The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1877-11-22

The baltimore d Ohio Report
Tor the Year Ending SePtenibeE

- =
S0th.
A. has been noticed In our dispatches
,be annual meeting Of the stockholders o
tbe Baltimore & Ohio Company tool
place at Baltimore on Monday last. Nj
Garrett submitted his customary annua
report. 1t isquite a long document, an,
IL details are not matter Of sufficien
interest to our readers to justify It's pub
lc,tion in our columns. The main pointl
have Ieen given by telegraph, but W,
may properly enough refer to some o
them again.
There has been a serious falling of il
the earnings Olthe company As compared
with 1876, the deficit amounting to
sl,s!9,S75 O5, There was, however, re,
dactiou Of $SOG,4SS GO in expenses, thu.
leaving a decrease Of net revenue oi
s56]ss2 II.
The through tonnage Of the road fell
OFirom 1, l,O93, ,SO3 tons 10 '7G to l,Ol7,6 ,6l5
in II. The passenger receipts from 81 :
674,475 &C to Sl,S6I,sO4 SO. The coal
tonnage fell of heavily, but the exact
dIare, are not given. Corn and lumber
Sl.o fell of, while wheat, live stock and
petroleum increased. OF wheat and corn
l6,379S6l bushels were carried to Balti.
more during last year, and GAL, ,7O2 bar
rsls Of aonr. There we're also 1ll,92O
tons Of live stock, 1920 tons Of lumber,
and 1893 barrels Of petroleum.
The earnings Of the HempGeld branch
were S4293s 6j as against S5O,ssO IS
nls76. The expense, we're s42,s45 99
leaving only $S7 7S net. 10 1875 the
earnings we're 1891 4S, and the expen.
ss 47,7S4 90, leaving 1886 81 net. 1t
will thus be seen that while the Hemp.
6sld il self supporting it Is not a source
Olmuch profit. However, as compared
with some other Investments Of the B. &
o, it is a satisfactory piece of property,
The earnings Of the Central Ohio d.
vision were $76l ,524 IS, and the expenses
s6I9,237 81, leaving Sl4S,2S7 81 net.
List year the earnings were SSsO,l9l 50,
a. against $SS0,772 81 in 1876. By the
terms Of their lease OF the Central Ohio
the Baltimore & Ohio Company are com j.
PEELED to pay that road IS per cent Of
their gross earnings. This payment last
year left the Baltimore & Ohio short
sll7,246 20 of paying expenses on that
division.
1t is not easy to tell from Mr.. Gar
reGs report how the company stands
financially. We are told that it now has
lsurpIus fund Of SS6,lS9,3l2 Sc, which
/, nearly double its capital. We have
heretofore explained that this surplus
consists in the company's railroad invest
msnE, most of which are valule.s as re-
CARDS ability TO earn dividends. Aa
against this surplus there stands a mort
gage Indebtedness OF about $4,000, 600,
1t is therefore no use to talk much
about surplus until this debt is
paid. The assets would not begin to
pay the debts. II was the discovery OF
this fact that knocked the bottom out Of
the stock a year and half ago. Many
persons bought the stock at IT'S on the
suppOsitioR that the surplus would be
capitalized some day and that thus they
would get two shares Of stock for one.
1t was discovered, however, that the cap.
i'AliIatiOn Of unproductiye properties
would be nonsensical in the extreme,
inasmuch as I've per cent semi.annual
dividend on 10 millions Of stock would
be badly attenuated when spread out over
IS millions Of capital and surplus.
However, 1t can ts said for the Balti.
more & ohio road that it is perfectly
solvent and solid institution; that II hs,
generally maintained a conservative and
safe policy; that in connection with the
growing importance OF Baltimore as a
GreatexpOrting emporium for grain, -four
and petroleum it has undoubtedly a grand
future before it, and that all IL needs is
wiser policy in the matter Of develop.
ing its local trade.