Daily Republican., 1879-05-06
WILMINGTON AND NORTHERN
RAILROAD.
Annual Meeting at COatesville-
Tank About buy ing the Extension,
10 SlatingtOn-,The Annual Report
From the Morning Herald.

Tank About Buying the ExtensiOl,
to OSiatingtOn-The Annual Report
From the Morning Herald.
The directors and stockholders Of
the Wilmington & Northern Railroad,
held their annual meeting at Coates.
vile yesterday. The meeting was not
very well attended as not more than
dozen of its stockholders, directors in
oluded were present. 1t is is estimated
that about $25, 900 worth of stock was
represented. The only Wilmington
stockholders present were John H.Wal-
raven and Henry s. McComb.
Previous to going into session, the
owners present discussed questions Of
Importance to the road. The most vi
tai of these was that relating to the
purchase of the Berks & Lehigh road,
running from Reading to Slatington.-|
This road connects With the W. & N.
at Reading, and extends up through
Berks county to the coal regions. The
idea of purchasing this road, and thus
be enabled to run coal to Wilmington
and other points below, and along the
line, direct from the mines, has been
entertained by the stockholders for
some time, and the subject has grown
into more prominence within the past
few days on account Of tie approaching
sale OF the road in question. The sale
will be under foreclosure of the first
mortgage creditors, and decree for it
was granted in the United States Court
last week. Parties in Reading have
made arrangements looking to the
purchase of the road, and also, it is
said, the P. & R. R. r. is anxious to
buy it.
During the morning, the price that
might be paid for the road, the benefits
that weuld arise from its purchase and
other matters relating thereto were fully
discussed. Mr.. Henry Dupont said that
there would be difficulty met with in
its purchase, as the P. & R. R. R.
would do all in its power to keep them
from becoming the purchasers. He
said that one Of the prominent men ir
that company had made the boast that
he would give 81 900, 600 before the W
& N. r. R. should have it. Mr.. Dupont
also said, that in his opinion it woulc
not be wise for the stockholders to give
more than $750,000. This subject wa.
brought up during the meeting, and q
committee, with Mr.. Dupont as chair,
man, was appointed to consider the ad
visibility of purchasing tho road al
ready spoken of.
The stockholders went into session al
noon, and listened to the report of the
directors, which is for the year ending
December 81, 1878.
This repsrt shows that the earning:
for the year amounted to $l2s,6S A
and the money received from the Pur-
chasing Committee of 1877, 42l, ,9l4.53
This gives $l5l, ,595.97, as the the tota
receipts.
The expenditures were $l47, 4O0.6s
. leaving surplus Of So, ,6S6.29, of tn
total receipts, but deficit of earning
, of SIS, 22S.24
In comparing the accounts Of tn
company for the last two years there i
seen decrease of earnings in 1878 o
Sc, ,25296. The first six months Of thu
year showing a loss of el3, 044.25
| whilst the last six months exhibit
gain of 81, ,052.85.
The expenditures for the same yea
5 exceeded those Of 1877 by t2l, 1858
I the whole of which was applied to tn
! permanent improvements.
Although large outlay is still need
j.. ed for work that should have been den
u u upon the road prior to the purchase b,
the present company, it is believed tn
present rate of earnings will be suffi'
/. cient to meet the requirements for tbi
purpose, as we'll as to provide for cur
g rent deterorations.
o The report then goes on to speak
/ the condition of the road and improve
e ments, as follows:
; "The improvements to your road duI
IS ing 1878 were the reconstruction of th
bridges for sixty-two miles of way at
e cost Of $l1, 10000, the filling in pal
IS and rebuilding $50 feet of trestlinE
n costing $3,739.25, and the laying
4, 200 tons steel rails costing (less receip
for old rails) $5, 1868 making togetht
a total of $2l, ,23G.l5, for the complete r.
:, newal of structures and material whic
- had been in use for more than eigl
l. years, and which now for like perioC
% will require but inconsidsrable eut
y lay.
D. Besides these permanent improv
Y ments, 80, S24 ties were replaced durir
% % the year, as against 1917 in 1877
70 and total of 33, ,27l during the who
10 preceding existence of the road; Will
the condition of the track and its appl
ances have been materially improved
1t every respect.
If For long time the business Of II
j. road had constantly diminished eac
h month showing less traffic than tt
J. corresponding month of the precedir
e year; but marked improvement bega
- in July last, which has since continued
and there is now a reasonable prospe
lof suck further increase as will requi
the use of that considerable part
le your rolling stock hitherto unemploye'
" as to justify anticipations Of not vel
n remote returns upon your inve.tmen
le The report of J. H. Thompson, IL
a Superintendent and Engineer, is mo
y interesting as to minor facts. The mo
important part is embodied in the fo
lowing:
The earnings we're
81 From Passengers 3o,434
p Freight, s3,os9
ia U. s. Mail, 3,l7t
" Expenses, LOO
IL Telegraph, o4s
~ Total Earnings, $l2o,oSl
3 Received OF the Purchasing Com
mittee, 2,9l4
Natal Rora rainte &1h1 bSh