Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1901-01-17
P. W. 8 5. RAILROAD co.
Annual Meeting of the. Stockholders !
This City.

place Monday at IL. ID O'Clock in |
the Office of Superintendent Barnard
Vice President }. p. Green presided.
The following directors were elected; |
Alexander ], Cassatt, William Sellers,
john n Green. Benjamin +. New |
conner, Skipwith Wilmer, Edward |
Lloy d, Il. Tatnall Warner, German II. |
Hunt, N. Parker Shortlidge, Preston |
Lea, John Cassels, Charles r. pugh,
William Fl. Barnes, Sutherland nj.
Provost, Samuel Rea.
At the subsequent meeting Of the
directors the following officers were
elected; A. j.. Cassatt, President; John
L. Green, Vice. President; Charles =.
Pugh. Second Vice Presidents; s. nj.
Provost, Third Vice. President; Robert
W. Smith, Treasurer; j. b. Hutchin-
son, General Manager; e. r. Brooks,
General Superintendent; Lewis Neil
SON. Assistant Secretary, and also the
remaining general officers of the COM
pany. @@ Hf
The report of the directors for the
year ended October 3lst, 1900. showed
the mileage Of the system to be as
follows:
Read owned, 1l7.37 miles; lines
Baltimore 8 Potomac rail-
road, 90. 20; Washington Southern
railway, 81. IS; Philadelphia Il Balti-
more Central railroad, 80. 81; Philadel-
phia Il Delaware County railroad,
1888; Delaware railroad, So; Della
ware, Maryland & Virginia railroad.
97.53; junction railroad, 3.62; South
Chester railroad, 3. 10, Elkton & Mid.
dletown railroad, 0.33; total mileage
| operated, $50. 80; total mileage owned
and operated, 670.3o
The gross earnings from passenger,
freight and express traffic, transporta-
| tion of mails, rents and miscellaneous
sources amounted TO S1l, 324, 53l. 80, as
against $40, 1902, sO6. SO for the preceding
year, an increase Of 1891. 724.9S. The
expenses for the same period amount
ed to 81, 7S6, 800. 10, as against
81, 239, 1856. 40 for last year, an increase
of $40, 743. TG The net earnings
amounted to 81. 535, G31.70, as against
50, l53, $50. AZ for last year, an increase
Of 1881, 9Sl. 2S Adding interest, &C.,
the gross income was s., 095, 1914. 06, ms
against So, Ga, 52s. 80 for last year, an
increase of 1880, 595. 81. Deductions
make the net income 81, 7a0, 99S. 46, as
against 81, $50, 778. By for last year, an
increase of $40, 219 "a.
The board, through President A. j.
I
Your system shows marked in.
crease in gross earnings in all depart
ments Of traffic. the gain from freight
traffic for the year amounting to s506,
AIS. So and from passenger traffic 1853,
Clio. II, the total gain in gross earnings
being 1891, 724. 9S. The gain In the
former was due not only TO the larger
i amount Of business interchanged with
1. connecting lines and TO the continued
development OF the local traffic, but
also In a substantial measure to the i'm
proved fruit crop on the Delaware Pen
insula. The expenses, however, wer,
largely increased In all departments
After providing for fixed charges ant
payments. to the sinking funds, anC
expending reasonable amount in thl
revision OF grades and alignment, Their,
remained net income Of 81. 7aQ, 99S. 40
BEING an increase as compared with tn
preceding year Of Sl70, 1901. Afte
! payment Of the regular dividends OF
= per cent there was balance OF 1903,
/ 643, 80. which was transferred to til
! extraordinary expenditure fund, an
! will be applicable to the improvement
OF tack and passenger equipment an
= the removal OF grade crossings i
Chester, Wilmington and other point
v upon your line. The profit and los
4 i account was increased by cash an
securities. received from the sinkin
!. fund which had been provided for th
redemption OF 8 Per cent debentur
= bonds, bearing date April LIST, 1879
q which matured April LIST, 1900, an
J. were paid out OF your current revenues
II Under resolution approved by tn
4 stockholders, the necessary steps wer
taken TO establish a ension depart
= ment, taking effect January lat, 1906
i under which certain specific allowance
will be paid to employees superannuate
n BY. reason, Of age or physical debility
The number OF employees receiving th
4 benefit OF the pension department OctC
\ Der 3lst, 1900, was 90, the payment o
~ account thereof for the 20 months !
which it had been in operation bein
i, SIG, AIS. 81, which is well within til
4 maximum of $4,000 per annum, I
y which the liability of the company
= this respect is limited.
= During the year eight engines
heavier type were built to replace oil
" locomotives destroyed OF sold, and
II box. 80 gondola, % fiat, and four cabi
" cars were built TO replace similar cal
n sold or destroyed. Six passenger coach,
l. Of standard design, Is combination cal
and tlve baggage and express and tu
~ baggage and mai cars were built to RI
= place old cars sold Di destroyed.
- 1.-The Delaware Railroad 20. shows
- continued increase in both gross an
20 net earnings, the improved peach orc
H. and greater volume of traffic receive
= from It's southern connections havir
n largely increased Its surplus, SO thu
~ after paying regular dividends of p,
No cent and transferring the sum Of 800
A 600 to the extraordinary exEenditu
Il. fund, q substantial balance was carrie
10 TO the credit of profit and loss.
THE Delaware, Maryland g. Virgin
Railroad Co. was able to meet all |
. fixed charges and carry small sum
4 the credit of profit and loss account.
4. 1.-THE Philadelphia g. Delawa
no County Railroad Go. still continues
in be operated at q loss, its deficit for ii
q. year being s14, 654, So.
no 1.-The Baltimore, Chesapeake & A
al lantic Railway, In which,your conipai
No owns substantial interest shows abo
n the same general results rs for the Or
on ceding year. Its net income was n
or only sufficient to meet its fixed charg
but considerable surplus was tran
az ferred to the credit of its profit al
IL loss account. =.
he 1T is with deep regret that 20
III hoard has TO record the loss of one
h. their fellow directors. Mr.. b.
~ Comegys, who died March Goth, 100
an in his SlHt year. Mr.. ComeRys bad be
IL director in your company since 1876
- and while has unfaiIing courtesv n,