Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1892-01-14

ballasted with gravel, cinder and shell.
Large expenditures were made on
bridges and other structures.
The New Castle branches were sold
to the Delaware Railroad Company for
100000, one-half in stock and the
other half in bonds bearing Al per cent
interest. Your company agreed TO id
vance to the Delaware, Maryland q
Virginia Railroad Company the amount
necessary to enable it to pay to the
State of Delaware $215,0O0 OIL account
of the mortgage for $4,000 held by the
State against the junction & Break
water railroad and also the amount
necessary TO pay the interest due the
State on the mortgages on the junction
" Breakwater and the Frankfort &
Breakwater roads up to November LIST,
1891. Your company thus became the
owner OF large portion of the securi-
ties upon the lines now forming the
Delaware, Maryland s. Virginia rail-
road. The gross earnings and expenses
OF the road were about the same as for
the preceding year, but as under the
settlement with the State larger por-
ton of the interest was paid in 1891
than would otherwise have been the
case the net results are not SO favorable
and there was deficit in meeting the
fixed charges of $30,675.57.
The branch lines connected with the
Delaware railroad show somewhat bet
ter results for the year, due largely to
the improved fruit crop, but the earn
ings OF the properties were insufficient
to take care OF the expenses. The Della
ware railroad shows a marked increase
for the year, the gross earnings amount
ing to $1,099, 032.47, as against $751;
776.T3, while the net earnings amounted
to $379,O77.56, as against $132, 049.95 for
the preceding year. 1t will be noted
that after providing for the fixed charges
and a dividend of six per cent on the
stock, there was surplus of $20S, S03.70.
After relmbursing your company for
the amount heretofore advanced byit to
meet the deficit of 1890, amounting to
$l6,714,45, the balance, 1892, 0S9.25, was
divided in accordance with the terms of
the lease, one half going to your COM
pany and the other half being paid to
the commissioners of the sinking fund
Tor the redemption of the debt of the
Delaware Railroad Company.
The improved results for the year en-
abled your company to pay a dividend
OF seven per cent, and after charging off
the loss in operating branch lines, the
advances made thereto and the extra
ordinary expenditures in improving the
line, amounting to $l32 ,47073, the sum
OF $l93, 62703 was transferred to the
credit of profit and loss
For the purpose of providing capital
for the construction and equipment ex-
penditures of your company, an issue
was authorized, under date of January
lst, 1891, of $1,000,000 OF four per cent
debentures, maturing in 1926, Of which
$S64,OOO had been issued at the close of
the year.
Your company lost, by resignation,
January LIST, the services of II. Fl.
Carter, superintendent of the MARYLAND
division, and, on the list, of April OF |. N.
Mills, as superintendent of the Della
ware division. j. b. Hutchinson was
appointed to fill the vacancy caused by
MIR. Carriers resignation, and II. L..
Holiday transferred from the Central
division to I'LL the vacancy consequent
upon Mr.. Mills transfer to other duties,
9. J. Bachdolt being appointed superin-
tendent of the Central division.
Your board has with deep regret TO
record the loss of one Of its members,
Wistar Morris, who died March
23d, 1901, after a connection of nearly
10 years with the affairs of your com
pany, where his keen Judgment, diligent
attention to the duties of his trust and
unfailing courtesy had not only been of
special value in the administration of
your properties, but had endeared him
to all his associates.
The board desires to acknowledge the
fidelity and ability with which the
duties entrusted to your officers and
employees were performed during the
year.
For the ensuing year the stockholders
elected George B. Roberts, William
Sellers, Christian Febiger, Jacob Tome,
John 7. Green, j. N. DuBarry, Benia.
min +. Newcomer, Frank Thomson,
Skipwith Wilmer, Hon. Edward Lloyd'
Henry D. Welsh, L. r. Warner, German
II. Hunt, b. b. Comegys and N, p.
Shortridge directors. The board re-
organized by electing last years OIL
GERS.