Delaware tribune. [volume] (Wilmington, Del.) 1867-1877, 1870-01-13
p. w. C B. r. r.
Annual Meeting-Change in the
Board.
Annual Report OF tho 0mcsrs.

Annuoi Report OF tho Onicorb.
The annual meeting OF the stockholders of the
Philadelphia, Wilmington and Baltimore Railroad
Co. was held at the company's office. iu.ths city
on Monday. Several changes were made In the
Board of Directors, and the new board consists Of
| the following named gentlemen
Isaac Hinckley, Wilmington; 3. NJ. Felton,
Pennn. WIN. Sellers ard Samuel WEIGH, Phila
delpbia; Jesse Lane, Joseph Bringhurst and
Enoch Pratt Thomas Donaldson, Thomas Whit
side, and s. NJ. Shoemaker, Baltimore; jacob
Fome, Port Deposit, and N. Thsyer and Edward
Austin, Boston.
The new Board met and re- elected the follow.
ing officers -
Isaac Huckley, President
Enoch Pratt, Viae President.
A. HOrncr, Secretary and Treasurer.
The retiring members of the Board are Frcder-
lex A. Curtis, of Newark, Del, j. l. Cohen, Jr.,
and Columbus O'Donnell, of Baltimore. The
names added are those OF Thomas Whitside aud
). NJ. Shoemaker OF Baltimore, and Edward Aus
tin of Boston.
ANNUAL REPORT.
The report of the Board of Directors for the
year ending October 3lst, 1869, shows the receipts
of the Philadelphia, Wilmington and Baltimore
Railroad to have been 81 500, 302, 81, and of the
New Castle a1d Frencht9wn Road to have been
S77 1886 6l, making total for both roads Of
~, 6l3, 1882 The expenditures of the p, W.
aud B. were 81 ,8Ol 1851 .8s and OF the New Castle
and Frenchtown 54i 1872 5S, making total ex-
pendture for both roads OF 81, si6, 17446 leaving
balance of 1896, y64.46, to which Is nddpd the
gain from the Delaware Road, $8,74245, making
the net earnings for the year SS05, D1. Out
OF these earnings two dividends of fourper cent.
each were paid, amounting TO S776, 151.5S.
The passenger receipts were over a per cent.
larger than those OF 1868, and tho receipts for
freight express, &C., over II per cent. larger.
The gross earnings from all sources were over
per cent greater than in 1868, and the operating
expenses were over 10 per cent larger. The In
crease In the operating expenses Is wholly due to
repairs, and but Tor this would have been smaller
than In the previous year. An unusual number
of steel rails and new cross ties laid during lle
year sweed the repuir account. In relation TO
steel rails, the report says:-
"The additional experience gained In the use Of
OF Steel Rails, confirms our previously expressed
opinion, that true economy demands their use
upon your Road In place of iron Rails. OF over
thirty 500 miles laid with ERgish steel rails upon
your road, not one rail has been removed for any
out OF more than two thousand have shown any
imperfection.
"The best steel rails can be bought for delivery
in 1870 ct but 20 per cent. advance upon the cost
of best iron rails, and unless henceiorth there b.
n greater relative difference in the cost of Iron
AID Steel, the purchases of iron rails for renewals
OF your tracks, will probable cease"
During the year, oil depreciation In Road,
Rolling Stock, and Buildings, has been fully met
by q liberal expenditure for new buildings, roll
ling stock, and track, and the Directors believe
that the property is at the east valuable as IL
ever was.
The business of the Delaware Railroad afforded
profit of nearly Thirty-Five Thousand (535, 5000
DDa's. In accordance with the terms of lease
of the Delaware Railroad, there have been placed
to the credit of the previous losses OF this Com
pany US lessecs. three-iourtbs of this profit, while
the other oue-fourth part has been added to the
earnings of the p, W. & B. r. X. Co., Tor 1869.
The prospects Of the Delaware RAILROAD con-
tinue TO improve. The peach crop of the PENN
sula was larger than ever before, although large
area of territory was entirely unpOductive on
account of late frosts The quantity of peaches
brought upon the Road from the Peninsular
Roads, amounted to about two millions Of bas-
kets or four thousand car loads.
During tho year the Dorchester and Delaware
Railroad, which, with the Dorchester branch OF
the Delaware Railroad, extends from Seaford, on
the Delaware Railroad, in Delaware, to Cam.
bridge, Maryland, a distance of thirty-two miles,
was finished.
The Maryland and Delaware Railroad was
opened to Easton, u distance of forty-four miles
from its connection with the Delaware Railroad
at Clayton.
Tho Queen Anne and Kent Railroad and the
Kent County Railroad, were each finished to
points about ten miles distant from the Western
end of the Townsend branch OF the Delaware
Railroad, the former Southwardly towards Cen
lrevle, Maryland, and the hitter Westwardly
towarJs Chesiertown, Maryland.
The Junction and Breokwater Railroad, which
connects with the Delaware Railroad, at Harring.
ton, has been extended to Lewes, and is now forty
| miles In length.
Most of the Peninsular railroads arc furnished
with their car equipment from this Company
and, In several cases, IL has been deemed judicou,
to afford encouragement to them by Temporal,
! drawbacks upon the business which they do Ii
connection with roads operated by this Company
The business brought to this Company by II.
new connections with tho Philadelphia and Bllti
more Central Railroad, made seven months since
amounted to over $27 900. and may reasonably
| be expected to increase rapidly.
| The report alludes to the interruption of trave
| for 20 hours by the flood last October, but says
but small Inconvenience to the public resulted d
| tolcruhy direct route having been Temporal j.
| opened via the Chester creek aud West Chcsttl
and Philadelphia Railroad, without change o.
| cars.
For the purpose of purchasing some desirabl,
securities of connecting companies and OF paying
a portion OF the floating debt incurred while
| building the second track, the Susquehanna
| Bridge, and the Port Deposit branch, the Direc
have issued and sold at rates considerably above
| par SO91 shares of the Stock of tho company
| deeming that course preferable to appropriaiinl
a portion of the net earnings OF the year to tina
purpose.
The board has caused TO be made q revauatior
of the assets Of the Company and charged agains
|
| principal valuation requiring such correction wa
that Of tho stock of the New Castle & French
town X. H. ~ I. Co. This stock at one tim,
stood valued ON the Company's books Mt 1861,
| 1875. Aitel tho sale OF the steamboats, 1t was re
duced in 1869 to 574i, 425 and it has remained
unchanged since that date. The report says:
Undoubtedly the value OF the franchise of tina
Co. was such at The time, us to Justify that valua
| lion. But nasmuch as all of their track, except
ing about six miles thereof, was taken up many
years since and laid upon the Delaware Railroad
aud the stock has been recently valued by expert
at e150, 000-the difference amounting to 1904 AZ
has been charged to "Revenue Account"
| Amongst the assets were also charges agans
connecting Roads, for transportation, previous l.
1865, principally for troops and munitions of wal
which on final settlement yielded less by 81, lij
08 than the aggregate credit to these account
as they stood upon the books of the Company.
These items, together with a few smaller ores
such the loss upon Steamer Felton, bougl
before the erection of The Susqnchanna Bridge
as an auxiliary ferry boat, and recently sold ap
Il loss by robbery of the Company's safe at Wi
mlngtoD, in 1869, have. as will be seen, on refei
eucc to the Ba.ance Sheet, been charged to Re,
enue Account"
In conclusion, the Directors report, that i
their opinion, the company's property is 10
sound condition, and the prospect for It's iutur
| appnurouinp