State. This Company
has paid about $3.50, 900, in compliance
with this Statute. The United States Su-
prcme Court has recently decided that a
tax levied by State upon passengers
transported by a common carrier across
the boundary line of that State, is uncon-
4
Company has declined to collect and paw
over this tax, after Nov. 1, 1868, except
ing that portion of it which 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 brief
summary.
"The Wicomico and Pocomoke Rail
Road connecting Berlin with Salisbury
bias been completed during the past year
The Dorchester and Delaware Rail Road
is ready for operation, for twelve miles of the
Eastern portion. The last rail has been
laid upon the Chester Creek Rail Road
The work of construction is rapidly adyan-
cling upon the Wilmington and Reading
upon the Maryland and Delaware, upon
Queen Anne's and Kent county, and upon
the Townsend Branch. All of these roads
will bring traffic to our roads, and so soon
as the business of the country revives, we
confidently expect considerable addition
to the receipts of the past two years"
The Treasurer's report which accompan-
les that of the Directors shows that the to-
tai assets of the road including road-bed,
track, bridges, real estate, amounts due,
cash, &c. amount to $13, ,058,714 As.
The Company's current liabilities amount
to $5l4 ,3O9 80, and its funded debt is
~, ,359, 900, making its total Indebtedness
81, ,873, 800 80, leaving a net capital of
$40. lB5, ,405 Is. The capital stock of the
company (par value) is $9,O5S, 300,
The Harrisburg (Pa. papers state that