TUB
"CLEARFIELD REPUBLICAN,'
rnLiiinD irnnr WEomiDir, it
QVODI.ANOER 1IACERTY,
'' ' ' CLB ARFIELD, PA.
ESTABLISHED IN 18ST.
Tht Urgent pireulatloB of any NewepapBr
f ' in North Central Peun) inula.
. , Terma of Subscription
i nld In advance, or within I monthl....$) OO
If paid aftor and before I monthe
If pall aftor tht expiration of uiontui... 9 OO
Sates oi Advertising,
Irtnilint edrertleen-enti, por iquare of 10 llnti or
I,,,, I tlmal or leae $1 60
Por each aubaequent inaertlon.. in
i i-.il.treiora' and Kieeutori' nolleee....... t 60
auditor!' notieoi - J JO
CasHoni and K.tray 1 M
Pii.olutlon Boticea - 1 00
Profeuional Catdi, t line! or lu,t year.... 6 00
LnalaotlMbparllB JO
YEARLY ADVBRTISEMENTS.
1 aquire. -M 00
J iquerel.. " 00
4 ey,Qaraa.....M20 00
i column-,.
I oolumn-.
1 column....
....in oo
40 00
80 00
Job Work.
BLANKS.
I quire. 1 0 qulrei,pr.qulre,$l T5
I 'I quirei,pr, quire, I ' f .u'rei 1
I HASDDILLS.
I 't heet,15 or len,$2 00 I iheet.lS or leai,$5 00
ihwl, li or lex, I 00 1 .beet, IS or leei.10 00
I Over 15 of eaoh of above at proportionate ratal.
f OBOROB D. OOODLANDER,
k UKOltaK 1IAQERTY,
r Pulill.here.
wiari a. b'bxiu-t.
BAXIIL W. U'CCBDT.
McENALLY & MoCURDT,
ATTOKNEYS-AT-LAW,
t'learflrjld. Pa.
tTLogal bueineea attended to pi
OBoe ob Heeond elreet, ab
romptly wuo
ove tne nrei
national oana.
:11;71
wiu.ua a. wiixici. riiBme.
WALLACE & FIELDING,
ATTORNEYS -AT-LAW,
Clearbcld, Pa.
cay-Legal buaiueaa of all klndl attonded to
wlthpromptneee and fidelity. OBoe io reeidoneo
of William A. Wallaee. JaaliTI
G. R. BARRETT,
Attormey and Counselor at Law,
clearfield, pa.
flaring reeigned bta Judgeship, hal re.utned
It. practice of the law In hit old office at Clear
fluid, Pa. Will attend the eourta of JefTerlon and
111 oountiee wheo epeoially letained In oonneetioo
wilb reaident oounecl. I:U:72
T. H. MURRAY,
AjrORXEY AND COUNSELOR AT LAW.
Prompt atteatloa ftren to all legal bminou
telru.ted to hil car. in Clearfield and adjoining
wonliu. Oloe on Market it, oppolita Naugle'i
J.e.lrjr Store, Clearfield, Pa. jell 71
A. W. VTaTl T E R S,
ATTOBKEY AT LAW,
Clearfield, Pa.
t-0roc la the Court Hooae. fdeol-ly
H. W. SMITH,
ATTORNE Y-AT-LA W,
il:l:TJ Clearfield, Pa.
WALTER BARRETT,
ATTORNEY AT LAW.
Oaei en Seeosd St., Clearleld, Pa. nov21,08
ISRAEL TEST,
ATTORNEY AT LAW,
Clearfield, Pa.
aay-OBce In the Court Hou.e. Jjt 1,'eT
JOHN H. FULFORD,
ATTORNEY AT LAW,
Clearfield, Pa.
OS.e oa Market St, over Jo.epb Shower,'
firoeory itoro. ,ian.e,ioo.
1. 1. a'coLLOttaB. " a'cuLLOtiai.
