Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1899-01-19

per CelL payuDle
January 8, 1ss9..-... so,6le.T5
161, 239.50 |
Surplus. .....-..-.......--....S 103, 999.66 |
Notwithstanding the fact that the |
peach crop on the Peninsula was again |
complete failure, it will be seen that |
the results for the year 1898 as COM
pared with the preceding year show:
An increase in freight receipts offs 80, 235.1S |
An increase in passenger receipts
or. 70, $50. 10
An increase in receipts from
mails express, rents and mis-
cellaneous sources of........... S,110.0S
Making total increase of ...S124, 01O SO
1t will be noted that after providing
for all your fixed charges and other
liabilities there was net income of
$265, 239. 16, and that after paying the
regular dividends of six per cent
amounting to S161, 239 so, there was
left surplus of S103, 800. &c, which was
carried to the credit of your profit and
loss account This favorable result was
mainly due to the increasing through
traffic brought to your lines by connect
ing roads and originating at points
outside the State
Your property has been maintained
in excellent condition; $3.50 tons of
new steel rails, II, 557 pairs of splices,
ISL, 645 pounds of spikes, and 81, 147
crossties having been put in the track,
and the necessary provision having been
made for replacing large portion of
the rail now}in use by heavier Sec
ton, better adapted to the demands of
your growing traffic.
The train mileage during the year
was:
Passenger trains. .576. $40 miles
Freight trains. 494, 987 miles
Construction trains. ........... II, 1853 miles
lotai.. -.........-......-.....o $50, ~ miles
There was no increase in construction
account during the year.
There will be submitted for your con-
sideration an agreement of consolida-
tion and union between your company
and the Queen Anne's & Kent Railroad
Co., Cambridge & Seaford Railroad
Co., and Delaware & Chesapeake Rail
way Co. The location Of the lines of
these companies is such that they
largely drain the territory contiguous
to your line and, in unfriendly hands,
would be a constant menace to your
property. While the former lease of
your line to the Philadelphia, Whining
ton 81 Baltimore Railroad Co. was in
force, under which that company guar
anteed the interest upon your bonds
and the dividend upon your stock, il
was unnecessary for your company to
take any action towards coptrollinn
these branches, but with the expiration
OF that lease 1t became the duty of your
management to protect your interests
by securing their ownership, provided
1t could be done on satisfactory terms
After thorough investigation Of the
question by q committee of your board
an arrangement was made for theil
purchase through the issue of Il. OO(
shares or $500, 600 Of your capital stock
and the assumption by your compan,
of the debt Of the Delaware & Chesa
peake Railway Co., consisting o
340o, 600 Of per cent bonds. This sun
was largely below the cost Of thes
properties to the PHILADELPHIA, vii
mington g. Baltimore Railroad Co.
embracing as they do an aggregate o
107.44 miles, and your board have M
hesitation in recommending your o an n
proval of the agreement Of consolida
tion and Union to be submitted to Vol
at the annual meeting.
The full particulars in regard to tn
sinking fund appears in tho statement
hereto annexed, and it will be seen b
reference thereto that the amour
standing to the credit of the commits
sioners of the sinking fund is 1905.
213. l6, a sum largely in excess Of Won
entire funded debt.
The balance sheet of the ccmuany
properly certified by the auditors.
hereto appended.
Respectfully. submitted by order {
the board of directors.
e. T. Warner, President.
The general balance sheet is as TO
lows;
Assets:
Cost Of road. .......:.,.........s SO, 261 ,07o.l
Commissioners Sinking Fund,
NO. ......................, AZ g7O
Commissioners Sinking Fund,
NO. 2..... ..................... 956 3a3
Phila.. Will. aud Baltic r. R Co.,
deposit ccount................ 2s4s17.
oash ''''..s................. 1926
s4,5s9, 1886.
Increase over previous year :. $50 4e1
CIR.
Liabilities:
capital stock.................,. 50 687 315
General mortgage A per cent.
gold bonds series A, maturing
July 1, 1872. ................ bO1 0nO
Sinking Fund.- No 1..........,. $3.50
Sinking Fund, No. 2............ o56'sl3.
Stockholders' dividend, PAYABLE
January Sd, iSs9.............., SOFIA.
interest," accrueo..... $500.
FRONT ana Loss'".............. 271, SIS.
s4,5s9, 1886
Increase over previous year $50, 46l.
The report of sinking fund No.
shows receints dIrinu tho xa,,. 80 es)1