Evening journal., 1902-01-13
ANNUAL REPORT
SHOWS INCREASE
Meeting Of P, ". &B. Rail.
road Company Today
DELAWARE ROAD PROSPEROUS
Officers Elected and Routine Business
Transacted Big Expenditures
for improvements

The annual meeting of the stock
holders and an election for directors
OF the Philadelphia. wilmington and
Baltimore Railroad Company was held
here today and the following-named
directors elected.
A. j, Cassatt William Sellers. John
p. Green, Edward Lloyd, E. Tatnan
Warner German II. Hunt, N. Parker
shoriridge. Preston Lea. John Cassols
Charles r. Pugh, William Fl. Barnes.
ls. NJ. Provost Samuel Rea. Christian
lC. Fobgor. William A. Patton.
William A. Patton was elected TO nT
the vacancy caused by the death of
skipwith Wilmer
The stockholders also. by appropri-
ate action, approved of the annual re-
port ol the company. for the fiscal
year ending October 81. 1901. and ac-
cepted the new Constitutions .of the
states of Pennsylvania and Delaware.
and authorized an increase OF the capi-
tai stock from Sl1. .S19 $50 TO sf9.S19 $50.
Immediately after the Stockholders
meeting the board met for organiza-
ton. and the following-namod Officers
We're elected:
President. a. j. Cassatt: vico-prosi-
dent John T. Green. second vice
president Charles h Pugh third vice.
president S. NJ. Provost. fourth vice
president Samuel Rea: secretary.
Lewis Nelson: treasurer. Robert w.
Smith
The hoard confirmed the appoint
lmenJ of thirty-hve officers.
The siXty-fOur,h annual report was
submitted NJ shows one following
lines operated under contract. Balti-
more and Potomac Washington South
oin Philadelphia and Baltimore Cen
Irnl, Philadelphia and Delaware
County Delaware railroad. Delaware.
Maryland and Virginia Junction rail
road South Chester and Elkton and
IMidlletoWn railroad The total mile
age operated under contract is $50 52
and the total mileage operated. 7O3. 80.
Inc system, according TO the report.
shows a decided increase I'm gross
earnings for the year. the gain i'm
freight traffic being $202 .3S6.GI. and in
passenger trafic S246.S5i7C while the
total gain In net earnings was S218.-
!75tG
After providing for the fixed charges
ana the payments To the sinking fund.
there remained q net income of s2.2SS.-
az 2t, out of which was paid the reeu-
iar dividend or seven per cent. leav-
ing @ balance of $1i6l .3S776. which
was transferred TO the extraordinary
expenditure fund This fund. IL will
De remembered. was set apart for the
Improvement of THE track and passen-
ger equipment, and especially for the
removal of grade crossings fin Chester.
Wilmington and other points npon
the line. The outlay upon these ac-
counts during the year amounted in the
aggregate to S1,Ot8.74372.
The purchases of real estate
We're made necessary principally by
the proposed elevation OF tracks in VIII
mington and Chester and by the re-
vision of the line at Claymont in or
der 20 eliminate the Objectionable
curvature at that point The construc-
ton of The additional track between
Paschall and Moore and the double
tracking of The Shellpot cutoff around
Wilmington. will facilitate the prompt
movement of traffic
Relative to the Delaware division the
report says
The Delaware Railroad Company
shows a slight reduction I'm gross earn
ings due TO the partial failure OF the
peach crop on the Peninsula. but after
paying an fixed charges and exponding
Sl49.306.H in extraordinary outlay on
sidings right of way. and additional
tracks. it paid its regular dividend Of
six per cent and transferred a surplus
of S50073.19 to The credit of profit and
loss account
During the year six old engines were
withdrawn from service, and replaced
by new standard power and five en-
gines were added to the equipment
Iwcnty-three passenger coaches of
standard design and ia freight cars
were built to replace similar ears sold
or destroyed. and three cabin cars were
added to the regular equipment.