The Republican. [volume] (Oakland, Md.) 1877-current, 1878-11-23
Baltimore and Ohio Railroad Report

Baltimore and Ohio Railroad Report.
The annual meeting of the stock
holders of the Baltimore and Ohio
Railroad Company was held at Cam
den Station Monday. The old
board of directors representing the
private stock was unanimously re-
elected, and the fifty second report of
the president and directors was read
and submitted. The report gives
evidence Of recuperatiou in the bust
ness and affairs of the company, and
was much strengthened by the state
ment made by the president, in the
course of the meeting, that, since
September 80, the close of the fiscal
year, the floating debt had been still
further reduced in the sum of about
a million dollars. The report states
that the earnings of the road and all
its branches for the fiscal year were
$13,765, 279 80, expenses S7,769, 301 36,
leaving for net earning s., 1886, 97S 60,
and showing that the working eX-
penses were 56-44 per cent. of gross
earnings, or 5.S3 per cent. less than
the preceding year. One element in
obtaining this result is tie Substitu.
ton, which has been effected, of steel
for iron rails On624 miles Ofthe track,
thus reducing the cost of repairs.
Hhn .tn ho H.,
Of the entire, line its roadbpd, track
and structures, has not only been
fully maintained, but improved.
The increase in net earnings in 1878
over 1877 is noted of 1863, 434 IS. The
increase of revenues for Main Stem
and all its branches over the returns
for 1877 amounts to S556, 419 81. On
the Main Stem the excess of earnings
over expenses was S4,039,6 GIL 81,
showing ratio of expenses to earn
ings to be 52.S3 per cent, a decrease
Of $50 per cent. in working expenses
as compared with the previous year,
and Of 3.35 per cent. as compared
with 1876. The comparative increase
in the net profits of the Main Stem
for the year has been S3S2,718 IS. OF
the different branches the Parkers-
burg road shows net increase in
earnsings of so, 463 68, as compared
with last year, and this road is al
most out of debt, all but about Sl40,-
900 of its obligations having been
paid off. The Pittsburg and Con.
nellsville road shows aggregate earn
ings of S1,544,02l 80, an increase of
SIj4, 40 81, and expenses reduced
1927 ,143, a net increase over last wear
of Sl61 $50 a, the net earnings being
$3.50, $40 80, within about S73 ,000 of
the interest on ali it, bonded debt.
The Central Ohio Division shows an
increase of SIG, 100 II, and the Chic
ago Division of 1906, 268, the aggre-
gate being $1,O57, 558 9G. The only
decrease in earnings from last year
is upon the Lake Erie Division,
amounting to SO, 329 II.
The report deals in detail with the
various sinking funds the company,
showing their prosperous condition,
their increase for the year, and their
entire capacity to meet and discharge
all the several loans of the company
at maturity. This has been done in
accordance with the long established
financial policy of the company. TIE
total amounts Of payments on ac-
count OF maturing sterling debentures
and towards increasing the sinking
funds during the year have been
S6o7, 0S6 81. Adding to this payments
towards reducing floating debt, net
ting SoA6,9l9 IL, and we find an 40
gregate of payments and invested
money to the company's credi. of
81 ,544,0 y. The increase in the
business of the year is shown by the
augmented tonnage. The report
gives an increase of tonnage from
l,0l7 ,640 tons in 1877 to | i49, 400 tons
IN 1878, a net increase of 101 ,S54 tons.
The quantity of wheat brought to
Baltimore by the road last year was
1855, 233 bushels, an increase of
G,S64, 633 bushels over 1877. The flour
amounted to 77S,2l1 barrels, an in
crease of 136,509 barrels. The re-
ceipls of corn were 10, 154, $50 bushels.
decrease of 1926, 429 bushels fro n
the returns of last year, attributed in
part to short crops, and in part Also
to the action of competing lines in
carrying corn at Improbable rates,
50 that the Baltimore and Ohio Com
pany felt constrained to decline such
a rninous rivalry. The passenger
earnings show considerable decrease
as compared with the previous 1.-THE
centenniall year, being 81 200 SIG ~,
a falling off of Sl63,35S 60. The coal
trade OF the year on the Main Stem
shows an aggregate of 14,3S ,076 tons
AN increase OF 42,Sl1 tons-of which
l,Oo7.615 tons were delivered at Bal
timore. There We're also 1853. 06I
tons coal and coke transported on the
Pittsburg, and 2l6,9JS tons of coal
on the trans Ohio division. The. re-
port refers with great apparent salts
faction to the final and conclusive
settlement effected by the Legisla-
lure AT us last session Of the long.