The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1871-01-09


Annexed to the report will be found the usual de-
tailed statement showing the amount of property
ADDED to the capital OF the company duriy the
year. and also statement showing the va ue OF
new work charged to income account, as represent
ing the difference between gold and currency upon
the amount of the new convertible bonds issued du-
ring the year.
Upon the 18th of July last, after a negotiation OF
many months, the company entered into a lease and
contract with the Schuylkl Navigation Company,
and took possession Of the works aud property OF
the latter company, thus terminating, in friendly
spirit and 1t is believed to the satisfaction OF the
holders Of the securities of both companies rivalry
lease contract is annexed to the report for the
examination OF the stockholders.
The business of the canal since the date 10 passed
into the control Of this company is shown by the
following statement:-
Receipts from coal from
July IL to November 80, in
Receipts from merchandise =
from July IL TO November 30,
Receipts from water rents from
July IL to November 80, n-
elusive. e........................ 2O,l12'76
-----s443,43S9l
Expenses-Repairs. ... ........ S5,43339
Current expenses ............. 22,746It
Expenses On landings. .,...... 25,9S1 "a
Net loss in working canal be-
tween June 1 and July IL,
when under control of the
Schuylkill Navigation Com
paDy, and accounted for to
- 1l6 7os49
Profit in working Canal six months -. s296, 1sO40
Less loss in working line OF boats owned
by the company .......,................. 4O29o46
$685. 4s5'O3
Proportion OF rent from June TO Novem-
Der 3O inclusive Observation-Disclosures. 26s 1891
Net loss charged to profit and loss .. sll, l,978-ss
The capacity OF the canal will be very much n-
creased in 1871 by the addition to the transportation
stock of over one hundred new boats, which are
now being built When these are added to the num-
Der on hand the canal will be fully equipped for
pacity of the railroad in 1871 will be at least 1000
tons OF coal per week. so that at the opening OF the
shipping season OF 1871 the two lines Will be
equipped for coal tonnage of 1S0 600 tons per week
in addition TO the merchandise and passenger traic
and exclusive OF the coal tonnage OF the laterals
which does not pass over either the ma ia liue OF
rsIroad or CANAL The numerous collieries situated
upon the laerals OF the company will be able TO fur
1t is a gratifying fact that the consumption OF
coal In 1870 exceeded that OF 1869 by about 100000
tons.
With moderate prices and continuous trade for
1871, it is believed that the market will take fully
1900 900 tons more than were produced IN 1870 The
experience OF the past year, and the suffering in
Cured by the workngmen in consequence Of the
prOtracted strike which resulted so dtsastrously to
them, seem to afford some guarantee that the busi-
ness Of the company Will not soon again be sus-
pended for any great length OF tune by similar
causes II tonnage approXimating TO fhe cap tclty
of the avenues OF the transportation controlled by
the company is furnished, the managers feel cond-
dent that IL be transported at such rates Will
the market to the traDsporters without affect
ing the customary dividend to the stockolders.
and property of the Philadelphia, Germantown and
Norrstown Railroad Company, the Chesnu5 HUI
Railroad Company and the Plymouth Railroad Com
pany passed into the possession and control OF this
Company under leases for 500 years, copies of which
will be found annexed to this report For some
years the managers have felt the necessity OF pro-
Viding more tracks for the accommodation OF the
| business of the company between NorristOwn and
and Philadelphia and it was thought better to lease
| the Philadelphia, Germantown and NOrrist0wn
Railroad and It's branches than TO incur the cost OF
widening the road and laying additional tracks upon
| the western side OF the river. Although the rent
paid for these roads is high there can be but little
fhnN ena lu anl
| them will soon compensate the company for the
outlay, while the advantages of securing an outlet
for distribution, extending through so great por
ton OF the thckly districts OF the city, can
hardly be over estimated.
The attempts of the officers OF the Internal Reve
| nue. Department of the United States Government
to collect taxes upon dividends and oou pons since
January lS'0 ior when mere was no warrant OF
gers and the State courts applied to for relief In
functions were obtained restraining the oficers Of
The United States from attempting to collect the
! tax and, upon q test case being made be-
| fore the United States Circuit Court, a dec-
sion was rendered fully sustaining the posi-
tion taken by the managers. During the past
| eight years this company has paid in cash for
United ates and State taxes over four millions Of
dollars, bf which amount more than one half was
paid TO the Federal Government for Internal ReYe-
nue. taxes So long as the law existed the Company
paid the taxes with regularity but when it expired
ana an attempt was made to levy taxes to large
aIhouht upon no other warrant than the peremptory
Managers feat 1t their duty TO protect the rights OF
the slockholders by resort TO the courts
the Government large amount OF taxes paid by the
company prior 10 the year 1866, upon dividends and
coupons paid TO nonresident ALIENS which at that
date were not taxable. During the last year
Ss4 l24'l5 OF this amount was refunded by the Gov
eminent, and :as much more will probably be re-
covered during the present year.
1t is with very great regret that the managers
cose the report for the year by aludng to the loss
sustained by the company In the death of its hate
faithful and efficient secretary Mr.. William II.
Webb who died at his residence in Germantown, on
the evening OF December 23. 1870, in the 36th year
of his age. Thoroughly conyersant with all the
details OF his office, jealous and prompt in the
DISCHARGE OF his duties, he possessed TO the fues
extent the confidence and respect of every one
connected with the company, while the genhenes
OF his manners and the blameless purity OF his life
e. .deaTed him as friend TO all who knew him. Th'
vacancy occasiOned by his death has been filled b.
the election by the managers OF Mir. j. w. Jones
late purchasing agent and auditor OF the company
BY order Of the Board OF Managers.
| FRANKLIN b. G0wRR, President.
A. j. Antelo, ESQ, the following resolution
were adopted
Resolved That the report OF the Board Of Managers