The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-02-14

Increase ....... 2l,6gS
Total tonnage carried in 1869. ......... l,sO2,O41
Total tonnage carried in 1s6s.......... 1,OsO,slo
2i1,196
which is an increase of nearly 20 per cent upon the
amount transported over that OF the previous year,
and about l6E per cent upon the gross receipts OF
the road. The increase Of tonnage has been chiefly
from the Lake frelghts, which have to be carried at
very low rates to compete with other lines.
The following statement Is submitted as eXhioltng
the amount OF our stock and bonded debt, and the
application Of their proceeds, ETC., up to the 1st OF
January, 1850, viz. -
Common stock issued. 004,3O0
lat mort per cent bonds on road from
Sunbury to WiamspOrt. ................. 100000
1st mort. per cent bonds on road from
"a mort. per cent bonds on road from
WiIliamsport to sunbury ................ 100000
whole road p'i s,5ss 900
Total stock and bonds. s21, ,OO2, 800
THESE last bonds wiz 81, ,b9s OOO).were issued in
conformity with an act of the Legislature passed IN
April last authorizing this company to issue twenty
millions of bonds on a mortgage OF the whole road,
and bearing interest at rate not exceeding seven
per cent.
bouds is set forth IN detail, and then the report
says:-In connection with this subject, it may here
be remarked that neither in the transactions just re-
ferred to or in payment for work done, or for any
other purpose than its legitimate object viz, pay
menSninS al oTsanzaon has any pap of the thirty
per cent. OF the gross receipts due this company
ever been applied
In March last an act was passed by the State Le-
gis ature which Qn order to encourage the construc
ton Of low grade railroad between the waters OF
the Allegheny and Susquehanna, by the route cum
monty known as ''Bennet's Branch), authorized the
Allegheny Valley Railroad TO build said road, and
Tor TINS purpose 70 take from tne S5se "a eo Ie
and g. 900 600 per cent he latter held as colla-
teral placed there in purchase Of the State Canal
interest, etc. and to substitute therefor their own
bonds for S350Q000 Subsequently your board
agreed to perchase and pay the Allegheny Railroad
for all the bonds and claims II held by purchase
from the Commonwealth Of Pennsylvania, these re-
iieving the company from all It's bonded obligations
tion OF our bonded Indebtedness
In the fall of lS6S the grading Of eighteen miles Of
Bennets Branch Railroad was placed under contract
by this company but in consequence OF the passage
OF the act authorizing the construction OF the entire
road by the Allegheny Valley Railroad, the work
now being done will, when completed, pass into the
hands OF that company. Its cost thus far has been
kept as an open account and 1t is not included in
the settlement of annual account
A contract has been concluded with the Allegheny
Valley Railroad, by which connection will be made
with the Philadelphia and Erie Ralroad at DriIt-
wood, and from which all the advantages OF re-
cproca trade will be derived and secured In perpe-
The gross receipts from the road in 1869
were as before stated ss 1866 O5
Thirty per cent of which is ............ 95s,OOs12
Add balance Of last year r..............." s2,62l A
And the amount to the credit Of the
company is ST. ,50O'as
rest on bonded debt, preferred stock,
sinking fond, taxes, and maintaining -
organization 2e40T7
Balance due en- earnings gs............... $3.50 SO
This result has been produced by the increase OF
interest account IN the issue OF s359S OF gold
bearing bonds on the LIST Of July last and the pay,
$165,000 due on the last three years, no payments
having been made hereafter on that account. The
amount due on the sinking fund the present year
will be S65,000.
permanent business connection on mutually
favorable basis with the Oil Creek and Allegheny
River Railroad, embracing in its circuit of nearly
one hundred miles in length large portion of the
barrels per day, has long been deemed OF paramount
importance by this board. The object has been at
taned by the purchase OF 900 shares, or majority
of the capital stock of that company.
This road is doing remunerative business, is free
Of any floating debt, and Is paying quarterly div
dends OF 2h per cent, without thereby absorbing
On the list of January, 1859, there was due to the
Pennsylvania Railroad Company, on constructor
Which, with some other advances by that
company amounting to.......,.......... 100 1OI'Ot
Made total OF. .s42s 74O.1i
Which was settled by the 1st of July by thai
company receiving the new issue OF gold bonds In
large amount of work has been done on the lin,
during the past year, consisting chiefly in the coz
structiOn OF upwards of ten miles of sidings com
pletlon of Lewisburg Branch Road, Improvement
at Erie Harbor, ships station-houses, etc.
On the 31st OF December, 1869, there was
due on construction accounts 1851 ,OT2 -
When mas been IN part palu, as iOlOWS:-
BY proceeds OF sale OF per
Receipts from sale OF 1000 shares
of OIL Creek ana Allegheny
Railroad Stock. ,,......... :. 1O0 100000
And four quarterly dividends
from that route e....,..,....- 2lOOoO'U ,. .
Leaving stn balance due the Pennsyl-
vania Railroad January !, 1910, fQr con-
payment for which may be made in 6 per cent. bond
Of this company.
Thus far our receipts from, earnings have bee
suniclenS tor the payment oi our interest accoun
Your road is now in good condition and has bee
run with much regularity during the past year. nj
The exception gradients Immediately east OF Ell
of Kane and St Mary's all require that secoI
track should be placed upon them as early as praci
cable and TO- avoid anoher U M SraoSt NJ mn
poses must be laid for about seven miles upon u
south side OF the river.
The report was accepted
Mr.. G. DInyilers offered the following resol
tom
Resolved That the Trustees OF the Sinking Fun
be directed TO invest the amount I'm their hand
say S165 900, into the bonds OF this company, givl
preference to the earliest maturing whenever tn
ON motion OF Mr.. John M. Kennedy action ON {
reso ution was postponed until after the recess,
and ascertain II 1t would be for the best to embarrG
the action OF the Board OF Directors by passing I
M. benjamin. Marshall offered the following;-
ResoIued That the Board OF Managers Of this co
pany be and they are hereby anthorized and
nnnested TO confer with the lessees OF its road a
nroperty, and, II practicable, to agree with tn
npon such notifications OF the terms and conditis
Oi said lease as said board may IN their ludgm
deem right and proper; and the SAID BOARD
vested with full power for and on DenalI OF TINS C
pany 10 enter into any agreement respecting
Mr. Marshall explained that, in offering this r.
tion he wanted 70 Increase the revenue OF tne rc
Many Of tBe articles carried ever the read Wer