National Republican., 1878-11-19
:BALTIMoRs AND ONO RAILROAD.
President CARROTS Annual Report.

more and Ohio Railroad Company was hsld to-
day. John W. Garrett, president, submitted
the lfty.second annual report of the directors,
being for the fiscal year ended September 30
1878
The total revenues of the main stem aud all
branches and divisions are shown to have been
Sl3,765, ,27999, showing an increase, compared
with 1877, Of 1856, 1891. The aggregate
working expenses of the main stem, with all
branches and divisions, were 56iI per cent. OF
the whole gross revenues, being 5.S3 per cent.
less than the preceding year.
Payments to the several sinking funds and
on account Of principal and reduction Of in.
debtcdncss are stated to have been S1,5i4,-
OJd.12, which, with the cash dividend on
November Is, 1877, Of 1894 .326. shows pay
ments and investments for the objects stated
during the year from the net earnings of the
company to be 81 80, ,332.72.
The principles upon which the sinking
funds Of the Baltimore aud Ohio Railroad
Company arc based will cause the entire in.
debtedncss with which they are connected to
he met by the period Of the maturity of the
respective loans from the annual approprin.
tions made for these funds, together with the
interest accruing from their accumulatiOus.
The tonnage Of through merchandise east
and west has been l,lID,ID while IN the pre-
ccding year 1t was ,OiI,Gij tons. Seven hun
drcd and seventy.eight thousand two hundred
and eleven barrels OF flour and ~, O,63g, ,85i bush.
els of grain were brought to Baltimore during
the fiscal year, being al increase Of 1856, 900
barrels and 1850 793 bushels respectively. Oi
this aggregate Of grain 1866, ,2jJ bushels were
wheat. The receipts of wheat for the prrccd.
ing year were, 2.5OO,GDO bushels, showing an
increase of G.S6i ,6}3 bushels aud an Increase
over 1876 Of s,7Il033 bushels.
The receipts vi corn for lsi7 were 10, 900 Il |
/ Is.t Il. A. 49, IN f.ff
ing decrease of 3, 3,l26, I2J bushels com pared
with the preceding year. The decrease ia coru
arose in large degree irOm the tact that the
rates during portion Of the year were 50
| low, IN consequence OF the action OF some com.
| pcting lines as To cause absolute losses aud at
several periods the Baltimore aud Ohio Com.
pHny declined TO carry the commodity at rates
that were not only unrCmunCruliVc, but which
did not repay the actual expenses connected
with its transportation.
| In live stock the traffic has been 10? 80!
tons; Ia lumber brought to Baltimore, II, go
tOns, and in petroleum, GOl ,0O7 barrels.
The PnssemEsr earnings exhibit dCcrcaS e
| from Il l,jGl, ,,ni.3S in the preceding year to
/ 81 200 sIG.I2. This reduction was caused hy
| ncctCd with the Centennial Exhibition Tor Oc.
! tuhgr aud November, l-I6. The coal trade ul
| the main stcm shows au aggregate OF li-3,U16
| tons, which includes 3jJ, ,G-D tuus for the com.
paays supply, being an increase OF i!,~ll
/ tons over the preceding year OF the opera.
/ tiOns OF the Chicago division the report saws
I Tie earnings Of the companies known as the
Chicago Division of the company for the fiscal
! year were Sl,u57 81, g6, and the working cX-
pcu'cs for the same period SG9- .UlOj7.
/ The surplus credited to the account UI this
Giyisiuu is Si2I, bi-El, the wOrKiug expenses
/ hciug I9.j- per cent. The earnings were SO,
riJ 81 IGoTg than In the previous wear, while
/ Ia ly ,!.Trfsu.pl sli4,
net increase compared with the previous year
| of s3U62u The rapid Improvement of the
business upon this valuable line meets the
expectations formed in regard to IT, based upon
! its singular dircctnCss, low gralcs and the
inn ortant centres OF traffic which 1t 50 ct.
| icctiyCly reaches. As tue interest paid upon
/ the 8 per cent. sterling loan OF Il, 900 ,UOO
takOu for account oil this company amounted
during the past year, including the premium
/ on gold, to S191 ,s0JI, the line already shows
its ability to pay from its net earnings more
than the entire sum, exclusive Of taxcs.
| The taxes paid for these companies, s52,
/ ls0.9S, being deducted from the earnings,
| siN,5ls.30 leaves SJ17, ,35s.il.
! The report Concludes The board expresses
with pleasure their appreI ia'iOn Ofthe success
! lu! management Of the business Of the com
| pluy through the faithlIlngss and efficiency
Of the officers aud employees in all depart.
mcnis Of the service"
lhc lel'ult was accepted anu approved attCr
which Mcssrs Ga IuwHy, Chc.tUn, Francis
Burns, John Spear Nicholas, John Gregg,
William W. Taylor, Samuel Kirby, Johu King,
ir, q. A. Won Liugcn. Decatur H. Miller,
Joshua q. Harvey, William Dvuucll,and Henry
e, Saith were unanimously re.lectcl d..
/ rcrt"Is Tor the ensuing year by yo:e of iO,jli
shares.
| In a,noun,iug the result the chairman. Mr.
! Albert, remarked that hc had listened to the
/ report with great qualification, and that the
| interesting results shown, both from the in.
/ crease OF earnings and the decrease Of ex-
! pcnses, could not i.l to prove generally salts
factory.
President Garrett then stated that by the
Use Of the earnings represented by the diSi.
! dcud In stock, which lad been declared, viz.
| SjI6,I12, aud from additional net earnings the
floating ivbt lad Lccn further Tc!uaei since
the close Of the i.cal year, 3Uth Of September
last, to the amount of more than tl,OOO,OO0.