The New York herald., 1878-11-19
BALTIMORE AND OHIO RAILROAD.
YEARLY REPORT OF IFS HISTORY, CONDITION AND
FEosPECTs-ELECTIoN OF DIRECTORS.


Observation-Disclosures OF DIRECTORS.
BALTIMORE. Nd, Nov Is. 1873.
The annual general meeting Of the stockholders Of
the Baltimore ANA Ohio Railroad Company was held
to-day. John W. Garrett, President, submitted the
fifty annual report Of the directors being for
the fiscal year ended September 20, 1878. The total
revenues Of the main stem and all the branches and
divisions are shown to have been $i3 65,c79 80.
showing an increase, compared with 1877 of
$55e,419 81. The aggregate working expenses Of the
main stem, with all branches and divisions. were
5G.44 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 ac-
count of principal and reduction Of indebtedness
are stated to have been s1.544o o0G p. which, with
the cash dividend November Is, 1877, Of $3o4,31G
show payments and investments for the object
stated during the year from the net earnings Of the
company, Of S1,93s332 ~.
The principles upon which the sinking funds OF
the Baltimore and Ohio Railroad Company arc based
viii cause the entire indebtedness with which they
are connected be by the period of the maturity
Of the respective loans from the annual appropria
made for these funds together from the inter-
est accruing from their accnmulations.
The tonnage OF through merchandise East and
West has been 1i4s4oa tons while in the preceding
year vas 1047 s45 tons; 1921 barrels OF -four and
10 sS4 bushels of grain brought to Baltimore
during the fiscal year. being an increase OF 1850
barrels and 425a. .7s3 bushels respectively. OF this
year ssn we're a.soo.soo In.hes. showing an
crease over 1876 of s,744.oa3 bushels The receipts
OF corn Tor 1877 ia bushels and for 1879
bn.s.s compsrsd with the precedins Year. The de-
crease in arose in large degree from tho fact
that the rates during portion OF the year were SO
low in consequence Of the action Of some competing
lines ~ to cause absolute losses. and ct several
periods the Baltimore and Ohio company declined to
reinnerative but which did not repay the actnst
pcnscs connected with its transportation. In live
stock the trafhc has been La 462 tons; on lumber
80 RECEIPTS rRox PASSENGERS.
The passenger earnings exhibit decrease from
81 364 s04 ~ in the preceding year to 81 s46 r.
This reduction caused by the decrease of travel
comparod with that connected with the Centennial
Exhibition for October and November, 1876.
The coal trade of the main stem shows aggregate
Of 4s3076 tons, which includes 3S $50 tons for the
companys supply. being an increase OF z261l tons
over the preceding year.
OF the operations Of the Chicago division the
port says:-'Thc earnings Of the companies known
the Chicago division OF the company for the fiscal
year were 81 057 55s &C. aud the working expenses
FOR the same period $6 0l0 81. The surplus credited
to the account of this division is s42s54s 80. the
working expenses being 59S per cent, The earnings
were sssJssa SO more than in the previous year.
while the expenses decreased $106.lo4 "a. showing
net increase, compared with the previous
wear. of 1906 2fS The rapid improvement
| OF the business upon this valusbe line
meets the expectations formed in regard to it. based
upon it's singular drectness. low grades and the i'm
| portsnt centres OF traffic which il effectively
reaches As the interest paid upon the five per
sterling loan Of 81 800 90. taken for account OF this
company amounted, during the past year. including
the premium gold, TO S3y7 500 H. the line already
shows ability to pay from its net earnings more
than the entire sum. exclusive OF taxes The taxes
paid for these companies (S52 1S9 .a being deducted
from the earnings ($lg9, ,54s 3s. leaves $377. .35s Al
I The report concludes THE Board expresses with
pleasure their appreciation of the successful manage
| ment OF tho business Of the company through the
fsithfulne and efficiency Of the officers and employees
| In all departments of the service"
| The report was accepted and approved.
DIRECTORS RE-ELKcrED.
Messrs. Galloway Cheston, Francis Burns. John
Spear Nicholas, John Gregg. William W. Taylor.
Samuel Kirby, John King, Jr.; q. A. Won Lingen,
nell and Henry G. Smith unanimously reelected
directors for the ensuing year by vote Of 1914
| shares.
In announcing the result the chairman mr. Albert,
| remarked that be had listened TO the report with
great graticstion and that the interesting results
| shown both from the increase Of earnings and de-
% expenses could not fail TO prove generally
| satisfactory.
President Garrett then stated that by tho use Of the
earnings represented by the dividend in stock which
haA been decs-ed-namely. $54s.x72. and from addi-
tona earnings. the floating debt had been further
rednced since the close of the fiscal year the Oth
i Of september last by the amount Of more than
1