New-York tribune., 1875-02-26
RAILWAY INTERESTS.
THE NORTHERN CENTRAL RAILROAD.

THE NORTHERN CENTRAL RAILROAD.
| ANNUAL REPORT TO THE Observation-Disclosures
oR NET EARNINGS OVER 1S73-PRoPosED IN
pRovEMENrs-ELEcIIcN OF DIRECTORS.
BALTIMORE, Nd, Feb. 25.-The annual meet
ing Of the stockholders and the Board OF directors VI
| tho Northern Central Railroad Comprny was neid ia
this city to-day. Col Thos A. Scott, the newy-eececo
President submitted the annual report OF the coDdion
of the road The report states the revenue OF tne "s
line with it's leased and controlling ROADS, was
67s 500 I and the expenses were p3ss 5oS s leavnx
as net earnings d, ,292o4s So
In comparison with the year 1s7a there was de-
crease In gross earnings of t5ss5 is, equal to peg
cent, and O decrease in the operating expenses OK
$751; s 90 equal to 10 $40 per cent The increase IN tno
net earnings was 33o16 Is, or 6lo per cent In tno
expenses for maintenance of way is included the coss
of steel rails, purchased at an increased
prioe over that of iron Of $4,000. The operating
expenses were 70 40 per cent OF gross earninRs,
which, In comparison with 1873, shows reduction OF
aS1o per cent The coal tonnage OF the Northern Con
tral Railroad in 1873 1885, 40 tons and In 1874 7o
O3 tons There decrease In the trade going on 10
the Pennsylvania Railroad at Marysyle and Dauphn
OF ss70o tons; there an increase OF hs7c tons
to points on the Cumberland Valley road. The
total tonnage TO Baltimore was l1'i1s tons-
q reduction Of 1884 tons In 1874 Inc coal
tonnage of the Shamokin Branch in 1874 was 6oisS IN
coal TONNAGE Of the Elmira and wilamsport Railway In
1874 was a7S s TONS and s7s s7 tonsa decrease
OF Is tons The bulk of this decrease was rom tho
Mcintyre mines Ralston, which In 1873 snlppeo
1913 947 tons against 9So3 tons In l4-a reducuon Oh
s8 TONS northward bound anthracite trade tnero
areduction of 932 TONS The coal tonnage OF tho
Chemung road reduced from seS93 tons In 1873 10
IA 7s In 1874 total reduction Of le227 TONS o: this
reduction the tonnage from the Bossburg coal region
decreased from CO., ATS tons IN 1873 to 49366S 10 1874
loss Of tons and the anthracite coal trade rom
this Company's lines and from the Lehigh valley ROAD
was reduced SIS 800 On the Canandagua road tne
coal tonnage Of 1873 'l77sl tons; In 1874 6SooS1
tons-a reduction of 167 ,o99 tons. or this loss lesd
was in the through tonnage ana the rest in shipments
from Coal Point.
It will be noticed that the reduction in the tonnage
moved was almost entirely in COAL and was caused by
the general prostraon Of the industrial pursuits OF tho
country After enarging upon the injurious enects on
the traffic Of the road caused by the want OF proper
terminal facilities this city, and reference to tho
contract by which Northern Central Balroad Com
pany had secured the Union railroad by lease fos
90 years. right rackage the line OF that road
and through tunnel dewaer the report enumer-
ates the following improvements recommended 10 o~
undertaken during the current years grain elevator
at Canton with storage capacity OF 100000 bushels ana
total transfer capacity OF 100000 TO 100000 bashes
per annnm; warehouse for rolling freight at Canton,
500 feet by6o and coal wharf and reste at Canton.
600 feet long feet wide which 100000 tons per
| annum can be transferred.
In order to meet the construction expenditures neoes-
sary. during year for terminal facilities and
place Company In funds TO retire its floating debt
it proposed TO ask the stockholders to give authority
to sell 81 900 of the Reserved Consolidated General
Mortgage bonds and also to give the Board furthes
authority to sell the real estate not required for ra'
road purposes and Of the assets Of the Com
pany the judgment Of the Board can be sold with
out detrlment 10 the interests of the shareholders
| With regard to the freight war now waging between
the Baltimore and Ohio Railroad and the Pennsylvania
Railroad Company with which latter this road is asso-
| cated In interest, the report makes this aluson:
Within the past few weeks severe composition Tor
through traffic has been inaugurated by the baltimore
and Ohio Railroad Company perhaps with tine view oil
deerrng this Company from proceeding with IT'S pro,
viii not have that effect The policy Of destroying tina
of the shareholders OF the roads without
must produce such results as will in due mo
adoption of wiser and more conservative course, and
| thus correct the evils referred to.
At the conclusion OF the reading OF the report Presi
dent Scott arose and supplemented what s said above.
Tho Baltimore and OHIO Company, he said, had
proper, In its wisdom, TO make largo reductions In its
passenger and freight traffic, causing other lines to do
thing He had been requested to state to the
meeting how the reduction would affect the Northern
Central lne 1t would affect it very tte because the
earnings OF the Company were largely made up Of
anthracite coal, lumber, &C., coming from Maryland.
Pennsylvania, and Northern NewYork, and he would,
therefore, say that the road would be affected little
| by the reductions made. (Applause.l
No statement made Of the aggregate debt, Of
what the floating debt consists but the report pledges
that every effort will be made TO place the Company Ia
such condition that 1t will be able TO pay regular divi
dend at the earliest day possible The meeting
very harmonious and closed with the election Of hs
following directory for the ensuing year:
Thomas A. Scott, Wayne Macvesgh, J. c. Bulett, J.
n. Hutchinson g. NJ. FELTON,. Wistar Morris H. p Bore,
NJ b. Sellers N. b. Greensfelder L Oppenheimer, Geo.
Mace, S. NJ. Shoemaker
| BOSTON AND ALBANY RAILROAD.
DEFENSE OF THE POLICY AND MANAGEMENT OF THB
ROAD BY THE VICE PREsIDENr-No DIsCRIMINA-
| TON AGAINST BOSTON.
Boston, Feb. 25.-In reply to the charges