New-York tribune., 1876-11-21
BALTIMORE AND ONO RAILROAD.

ANNUAL REPORT OF THE Observation-Disclosures,
EXPENSES, AND PROFITS EFFECTS OF LOW
RATS.
BALTIMORE, Nov. 20.-The regular annual
meeting Of the stockholders Of the Baltimore and Ohio
Railroad Company held to-day. John w. Garrett,
President submitted the ffeth annual report OF the
president and directors 10 the stockholders The total
of the road branches and connections for the
fiscal year ended Sept 80 1876, given at $l5,O3l.
s35 49, The expenses OF working and keeping the roads
and machinery repair amounted to SO 635 53 being
5618 per cent apon the earnings showing decrease OF
ESQ per cent compared with the previous year. The
earnings the and the Drances In comparison
with 1875 have decreased 1891 s17 9l and the working
expenses have decreased $7G5165 80, making compar
atiye decrease IN the net profits of $l16652 81.
The surplus fund.- representing capital derived from
the earnings invested in branch and connecting
roads and other improvements, amount to S36022-
365 sS The entire mortgage indebtedness In currency
and sterling is S2s 63929 90 showing an excess OF
surplus fund above the entire mortgage indebtedness or
S7,853,i35 90. There has been further expansion OF
tonnage of through merchandise East and West from
S,2 102 tons in the preceding year to 1093,393 this
year. si2 633 barrels Of -four and 17,517,9i6 bushels
Of grain were brought to Baltimore during the fiscal
year or the aggregate Of grain, 15.9iS,107 bushels
The quantity Of petroleum transported has
been 46 per cent greater in 1879 Referring to the
effect Of low freighs, the report says:
IL Will be noted that the largely increased tonnage OF
through merchandise east and west. shows aggre-
gate Of 1,09),393 tons Much of this traffic was
transported at the ncedlessy low rates established by
competing lines difference OF ten cents per cwt,
which would have made an increase OF S2,lSO,
7sG in the net result of the years work II is Appcd
that such reasonable and equitable rates will be adopted
in the future will foster alike all interests connected
with the railway system and the general interests Of the
country The passenger earnings exhibit an increase
from S151s,522 6s IN 1874. and Sl613 239 "a in the
preceding year, to Sl,674475 &c. This result is quite
satisfactory view Of low rates during large por
tion Of the year. which were forced upon this company
in consequence OF the action OF competing lines.
The prolonged stagnatOn and depression IN The manu-
featuring and marine interests have again reduced the
demand for coal and ted in material decrease Of
tonnage. The coal trade OF the main stem shows
aggregate or 1,59j,S9i tons, which includes 409605
tons Tor the c0mpanys supply Tie net revenue OF the
Lake Elio aud Chicago divisions the Wheeling. Pitts
burgh aud Baltimore. the Newark Somerset and
Stratsvlle ami for nine months the Pittsburgh and
Connellsville Railroads. Is $j42l,379 81 The aggre
gate working expenses of the main stem, with all
branches and divisions are 80 93 per OF the whole
gross being 466 cent less than those OF the
The openng o this extension to Chicago exaced much
jealousy and antagonsm the part Of number OF the
connecting lines. Those hbstiiCs by competing cOmpa-
nes assumed various formsrst by illegal attempts to
interfere with the construction Of the road subsequently,
by Interference with agreements for its terminal station
arrangements In Chicago ana since generay Dy such ac-
tion in regard to transportation would, II in
their power make the property unrenuneratlye But m
cheap line, the longer lines To other seabOard
have suffered fearful losses Untenable unreason-
able and unjust demands have Dcen lnade upon the BAT
tinOrc and Ohio Company 10 charge rates OF trans Ota
ton Ia the city Of Baltimore which would Ignore ITS
immense geographical ADVANTAGES as an entrepot Tor
foreign commerce. These attacks have been based
upon erroneous principles. are In violation OF
lhe laws OF ae ena nm eER heU9r PGeEa fram
those immense egiOns which have natural relations 10
that port their exclusive business But those Western
ccners which nearest To Baltimore are
entitled the economy and advantage OF Their near
ness To Baltimore. Artificial MEANS by which efforts are
made ignore distances, Will always be resisted upon
b. Oad and strong grounds. The report approved,
which the old Board Of Directors were reelected