T. J. MoCULLOUQH & BROTHER,
ATTORNEYS AT LAW,
Clearfield, Pa.
OBee on Locuit afreet, nearly oppoilta the roi-
H.ooe of Dr. R. V. Wilion. We hare In our of
toe one of Rieicck A Bro'e largeit Ore and bur
lier proof fatei, for the proteetlon of booke, deodl,
tad other valuable paper, placed la our charge.
JOHN L. CUTTLE,
ATTORNEY AT LAW.
Aad Real Ettate Agent, Clearfield, Pa.
Ofice oa Third ttreet, bet.Ch.rrj A WalnnU
Bar-RooBoetfallv offer, hie eerTleoi In tellinr
and buying landi la ClearSeld and adjoining
tenntlet Bad with at eiperieneeof orer twont?
;..n u a eurTtyor, datura hiiaeelf that ha can
r.aier eallifaettoB. Feb. i8.3:tf,
J.
BLAKE WALTERS,
REAL ESTATE BROKER,
aid neiLta
Maw IdOgw and Iduuibor,
CLEARFIELD, PA.
OBee 1b H neonie Building, Room No. 1. 1:13:71
J. j". LIN OLE',
ATTORNEY-AT - LAW,
1:11 Oaceola, Clearfield Co Pa. y:pd
ROBERT WALLACE,
ATTORNEY-AT-I.AW,
Wtllareton, Clearfield County, Pena'a.
KTA.A1I legal buaineat promptly attandeii to.
D. L. K REB S,
Suooeeanr to U. D. Bwoope.
Law and Collection Office,
Pdtl.l'T CLEARFIELD, PA.
oba II. Orrli. C. T. Aleaander.
ORVIS & ALEXANDER,
ATTORNEYS AT LA W,
Bellefoute, Pa. tepl,'65 y
J. S. BARNHART,
ATTORNEY - AT - LAW,
llellefonte. Pa.
ill prMtlee In Clearteld and all of the Conrtt of
Ihe Itlh Judioial dlttriet. Heal aetata bu.ineee
ud collection of claim, aiade .peclaltioa. Bl 71
CYRUS GORDON,
A T T 9 " N E y A T La"i
Uerkol ttreet, (north tide) Clearfield, Pa.
Allleial hutlnell promptly attended to
J. W, "li.
DR. T. J. BOYER,
PUYSICIAN AND SDHQEON,
Offloe on Market Street, Clearleld. Fa.
-0Soe hourit 1 to II a. m , and 1 to I p. ra
D
it. E. M. SCIIEUKER,
noiKKOPATHIC PIIYSIC1AW,
OOoe In Uatonlo Building,
April Jl, 1073. ClearOeld, Pa.
dr7w. a. mean s,
PHYSICIAN 4 SURGEON,
I.UTHKRSBURU, PA.
UI attend profottlonal ealli promptly. augl070
J. H. KLINE, M. D.,
PHYSICIAN k SURGEON,
HAVINQ located at Pennfleld, Pi., offer, hil
profenlonel aerTioel to the people of that
Ptaeand nrrounding eountry. Allealla promptly
.edfd to.
oot, II tf.
Dr. j. p. rurchfield.
" SirfeoB of tka lid Reglm'Bt, Penotjleaiila
"olaaleere, haelag returned from the Army,
" hla profeeatoBal eervleee t theeltlaettl
" viiewnell eounty.
. Frofe.tlonalealle aroBBtlT attenled to,
e Beeoad .treat, formarlrooounied by
"'.Wood,. (aprt,'!! U
JOHN A. GREGORY,
COUNTY SUPERINTENDENT,
nio. 1. Ik r.nrf ClearSeld. Pa.
. HI tlaaja b found at homeoa the LAST
nki aaduitauVwfturtrs',' ?i
CLEARFIELD
Q00DLANDER & HAGERTY,
VOL. 47-WHOLE NO 2316.
