The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1878-02-02
Railroad Matters.

The Baltimore Sun of Wednesday saws =
The Western Maryland railroad. in which
the city has very great and unproductive in
terest, IS likely to make the next appearance
on the surface of legislation this session.
Three separate measures are in the wind, two
of them, it is understood, have been consid-
cred by the finance commissioners, the Mayor
and Messrs. Pratt and Hodges. In the first
of these measures it is proposed to give au-
thority to the mayor and city council to buy
in any of the Indebtedness Endorsed by the
city and convert the same into preferred
stock. This it is stated is to enable the road
to convert the Indebtedness into CAPITAL. If
the city should accede to a proposition now
made to that end by the company. 1t is un-
derstood, however, that several conversations
with the mayor and commissioners of finance
on the subject show that it is not likely the
plan will be adopted or act of the Assembly
acted upon; but the finance committee have
agreed, it is understood, that tits better 10 have
the bill passed. so as to have the authority if il
should become expedient to act upon it, The
second bill is a measure upon which, it is
stated, the finance commissioners would prob
ably wish to act. The second preferred
bondholders have threatened foreclosure. and
the commissioners, in view of the large sub
sequent interest Of the city, have made quail
I flied offer TO the committee of bondholders
for the purchase if all the bonds can be pro-
cured. The third bill is for such modihca-
ton in the charter of the company as will ena-
bic it to issue preferred stock, &C., $500, 900,
in lieu Of mortgage bonds, and to convert the
funded coupon Indebtedness into first mort
| gage bonds. There are now four mortgages.
The first is for $500, 900, of which 5000. 900
is Endorsed by the city-coupons overdue
about half as much more. The second pre-
ferred mortgage is for 5000, 900, of which the
city is now also large holder; overdue cou-
pons about the same. The third mortgage
IS for $500, 900, of which half is Endorsed by
the city and half by Washington county. The
4 fourth mortgage is for 81 zoo, 900, held by
the city. The object of the measures pro-
posed, IT would seem, is to secure the city by
making It the owner of nearly all the stock.
&c, which would require more money.
A dispatch to the Baltimore Gazette from
Annapolis, Jan. 80, says The ways-and-
means committee of the House and the f.
nance committee of the Senate had long
conference tonight with Mr.. King, of the Bal.
timore and Ohio railroad, and Mr.. Cowan.
its counsel, in reference TO the states claim.
Mr.. John King, Jr., vice president, made a
brief statement of the affairs of the company,
and said if the state persisted in pushing its
claim for 81 100, 600 the company would be
very much embarrassed to meet it. He
thought it advisable for the state not to do so,
as her financial interest in it might be i'm
paired. He also urged that the company be
hereafter exempted from the capitation tax
on the Washington branch, and concluded
with proposition to pay 100000 at once
and without further litigation, if the state
would waive her claim upon the balance. No
action was taken by the committee, but the
matter will probably be settled in a few
L 10
will be accepted.
CUMBERLAND VALLEY RAIL RoAD.-We are
in receipt of the Annual Report Of this road
for the year 1877, ending September 80. The
gross earnings of the main line were S5iq,-
S5l.37 operating expenses S239, ia. 10
showing net earning of S2S0,677.22. The
net earnings are discussed in taxes, State
and National, dividends of 10 per centum on
the SLIT, $500 90 of stock, interest on bonded
debt, leaving balance of $40, 224.s3.
The years business should be very satisfae-
tory to the stockholders, as il is greatly to the
credit of the management of the road. Espe-
cially do these results reflect executive ability.
when we hear the President state that ssthe
rates upon the products of the valley have
been reduced about ftcenty per cent. since
1873" There is included in the general ex-
penses 1905 tons of steel rails, %. 4SI cross
ties and So, ia. so for improvements in Car
isle and Chambersbprg in facilities for water
supplies for engines and buildings. These
resuits-in time of such general depression,
and when the company from this cause has
lost much Of its traffic in iron ore-indicaie
very close economy. The setual cost of
working the main line was 40 $1,000 per eeAt.
of the receipts. But one item of expense is
reported from accident, that of broken rail.
costing $500. There are now SO miles of
road laid with steel rails, and all the track,
Folling stock, and improvements of the com
gary are reported in good condition We
know Of no more valuable railroad property,
nor any trust more carefully guarded
Chdmbers6Ug Opinion.