, 1873-11-25
EoadA


Railroad has to pay Out of its earnings interont
md tiivilonda On sle6, ,ooo, 900; tho New York
T. Erie On s11B,000,o0o; tho Pennsy1vania on
s11o, ,ooo, GOO (sinco April last authorized to be
Increased by s3C,oo0,ooo bonds and capital
stocD; and tho Dnltimoro,E Ohio on only $40, ,o0o-
900. The difference IN tho management OF this
aforementioned road is shown in tho fact that
Ii has BurpluB OF nssots which represents earn-
ings invested in various branch and connecting
roads, and in steamships, hotels, and yari-
ouB groat improvements, md not represented
by stock or bonds, aud Which amounted
in October 1873, to tho GUM Of 529, ,034, ,40i. We
do not suppose there is another railroad COM
pany In tho United States that can make such
an exhibit. The addition to tho surplus fund
in 1878 WAS e2,S82134. Tie Company, In the
ineantimo Inns boon lavish in Its expenditure
upon its main road aud extensions. During tho
four years ending in 1879, it expended for o8
locomotives. ADDS freight aud passenger cara,
for hotels, second track, steamship piers md
whnrveB, elevators, rol1ing-mill and machinery,
roal estate, md permanent structures, sa,72o.-
0oo During tho year 1878, 1t Ina added 90 10
conotiyos, 2,s02 cars, ~ milos Of track, new
dopota, elevators, real estate, otc., at cost OF
4,750,000; it LAS constructed new branch
road at d cost Of ss,583,000; bridges over tho
Ohio River, go, ,38o, ,48o paid off bonds amount-
Ing to 90, 100000, and othor liabilities amount
Ing to s5 $780, 76o, total extraordinary oSpona-
ituro during tha Ayo years Of 923,674,asl. Thia
was done out Of tho surplus earnings Of oroad,
save SO, 500, 600 borrowed in London. It holds
Its constantly increasing surplus earnings as q
reserve atiid thus ia always ab1et undertake any
considerable expense, either from ita own
funds or tho unusual credit which such sur
plus gives tho Company. Tho present panic
has not iu tho least embarrassed the Company.
On tho 90th Of September, while tho inflated
stoolB of its rivala wore staggering and slnllug.
1t declared md paid its accustomed aomi-annual
dividend Of 4 por cont In caeh. This Bound
financial condition enables tho Company to es.
tabllsh it's buBnoaa on permanent 3ooflng'
| Blk yoars ago, 1t agrood on sarlH OF ratoR Tor
tho transportation Of COAL satisfactory at tho
ti,no to tho miners and the aoalors, and, though
| IL u1B mQQQFO4J VI LAo AH"tu AA0tAA 49," N-'@o1t
those rates hayo remained unchanged till now.
Tho advantage Of pernanenoy In the ratio Is ro'
eartled Of great value to the public.
Tho gross revenue Of 1872 was $13, ,Oao, ,677 ;
md OF 1878, s1b,6o5,5n; incrcaso, s2,oos' 'aoa'
Tho net earnings for 1873 wore e5,558, ,48o.
During tho yoart 11.012 tons Of stool ralls wore
substituted for iron, and at this timo there ars
851 mlos Of stool truck In ,lso. The coat OF all
this ia charged TO repairs. During tho year, the
metropolitan Railroad from Washington City te
tho Point Of Rocks WAS completed.
President Garrett, in his report to tho Directors
at tho Ootobor meeting, statos that tho grading
from UontertQn, on tho Lako Erlo Division o.
the Baltimore, Pittsburgh d Chicago Railroad
will 10 completed through Ohio aud 1ndiana tt
within 80 miles OF Chicago by tho closo Of No
gembor, 1873; that tho track will bo laid ant
tho road ballaatod as fur West a. Doshlor
at which poiut temporary connection vii
DO Ind with tho Dayton l. Michigan
Iailsoatl 4 largo busiuosa is expected who1
tho route Ia completed to Chicago, and large OK
peudIturoe hayo been mado aloug tho line TO
additional traoka and iwproyements, to aasurt
prompt movement. He also oalla attention t.
the faot that tho line of two BteamorH to Europ
from Baltimore. established In 1868. In view O.