THE REPUBLICAN.
CLEARFIELD, Pa.
WEDNESDAY MORNING. APRIL II, IMS.
PENNSYLVANIA RAILROAD.
Twenty-Sixth Annual Report.
According to our view of publio af
fairs, no National or Stato Docuroont
is of as much intoreet to the people of
our State as the annual Report of
lue rennsyivauiu. itaiiroau cuiu...,,
Which bat in reality became a domes
tic institution, because it either bene
fits or injures every citizen of the
Commonwealth, and if properly man
agod and conducted, will yield untold
blessings, or it improperly managed
will do immense barm. Therefore, let
every citizen watch its reports and
progress, and givo Its officon credit
when they do right and most emphatic
censure when they do wrong. The
Guvornor's Message is an Insignificant
document when compared with the
following report :
Office of tue Pennsylvania)
Railroad Company.
Philadelphia, March 10,1873. )
To the Stockholders of the Pennsylvania
Railroad Company :
Your Directors have much pleasure
in submitting to you tho lullowing
very satisfactory 'statements of the
business of your Railways and Canals
for the past yoar.
x lie earnings of your itMlway and
Branches between PhiladolDhiu and
Pittsburgh were:
From Paaeeogere...
From Emigr'l Paa-
$4,022,011 10
aonaere -
140,00 01
lj4,OI4 78
4IU,27 Si
10,j0,)t"l 41
2S9.073 85
From Maila
From Expr. Matter
from Men l r tt...
From mieoelUnooui
aonrcea
-122,012,524 21
EXPENSES.
For eonductg Irani-
portation S4,0r4,031 73
For Motira Powers 3,020,041 40
For Maintenanceof
Can 1.305.800 13
For Maintenance of
Road S.SS7.724 19
r or ueo 1 iszpenict 411
-tl!t,;S4,071 00
Laarlng Bet etrning. la 1871 - t.147,52 18
Tha Total Earning, of theeeWorke
In 1 ST I . were
118,710,8116 86
And for 1872
. 22,012,620 17
Showing au luervaae IB toiaur....M ao,aaa,ooo e
Of the above earninss, there was re-
coivod from the U58 miles of Main
Line :
Ih 1871....
Id 1871....
120,010,818 80
17,338,824 18
Increase from tba Main Lino $2,071, W4 12
And from the Branch Lines :
In 1872420 mile. In length (2,001,701 47
In 1871 37imilel in length 1,381,01107
Increaeo 02n.3 00
The earning, of the Branch Linea
operated by your Company la
1872, na elraade aUted, were.... 12.001. 70S 47
The expenaea of operating tbcm,
moiuaing nente or k.ai.d
Braoobee, were H
1,001,121 84
Showing a net direet profit la op
erating mere i.inci oi
7,604 M
The sources of revenue in 1872,com-
pared with tboso of 1871, show an in
crease in every item as follows :
Firat-olaaa Paaeengera (302,748 41
nmigrani v
tieneral Freighta.,
1,804,680 00
7,021 00
87,277 46
T.44I 01
alalia
Expreaa metier, ...
Mi.acllaneoue
Total I3,2V2,088 4I
The wholo number of pasoenecro
carried in 1871 was 4,609,085, aud in
&.2&0,H!i3) an increase of 550,408,
or nearly 11 71-100 per cent.
ihe avornge distance travelled by
each passenger was S3 11-100 miles,
being ns-iuu moro than in 1871.
I lie number of tons of freight moved
(including 011,767 tons of fuel and
other material for the Company's use)
was 8,459,535 tons, embracing 8,G(!9,
071 tons of coal. It was last rear 7,-
100,294 tons, showing an increase of
l,s.r)9,24I tons or over 19 3-10 per cent.
