The Centre reporter. [volume] (Centre Hall, Pa.) 1871-1940, 1878-06-27
ANNUAL REPORT
orthr
L., {. & :. &. Railroad Co.

roadway Of IS 80. Il } miles,
For some ten miles beyond our present
terminus the graduation aud "A portion Of
the hsllasting were completed IA 1874,
which, with the right of way, were paid
for from local subscriptions, Between this
point and Lemont, distance OF M-looI
miles, 81, Isl 81 has been expended on
graduation, and sufficient local subscrlp~.
tions are made and guaranteed 20 prepare
the road bed Tor superstrucIGre, From
Lemont to Pennsylvania Furnace, - dis
tAuce or - soItl miles, the road bed has
been located bat no grading done. From
Pennsylvania Furnace 70 Tyrone, l62;.lt3I
miles Of road bed Was. in 1874, fully pre-,
pared Tor the supegs,rUc.gre, Il COS! Of.
S2gG, ,S,1.91. being little over two>thirds
Of our entire expenditure fer grading, ma
sonry and bridging.
Two freight and passenger dopots aud
one engine house have been erected on ourI
recently extended road. These. with sever
al sidinSs, accommodate the present needs
Of trade and travel. There is as yet butt
one water tank on the extension; another
is greatly needed near the present western
terminus I, would also be economy toI
erect an additional tank further east, tol
enable rs 20 dispense with one az Mithln-
burg, where We now pay an annual rental
OF $40 for very inferior water. Water
rights at convenient points have been Sc
cured tree Of COS, 20 the Company TIVE of
these should be promp,ly.oecupied,
IL is essential 70 the proper handling of
freight that additional grading be done At
some Of our freight stations, and few 9TH
er conyenieaces are needed for public ac-
\ judicious expenditure
Of from twelve 20 tfteen hundred dollars
would supply all those deficiencies.
In August last the Penn'A K. L. Co,
lessee, took possession OF our extension,
and since that period trains have been re-
gularly run between Mon.sndoH and Sp,
Mills.
The gross earnings duringtthe past year
were SO, SSl s.. The expense including ,
Interest on equipment, SD, 29l 54-lesvlng
as net earnings fo= the year, Si,6O "A.
IL is matter OF much disappointment
and no lii,le regret that the results have s
not confirmed the anIicipations Of largely
increased revenues from the extension Of.
your road into Centre cousty. The ton
mage and travel have both increased, but.
not sufficient 20 balance the larger per
,entAge in cost Of transportation incident.
% the increased distance Of hauling. The
let royenues are therefore below .Aoso Of.
ast year.
Oar failure 20 meet financial expectations.
nav, in large measure. be attributed 20 :
he unprecedented hardship every branch 4
# industry suffered during The ear. We :
nave now opened somewhat extensive lum- e
ser and iron regions. bu; owing 70 the de- a
pressed condition Of these Interests, the lat {
er has remained entirely dormant, and the
ormer has shown but very slight move s
nent. 2
To add 70 our disappointment, the wheat 4
,rop WAS, in all the valleys through which =
,ur road passes. - partial, and, IN some, an
.lmost total failure Such combination
II untowSrl circumstances have rarely =
net \ new enterprise, and can have only
emporal existance. With good crops and =
fair share Of general prosperity restored,
We believe our work Will exhibit returns
hat will prove more satisfactory.
Our total expenditure has been s., 547,-
1874 How this large sum may b. made
p
profound consideration. II We mad means
0 rapidly complete the work, We might
Iope for some reasonable return from the
Investment. As il is, the unpaid interest
n the cost of our work is accommodating,
nd the delay in completion Is destructive,
,ecause Of the rapid depreciation Of the "
york done and not utilized.
For the foTca of obligation we are under
o the people along the line 20 extend our
rack, we call attention 10 our last annual
eport, in which that question Was fully
discussed. The best interest ofour inyest-
nent is in harmony with the fula.imCnt OF
hese obligations, as every mile the road IS
Itended brings Us nearer the the heart OF
'enns Valley until is centre Is reached az
4emont
A very important advantage woald bo \
aimed BY an early extension of our road
rom Spring Mills 10 Centre Hall, 8 VII
age Of considerable enterprise and bust
ess activity.
At that poin. we would have q large de-
land for coal not now supplied, and
fould also be able TO more fully compete
nth Bellefonte on one side and Milrey on
be other, for the trade and travel of an
xtensive area of country not now reached
y u. The distance is within = fraction
I SIX miles, with no bridges, and the road
ed fully graded, and about half Of u bali \
asted. We have on hand sufficient iron
ais and cross ties for one>fourth the dis
ance, and the work could be well and
heaply done under the present organiza- T
ION with but a slight addition TO the reg
lar track force.
To raise the money necessary is, OF
curse, the difficulty. To attempt 1t by
lew subscription or additional loan IS im> Y
practicable. We would sug ycst, there
ore, that our lessee, who holds n large
proportion of the bonds issued. be asked
o pestpene, for a time, their claim Of in
crest, and that the net revenue from ope>
ating be pledged 20 the extension Of the
Dad In this way we might meet our OBJ
igations TO the people, and with very
mall additional expenditure make availa-
dc work constructed at 80 large \ cost, N
,ut which, from lack OF use and care, Is
asst falling into decay. Every advantage
hus gained would give increased value TO
,ur securities, and innure 10 the benefit Of =,
,ur lessee by adding largely to the tonnage
md travel of the general line. To secure
uch extension, the community along the g
inc would, we believe, cheerfully bear a
more remunerative rate for transportation q
han is now realized. A measure OF relief
night be thus attained that would put tho i
continued operations OF your road beyond 9
jeopardy.
There are some subscriptions due from
persons in Harris township, the payment
Of which there is q disposition 10 contest
In the courts. The demand for payment
was made some years since, and the penal n
ties for non-payment have accumulated tol =
A large sum. To avoid long and eIpensiyel
litigation, and to hasten the resumption of .
work in this township, we suggest that all
who shall. within reasonably
time, pay their subscriptions, with simplel
interest, be exoneratcd from the penaltiesl
attached TO non-payment.
II the citizens Of Ferguson township fail
to avail themselves of the conditions upon
which the railroad was offered to them, it
will be for the interest Of your Company
TO seek, at least for the present, connec-
tion at Lemont with other interests that
will secure an early western outlet to your
road.
The people on that part Of our graded
line between Penn'a Furnace and Tyrone
are clamorng for either a completed Soad
or such payment for lands occupied and
damago suffered az shall compensate, leav.
ing out all considerations or advantage |
from a finished road. Our only hope Of re-
lief in that locality is in such return Of
prosperity TO the iron interests as shall
warrant the completion Of that work.
Due care has been exercised ana ecOno>
my practiced by our lessee in maintaining
our road way and managing transportation.
ELI SLIFER, President.