The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1871-02-13

e r L L.

ERIE.
Eho Annual Meeting of the Stockholders Ofthe
Philadelphia and Erie Railroad Company
Yhe Annual Report-The Election Of Mama
gers.
The annual meeting of the stockholders of the
Philadelphia and Erie Railroad Company was
held at 10 o'clock to-day, at the Office of the
Griscom in the chair. Mr.. George P. Little
acted as Secretary.
The minutes of the previous meeting were
read and approved.
The annual report of the managers was read
by the President, E. +. Gay, Esq. 1t gives the
following exhibit of the earnings and expenses
for the year ending December 81, loIo;-
EARNINGS.
Freight SOY & io5o5
Passengers. 0O045S'5l
Express s............................ SS lns5
Mails: ..........s .s..'..'.''...'.'''''''" ' ao'OWNO
Miscellaneous ''..'.'.'.''''.'''''.''.' EV,SSSSS
Total. ............... s8I4l,OlI7I
EXPENSES.
Conducting transportation ............. tLl2 TOPS
Maintehsnce Of cars .......... 26O1iO25
Maintenance OF way.......,...,........ so',9lzEo
Total. al............................. .12577, ,728'43
Leaving as net proceeds ............. $685. 316'29
The earnings in 1863 were ss, 1856 69I'O5
Number of passengers in 1852 ......... 65lO3s
Number OF passengers in 1870. 666 1877
Increase 1879
Total tonnage in 1859 ................... 1,sC2On
Total tonnage in n1sT0................... 1,6l4'91
Increase .......................... 319,l5s
The report thus continues
From the above 1t will appear that, notwth-
standing a very fair increase Of passengers and
freight the total earnings shave been less than the
previous year, which is accounted for by the very
low freight charges rendered necessary to compete
with the Erie Railroad of New York, whose rates
were SO low as to reuder the business Improbable
to themselves and injurious to the interests of other
believed that
be abandoned, and rates established remuneratve
to all parties, which can readily be done by mutual
adopted"
The following statement shows'in detail the
account OF the road with the Pennsylvania
Railroad Company
Balance due on construction account
Amount paid fer construction in 1870. s02,75T.29
Paid interest funded debt in 1910. $780, 1862
For maintaining organization. .......... s,050'26
sl,4Os, 2lsl4
Income of net earnings for road. ...... $500 sls2s
Dividends for o. c. A. X. II. r. stock. 20,O00 90
Interest allowed. wed....................... 23,33TO6
S799 9,65s's5
Balance due Pennsylvania Railroad 90.
"From the above statement it will be seen that
after dedueting the sum OF s340, &c due on con-
struction account the receipts Of the road have
fallen short of the amount necessary to pay the
working expenses and interest on the funded debt
cheney is accounted for in the necessity OF paying
gold instead Of currency for interest on large por
ton OF our bonds, but the principal part, as before
stated, is due to the low rates OF freight charges
''This will be apparent from the fact that II cir
cumstances had justified additional charge OF one
quarter OF one per cent per ton per mile on 6550OO
tons, being nearly the average amount of tonnage
carried over the entire road, the receipts would
have been sufficient to pay the working expenses
and interest on the funded ebt and leave balance
OF 1902 III to be applied TO construction or other
purposes
good condition. and the operating expenses COM
pared with other roads have been Qn proportion to
the amount of tonnage carrled) qdite favorable.
"The General Superintendent confidently expects
to be able to make a considerable reduction in the
working expenses OF the present year. The i'm
sst in deepening the slips in the harbor Of Ere the
construction of sdings and the erection OF round
house for locomotives At st. Marys. Arrangements
are now in progress looking towards material ex-
tension OF the business during the present year.
The, stock and bonded debt OF the company remain
the same as on the 1st OF January, 1870"
The Treasurer's report, giving the items of the
Board of Managers report in detail, was also
read and received.
An election for managers to serve for the
ensuing year was then entered into. Telers
were appointed and the meeting took recess
until 12 O'clock, when the report of the election
should be presented.
On the reassembling of the stockholders it
was found that the following gentlemen had
been unanimously elected:-Messrs. Edward +.
Gay j. Edgar Thomson, Wstar Morris, Henry
Duhring, Jacob P. Jones, Josiah Bacon, Samuel
T. Bodine, John M. Kennedy, Washington
Butcher and Henry d. Moore.