The average charges por net ton
per mile on lroighls during the year
was l 4103-10000 cents, acainst 1
3879-10000 cents last year, and per
passenger 2 45-100 cents por milo
aguinst 2 53-100 last year, or an aver
ago incroure in the sate of freight
charges in 1872 above those of 1871,
of 0 OL'70-10000, or a little ovor a quar
ter of a mill per ton nor milo ; and in
passenger charges a decrease of 8-10
of a mill per passenger per milo.
The averago cost of moving freight
was C 880-lOoJ C?nl Ppf t P' n'l.
and for passongoi; I eJ.'-iuw cents
per pnssongor por mile.
Alio actual cost, oi operating yout
railway, including brancn lines, in
187Z, was 02 03-100 per cent oi its ro-
coipts; excluding branon lines, it was
58 92-100 per cent.
For more detailed stninmont oi me
receipts and expenses of your main
line tht sharo-lioldors aro referred to
tho full and satisfactory report of the
Goneral Manager and Controller.
J lie earnings or the rnuaaeipuiu
and Krio itailroad in 1872, were l
from Paaaengert.... 1047,274 OO
From Freight. 1,177,548 02
From esprcM matter 41,1117 07
From Mnila 17,673 10
From M iaoellaneoul
toureee 13,438 It
Total (nearly $13,821 per mile of
Road) 13,80,75l ST
The operating exponeea during tba
eame periou were i
Foraomluot'g tranl-
portalloB.". H,t08 1l
For Motira Power.... I6,76 44
For Maintenance of
Car 838,019 II
For Mainteonneu of
Way , i,ii,e vi
C3.18l.0lt II
Showing a halanna lo the credit of
ukji.j.lwi. .nit Hrle Railroad
if........... aVWl,7H S
The nuruberoftons of freight moved
npon thio line during the year was 2y
028,508 tons against 1,828,491 In 1871,
1 fi!4 .287 In 1870 and 1.302,041 in 1809,
showing steady annual Increase of
tragic.
Publishers.
Ihe nvoraue clmri'o mailo rrti mil
on freight! was 1 190-1,000 conta por
.. iiiiid, biiu mo actual cost of its
uiurciuuiit v uat-i,uuu or a cent por
wu iiiuu, luavuig b margin oi prulll
v. uiiiv uuu tjuarior oi a cent per ton
per milo.
The increased tonnage in 1872 over
1871 was 200,077 tons, and the in
oreaso in revonue from froigbts was
377,190 61 100, and from nassencors.
361,298 63-100. The total increaso of
revonues for the year being $488,489
14-100; but the expenses, chiefly owing
to tho destruction of the Linden Bridge
by fire and the unusually large amount
oi iron required to keep the track in
good condition, has more than ab-
Rnrlifaii flilAl Inifnnai
ihe oetearmnueoflhe Philudelnbia
uuu .rio itaiiroau nave disappointed
tbo expectations of its friends and pro
jectors ; not in the extont of its ton
nage since the modification of the
lease, but in the rates of freight that
It has been ablo to command for what
it carried. This line being longer
from the commercial centres of the
East to all important points of tho
West than its competitors, and travers
ing a sparsely populated country, with
gradients unfavorable for cheap trans
portation, the cost of conducting its
passenger business has usually exceed
ed the income from this branch of rev
enue. This year it shows a loss of
J37.933.73.
In working this Railway it early
became annurcnt that the continuance
of the old lease, which exacted thirty
per cent, of the receipts, without re
gard to the lutes of fruight that could
be procured, must result in tbe adop
tion of charges by the lossee that
would ronder any participation In the
litlifl trado at Erie, or through traffic
from west of tho mountains, impossi
ble. For such basinoss rtio New York
and Erie Uuilroad Company, the chief
competitor of this line, charged rates
that yioldcd it little or no profit, and
the lessee consequently bad no other
resort but to meet this competition, or
abandon the through traffic, and rely
upon the local business of the line fur
its support, at rates of freight which
would leave a sufficient margin for
profit on its transportation, lo meet
tho terms of the lease.
