National Republican., 1880-11-16
A GREAT ENTERPRISE.
Annual Exhibit of the Baltimore q Ohio
Railroad.
Effects OF the Revival of Buslness-An I'm
menso Movement of Provisions
from the West.
Annual Meeting of the B. g. o. n. n. Co.


BALTIMORE, Md, Nov. l5.-Tho annual general
meeting of the stockholders of the Baltimore &
Ohio railroad was held to-day, Archibald Stirling,
sr, presiding. In the absence OF Mt Garrett, John
King, r, president pro tenl., submitted tho fifty
fourth annual report Of the president aud directors
for the fiscal year ending September 80, which was
| read and unanimously accepted and adopted.
| The old board Of directors was unanimously re.
| elected to serve the ensuing year. Sixty.two
| thousand two hundred and ten shares were repre-.
| sened. The report says; "rhe excellent crops,
with good foreign markets, the improvement In de.
mand for all descriptions OF manufactures and the
general progress Of the industries and prosperity
Of the country have greatly, augmented the bust
| ness of the company" The aggregate earnings,
| stem and all branches are given
Total earnings, SIS, l77l010: expenses $40 $780,.
71O.0S net earnings s79SG 02; showing ali in.
crease In net earnings as compared with 1870 OF s4
l23,75967, and compared with 1878 of sl552iG0 IL.
| The working expenses were b6.30 per cent The
earnings of the Washington branch were s3l4,-
i05 SS expenses s67 sos Of net earnings S2l6 496 o.
| The earnings of the main stem and the branches,
stated In comparison with the fiscal year 1870 have
increased S236N 053.77, and the working expenses
sl533,3lS 10, making comparative increase In the
net profits Of 1881 1887 The expenses of working
and keeping tho L roads sU and machinery In repair
the net earnings, showing an increase of 29l per
cent. compared with the previous year. and OF l.1O
| per cent compared with 1878. Included in
| Inc working expenses of the main stem
and its branches are the following: Ex.
penses Of transportation, 81 952 1857; repairs of
| locomotives (includlng the construction of new
englncs) 1921 I251l repairs of passenger cars Tin
Guiding new ones), s2l22OG0l repairs of burden
cars Qnoluding new cars), sl,5502OGoi fuels,
t367Ol776 Semi-annual dividends of per cent
upon the capital stock were paid oil the lst Of No
ycmber, 1879, and on the 10th of May, 1850. Inc
profit and loss account shows an increase for the
past year of 81 98i4i 1t will be seen by this
account that the surplus fund.- which represents
invested capital derived from net earnings, aud
which is not represented by either stocks or bonds
now amounts TO $40 SOL 642,37 1t is shown by the
report of the transportation department that the
tonnage OF Through merchandise east and west has
year a was a5oeS q SS tons " FSe S EnSdred
and nnety.eiGht thousand nine hun.
dred and ninely:two barrels of -four and
| 25,062G06 bushels of grain were brought to Balt-
more during the fiscal year. OF this aggregate Of
grain lG4o9S0O bushels were Of wheat and 5lo.-
been los, asa tons and in lumber 81 $50 tons. The
| passenger earnings exhibited an increase from
u III lU333O in the preceding year to 81 ,S709 03i
The condition of the tracks, engines and cars has
| been brought to high standard Tho coal trade
| OF the main stem shows an aggregate of
2,255,l46 tons which includes 423 256 tons for the
companys supply being anincrcaso OF $780, ,l2i tons
over the preceding year. In tho fiscal year 1921,
2S6 tons of coke and coal were transported on the
Pttsburg division and 3l2 ij4 tons Of coal on the
trans.Qhio division. The aggregate Of coal and
COKE thus transported, including all divisions, was
4SsS sj6 tons, showing an Increase for the year of
The earnings OF the Washington branch show
an increase of $40 100 compared with the
previous year. The expenditures charged, accord
ports, amount to s67 SosSi, being for improvements
and repairs OF railway depots, water stations and
| bridges ana for pumping water The partial ex-
| pendltures charged being deducted from the rev.
enue stated there remained the sum OF 2i64e6.0l,
an increase Of net earnings compared with the pre-
ceding year Of s22, ,S22Ss. SeMi.annual dividends
of five per cent, upon the capital stock were paid
on the list of November. 1879 and on. the 10Th of
April 1880; In August last settlement was made
which had been subject of controversy for many
years Under this arrangement SOS 63S rs were paid,
embracing all taxes to July l. 1879, and tho basis
was fixod for tho future The increase ofnet earn
| nss in 1850 on other divisions and branches
over the previous year are: Porkershurg branch;
sl76250A9i Wheeling, Pitteburg q Baltimore rail
road S905s6i Pittsburg division, S270 5i60l CentrGl
Ohio division, s9S 75i2l Chicago division S72 l42 93;
Lake Erie division, sl9,7So76i Strattsylle division,
| Si2.59S5i.
The net earnings Of tho Chicago division and of
| the Wheeling, Plttsburg & Baltimore railroad COM
pany have been credited TO the account for Interest
of these companies The excess of net earnings of
| the Sandusky Mayslield & Newark railroad Lake
Erie diyison) over the rental, sl9593SI has been
| credited ON account OF interest on advances made
| for the permanent improvement Of that RAILROAD.
Under the lease ofthe Central Ohio railroad 3j per
| cent. Of the gross earnings was paid annually TO
| that company. The loss ON this division for the
| year. under the agreement, was S397g3bs which
| has been charged IN the proft ana loss account.
The aggregate working expenses OF the main
stem, with all branches and divisions, were 56.SY
| per cent, Of tho whole gross revenues, being = u
per cent more than the preceding year. Seven
| hundred aud hity miles OF track Of the main stem
and branches east of the Ohio river are now laid
| with steel rails. The payments during the fiscal
year to the several sinking fluids of tho company,
for the payment Of he elly loan tile several sIer'
| ling loans aud other obligations OF the company
are stated ~ be s650 30S.0i. Tho aggregate invest
| monti or payments made on account of principal
for sinking fund purposes account OF respective
debts are stated 10 be 81 lG4 1874. The reduction
of tho indebtedness stated during the fiscal year /,
stated ms follows: Report OF October !, lS79--ster
ling dGbGntures due m 1850 aud 1881, s2420OOO
bills payable Sj3DC0J; sterling obligations aud
| loans SG2O bO70i; total SS570,507Ol, Report OF
October /, 1889 Sterling debcutures due in 1881
i96s 90 bills payable, $4,000 total, Sl,lQSu0)
| showing reduction during the year of !2l7l,
| O)1Ql; additional payments on account oil the
principal Of debt and OF tho SINGING funds during
The fiscal year, S0J0aOS,O4 aggregate reduction
/ Sib.Oy