Middletown transcript., 1898-01-15
RAILROAD ANIMAL.


The annual meeting of the stockholders
of the P. w. and B.Railroad Company was
held Monday in Wilmington. The follow
ing directors were elected. Frank Thorn
son, William Sellers, Jacob Tome, John P.
Green. Benjamin F. Newcomer. Skipwith
Wilmer, Edward Lloyd, E. T. Warner. Ger
I. Hunt, B. B. Comegys, N. P. Shortlidge,
Preston Lea, John Cassels, Charles E. Pugh.
William H. Barnes.
The annual report of the directors was
made. 1t showed an increase in the net
earnings Of $34, 4,l07.64, over the previous
year. There was decrease in the expenses
of $2s9, 1902 .46. and decrease in the gross
earnings of s255, 5,694s2. The report of the
operations of all the lines for the year end
ing October 81, 1897, is:
Earnings From freight traffic, 1892
092.72; from passenger traffic, $3.50, ,5S1. Al;
from express traffic, S40s, s,331.82; from trans
portation of mails. $S53,647.09; from mis-
cellaneous sources. $96,81s.79; from rents
$69, ,964.59; total earnings, $8,791 ,436.48. Net
earnings, 50, ,3S7 .231.3s.
The gross earnings from the operations OF
the Philadelphia, Wilmington and Balti-
more railroad and roads controlled by it
for the year ending October 81, 1897, were
So, ,T91, ,436 As; for the previous year, $9,047,-
1880, showing decrease in gross earnings
of $255, ,694S2.
The expenses for the same period were
Sc, 4O4 ,2O510; for the previous year, $6.694,-
007. Sc, showing decrease in expenses of
$3.50 8O2.46.
+. The net earnings for the same period
were 81, ,3s7. .231 .3S; for the previous year.
So, 1894, showing an increase in net earn
ings of $34 1O7.64.
The net income was $1.1o0, 0,958.63 and
1927, ,354.50 was paid in dividends. The
gross income from the operation of the
Philadelphia, Wilmington and Baltimore
Railroad Company is s., 1907 ,427 81, and the
net income $1,1O0,s58.63. Dividends of
1927 1864 80 were paid. leaving the surplus
$273, 3,604.13.
President Thomson; in his report. said:
''The results for the year are quite sa tis-
factory in view of the fact tL. hare was
practically an entire failure of The peach
crop on the Peninsula. While the gross
earnings shows a reduction of 1926. .69482,
there was a decrease in the expenses of
$289, 1902 As, and consequent increase in
net earnings Of $G4, ,107.64. The falling off
in revenue was mainly in the peach traffic,
and the saving in expenses was in conduct
ing transportation and maintenace ofequip-
ment.
The tonnage shows an increase of 43, ,1O3
tons; almost entirely in the movement of
through freight, the increase in the local
freight south having been nearly offset by
the reduction in the north-bouud local
traffic. The ton mileage also shows an in
crease but there was further reduction in
the revenue per ton per mile.
1.-THE passenger traffic shows a continued
reduction in volume, due largely to the in
creasing trolley competition in the terri
tory Immediately adjacent to the large cit
les, but there was a considerable increase
in the through travel. The entire traffic
shows decrease in the revenue per passen-
ger per mile.
son May /, 1897, the lease under which
the Delaware Railroad had been operated
by your company expired by limitation.
Under the terms of the new lease, taking
effect on that date, the entire net earnings
of the property are now paid over to the
Delaware Railroad Company. 1t will be
seen that, Notwithstanding the heavy loss
to its revenues from the absence of the
peach traffic, it was able to pay its regular
dividened of per cent. and carry a sub
stantial surplus to the credit of its profit
and lost account. The traffic passing over
this line from points outside the State of
Delaware is steadily growing, and as the
company has no expensive terminals to
furnish, it is sourse of substantial profit.
''The smaller branch lines on the Pen
insula, tributary to your system, show
better result for the year. But the
Delaware, Maryland and Virginia railroad
shows material reduction in gross and net
earnings, and deficit of SIC. .514.52 in meet
ings its fixed charges. The thanks of the
board are due to officers and employees for
their efficient discharge of duty during the
past year"