Before adopting the policy here in
dicated, which apuoared to be opposed
to the interest and expectations of the
public, the question of a modification
of the lease, to meet thedifiiculiy thus
devolnped by tbe character of the
t radio of the line, was brought before
tho share-holders of tbe Philadelphia
and Erie Railroad Company, who with
great unanimity confirmed tho altera
tions proposed. Undor the modified
let uia, aim jjbowos agrvsil lu wut'K Hie
line at cost, giving tbo share holdors
whatever profit tho enterprise might
develop.
This change in tbe lease lias permit
ted tho Pennsylvania Railroad Com
pany to develop tho resourcos of tbe
oounlry traversed, meet tbe interest of
its bonded indebtedness, and presorve
the property to tbe shuro-holilors that
thoy may be able to reap from thoir
Investment whatever advantage the
future has in store for thorn, from an
increase in the papulation and wealth
of the country traversed or that may
become tribulury to the lino.
Be fore the lease was entered into,
the shares of tho Philadelphia and
Erie Ituilroad Company bad only a
nominal value, being freely offered at
five per cont of pur.. They are now
marketable at over fifty per cent, (an
incroasoofa thousand per cont.), clear
ly demonstrating that the lease has
not had, as represented, a depressing
influence upon tho stock of the Com
pnny. The lease of this lino was only of
fured to the Pennsylvania Railroad
Company after it had been declined
by the officers of tho Philadelphia and
Reading Railroad Compuny, and after
all other meant fur raising tho funds
required to complete tho work that
did not Involve tho sacrifice of the
stock of tho Company had failed.
The failure of this enterprise to be
come nt once profitable is oue fi rot to
its having been started with insuffi
cient capital; second, that it was lo
cated without reference to tho capa
bilities of tbe country it was to trav
erse, to yiold a sufficient trafflo for its
support. Instood of crossing tbo vnl
ua! lo coal deposits of tbo Allegheny
mountains it passed north of them,
and in doing so avoidod also the still
more important oil deposits of north
western Pennsylvania the existence
of which was then unknown being
Influenced in tbo adoption of the pres
ent route by two Insignificant local
subscriptions; thirdly, by commenc
ing and continuing the work of con
struction at both ends, whon the means
of the Company wore insufficient for
tho execution of any considerable por
tion of eilbor end a policy which has
ruined many other extended enter
prises, and by tho temporary adoption
of which hy the Pennsylvania Ruil
roadCur.',p:rj;tlio early success of that
enterprise was jeopardized J fourthly,
from its financial sacrifices Incurred
to secure an early opening of Us road,
through which mainly its cost with a
single track, ha amounted to 175,.
744.00 per mile, while that of the
Pennsylvania Railroad with a double
track throughout and a third track
for a nortion of the distance, travers
I r?. i, i , . . . .
ing a vsetly more ruggod conntry,wi8
blS 171.992.00
In strong contrast with this policy,
it may be stated tuav an u'""1""1 "-
.;A. m.,la rlnriao' Ilia construction
of the Pennsylvania Railroad, AS well
as the interest that lias been paid to
ahara-holdors and others until the rail
way was finished lo 1'iltsDurgn, were
oharnod directly to the expenso ao-
oount, until returned from the not
revenues of the railway, instead of, as
in thn Philndolnhia and Erie and many
otbor oases, having boon cbargod to
the cost of construction.
The only way, It Is believed, by
which the stock of the Philadelphia
p-ia Railroad Comosnv can be
mado profltabl is lbs employment of
mors capital to open up tbe reeouroos
of tho country naturally tribuarv to
It i this is now being dons, and it la
hoped will finally enable it to earn
dividends to its share holder.
PRINCIPLES)
CLEARFIELD, PA., WEDNESDAY, APRIL 16, 1873.
