The New York herald., 1876-11-21
BALTIMORE AND OHIO RAILROAD
ANNUAL MEETING OF THE sToCKHoLDERs-A
REPORT WITH EFFECT or LOW RArzs,

REPORT WITH EFFECT OF LOW RATES,
BALrInoKx Nd. Nov. 20, 1915.
Tho regular annual meeting OF the stockholders OF
the Baltimore and ohio Railroad Company was held
to-day. John w. Garrett. president submitted the
annual report OF the President and directors to tho
stockholders The total revenues OF the road branches
and connections the fiscal year ended September
80 1876 given at s15 03l 235 7a The expenses OF
working and keeping the roads and machinery In re-
pair amounted to 50 609 $50 -, being 56.1s per cent
the earnings showing decrease Of 30 per cent
compared with the previous year. Tho earnings
OF stem aud the branches comparison with
1875 have decreased $sSl, sl7 81 ana the working
expenses have decreased $765 l65 SO. making COM
paritve decrease IN the net profits OF Sll6 652 ~
The surplus fund representing capital derived from
the net earnings Invested in branch and connecting
entire mortgage indebtedness in currency and steri-
Ing Is SIS, l63, 929 20, showing an excess OF
surplus fund above the entire mortgage Indebtedness
o 81 S53, ABS 9S There has been iurther expansion
OF tonnage of through merchandise east and west
from s72 l02 tons in The preceding year 10 3oS
this year. Eight hundred and forty two thousand six
hundred and thirty barrels OF -four and IL DAG
bushels Of grain brought to Baltimore during the
fiscal year. Oi the aggregate Of gram l694s l0 bush
els were corn The quantity OF petroleum transported
has been 40 per cent creator than In 1873
referring TO the effect q low freignts, the report
mage OF through merchandise east and west shows an
aggregate Of ,o93 1893 Much of this rafHc
transported at the needessly low rates established by
competing lines, difference Of 10 cents per 100
pounds, which would have made increase Of
$Z,lS y
hoped such reasonable equitable rates VIII bc
adopted in the future viii oster alike all interests
connected with The railway system and the general IN
terests OF the country. The passenger earnings
hibt increase from 81, 5lS 522 6s in 1874 and
2S9 "a in the preccsdng year TO $1674 475 &C.
his tsn4 Is quite satisfactory, in view Of the low
rates during large portion Of the year, which
forced upon this company in consequences OF the action
Of competing lines The prolonged stagnation and
have again reduced the demand Tor COAL and resulted
In material decrease OF tonnage
rnalt tr0da Of n n n n
Of S94 TONS which includes 409 COS tons tor the
company's supply. The net revenue OF the main stem
and its branches including the Central OHIO, Lake
Erie and Chicago divisions, the Wheeling, Pittsburg
and Baltimore, the Newark, Somerset and Sraitsvle,
railroads is So 42I 379 ST. Tho aggregate working
penses oi the stem with all branches and divisions
are es % pc. cent o. me who,e gross being
The repyrt, after reviewing the condition and busi-
Of tho several branch roads, concludes with that
Of the Chicago connection or Baltimore, Pittsburg and
Chicago Railway.
The earnings OF this road for tho fiscal yoar were
ssss is4 49, showing an increase Of s212 cal sS The
surplus over working expenses credited 70 profit and
in respect the road having direct bearing the
question OF through reghs to the West and indicating
the policy of the road are given in full AZ iollows:
The opening of this extension TO Chicago excited
much jealousy and antag gonsn the part OF q lumber
OF the competing lines 1t was alleged that the trafnc
the Northwest were very seriously DISTURBED by
this competing element II IL certainly true
that INC construction RoI., ans nS % gave rns.n
under proprielorship and one management,
that broadly opened to consumers and producers
q economical and advantageous port on the
board than had before existed tor the vast regions
which IL reached Those hostilities by CON-
peting companies assumed various forms; FIRST,
by illegal attempts TO Interfere with the
struclion OF the road subsequently by interference
with agreements for its terminal station arrangements
Chicago, and since generally by such action in
regard to rates TOR transportation as would II IN their
power, make the properly unremuneratve But In
processes Of anagopism to this short and cheap
limo the longer lines to other seaboard cities have
suffered fearful losses Untenable, unreasonable and
unjust demands havo been made upon the
Baltimore und Ohio Company TO charge rates
OF transportation to the city OF Baltimore
which would ignore its immense geographical advan-
tacks have been based upon erroneous principles
in violation OF the laws Of trade and never pre-
vail The interests Of the producer and
consumer, the interests Of the whole
cities on the seaboard shall maintain their proper
advantages OF geographical relations that the
governed by their respective advantages. The great
city OF New York Will always command IRON those
immense regions which have natural relations to that
port their exclusive business. But those Western
Baltimore. and the regions connected with those
centres, entitled TO the economy and
ndvan tage Of their 10 Baltimore and those
Of and those regions will expect
and will use the channel Of commerce which S
nearest and most advantageous. Artificial means by
which efforts made ignore distances will always
which will be sustained by the common sense and
PLAIN advantage OF the great population whose In
Chicago division Of ;n0 Baltimore and Ohio road has
already demonstrated it's power and usefuness> and
while this company will continue 10 desire unfair
advantages II WILL doubtless, MAINTAIN equitable and
just principles
The report was approved after which the old Board
OF Directors were reelected.