The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1871-02-21


revenues more than sufficient to meet the in
terest upon all of the obligations mentioned,
while the operation of the sinking fund of
the Pittsburg, Fort Wayne, and Chicago Rail
way Company, the terms of which have been
faithfully complied with and the semi-annusl
amount due charged to running expenses,
will pay off the whole of its mortgage indebt-
edness, amounting to $l3, ,563, 600, before the
bonds are due.
From this general review of the interests
of the company in the West it will be per-
ceived that, while securing to the company
and this city uninterrupted communication
with the trade centres of that region on and
east of the Mississippi river, the board has
at the same time also invested the means re-
quired to secure that object, so that they will
yield satisfactory direct returns to this COM
pany.
The difficulties encountered by this COM
pany in securing harmonious railway conneo-
tions with the West have also been met, in
its efforts to open communications with the
capital of the Union with which the Northern
Central Railway, and your road have formed
the most direct route of travel to and from
the North and Northwest.
The Northern Central Railway Company
fell for time under the control of the presi-
dents of the Baltimore and Ohio and the Phi
ladelphia and Reading Railroad Companies,
who represented interests adverse to those of
this company, rendering the object we de-
sired of no easy accomplishment. During
the monetary panic in Baltimore, however,
Immediately after the election of President
Lincoln, the interest of the frst-named
party and many other shareholders in
the Northern Central Company was
thrown upon the market and imme-
diately taken up by this company.
The remaining shares required to make a
majority of the stock of the company were
- UIl.:
secured to this company a satisfactory con-
nection with Baltimore; but to reach Wash
ington the Baltimore and Ohio Railroad had
still to be used. Every effort to obtain rea-
sonable terms connecting our route with the
national capital failed. Neither the sale of
through tickets, the right to check through
passenger baggage or to run through
trains would be yielded, while the
rates demanded upon freight passing over
this line were quite prohibitory. These dis
advantages were submitted to until the Balti-
more and Ohio Railroad Company determined
to extend branch of their line to Pittsburg
when further forbearance, it seemed, would
be construed into weakness, and steps were
at once taken under the auspices of the
Northern Central Railway Company to build
an independent line from Baltimore to the
Potomac, at Washington. This road is now
psayly ready for the rails, and will be imme-
to the Northern Central Company's Depot,
and thus open to the capital of the Union
direct and uninterrupted communion with
the North, Northwest and Northeast.
The products of the anthracite coal fields
and the white pine lumber regions of Penn
sylvania consumed in Washington and vici-
nifty, that have heretofore been excluded from
the Northern Central Railway by the exac-
tions referred to, will, when this road is CON-
pleted, furnish large and increasing traffic
to that line TO make this enterprise CON-
plete arrangements have been made to extend
the road across the Potomac, through Alexan-
dria, to a junction with the Richmond, Frede-
ricksburg, and Potomac Railroad northeast of
Fredericksburg, thus forming a direct aud
continuous line of railway between all import
ant points in the Southern Atlantic States
with those of the North and East.
On reaching the Richmond Fredericksburg
and Potomac Railway, however, we unexpect-
edly met the restrictive policy which has
heretofore governed most of the seaboard
railroads south of New York, policy which
belongs to the past and which we trust will
soon be abandoned as inconsistent with the
interests of the public and permanent inte-
rests of the shareholders of that company,
and traffic be permitted to reach its destina-
tion and market whenever it will leave margin
of profit to the transporter.
The privilege secured to the shareholders
of the Harrisburg and Lancaster Railroad
Company, under the lease of their railroad
to this company, to convert their shares at
par into the shares of the Pennsylvania Rail
road Company, terminated on the twenty
ninth day of December last, leaving 1856
shares, equal to $352, 800 of the capital stock
of that company, still in the hands of indi-
viduals, upon which semi-annual dividends
of three and half per cent have been guar
anteed by this company.
The gradual alignment of the old Philadel-
phia and ColumbiaRailway is still in progress,
and will be continued until the whole line is
! brought to the standard of modern railroads
That portion of the line between this city
! and Steamboat Station in Chester county,
| where the most numerous and abrupt curva-
lures were laid, will be rebuilt and ready for
use by the autumn of 1872. Grading upon
| this and other portions of the main line at
points best suited for the purpose has
| been commenced for a third track to avoid
the vexatious detentions that now occur ia
passing trains in the same direction, travel
| ling at different rates of speed.
There has not been much progress made by
| the Allegheny Valley Railroad Company to-
wards the extension of its railroad (known as
the slow Grade Railway to the Philadel-
phia and Erie Railroad at Driftwood, except
its relocation under the direction of John A.
Wilson, Esq, Chief Engineer. His survey
demonstrates the entire practicability of con-
tinuing maximum gradient of eighteen feet
per mile on straight lines from Columbia,
Lancaster county, to near the summit of the
| Allegheny Mountains, and thence reaching
the tunnel under the mountain by short
exceptional gradient of only thirty
six feet per mile, in favor of
the heavy grade. The descent from
the mountain to the Allegheny river is ac-