1 he earnings of the United Rail
roads of New Jersey and the Phila
delphia and Tronton Railroad, exclud
ing those of the Belvidere. Delaware
Railroad and Plemington Branch wore,
in 1872: -. . , .
From PaaMngert $4,673,311 il
From Freight! .... 3,203, 2V3 SI
From Kipraie metier. 130,564 116
From Mail ix ink no
r rum miaoeuaneouf aouroei. 144,680 47
$8,200,228 80
For eondueting trans
portation ...2,7S5,0 7j
For motira power.., . 1,606,(100 A2
For maintenance cart S70.0.17 17
For mainlenanoe road 1,224,007 03
Forgeneralejpcn.ee 60,736 11 8,006,100 71
Laaring net earning, la 1872 12,201,080,01
ioo oarninira cm u JMiviunre umi
aware Railroad, sixty-eight milos in
length, and Plemington branch of 12
mnes, wore in isjz :
From Patsengerl
From Maila
From Eipreia Matter
From (Jeneral Freiihta
From Miaoollaaeoua aouroei
$001,303 18
EXPENSES. '
For conducting tran.por-
wuon i!25,vrm no
For motive power
For maintenance of eara
1411,434 W0
44,810 00
108,310 80
For maintenance ofroad .
615,631 48
Showing a balanoo lo
eredit or llelriUere H.
K. for 1872 of
$118,801 70
Tho earrings of tho Delaware and
Rurilan Canal in 1872 wore :
From Tolle ,. $038,832 00
Frum Steam Towing 607,953 Vtf
From Miaoellancoua....M 18.71U II
$1,324,00 24
EXPENSES.
For mainlenanoe canal $278,030 51
For Canal Operation,
Including urawbackl
of $1011,440 80 103.388 17
For iteam towing acc't 443,718 70 1,010,037 40
Learlnj Net Earninga In 1872..
$505,607 73
AAer deductini
ng drawbaeka allowed
In 1872, and alio in
to ebipnera
1871. the actual rereouea from
the Delaware and Haritan Canal,
wera in 1872
$1,415,150 44
1,280,780 84
And they were lo 1871
Showing an laoroaae of H
134,410 80
The earnings of the Philadelphia
d Trenton and tbe United Railroads
an
of New Jersey, Belvidere Delaware
Kail road and r lominglon Branch, and
IUritan Canal in 1872 wore :
From United Railroadtof New Jer-
eey, o 1,200,120 80
From Belvidere Delaware Railroad
and Flemingtoa branon. 001,308 18
From Delaware and Rarilaa Canal 1,524,006 24
$10,455,225 22
EXPENSES.
For 1'nlted Railroad!
ofNewJeraer $0,005.100 78
For fialvidera Dela
ware Railroad and
nvwinivi, a..., - -Including
aet earn
ing! (1140,801 70) 004.193 IS
For Canal . 1,010.037 40 T.085.607 46
lotai not earninga or itaiiroau ana
Canal in 1871..
$2,709,027 77
Tbe groaa rooeipta from tbeia work!
ia 1871 were $8,050,157 00
And thoaa for 1872 ,ui,4l 10
An Inoreaeo of
1,003,304,00
Tbe amonnt required to pay inter-
eat on Duude and Imidenle ta
tba abareboldero of tha I'nited
New Jereey Railroad, and Canal,
under tha leaae, la
$3,201,087 34
To which add tbe intereat at aeren
per oent. upon tho average eati-
mated amount or additional oai
nal oan-
ital employed io conducting tha
buaineae of the Road, "S 1,740,
8V0 1.1." aix month.
00,031 14
Add intereft on loaa in operating
itoaa in ibi i,"tv.tu,u xj, one
yoar, aevea per oeol
85,111 17
Total
... $3,410,035 15
From tbia deduct tbo
amount contribu
ted to tbe Sinking
Fund, from tba
earninga of 1871..
