Delaware state journal. [volume] (Wilmington, Del.) 1870-1883, 1881-01-06

pliurlon Steamboat
l1ne bcco ltlt.t.-.. lbrpOpDl
raj taruinys
Bad dsbIs...,......, s65@ u'salso 1891 20
/
Balnuca to credit OF
81, issl........... s756.a4i.49
Of Ronewal Fund I99, 50
Der 3 issI.,,.,,.,. sq;b,as 8
The earnings, operating expenses, taxes and
lntert 81, compared with those OF 1879, snow
as follows, viz:
Passenger recpps In 1850 were more by 136
per cent han In 1919.
Freight receipts III 1850 We're more by 1857 per
cent than III 1919.
Gross ear, Jugs In lSSD were more by 14.5l per
cert. than in 1912.
Mel earnings i'll 1850 were more | ) s "a per cent |
than IN $40.
Operating expenses in 1850 were more by 22.96 |
per cent than III 1870
1870
1ut rest, &c. less interest &C., received wss |
more by li.SS per cent than Ia 1879.
The statement Of operating expenses marked
IA shows the details OF this account.
A comparison OF operating expenses with
gross earnings for the past four years shows
that during the past year those expenses were |
relatively much larger than those of the pre-
cedlng year, but not 10 large as those of 1877,
or those of 1878.
Dnrug the past year it was found necessary
to accept l1wer rates for transportation than
those Of previous years, and also to accommo-
date the public with many more trains the
mileage 6. passenger and freight trains being
IL per cent, i'll excess of that of the previous
year.
Much was done TO enhance the value of the
equipment There were two locomotives
added to the stock. and several new ones sub
stltuted for old ones Many new passenger
cars were built to ill the place Of old cars sold
and beildes replacing WORKOUT freight cars
with new cars, there were added to the stock
Us ne~ ones Ut all kinds. Over $4,000 of out
lay YVES nude III the lifting OF passenger cars
with automatic brakes, Which it was found
NECESSARY to ad pit upon such of our cars as
pass over tue connecting roads, instead of tho
Westinghouse and Vacuum brakes 30 long
Used on Nodr roads.
For fuel, the cost was in excess Of the same
item during the preceding year by more than
5i7,000
This excess WAS due in part TO increased
mileage, and part to an average Use in price
OF coal of 10 cents per ton.
The outlay in "lioad' department was
larger than that during the preceding year by
over SsO,0OO, and larger than that of any
year since 1874 or this excess, about
$50, 900 was caused by the unusual number of
cross-ties renewed during the year. and over
s3S, 900 was paid for the labor required to lay
the $4,000 extra cross-ties and to | eep the
track i'll good condition under the increased
mileage.
70 the credit of the renewal fund, Noyem-
Der LIST, 1880, was sl99,683. 80 To this
amount it was deemed well to add the sum of
sl5 ,OU0 from the net earnings of the year
ending October 3lst, 1880, us it will soon be
necessary to build new station houses ut Viii
mingtOn AMI Mt two or three other way
stations and it Ii desirable to continue tho
/ hat nf lnl fnp ,,.I "a
! iron bridges for wooden ones.
The work OF substituting an iron bridge for
! the wooden bridge butt In 1876 over the
/ Stisquehanna river ut llavre de Grace and of
building new pier to take the place of Pier
] No. 3, which was found to be insecure. has
I been finished. The whole cost of this work
commenced in 1874, has been charged to The
earnings OF the road Ill renewal fund account
There were 70 miles of your road laid with
| stone ballast at close of the fiscal wear ending
October 3st, 1879 During the year ending
| October list 1880, stone ballast was laid upon
| six and one-half miles more
Table &c gives a comparative statement
/ of the fruit transported annually for II wears
ending October 3lht 1880.
1t shows that the earnings from this source
during the past season were less than those
of the previous year by the sum of SIS, 577 H.
| which accounts for the diminished revenue OF
the Delaware Hllruad and its failure to earn
lts entire relt
The net earnings Of the Delaware railroad
were Insufficient By the sum of 81 ,SY4 23 to
pay the rent thereof; and that sum has been
charged to revenue account, to be- recovered
however, under the conditions of our lease 20
soon as the net earnings of that road are in
excess oil the rent
The sinking fund has been increased by the
slim Of -l6uDO since our Inst report.
