Delaware tribune. [volume] (Wilmington, Del.) 1867-1877, 1876-01-27

Balance Oct. 81, 1875, S2,7l6.22
In view Of similar work to be done in 1876 OF
character not properly chargeable to the cur
rent operating expenses of the road, there has
been reserved from the not earnings Of 1875 the
sum OF $4,000, which has been added to tho
renewal fund, which now amounts to :l77,71G.-
90.
The locomotive and car equipment has been
kept good at least, far rs respects deprecia-
ton, by expanding upwards OF 49,, 900 for new
locomotives to replace old ones, and over S., 900
upon passenger cars, now in process of con-
structon, and by the addition Of rs freight cars
TO our stock at cost OF tG7,5i9. Some new
passenger cars, and many new freight cars, have
Also been bnIlt to replace others which were
worn out.
The road repairs were less than those OF 1874
by sli5,OoO. or over forty per cent This reduc-
ton was in no way due to the neglect Of any
necessary work, for we believe that the track
was never kept in better order BEFORE but it
followed naturally upon the substitution OF steel
rails for iron, which has been carried so far
that moderate expenditure for the ensuing
three years will leave the main tracks wholly OF
steel or steel top rails; and other things equal
We expect to keep the cost of our road repairs
henceforth down to that of 1875 at least.
The outlay for fuel was less thar in 1874 by
nearly Tl7,OOU,, and proportionally very much
less IN view OF the train miles run, the cost per
mile run being, in 1874, 10 l5S-1000 cents and
IN 1875, . 255100O cents.
The persistent efforts made by this company
20 obtain remuneration for cost OF moving the
mails have met with partial succesH. Tho rate
at which we have been paid for mail service
flnce July, 1874, IL larger by over forty per cent.
or by nearly 1000, per annum, than it would
have been under the laws COVE rnilg rates prior
TO LsI3. And your managers are encouraged in
belief, growing out OF the increased and bust
ness.like attention now given by the Post Office
department to the question Of transportation OF
the malls by railroad companies, that ere long
TINS company Will be in receipt of pay common
surate with mail service performed
1t seemed to your Board expedient to pur-
chase the New Castles Wilmington II. r..
which connects your road at Delaware Junction
with the New Castle and Frenchtown Il. r.. at
New Castle, distant a little more that six miles
therefrom. This road since its construction had
been worked by this company under lease,
al an annual rental OF seven per cent. upon
-lbo,OOo, for which price the lease secured us
the refusal OF the purchase. The purchase WAS
consummsted in May last, and, with the excep-
ton OF a few shares. this company now owns all
OF the stock of tho New Castle and Wilmington
X. i. CO.. the New Castle and Frenchtown L. Il.
Co., and the Southwark Il. H. Co.
1t was also deemed judcious, in view of the
prospective increase of passenger traffic to re-
suit from the Centennial Exposition in Philadel.
phia in 1876, and also in consideration of The
low prices OF steel and labor in 1876 to complete
that portion of the second track upon which
work WAS suspended at the time OF tho sudder
aud large dlmlnution OF our business in 1866
This work was finished in August last includin.
the widening OF the long bridges over the Busi
and Gnnpowder rivers. Tho whole WAS execut
ed In the most thorough manner, and the goot
effects are already felt in the greater regularit,
OF our train service.
To provide for the purchase alluded to- as vel
as for the completion OF the second tract
and bridges, and for the payment O
100000 bonds OF this company fallip,
due April lst, 1876, your Board, in No
yembcr, 1874, authorized the Issue OF 5000.
900 six per cent. bonds, payable in 1892, and ii
rt...,Ha r1aRsar. 81 1yan