The evening Argus. [volume] (Rock Island, Ill.) 1861-1871, 1870-03-21


OF railway leased by this COMPANY. not Al.
ready reierred-all of which are in Penn.
sy'VaniA-show . balance of receipts over
expenses.
The interest held by this company in the
Pennsylvania Canal Company, is stssd,lv
improving In value, and when the ENLARGE
ment is complete, it will become profitable
addition to their investments in other works.
its cost stands upon their books at 81, ,lOl,-
l56.
The coal traffic of this company i. gradu-
ally assuming large proportions, and al
ready gives 70 their railway q constant busi-
ness 9, rates that yield very small profit
per ton; but on the large amount transport
ed l2,329,35s tons) the net revenue from it
10 OF considerable importance.
The details of the coal trade Of the Penn
syivania Central and its sdjuncss is given
In the report, and We wish We had space
to pubhsh them.
The original policy of this company WAS
to reach the traffic of the Northwest, West,
and Southwest by assisting the construction
OF tributary lines leading to the markets OF
these sections, but not te control their man
agement beyond the State of Pennsylvanis.
With this object In view, IT gave 10 the
Pittsburgh, Fort Wayne Chicago hallway
Company, at several periods OF Its EXTREMIST
need, large advances TO complete It's line
and preserve its property to It's shareholders,
under written pledges that its eastward bus
mess should follow the direction which
prompted and justified this company in
granting the assistance SO earnestly solicited.
Under the conviction that this agreement
was ample, it WAS not believed that further
protection to their interests in the Northwe
was either desirable or important. The rap.
id growth of this section Of the country, how
ever, placed that company, in a few years
after Its completion, In condition of great
prosperity. 1t then, unmindful of its former
obligations, endesvored to seek other eastern
connections, that it could control through
this company, at all times, gave to Its bust
ness the same rates per mile that it charged
upon its own line, upon both passengers ana
freight. Extensive surveys we're accordingly
made of the regions east Of Pittsburgh by
that companv to find . suitable line for this
object, followed by material pecunisry ad
vances to a railway company whose road it
was proposed to use as part Of this rival
route to the East; but during the progress
of these movements an effort was insugur
ated by the Erie Railway Board to absorb
not only the Pittsburgh, For, Wayne &
Chicago line, but nearly all tho western con-
nections of the PennsyIania Railroad Con-
pany, which only failed from . misapprehen-
sion of the terms of the Law under which
they proposed to accomplish their object,
and subsequent adverse legislation procured
by the President of the Fort Wayne Com
pany.
In view of these facts, it became evident
10 the Board that they must obtain absolute
control OF their western connections, Ne
gotiosions were accordingly opened with the
directors of the Plttsburgh, Fort Wayne &
Chicago Railway Company, who had also
become apprehensive under the vicious
system that had been developed in New
I ork, by which stock and bondholders Of
railways and their agents sold their proxies
to vote at the elections of the company, with
out any regard 20 the interests involved in
the issuel, that their own work might fall
into hands whose object would be 10 seriously
pair the permanent interests of their con.
After q heightened negotiation with the
Directors OF that Company, lease was
agreed upon, and this company entered into
possession Of the Pittsburgh, Fort Wayne d
Chicago Railway on the est day Of July last.
The terms of this lease which gave the share
holders II per cent, on their capital. were at
the time very onerous, and only justified BY
the circumstances already referred to. The
results of its operation, however for first half
year, Notwithstanding q diminished revenue
of 1904. sos 90, compared with that of the
same months In 1868, having through q Wig
orous retrenchment of expenses, left . net
profit of $36,794 43 over all outlays, includ
ing the semi-annual contribution of S52 ,05O
to the sinking fund
For these favorable results the company
is much indebted to the energetic and econ
omicle administration Of Its affairs by j. \.
Mccullough, ESQ.,, its General Manager.
To perfect their connections they entered
into similar negotiations with the Pittsburgh
St. Louis & Cincinnati and Little Miami
and connections BY way of Crestine Colum-
bus, Indianapolis, Terre Hal . and Vandalia'
The Directors take pleasure in again ex-
pressing the obligations of the company to
its General Superintendent, E. Fl. Williams,
ESQ and two assistants, John A. Wilson,
Chief Engineer, and A. J. Cassett, Superin
tendent of Motive Power, for their careful
and iudicious management of the interests
committed to their charge
With such men to attend to their western
business as Thos. l.. kimb.ll, W.
C. Cleland, Mr.. Myers and W. b. Holmes,
the Penns ylvania Central cannot help attain
ing increased popularity from year to year.
Their interests in this section are now care
fully looked after by W. 81. Holmes, OF
Davenport, who takes pardonable pride in
his connection with the largest railway com
pany in the world. The Pennsylvania
Central make the closest connections, run
through trains to New York, and for speed
and safety are the most reliable company in
America.