Delaware gazette and state journal., 1900-01-18

Interest, taxes and sundry
charges ...-....-...,........ a,6l3.32
Net income. %. ...................S 332, 800 10
The figures show an increase in
freight receipts of S104, 246. So; in ras-
oeirts from mail, express, rents and
miscellaneous. Of SS, 752. 80; total in
crease, $3.50, ,059.7l.
The property has been maintained
in excellent condition, 5S4 tons Of new
steel rails, 8, 301sspairs of splices, ITO, 533
pounds Of spikes ard 113,6 cross
ties having been put ir the track. 1t
4 will be recalled that through the pro-
vision made out of last years. income
that portion Of the line between
Wyoming and Laurel, distance of
4016 miles, was relaid with S5 pound
rails. better adapted to the demands of
traffic.
The train mileage during the year
was: Passenger trains, 4g4, 814 miles
freight trains, 525, 972; total, 1920, TS6.
By virtue OF the agreement Of CONSOLE
datlon and union, under date Of De-
cember 3lst, 1898, to which attention
was called in the last report. and which
was duly approved by the stockholders
OF the constituent companies, the
Qut0u Etunb 8 IhllTOdO, bub
Cambridge Il Seaford railroad and the
Delaware & Chesapeake railway were
duly consolidated and united with the
Delaware road in one company, the
Delaware Railroad Co., under the
terms and conditions therein set forth.
The basis of this consolidation was
In effect the issue of an additional
12,000 shares OF stock, of a par value OF
$500, 600. and the assumption by the
consolidated company of the mortgage
debt of the Delaware q Chesapeake
railway, amounting to $400, 900, in pay.
ment, as explained in the last report,
for the l071a miles of railway embraced
IN the three lines first named and alsc
the assumption of the payment OF the
$500, 600 of outstanding bords of th'
former Delaware railroad. The new
company created by this consolidation
could make no further issues OF bond
under the mortgage. created by tn
former Delaware Railroad Co., and j
thus became advisable to release iron
4 the lien of that mortgage such seouri
ties as we're held in It's sinking fund
in excess of the bonds outstanding
This has been done with the concur
4 renee Of the Fidelity Trust Safe Deposi
and Insurance CO., the trustee Of th
mortgage, and of the commissioners c
the sinking funds, as Of July 1st, 1896
As already noted, the revenues hay
been largely increased, not only durin
the year but for many years past, h
reason Of the traffic received from th
southern connections and notably froi
the New York, Philadelphia 4 Norfol
railroad, which forms the direct roui
via the Delaware road to Norfolk an
points south and west thereof. In tt
reorganization of that road. and wit
the view not only of making ia
allowance thereto for the traffic theret
fore received from it. but also of secu
ing such traffic permanently to Il
Philadelphia, Wilmington & Baltimo
road forms part, an adjustment VI
made of its coupon. debt, on fair al
satisfactory basis BY reason Of Il
large earnings to the Delaware ROT
from this business, it was, after car
full consideration by a committee of &
Delaware board, determined that L
Delaware Railroad Co. should co
tribute S100, 600 toward the amount /
mitted by the Philadelphia, Wilmin
ton & Baltimore Railroad Co., and IL
settlement has been concluded.
With the further view of protecti
the stockholders interests, the De
ware Railroad 20. has acquired
ownership in the Baltimore, Ches
peake & Atlantic Railway Co., whi
owns road extending from Claibor
5<'s' 70 Ocean City, Md, and steamer lii
penetrating the territory tributary
the Delaware road. This investmt
appears on the balance sheet
II. F. Kenney of Ridley farl, p
John p. Green and Samuel Rea
Philadelphia, E. Tatnall Warn
Samuel Bancroft, Jr., and William
Porter Of Wilmington, John H. H
fecker of Smyrna, Maulove Bayes
Dover, William T. Watson of Miifo
James j. Ross of Seaford. Thou
Currey Of Greenwood, Hezekiah Fl
rington of Harrington, William
Records of Laurel, Murray Vandiver
Havre de Grace. Md, and Charles
Westcott of Chestertown were elec
directors for the ensuing year.
The board of directors organizad
mediately, electing' the follow
officers; President, Fl. F. Kenp
"a Vice. President, E. Tatnall Warn