The daily gazette., 1878-05-06
Delaware Western H. h,
FIRST ANNUAL MERTING-REPoRT OF
THE DIRECTORS.

FIRST ANNUAL MERTING-REPoRT OF
THE DIRECTORS.
The first annual meeting of the stock
holders of the Delaware Western Rail
road Company was held at the office of
the company, Water and Market streets,
in this city, at IL o'clock this morning.
The meeting was organized by the
election of George Richardson, Esq, as
President and j. q. Farra, Secretary.
The report of the Board of Directors
was read, as follows:
WILMINGTON, Del, May 9th, 1873.
To the stockholders of the Delaware
Western Railroad Company. Your Di-
rectors beg leave to make the following
report: The receipts for the year 1877
were as follows:
From passage Sl0,5S2.46
Freight 32,SO647
"Mail and Miscrl-
laneous 1,921.35
Total s45, ,31O30
Ihe operating expenses were 35,3l468
Showing a gain of s9,99562
Gain in the year 1876 8,57S.76
Increase in 1877, Sl,4l6.S6
The total receipts for the first
three months of 1873 were S9,943.35
And the operating expenses for
the same time were 1864
Gain in the three months S2,O76.94
Gain In the corresponding
three months in 1871 1874
1876 1855 80
All sums paid for renewals, repairs and
betterments are included in the operating
| expenses. The road-bed, road, rolling
stock and buildings have been kept in
good condition during the past year. In
the early part of October an extraordi-
nary rain fall occurred which damaged
the Company's property to the extent of
about three thousand dollars. Nearly all
or this has been substantially repaired.
| The most serious damage by this storm
was the washing out of the trustle and
end walls over Stidham's run near this
city.
This has been repaired by putting I'D
heavy abutment walls and an iron girder
bridge. Further renewals and improve
| ments Will be necessary this wear and
some OF them are now in progress The
first renewal Of rails since the road has
been in operation has just been made bv
the purchase of ten tons of steel rails. of
the Pennsylvania Steel Company's man
facture. 1t having been found that the
Company was losing much by overload
ing OF freight cars, besides the danger
OF their breaking down from excessive
weight, track scale of sixty tons ca
pacity has been put in. One small bridge
VIII require to be renewed at once, and
considerable quantity of stone work
originally OF exceedingly bad construc-
uon VIII require substantial rebuilding
About thirty-five hundred crossties will
be required during the year. Your Di.
rectors believe that all this work can be
done and still leave a considerable mar.
GIN OF profit in the operation of the
road. The earnings of the wears 1876
and 1877, with the addition of a small
part OF those of the present year, have
Deen invested in lot at the corner of
ater and Shipley streets, In this city,
costing S4,990.32 and in the track laid
down on Water street and Railroad
Avenue (Which was not covered by the
mortgage and which cost $14, 1865 a to.
tai of S19, 1927.
The former is intended to be useds n
freight station in place Of the very in.
convenient position now occupied across
ihe Christlana. A change which ba,
oeen desirable almost from the beg.
= lhlng, and which the business orthe Com
pany renders Increasingly necessary.
each succeeding year; the last mention.
iportance. '-
ri While the passage recripts ofthe Roam
nave fallen off. The freight receipts
nave largely increased, and this notwitb
stahdlng The Very low rates which stitl
prevail The Directors are willing IN
express the confident hope that after
long waiting the stockholders NAV soon
, receive some return from their invest,
ment. Nevertheless it will be well to re,
member that the renewals upon the
Road must necessarily increase for some
years, until about regular percentage
. IL reached. 1t is believed that tba on1,
true policy for property of this kind ny
J for any railroad indeed, is to keen evsrv
lpart In efficient working order. at The