New-York tribune., 1874-11-17

THE BALTIMORE AND OHIO RAILROAD.
ANNUAL REPORT OF PRESIDENT GARRETT - TIE
FINANCES or TIE ROAD IN PROSPEROUS con-
DuDX-ITs BONDS APPRECIATED AT HOME AND
ABRoAD-THE NEW sHOET LINE TO CHICAGO
THE Policy OF THE ROAD REGARDING THE
SARATOGA COMPACT NOT FoRESHADowED -
ELECTION OF DIRECTORS.
BALTIMORE, Nov. 16.-The annual report of
the President OF tde Baltimore and ONO Railroad, for
the ending sept S0 was read at the annual meeting
OF tue Directors in this city to-day. The hnan-
eia strength and conservative policy which has marked
tue history this road In the distinguished all the
actions OF the directory during the year jast closed MI
rrett says that the midst of the general depression,
the bonds of this CJmplny are 80 highly appreciated
that they rank with the best grade of American securi
ties both at hone and Ia rope, aud attracted the at
of oreGu capitalists TO such an extent that the
subscriptions for the loan OF alO)J0)) sterling, recently
effected, enormously exceeded the amount to which tie
Company lad decided to limit 1t.
III speaking Of the short line just opened to Chicago
the rcport states that the importance of this improve
men, 10 the Baltimore and OHIO Road. In connection
with its throu traffic 10 the West aud Southwest
made IL proper TO extend large financial aid to the
Marietta and Cincinnati Road during the year. Mr.
Garrett nnatcs that the economy In operating this
nne which will doubtless be effected by the additional
pany largely to its net earnings and from tue
sale Of securities at increased prices repay these large
o1us The object Of the construction OF this road he
siys has furnish for Chicago and tue NORM
West the most economical and only independent line
without division of interest and under one CONTROL 10
BlltImore as a port compete with New-York No
cost has therefore, been spared to make this road
strictly rs class and effective. II has been substan-
toy upon the most direct line, and with the
lowest GRADES SO as to insure the largest practical
economy. The road from the point Of divergence 95
miles north Of Newark. OAio varies only Clio miles
from air line On the entire line or the new rota
only IL miles have grades OF much 26 feet per mile,
and 4! miles have less than five feet per mile The road
has been built without placing any mortgage upon II,
all payments having been made in cash for labor and
muteriaI and in consequence Of tho depression In
business aud cessation In railroad construction the
materials and labor needed obtained very sat
slactory terms The work has been constructed at an
expendlture scuousy less than the capital repre-
sencd by any OF the lines with winch it will have to
compete
The report does not foreshadow the future policy OF
the road with recri TO vexed question OF how far
Il will allow itself TO be affected by the Saratoga com
pact TO which 1t has become party, and con-
ncs with an appeal for the speedy consruc-
lion Of q frstcass ship-canal through the Delaware
Peninsula National enterDTise Ftom the report
we gather the following interesting nsuies a., , g.,
pt 80 1874 were sl49fIVJJ ~ uelng
"A compared with 1913 oS 46lO VI, Du an ln-
crease over those OF 1871 of s3S95G aud over tloe or
1870 OF Si1O6,7l9 90. -.
compared with 1873, show decrease OF s5s,esS Is, the
decrease IN the WORKING expenses OF the saue was
a. iiius making comp .ratlve increase In the
net prntts OF the main stem over those Of 1873 or
83.26i 80. 1- -.
TErd That the total bonded debt OF the Company at
thc close OF September, 1874, was $29lGl,56i 80.
Fourth: That nc date its surplus nd, repre-.
re,eulng capita derived from the net earnings invested
IN its branch an connecting roads and Ia the great -
main STEM whcE is not represented by either sock vi
bonds amounted, at the close OF SepteUper' io.f W
s2l.i l6o O5-a sum which includes tue entire
debt OF the Company, including the s2WoNVV s"iinS
loan negotiated In London last January -, . ,no,,
Finn: That the net revenue Tor tue i,ed' c' '''
tn main stem and it's branches was sS5SO,459 to -,
cirg S.mi- annual dividends OF per cent upon VIC
oa,l stock we're paid the 18TH or November ana ON
tis ,st ~ Nov 1874 --@p-~---~-
"SercnH: Th. tf.Gsportation department slows a
yor-s .ynnus!on of through trade east ana west Ins
,s. for 1874 was iii cJ9 tons IN excess OF tnat OF we
.,anndinv Ienr IOg0TT5 barrels OF Hour ana s6jS5cl
P.Tis of grain were brOught 10 Baltimore during the
I oar showing Increase or 6bl6l Darreis OF uour
- % t,- IA bushels OF Grain over 1878.
rh foowuy directors were elected Tor tile ensuing
-. Me.srs G. illOway Cheston. Samuel ". Smith,
}rauria Burns, John Spear Nicholas, john Gregg
i,r"uris f. King G. Oliver ODouneli, james harvey.
William ". TiylOr Samuel Kirby, John King, Jr, AMI
~ VI