Evening star. [volume] (Washington, D.C.) 1854-1972, 1888-11-21
PRESIDENT spENcER's REPORT.
The IL. and o. Railroad Co.-Wsshfng-
ton improvements Suggested.


The annual report Of the Baltimore and Ohio
railroad for the year ending September 80, 1855,
shows that the gross earnings for the year
were GO, SIS, 4sl; the net earnings from the
various railroad lines, s5,s4s,5ll; the income
from sources other than railroad operations,
81, 2o6, SEQ; making total net income Of s7,-
055;47l. Deducting fixed charges, which aggre-
gated 90. Pass there remained ssos. sls Of
net income applicable TO the payment Of divi-
dends on preferred stocks or other
purposes. There has been large in
crease Of freight and passenger tafhc.
An apparent decrease Of s905,5 in gross
earnings and Of s5i4,444 in net earnings is more
than accounted for by bookkeeping changes
due TO the sale Of the Baltimore and Ohio ex-
press in September, 1887. and OF the sleeping
and parlor car franchises in June, lsss. by ex-
ceptional receipts Of cash from the Central
Ohio railroad in the previous year; by increased
expenditures upon roadway and bridges in
isss over 1887. and by increased expenditures
for locomotives and freight cars, which were
charged to operating expenses.
N THE GENERAL BALANCE SHEET,
which giveSthe financial condition Of the COM
pany, upon the debit side are found the follow
ing items of local interest: Cost of Baltimore,
Washington and Alexandria branch Of the
Washington City and Point Lookout railroad.
s5iO.0O0; sinking fund on account of same
branch, S44 600, and under head Of bonds
and stock, held by trustees security for
bonded debt, Washington branch stock
81 .02s.0o0. Upon the credit side is found.
under the head of bonds assumed by the
Baltimore and Ohio railroad. Alexandra
branch Of the Washington City and Point Look
out railroad. per cent, $4,000. In the list
of bonds owned by the company are twelve
District Of Columbia 365s, par value, $500,
and seventy-one Washington City and Point
Lookout railroad, valued at Ell 900. The lease
OF this latter road is perpetual, and the annual
| rental Is ESQ 600. IN the table of construction
and betterments are the following items Of To-
! cal interest: Alexandria branch, SS.0l9. 81;
Metropolitan branch improvements. sl.74O 80;
new depot at Forest Glen, s3, 500 60; new freight
| yard at Washington, ID. c. O.. s5s 49, The
profit and loss account of the Washington
branch road shows q loss for the year Of
| Sl57 $3.50.
BUSINESS OF THE ROAD IN WASHINGTON
President Spencer says in relation 10 the
business in this city: The want OF additional
yard room at Washington, ID. c., had become
SO pressing that your management decided to
purchase about seventeen acres, fronting on
! Boundary avenue, near the intersection of New
York avenue, and it is now being prepared for
| freight yard and station purposes. The loca-
| ton 10 admirable for this purpose. as well as
for passenger station for that part OF the city,
| and the result of this improvement should be
large increase in the company's business and
great economy in the performance Of the
present work. II has for some wears been the
exception that freight destined for Washington
has not been seriously delayed at Martinsburg,
Washington Junction. and Baltimore for want
| OF room for Its reception and delivery at WASH
ington. The new yard is expected 70 remedy
this difficulty, and to thus attract additional
| business"
IN REGARD TO FUTURE REQUIREMENTS
the reportsays: ''Still many extensive improve
ments are required at various points on your
system in order to secure much-needed econo-
mics of service. Among these may be men,
toned additional docks and piers at Philadel-
phia; the enlargement and Encouragement Of
the Locust Point yard. particularly that portion
in which the coal tonnage and the export and
import traffic are handled; the erection of Q
| new passenger station at Washington, ID. c.,
coupled most likely with expensive change
Of location Of nearly all the tracks of the COM
pany in that city; the completion of the double
track on the Metropolitan Branch; change Of
line at Harper's Ferry, to avoid sthe further
maintenance Of an unsuitable and expensive
bridge and approaches, as well as to secure Q
double track across the Potomac river at that
point: the construction of new line through
the city Of Wheeling, TO avoid the heavy grades
and sharp curvature within the streets Of that
city, and to concentrate the yard work now
done at Wheeling, Benwood and Bellaire for
the three divisions Of the road ending at the
Ohio river. The exchange of traffic at this
point from one division to another il subjected
TO such delays not only to cause serious loss
to the company in the use Of its equipment,
but to frequently drive the business 10 COM
petitors. This improvement should be made
as soon as proper ordinances can be obtained
from the city Of Wheeling.