The daily gazette. [volume] (Wilmington, Del.) 1874-1883, 1881-05-05
From the PhiIa. Press.
HEAVY PROFITS.
The Enormous Divident Of the
NarrOw.Guage Lfne i'm the Oil
Fields.

The Enormous Divident Of the
NarrOw-Guage Lfne i'm the OH
Fields.
HARRIsBURs, May 3.-Soon after
the great railroad purchase recently
made by the Buffalo, Pittsburg and
Western Railroad Company the atten-
ton of the Press correspondent was
called to the enormous dividends
which the narrow-guage railroads of
the oil country were paying their stock
holders. Through the courtesy of the
Secretary of Internal Affairs access
was given to the statements made
under oath of the officers Of those com.
panies doing business In Mexican
County. These statements will soon
be published in connection with the
general railroad report issued by the
Department. Thele are three of these
roads now running-one from Brad
ford, the Olean, Bradford and Warren,
which runs to Olean, N. Y, and there
connects with the New York, Lake
Erie and Western, and Buffalo, New
York and Philadelphia Railroads the
Kendall and Eldred, which runs from
Bradford to Eldred, in Mexican
County, where it connects with the
Buffalo, New York and Philadelphia
Railroad, and the Bradford, Bordell
and Smethport, which connects Brad
ford with the county seat of Mexican
County. The two first of th"se roads
are part of the recent purchase, which
also embraced the Buffalo, New York
and Philadelphia and Mexican and
Buffalo Railroads, together with
large body of coal lands in the south>
ern townships of Mexican County.
None of these roads have any bonded
Indebtedness, and last year they paid
dividends as follows: The Olean,
Bra iford and Warren ON q capital
stock of $3.50, 900, thirteen dividends,
twelve at per cent. and one at per
cent, making total of $45, 900. Tho
COMPANY had surplus on hand at the
end of the year of $1,936,77S The
Kendall and Eldred Railroad on a
capital stock of $3.50, 1000 paid twelve
dividends at per cent, four at per
cent, and one at 10 per cent, making
a total of $105, 1000.
Besides these dividends the Company
built a plsnk-road costing them 81, 49,
$50, which earned 50, 100 above expen
ses III about six months. At the end Of
the year this Company had surplus on
hand of So ,553, 15o. The Bradford, Bor-
dell and Smethport Road traverses an
unbroken wilderness Its entire length of
twenty-five miles. 1t commenced doing
business IN June Of last year but the
road was only running a distance of
seven miles at that time. In September
the Company commenced declaring a
dividend of 2 per cent, and continued u.
declare that dividend monthly to the
end of the year on a capital stock of
| $250,000. At the end of the year the
Company had surplus on hand Of $2,-
! e51 $3.50.
, ADDITIONAL ERTERPRieG.
! The Olean, Bradford and Warren
Railway Company is nov actively en-
gagged in extending its road to Warren, q
distance OF some 35 miles. On the route
which it traverses are several recently
developed oil fields, and at the western
terminus strikes one of the liveliest
| towns In the State. A charter has Just
been granted for narrow-gauge road
from Eldred to Ceres, In Mexican County,
which is intended as a part of the projec-
ted road from Wellsville, Allegheny
County, New York, to Eldred. 1t will
there connect with the Kendall and e.
dred, and will make continuous mar
row-gaugs line from Bradford to Wells
vile on the New York, Lake Erie and
Western Railroad. This piece of road
will traverse very promising oil devel-
opment which lies just north OF the State
line, between Allegany County, N. Y,
and Mexican and Potter Counties, this
State. 1t is proposed to build branch
from the Bradford, Bordell aud Smeth.
port Road to Kane, on the Philadelphia
and Erie Koad, there to connect with a
narrow-gauge road now being constructed
from the lower oil fields in Clarion
County to Kane. 1t is also proposed to
connect this road with the coal fields In
the southern part of the county-a tract
of SOME 5000 acres adjoining the large
tract recently purchased OF the Buffalo
Coal Company being owned by gentle
men connected with the enterprise.