$112,020 00
And tbe amount of
debt of tbe l olled
Companiee paid oft
by the Penn.ylva
nia Railroad Com
iianr In 1871
140,509 II
Amount ree'd from
invcttiocoti
171,020 01 426,118 04
Batanoe $2,003,017 II
From wbich dedunt net earninga of
Haiiwayi and lanaia x,,ou,i)Z7 77
Leaving the d. flclt In 1871 , 111,280 34
Add delioit thet bad aoorued up to
January I, IBil - WJU.i ij 13
Tbe total deficit up to January 1,
1873, wa 11,164,527 07
In considering this statement it will
be recollected that no chargo has boon
made against the business ol tbe .New
Jersey Railroads for the use of the
cars ot tho Pennsylvania Ituilroad
Company engaged in the through
traffic over those railroads, or for any
part of tbe general expenso account
incurred for tho inunagomont of the
whole of the work of your Company,
men should bo distributed in due
firnpnw inn among its own and leased
ines.
On the completion of the extensive
improvements commenced at and near
Jersey City, and the construction of
the additional trucks contemplated
along tho line, it is believed that the
cost of moving and handling freights
and passengers will be so umioriuny
reduoed that we shall be able not only
to meet tho terms of the lease from
the profit of the works, but to gradu
ally extinguish the large deficit that
nas accumuinieg. it iuiuuv uio uui-
tionol facilities already provided, tho
increase of the business of the past
rear could not have boon disposed of
.. ... - -,.!.- -1 It...
a', all, ano tne proper woramg u. i"
line is still greatly embarrassed lor
want of the additional facilities wbich
nra now beinir provided.
As lartre. however, as ibis doiicit
. v ...
now amounts to if it is never ro-
turnod from the profits of these worki
Its creation wus tuny jusiiuci uy
tho absolute nocessity there existed
for tho accommodation of the rapidly
increasing traffio of our line from the
West, destined to New York and tho
East, the aniAii pronts upon me trans
nnrtatlon of which wore not oonsid
ored by the lessors of these railways
and oanula of sufficient Importance to
Induce them to incur the heavy ter
minal expenditures required for its
nrnmnfc and annnnmloal dolivorv.
The number of naesonsers carriod
over the United Railroads of New
Jersey in 1872 was 7,580,795, and the
average diatanoo traveled Dy eacn pasa
ancMir aaa 21 39.100 miles.
Tho number of tons of freight moved
was 2.530.804 tons, Inoludtng 65,732
tons of bituminous eoal for shipment
at Mouth Ambor. and Tft.027 tons ol
1151,470 13
4,310 10
1,737 31
490,400 33
2,357 45
NOT MEN.
material transported for the Com
panysuie.
The average charge per net ton per
milo upon freights during tho year
was od-iuu cents, ana perpassenger
252-100 cents per mile.
' Tbe actual cost of oporating the
PhiUdophia and Trenton and tho
United Railroads of Now Jersev. io
1872, was 72 64-100 per cent, of it
receipts, which high rale is mostly
due to tho want of facilities at the
termini of tbe road for handling eco
nomically tbe large traftlo of tbe line.
Tbe numbor of tons of freight moved
on the Belvidere Delaware Railroad,
and Plemington Branch, was 014,833
tons, of wbich 842,749 tons were an-thra-iite
coal. - .
-AWneeirajracoarge per net iut per
mile upon the freights carried over
tueao lines, in 1872, was 1 11-100 cents,
and the cost of moving it was butO
819-10C0 cents per ton per milo, re
Hooting much credit upon tbe General
Superintendent, F. W. Jackion, Esq ,
and the Suporintedont in immediate
charge, Mr. John A, Anderson, for tbe
efficient and economical management
of tho line.
As the accounts of the business of
those railways have not heretofore
been entered in the form and detail
with which those of tbe Pennsylvania
itaiiroau uompany nave been kept,
we have no reliable data for compar
ing the results of tho business of 1872
with those of previous years.