The rOad. or construction account WAS
credited with the cost Of the Canton Ferry
tug and barges recently sold
Important additions to your property are
represented under the head of Improve
ments." The item ''Wharf improvements.
Canton, represents the expenditures made
upon the new Nharf used in connection with
the Baltimore steam packet business.
The item, West Wilmington Property, $
represents outlay made near Wilmington for
land and railroad tracks.
This company has for many years expert.
enced much difficulty and has met with many
accidentRin drilling its trains i'll the city street
Some twenty acres have been purchased out
side OF Wilmington, and tracks, water station
and lnterlocklhg switches placed theron and
now he transfer of freight trains to and
from this company's main line, to and from
our Southern division, Delaware division
Delaware Western railroad and Wilmington 4
Northern railroad, are made at that spot and
the city street relieved.
The item, "Bay View Improvement,
denotes similar Investment near Baltimore
to enable us to make up freight trains outside
! of the city hmits.
! The charge to ferry steamer Canton wa,
, for one-half of tho cost to date of thai
p steamer, owned Jointly by this company ant
, the Baltimore and Ohio Railroad Company
{ and used to transfer all Joint traffic OF thu
two companies at Baltimore while avoidint
the former very Objectionable mode of trans
fer through Baltimore by horsepower. Snc,
/ June last the Caution has boon in eonstan
use, and does her work most satisfactorily
: while shortening the time between Philadtl
phia and Washington.
, Table IL also shows n large nNpenditur,
for the purchase of the stock of the Yves
Chester and Philadelphia Railroad Company
all of which has been bought, excepting i.
1 shares of $50 par.
3 This road furnishes 4 direct connection
; between Philadelphia and Baltimore Contra
t;al road, thus completing Il second road iron
+ Philadelphia to the SuAquehanna, PRACTICAL,
, IN the ownership of this company, and giyinl
. 70 the latter second desirable entrance int
; Philadelphia, which will prove, it is believed
= very valuable to this company, as great diff
g cultles must be overcome Ill bringing any nev
4 railroad into the city from the Southwest
n This company on assuming the direction o
II the management of the West Chester 4 Phila
: delphia Railroad found 1t III bad condition ii
, respect 10 repair, and mnch in need of new
o equipment and permanent improvements t.
u bring 1t up to the standard of your road II
o meet such wants. it will be seen that this com
IT pany has loaned near 9230000 to the Yves
o Chester Philadelphia Railroad Company,
4 II is expected that the latter road once il
= good condition, and running q miles from
: Philadelphia, through remarkably health
e and attractive country, will OF itself prove
d safe investment.
y four directors now, as heretofore, charg
IT freely to revenue accounts, all items of depre
l. citation or loss which are suffered by thi
!. company, while in no instance has any in
= crease III value of your assets been followe,
= bv any addition to their value in the books o
the company. The principal item of thi
y nature Is the amount of Sl00,0 00 charged b
n revenue on account of depreciation in valu
OF DIR account against the Dorchester
n Delaware Railroad Company.
!; That company, in 1853 leased the Do.
chester 4 Delaware branch Of the Delawar
railroad, agreeing to pay therefor the sam
rent az this company pays as lessee OF Dels
II ware railroad and branches. bnt have bee
l. unable to pay the rent. They have also bee
is unable to repair their equipment from time t
il time, and this company, rather than hay
Is work stop on tributary road, have repaire
!. their rolling stock.
:, IN addition Ia allowing the Dorchester
y Delaware railroad Company to become on
!" debtor for these accounts, your director
IL Thought 1t advisable nine years since to &C
II vance to the Dorchester ~ Delaware Railroa
Il Company, to enable them to finish their roa(
h. As security for these debts this compan
a holds as collateral, $4,000 of the 6 DC
> cent. bonds from out of the whole issue {
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