, 1877-11-20

shares Of stock. A mortgnce has l!ccn cxe-
cutet1 on the entire line Tor e1,Hp,On. hearing
& per cent interest. The Baltimore l. tlhlo
Ilalroad Company tsslcd Its hs',is fnr u l.6tN,:
@ eeta sff as SeaS a sp' .nsfs. fs,ssf Il s t%s
i:H,s Fsfsri, viii William wy !. i.r"., and Noayri
Garrett. Trustees, as security therefor.
Th,: oan has t'ecn 9scutiate, vi With Mcss.s: !:
rfacct IT, the credit u tie lalimorn u t,flo y
Chrago Companies en- account Ut tho ea.!, AL
vas,ecs mails 10 thosr Companies BY tho Baltt.
,fss psG . s5s s cTnnp1"} np }rn Ss ts' n tsfs ss
non.is las hccn mat1c payable tlfty years after
their late, namely, on the lst of June, lN'7 and
t',c sinking fund for their redemption has becn
Ssi's pS1s;a " yn the sr nsfsse"' StS1 ,e = ,s s
Of May In each year the a,'t'.lai sim af es,5o9
conln,rnctnE OH tic 18th tlny ot May, ISIS. This
animal appropriation, together viii! the interest
accru!nG fro It's accsl'nlatons, will par tho en-
tire loan by the period Of Its maturity. a copy
Of tho decd, which embraces The forn, Of bond,
and thc agreements Cancelled viii, this loan. Is
t:ntsngo Division f"r tlc flscal year wero
san,c prriul were s:3f,4lj..1. The surplus
credited to tho accn,ni Of that Company H.
elIh.2asoN. The tupnaattpn and nutltbcr uf
towns upon this division contit,nc to tnrreasc.
building ut, ot lts business TINT roslls should be
constructed by the ct,tl,lttcs froin vartn,s points
throuEl, tho Surrounding country. These atc
being built leading to ttl= new Towns, which 1re
hecon,ing the centres Of tho traslo ot tho region
through which the lfnc passes. Tho r0atl hus
bcun substantially constructed. Hptt, the most
direct line. and with tho lowest gratce, Ro ar 70
secure the largest practical economy In work
it,g. The disappointment In tho rcsulta for tho
past ycar wns caused mainly lty tho extremely
low rates TINT prevailed turing d laruc purtfon
Ut thu perfof, and which oruse from TINT sarno
competition In the business OF Chicago ninl tho
regions connected with tt,at commercial centre.
TIC consequent normal attd pruprr ratt, Of
working expenses would hare produced, OF
cnursc, very. different RESULTS. With the In
ereaso OF the rates, which IS bslng main
tafngl as an absolute necessity fur MI tho
rnIlroal intrrcsts OF tho country, improved mud
mich mere satisfactory results may 10 anttci-
patcd In thu future.
Notwithstanding tho largo md liberal aid ex.
tended an1 continued for many years by the
baltimore Il UhIu Railroad to tle Marietta "
Cincinnati Railroad Company, liz financial cIr,-
barrassMcnts llaye, 'nrt1lg lllc past rear, c,l!.
minated In tic NECESSITY for the appointment of
ncctrd with thai important work.. III Tho
last nnnual report 0f the prcsitlcn. a,,a
Directors to the stockholders. statements
were mnle whfct, arc Interesting In their
atl particularly in explaining the rallscs Of tic
tlIkutpointnlcnts connected wItlt the financial re-
suits of that Company. The Baltimore t. Ohio
Company furnished . large portion VI tho
,norc Railroad a.l,l tic baltimore Short. i.iuc as
we'll as to supply additional cars aud equipment
generally, and to effect tho great improvements
that were nalc in tho line Of thu Ataretta Il
CINCINNATI Rallroael. u received Tor these a!.
tlu Cincinnati & Baltimore, ui,,l stock aud bon,s
o. tic Baltimore short Inc railways, anu such
other securities ue That Company cuutd f..rnisll.
It was expected that thcfu securities could hu
sotd, atid these ndvailccs by tlle baltimore s:
Ohio Company rctaItl FROM the prorecds ot
such sales. As It hccaine cyl,lcnt that this
e",l.a not 9e done, except at great sacrifices o's
tho baltimore 4 Ohlo Coinr'a,y, il December
last, as,ente,! to a proposition 1T tho Afarlatta
& Cincinnati Isalroad Company to pur-
chase the following securities ut tic
:ssi bsoss aWsy ceosys .. sok eaf,a It ar
and accrlic.l, .tntcrcat, sl,lJl.;o0 Baltimore
md accrued Interest. md ei.0a,000 Of thu'
fourth, fonF.h n"{tsag9 % Go's Of ts Marietta !: Gin, @
accrued Interest. It will bo seen tint these
purchases were ntadn at full nnl liberal rates.
The prorce.ls 0f these pureIaacs were applied to
the credit of the Marietta j. Cincinnati Company
this C0npnny. Tho lines hctwcet, tho Earkcrs-
burg Branch and Cincinnati, connected by tho
lrll3e nser t'le oo !slyer, ''a'tlaly, thy l'alt!,
inore shGrt L!!'e MARIETTA y Clilst.,''1ti. and
VERY e1Ecctiyu route. .re continuously Iah re-
suits which have followed tho extremely Low
prices fur Tho transportation Of through fruights
llayo plntnly led To tho disastrous ii,an-
rinl condition OF tho sIaretta ~ Ci'-
inany Important lines Of railway throu9bout the he
cnuntry: Tho tariffs hayc rccontly bcnn. al
vat1cctl to rites which Will make enttatnrastvoly
much better resn'ts. Inc experience OF sllo
past l'as bo clearly demonstrated tho necessity
iof tho preservation OF railway lntcrests and the
Interest Of Tho nnbl'c nf establishing reasonable
rates that It 10 hoped tho good sct!se Ut railway
managers gehcr;tiy VIII eointt'a',ti such et-on-
erator ns to inals,taln permanently tho tarli1s
at rcnu1scratiy0 standards.
THE IOWA RAILROAD Law,
THO pconlo NJ Iowo, says ttla New Ynrk Trih.
mr.. ls., r., rroiIz, Thai ,h,y ,,r, ,,a,,o sa.t
'n'. ,ntt,ata .,a,s ,,s'1S,sI ,. Nv" s. "aao SUI
JUS "!sunke. '1e's Ha'l3oa' INV gearing nhc1-
pectctl and ,ifwelc0tne fruit. In consequence
of tile inctling with tho roatls by part!cs WHO