Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1873-04-16
Continued from first paqe.)

ores also show that many OF them are
well adapted to the manufacture OF
Bessemer steel.
The facilities for tho distribution Of
ffeights in Philadelphia were not en-
larged, in 1872, to the extent desired.
The City Councils promptly acted
upon tho suggestion contained in the
last Annual Report OF this Company
in relation TO the construction of a
Railway along the Delaware front be-
tween Christian and Dock streets, but
the "law's delay" has prevented, dur
ing the past year, the completion of
the improvements desired. The prop
erty owners upon the Delaware front,
though anxious for the construction
of the work, have not given to it their
active cooperation, and, in conse.
quence, the improvement so much
needed by the commercial interests Of
the city cannot be finished before the
ensuing summer or autumn. In the
meanwhile the existing facilities for
the accommodation Of freights on
Market street are being seriously en-
croached upon.
The erection of additional elevators
for grain traffic has also become i'm
portant, though it is believed that
these may be supplied by private en-
terprise.
The connection referred to in our
last annual report between the Penn
sylvania Railroad and the Pittsburgh,
Virginia and Charleston Railway, eros
sing the Monongahela river above the
mouth of Turtle creek, has been COM
commenced, and if practicable it will
be completed thisye Its construc-
tion has become q necessity from the
impossibility of passing freight trains
from the Pittsburgh, Cincinnati and
ST. Louis Railway through Grants
Hill tunnel without great delay
Tho cost Of this connection is esti-
mated at s550,000. The Pittsburgh,
Virginia and Charleston Railway,
which is to extend along the val
ley of the Monongahela to the State
line of Virginia, is under contract as
far as Monongahela city, and will be
opened to that point (thirty miles
during the ensuing summer.
Arrangements have been entered
into with the city Of Pittsburgh by
which nearly all the streets OF that
city will be passed over or under the
Pennsylvania Railroad, which viii in
volve an outlay by this Company very
little short Of one million Of dollars,
an expenditure which, it is hoped, will
be oenpensated for by the additional
safety secured to the movement OF
1rGins and the avoidance of delays
that occur at the present street cross
ings,
The Baltimore and Potomac Rail
road Tunnel under the city of Balti-
more, delayed by the unusual severity
of the past winter, will be finished in
May next, and will connect by one
continuous line the whole of tho South
ern system of railways with those OF
the North and tho National Capital
with the coal and lumber regions OF
Pennsylvania. This important work,
under an enlightened management Of
its connecting lines, cannot fail to ex-
ercise most important influence upon
the trade and the prosperity of the
Southern Atlantic States, and its com.
pietion may be hailed as an object OF
national Importance.
The Northern Central Railway Com.
pany, a controlling interest in the
stock of which is held by this Com
pany, in consequence of the low rates
of freight charged, mainly upon its
coal traffic in 1872, did not earn its
dividend, the means having been sup
piled from previous surplus profits
To enable it to do SO in the future ad-
ditional capital is required TO purchase
increased rolling stock and provide
greater facilities for an economical
distribution of freights at Baltimore
the cost of which now materially in.
terferes with the profits of the Com.
pany. The means required for this
purpose, it has been suggested, can be
most economically raised by lease
of the property of the Company to the
Pennsylvania Railroad Company
This is not desired by your Board and
will only be entered into to promote
your interest in the Company as share.
holders. The floating debt of the
Northern Central Railway Company
is already sufficiently large, and the
means TO provide for it will otherwise
have to be met by suspension Of
dividends until it has been materially
reduced
1t has been stated, in previous re.
ports, that your Company had trans
ferred to an organization known as
the "Pennsylvania Company" all the
leases it had taken of railways west
of Pittsburgh, including the Indianap-
oils and Vincennes, and Jeffersonville,
Madison, and indianapolis Railways (;
and the control, through majority
of its shares, of the Pittsburgh, Gin
cinnati and ST. Louis Railway Com
pany and its leased lines-the Penn
sylvania Company to meet the condi-
tions of these several leases, and TO
PuJ buo iOobCb bubtulncu III WOThlDR
these Lines, or either of them. Tho
Cleveland, Mt. Vernon and Delaware
Railroad and the bridge over the Ohio
River at Cincinnati being at the time
in an unfinished condition, were not
included in this transfer; in both of
which works this Company holds a
majority of their shares. The Cleve-
land, MI. Vernon and Delaware Rail
road will be finished this year, while
the bridge over the Ohio has been in
use for some months.
The capital of the "Pennsylvania
Company" was placed at sl2, 900, 900,
sS,000,000 Of which was to be issued
to the Pennsylvania Railroad Com
pany in preferred shares, which amount
covers the cost of the property trans.
ferred, with interest to April 1, 1872.
Aitor that date, dividends were to be
paid semi-annually out of the net earn
ings. The first dividend of six per
cent. per annum was paid on the 1st
of October last, leaving considerable