Daily Republican. [volume] ([Wilmington, Del.]) 1874-1890, 1882-01-05
FOURTH EDITION
44TH ANNUAL REPOwc,
The DOings OF the Phtiadelphis,
Wil"sinxtOu and Baltimore Rail.
ROAD Company for the Past Year.

inc DOthSs OF the Philadelphia.
wil"inxtOu and Baltimore Rail.
road Company for the Past Year.
The forty-fourth annual report of the
directors Of the r., w. Il b. X. r.,
stating the operations of the road Tor
year ending October .3lst, 1881, has Just
been issued and shows the following in
teresting facts:
| EARNINGS FOR THE YEAR.
Main Stem, Southern Division and
Port Deposit Branch--Passenge re-
ceipts, 81 500, 1881 freight receipts,
| ,43a, T". 20; express receipts, II $50. 40;
mail receipts, -, 40s.3S: Steamer Canton
receipts, I, laa 81; rents, 23,0o1 26; total,
S,j5l, $500
EXPENDITURES.
Operating expenses, s., 226, 5g5. So 1;
taxes, ~ 2o3 so total, 1870, 7y9 50 re-
ceipts, less expenses, taxes and interest,
| l,ljl 'bl 20; out of which dividends
were paid, amounting TO 93j, 5l2 90;
surplus Tor the year, 195, $40 81, out OF
which there was taken Tor the renewal
fund 1000. 600; total So, $40. Sc.
| Balance 10 creditor revenue, Oct. LIST,
| lSS, was ISL, IA ~ charged to revenue
rs follows. viz depreciation Of vii.
'nington Steamboat line account, TO-
| oOO.oO; deficiency, Delaware kailrL ad
earnings to pay rent, 800. 80; bad debts
1b0,54; Tor credit accounts Glused into
revenue, o. 552.61; balance 10 transfer
10 prom and loss account 907 30 90 =,
Surplus resulting from revaluaJlon OF
securities, 25S. ,jSG. 4G, total surplus, De-
tOher 3lsJ, 1881, !, l6j, SIG 81.
The earnings, opetatug expenses,
taxes ana interest compound with those
OF 1850 are rs follows
Passenger recelpis in 1881 were more
by al per cenr. Than III 1850, freight
u, los, gross earnings by SS5, net
earnings By 81, operating expenses by
-" taxes by -, Interest, etc, net,
was less by no
A. large increase Of expenses as com.
pared with those ot the previous year
viii he noticed,
Ihis increase was due TO several
causes. An unusual number of cross.
ties were laid, aud the cost OF lies and
most kinds of material was greater
than heretofore Wages have risen in
nearlyali classes OF labor, and in some
as much as forty per cent.
There sas spenG in repairs of stations
twenty-five per cent. more than Tor
some account last year.
Eight new locomotives were added 10 |
the equipment aud charged as usual TO
repairs of locomotives :" and eighteen |
new iirst-Glass passenger cars were
placed upon the road aud charged TO |
repairs on cars.
Tue train mileage was larger than in
1851 by more than twenty-s'x Der cent.
whiIe the train receipts per mile were
less than in 1880.
Early III the year the Baltimore and
Ohio Railroad Company placed It's New
York passenger business upop the
Bound Brook route, and although that
business was unremunerat;ve to this
company, 1t was deemed cypedient to
decline ~ take it, and for several
months this com pany ran trains for
the accommodation Of the h. a o. Ia
the extent OF 600 miles per day, with
mule, II any, increase Of Passenger re.
ceipts as the result.
Tue report states that the renewal
fund account is kept as "A mode of
charging TO net earnings Of previous
years such items of uotlay AZ mr., nor
tairIN chargabIe TO the operating ex-
pehses OF any one year. The item of
go ,32% = for renewing bridges was ex-
pended IN substituting iror bridges for
decaying wooden bridges. i
There Is also comparative state
ment OF the fruit traffic since 1856, The
iai uIe OF the peach crop in 1881 will be
noted, and explains deficiency of net
earnings upon the leased Delaware
Railroad 10 meet the rental which def.
cheney was SSjj.S9.
The accounts of the two sinking
funds show judicious Investments.
The only additions TO the "road" or
construction account are Tor additional
risht OF way, and Tor the enlargement
d the engine house, built in 1876 at
wilmington, There are large expendi-
lures shown under the head of aim
,rovements' upon work in progrt IS.
These items will, when the I'm Iroye.
hehts have been completed, be classi-
len either to the accounts of road or
fund. There will he seen n
change III stocks and securities" ac
count luis company was the owner
D. nearly a! of the stock of the West
chester and Philadelphia Railroad
company, and large majority of the
'tock, and all Of the bonds of the Phil.
luel phia and Baltimore Central Rail.
oau Company, exc 3pting 500 Ia
and, for the purpose of sim
'iilyihg operations aud promoting econ.
my, those two companies have been
merged into one.
In aSmuch as the securities of the
and Baltimore Central
iailroad Company held by this com.
AMY were originally purchased at a
arse discount. ana as no charge for in. q
crest has been made, or credit subse
Iuently given for their rise in value, il
las been deemed expedient to revalue
hem.
The stock of the new Philadelphia
md Baltimore Central Railroad Com
AMY has carried into the account at
iXty cents on the dollar, and the fiyeI
'er cent. bonds of that co npany at
ninety per cent. OF their face. These
ates are much below the real value of
hese securities. The two reads thus :
merged, under the name of the Phila-
elphia and Baltimore Central Rail-
DAD Company, are operated by this
ompany as their agent.
1t was deemed expedient for this
ompany to become The owner of all b
f that portion of the Newark and Del
ware City railroad which lies south. q
rly OF this company's main line, and =
his purchase was made for the sum of