The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1884-11-29

fiscal year ended on September 30. 1t shows
that the gross earnings were:
From passengers S2G9, 2.22
From freight and express............ 343, lS9. 10
From milk and marketing ........- 81, sos. 81
From malls..... ACKNOWLEDGEMENTS. l3,9o0.9i
From miscellaneous sources....... 6,752.S IS
Total SOOo, JJo.oj
The operating expenses, including
rental of Hilen Station and cost
of operating the Baltimore and
Cumberland Valley r. r., were. 407, 1895
The net earnings S25S, 245. 73
The expenditures in bctterments
were SlOO, oZi0O
The earnings as compared with 1888 show
total increase of S11, S31.4S; total increase
in operating expenses, 81, 7G0.73; increase in
net earnings over 1888, $4,070.75. The total
increase in the expenses for betterments was
S17,079.80.
There were moved during the year 722, Ala
passengers and 81 ops tons of freight.
The track and machinery have not only
been fully maintained during the year, but
have been very greatly improved. The steel
track was extended across the mountain and
through Washington county to within one
mile of Hagerstown, the distance covered
being about 26l miles; a number of iron
bridges were substituted for wood; about ten
miles of track were ballasted with stone; 3D.
600 new cross ties were placed in the track;
the amount of siding accommodation was
largely increased; the high trestle work west
of Mechanicstown was filled up, an arch Gull
vert being provided for the passage of the
stream; grain elevator was erected at South
| IL. ut
Union Bridge; semaphore signals were erected
at ten of the most important train order OIL
cess an extensive quarry for ballast and build
ing stone was opened up in Owens Creek
Gap, and branch track constructed to same,
and the serious damage by floods during the
early summer, upon both the main line and
the Baltimore and Cumberland Valley Rail
road, have been largely repaired. Contracts
were also closed at the existing low prices for
the required amount of rails to complete the
entire main line in steel during the coming
spring.
Four new locomotives of large size, six new
coaches, four excursion cars, fifty box cars
and fifty gondolas of 10000 pounds capacity
have been purchased under ''car trust,' for
which, and for other equipment previously
purchased upon the same plan, payments OF
nearly 81, 900 per month are being made.
| There were also other additions to the equip
ment made at the company's shops, and to
the machinery of the latter number of i'm
portant and costly tools have been added. All
equipment expenditures were provided for
out of the revenue and charged to better
ments.
The report says: Notwithstanding the
general depression in business, which has ex-
listed throughout the year, the falling off in
the traffic of nearly every railroad in the
country, and the fact that the earnings of the
year with which comparison is made were
Sl14, 015. 55 in excess of any previous year,
the Western Maryland has not only held its
own, but has slightly increased both its gross
and net earnings, which it is believed augurs
well for the results which must attend its OPP
erations under more favorable conditions.
During the year an all-rail fast-freight
line, known as the Great Southern Dispatch,
was established between Baltimore and south
ern and southwestern points via the Western
Maryland, Shenandoah Valley, Norfolk and
Western and East Tennessee, Virginia and
Georgia Railroads and their connections, and
is now in successful operation.
"The South Pennsylvania Railroad, now in
course of construction between Harrisburg
and Pittsburg, which will pass within eight
miles of this roads Shippensburg terminus
and within easy reach of its main line at Ha-
gerstown, one of which connections the South
Pennsylvania Company has agreed to build,
is being constructed us first class double
track road, and as it tunnels all the principal
mountains There being seven tunnels,' aver
aging Il mile eachl very slight deviation ii
made from Il straight line, and when com
pleted it will afford the shortest practicable
line betty Baltimore and principal West
arn I.8fixS. The work of constructing this
HE is being vigorously prosecuted, with the
view of having it completed and opened for
business by the summer of 1856.
''On account of the steady increase in bust
ness and in the number of trains required for
it, accommodation, which is much greater
than would be necessary upon other roads
with light grades, it is generally felt by all
who have given the matter attention that u
second track upon the Western Maryland is
fast becoming Il prime necessity for efficient
and satisfactory operation. When it is also
considered that the road is certain to become
the Baltimore connection in an important
Fast and West through line to be completed
in 1886, and the increased embarrassment
that must result from having placed upon
the present single track not only the addi-
tional trains necessary to accommodate the
large increase of business from such Il connec-
ton, but also the numerous construction
trains that will be required in building sec
ond track, there would seem to be no time to
lose in making provision for this work.
s'How this can be accomplished is not APP
parent at first sight. ltso happens, however,
that the present mortgages were created when
Il higher rate of interest was current than at
present; also that the first three mortgages OF
$500, 900 each may be satisfied at or before
maturity, also the founded coupons on same,
amounting to 1851, 100, so the S147, 426 of an
,,t hnip maid on thaca
cages and funded coupons, capitalized ut 90
per cent, would produce S4,039,0 jS, ftoin
which deducting 50, 45T 100, principal ofmortN
cages and funded coupons, and S339, 4S4, the
difference between sinking fund and accrued
and unpaid interest on second mortgage, there
would be left, after satisfying mortgages, &C.,
with money borrowed at 800 per cent,
balance of 81, 242, 484 as additional capital
without any increase in the amount of interest
now paid.
Assuming that 81. $50, 600 will be required
for a second track, Baltimore to Hagerstown,
or say S5O7, 5l6 in addition to the gain of
81, 242, 4S4 from capitalizing the interest now
paid at g. G5 per cent, then if this S507, SIG can
also be obtained at 3.G5 per cent, provision
will have been made for the additional track
at an animal cost to the company of but
S1S,524.
''Now as the road is virtually the Property
of the city, and as the city can readily borrow
the desired amount at 3.G5 per cent, 1t IS be-
levad that it will be wise and juaicious for it
to place the company in funds t9lsatlsfy these
mortgages, and to pay over to tle company,
as the work progresses, 81, 242, 4Sl, the gain
from capitalization. So faIhe company will
be this amount, 81, PAP, 4S4, in hand without
any increase whatever ip/ its interest obliga-
tons. and by its borrowing from the city and
from the several counties through which the
road passes, and other parties in interest, the
additional $5o7 ,5F6, it will only have such
obligations increased Sl8,524 per annum,
while the assets of the company (the city,
will be increased by the full value of the
seesud track In other words, certain inter
est payments nov made gan be made to fqr-
nish the basis for more than tyQ-thlrds the
capital required for the second track, and the
property will be increased in value at a cost
of ST $50, 600 with an increase in interest liza
blity of only S1S, 524-that is, 1866 per cent
on S507, SIG.
There would be net saving of S45, 1851
per year by satisfying the mortgages referred
to, and the accrued funded and unfunded in
terest, with money borrowed at 9;f5 per cent,