Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-11-17
B. &. O. BUSINESS.
THE ANNUAL REPORT OF PRESIDENT
MAYER SUBMITTED.


citation of His Valuable services-Th'
Earnings and improvements of th'
Road During the Past Year.
BALTIMORE, Nov. 16.-Charles F. Mayer
President of the Baltimore and Ohio Rail
road Company, submitted to the stockhold
ers in annual session in the Contra
building in this city this forenoon, hi
statement of the affairs of the company fol
the fiscal year ended September 80, 1891.
The present statement has special i'm
portance in being the first statement from
President Mayer to the stockholders of the
company since the declaration of stock
dividend of 20 per cent by the Board Of Di
rectors. So we'll pleased with the statement
were the stockholders that they unani.
mously voted that minute be made of theil
appreciation of the prudent, wise and ener-
getic management of the affairs of the com,
pany by President Mayer. The statement
of the President is as follows:
fthe equipment trust loan of 1000, GEO.
mado with the Finance Company of Pennsyl-
v8nia there has been expended $1,3T 2S. The
terms of this equipment trust require the
payment of one-tepth of the principal annu-
ally on the lst of November of each year,
commencing with November /. 1891.
The company has maintained through the
year its cash appropriations to the sinking
funds OF its Sterling loan due in 1927, and the
Pittsburg and Connellsville consolidated
mortgage loan due in 1926. These two sink
ing funds now amount to 81, 132, ,06O.
The business on the Philadelphia division
continues steadily to improve. Compared
with 1880 it shows an increase of $l06, 223, or
$3.50 per cent.
The Grafton and Greenbirer Railroad,
which extends from Grafton to Bellington,
Al miles, is being changed into a standard
gauge road. with a view of making connec-
tion at Bellington with the West Virginia
Central and Pittsburg road. When this is
accomplished the Grafton and Greenbricr
road will be link in an important line
from this section of West Virginia to Pitts
burg
came under the control of the Baltimore
and Ohio Railroad Company, August /, and
was then opened for freight traffic alone. 1t
will shortly be opened for general business;
and the Baltimore and Ohio Railroad will
then begin to realize the benefit anticipated
in the completion of this link in its line to
Chicago.
The West Virginia and Pittsburg Railroad
has been completed from Clarksburg to
Rraxton Court House 60 miles), and from
Weston via Buckhannon to Newton 40
miles.)
The company has completed negotia-
tions under which it secures controlling
interest in the Pittsburg and Western Rail-
way for s. lGl, 800, to be paid in common stock
of the b. 4 q. Railroad Company al par. 1t
the control of the Ii. Il o. Company before
January next, thus giving to the B. & o.
Railroad connections with Lake Erie and
Cleveland. 1t also completes the company's
line from Baltimore to Chicago with grades,
etc. rs advantageous as other existing lines.
The purchase provides for the necessary
funds by the Pittsburg and Western Rail-
way Company 70 put the line in thorough
condition as a link in an important through
line.
The great yards at Brunswick and Ben
wood will be completed next spring. They
are now doing portion of the important
work for which they were projected. At
Cumberland work will soon begin, and at
Wheeling early in 1892. At Pittsburg the
new and commodious freighthouse and yard
are in use At Locust Point extensive i'm
proyements have been made in the system
of tracks, and the European freight sheds
are being extended.
a table of the operations for the year
shows Earnings-From frei@hts, $16 ST., 019;
passengers, So 974 al: mail, s493, ,541; express,
$685. miscellaneous, $3.50, 227; total earnings,
$24, $50, ,39S Operating expepses-General ex-
penses. 81, COS, ,SS3: conducting transportation,
50 Ia, col; maintenance of equipment, So, ,309-
ABS: maintenance of way and structure, ST.
9S2, 900; total expenses, $l7,07S, ,231. Net earn
ings from the operations of the property,
81 4J2. .1G2: income from other sources, 81 259-
S77: total, s. 7l2, 039; deduct net earnings from
Washington branch, $50, 1856: available in
come IS 521 273; from which deduct interest
on bonded indebtedness, rentals, taxes
and other charges, $7,429,095; balance, ST.
092, Ia