Centre Democrat. [volume] (Bellefonte, Pa.) 1848-1989, 1879-07-03
LEwISBURG, CENTRE AND Spruce
CREEK RAILROAD COMPANY.
ANNUAL REPORT or THE BOARD or
DIgEcTOEB.
OgrIcg or THE LEwIsBuRG, CESrgg
AND SrnucE CREEK KAILgoAD CO.,
PHILADELPHIA, June 10. 1879 !

~ """ 'P'"'' 'fffH fHttF"Hh company:
Your directors submit the following
report Of the affairs Of your company
for the fiscal year ending December
/ 1st, 1873:
/ All the operations Of the road have
been under the management Of your
/ lessee. We believe the work to have
been intclligcntly aud economically
/ performed, yet the financial result has
not met our expectation.
The earnings Of the year were s37,-
/ i2s.OG; the expenditures, s3G,3j1 &C,
leaving a net balance Of only 1876, a..
This disappointment j. somewhat re-
Iieycd by the fact that the cause. of
the untoward result are temporary
ones. Our lessee took charge of the
work when in AN unfinished condition.
The cost OF putting it IN order for saie
use Was undcrc-tima'cd, and cDn-c-
quently maintenance Of way has been
charged with much that properly be-
longcd 10 construction. But another
and more formidable cause Of failure
wa, the complete poverty Of trade on
the line Of the road. The increase Of
earnings 20 far a. reported for thi,
year are sufficiently in advance Of the
same period last year, to afford ground
for hope that, with return Of busi.
ness prosperity, our cntcrprize will
show more encouraging results.
The indebtedness reported last year
a. due contractor. for work done on
our late extension has been paid by
transferring to them local subscription.
at their face value, without recourse To-
the company; 30 that all claims for
construction on the finished part Of the
road are now liquidatcd Questions
pertaining TO adjustments for right Of
way were, 10y resolution Of your Board
of Directors, placed in the hand. Of the
company's solicitor, Hon. Geo. +. Nil
Ter lli- report, when made, will be
filed. The payment Of the large sum
Of sl02,0343j for the privilege of lo-
eating a road through q region origi-
nnlly clamorous for IT, construction.
docs not seem to inspire forbearaucc
on the part of claimeut- still unpaid.
II l. matter for regret that lack Of
funds has prevented our solicitor from
liquida,iug adjustments agreed upon.
Economy to the road, aud good feeling
in the community would both be- sub
served by amicahlc settlements.
The new depot buildings are unfn-
i-hed, and lack couvcnicnccs essential
topublic accommodation. Additional
water stations aud more sidiugs are
required for the proper working Of the
road; all Of which, though involving
no very great outlay, should be charged
10 construction account, rather than to
maintenance Of way.
The entire road, from Montandon
to Spring Mills, Is now in good con-
dition.
1t is conceded that the parties west
Of our present terminus at Spring
Mills have, by their carly compliance
with the conditions upon which
finished road was promised, entitled
themselves to most favorable consid.
Grafton. In our last annual report
we urged that the consent of our
bondholders be obtained TO setting
apart the net earnings of the road for
its extension. To bring this question
more intelligcntly before the parties
directly affected, a thorough examin-
alton of our graded road bed from
Spring Mills to Centre Hall, a dis
tance of ) $40 miles, was made. 1t
was ascertaincd that the cost of re.
pairing graduation, completing bal
lasting, laying track, putting down
sidings, and erecting depot, would be
a fraction over forty-two thousand
dollars.
Unfortunately. during most of the
year, current expenses exceeded re-
ceipts, and consequently all negoiia-
tions for extension was postponed.
As the prospect for net earnings is
now more hopeful, the suggestion of
their use for the purpose heretofore
indicated is renewed. We believe
such a concession by our bondholders
would appreciate their investment,
and would do justice to stockholders
west of Spring Mills. If net earn.
ings were set apart for extension, high
er rates on transportation and travel
might justly be charged. No people
were more generous and prompt in
liberaliiy, or contributed more TO the
enthusiasm that carried our road to
its present terminus than those of Pot.
ter and Harris townships; and the
interests that have been so materially
served by the completed part of the
road would not hesitate TO contribute
toward securing common advantages
TO all who have made common sacri.
ficcs.
Including large item Of profit and
loss, we have a gross investment of
s2,59l ,2S5.5S, aud but forty three
miles of complcted rond