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

Disbed to distribute them TO points of CON
sumption. But it soon became evident that
this could not be depended upon, and that
our cars must pass to New York to meet pur-
chasers of their contents or the business of
the company would become dwarfed to that
of a second-class railroad-a fate which the
interests of the shareholders would not permit.
To remedy this difficulty, this company, at
On early period, offered to join the citizens
or corporate authorities in establishing lines
of steamers between this port and Liverpool,
but without eliciting any favorable response
until the present time, when the required
stock subscription to such line has been
made. The success of the project now
depends upon the purchase of one and
a half millions of the bonds of the
steamship company guaranteed by this
company. The board has agreed
to take a majority of the stock of this COM
pany not exceeding $400, 900, and make this
guarantee, and now submit their action for
your approval In the success of this enter
prise the board has the fullest confidence,
and it may be stated that the delay that has
occurred in the organization of the line is not
without its compensating advantages, as it
will enable the company to profit by the very
gTtGt improvements that have been made
within the last ten years in the construction
of steamers and their machinery, which have
rendered almost obsolete steamships built
previous to that date.
Even with the old of this line of steam
ships, the tonnage capacity of your railway
will be far in advance of the ability of this
city to market, and the surplus must continue
as heretofore, to seek New York and other
cities. In the adjustment of rates of freights
from and TO the West, the differences due to
the shorter distance to Philadelphia have
always been maintained. This discrimina
ton, however, depends altogether upon the
action of your board for the time being but
arrangements may be made by the corporate
authorities of Philadelphia by which these
differences will be permanently adhered to.
Your directors have had under considera-
tion for some months the propriety of leasing
| the railways and canals of the Joint COM
panies between Philadelphia and New York,
| but have not as yet come to satisfactory
conclusion in relation to this very important
| question. The principal object desired by
this company is to secure ample facilities for
the accommodation of the large traffic
and its prompt delivery at that
point. These joint companies have
been unable or unwilling to give us the facili-
ties desired, and our business is consequently
restricted in its development, and the termi-
nal expenses unnecessarily increased. The
| effect of such lease will not be detrimental
to the interest of this city, as it is intended
troffic that has always existed in her favor,
while its influence upon the prosperity of
your company must be material if the lease
is obtained upon satisfactory terms. The
rate at present demanded is greater than the
joint companies have derived from the net
profits of their lines for some years.
Your Directors take much pleasure in ac-
knowledgipg their indebtedness to the Gene
raj Superintendent of the Pennsylvania Rail
road, A. ]. Cassatt, Esq, and his assistants,
| for the freedom from serious accidents on
the road during the year, and for the very
satisfactory reductions that have been made
in the cost of operating the line, notwith-
standing the increase of its tonnage They
also mention with commendation the success
of the General Superintendent, w. A.
Baldwin, Esq, of the Philadelphia and
Erie Railroad, in the management of his line
under the extremely low rates that it has
been compelled to accept during the year.
TO the General Manager of our leased lines
beyond Pittsburg, j. N. Mccullough, Esq,
we are especially indebted, for the very salts
factory profits that have been realized from
the railways committed to his charge, under
the low rates upon through freights that have
| prevailed during larger portion of the last
| season.
Respectfully submitted.
| 4 l.. A 4.