The lease of the Now Jersey im
provements between Philadelphia and
New York includes, also, the Delaware
and Raritan Canal the water line be
tween those cities. The work is under
the charge of General I. J. Wister as
General Superintendent, in place of
John lx. Stevens, ivaq., elected ueneral
frcsident ol tbe several Companies in
New Jersey, whose linos you have
loased. This canal though its coal
tonnage fell off materially in 1872, has
yielded, however, an increase in its
net profits over tho previous year of
over ii4,wu.
With the lease of the New Jersev
Railroads and Canals, this Company
also received property represented by
shares in and bonds of Branch Rail
roads, Street Railroads, Turnpikes,
Bridges and Ferries ovor tbe Dela
ware and Hudson rivors, amounting at
par to 85,714,444.25, valued at the
time of their delivery ot $4,065,225.25,
and believed to toe now worth about
that sum. These securities yielded in
1872 a net revenue of $171,029 92, but
they cannot be sold without injury to
the general interest of the Company.
This leaves the means necessary to
make the improvements so nrirontly
domanded for tbe accommodation of
tha largo emol lnci-eaaletar fcuoinaaa t,f
these railways at Philadelphia, Jersey
City and along the line, to to obtained
irora other sources. 'I hese improve
ments, consisting of additional tracks
for passing trains, kidingi at tho ter
mini, shops, engine housos. passenger
stations, warehouses, wharves and
stock yards, the construction of which
could not bo longer delayed, have
been commonced and will be prosecut
ed with vigor. Thoir completion will
require a heavy outlay which, if it
bad been incurred some years since,
would at this lime have added materi
ally to the revonues of tbe Company,
and to a greater extont have dimin
ished the expensos of managing its
businoss.
Tho live stock traffio of the Penn
sylvania Railroad Company destined
to Jersey Uily, JNow lork and points
in the Last, for want of facilities for
its accommodation at Jersey City, has
for many years boen forced to leave
tbe Pennsylvania Railroad at Harris
burg, 100 miles west of Philadelphia,
and reach Now Yoik over the East
Pennsylvania and New Jersey Control
Railroads, thus losing the profit of its
transportation for about 200 miles out
of 450 milci between Pittsburgh and
Jow York.
Tbe New Jersey Central Railroad
Company, in consoquenco it is sup-
riosed ol Ibe crowded condition oi its
ine, has recently demanded specific
ratos fir tbe transportation ol live slock
over Its railway, instead of its share
of tho ratos obtainable in competition
with olhor routes, as horotoioro. lo
meet this movement and restore this
traffio lo its natural channel, this
Company is under tho nocossity of at
once incurring a hoavy expenditure
which ought lo have boen made some
years since by tho New Jersey Com
panies.
Ibe estimated expenditures lor an
these works during 1872, 1873 and
1874, including the rebuilding of the
Tr.l. xfrundwiolr KviHaa with
iron, has been estimated at $5,250,000.
To moot this sum, the Joint Railroad
Company of Now Jorsoy have deliv
ered lo us thoir gonoral mortgngo
bonds, $3,000,000, the intoresl upon
which will hove to bo added lo the
annual payments to be ruado undor
tho lease.
The revenue of all tho lines opora-
ated by your Company in 1872, be
tweon Pittsburg and Jersey City, and
tne amounts paid lor tnoir winning
expenses, inlerost on debts annum
dunds lo shareholders, are as follows :
RECEIPTS.
From the Pennaylvooia Railroad
and llranobea $22,012,316 17
From Ibe Philadelphia and trie
Rallrued
From tbo lulled Railroad, of
1,080,761 87
1,100,231 10
Now Jeraey m....
From tbe llelridere Delaware R.
R., Including the tlrmlngtua
Branch
004,301 18
From the Delaware and Haritan
Canal
From tho Dividend on .look In
1,624,006 11
the Penn.ylran ia Company (rum
April 1 to October I,
, ibix -
141,000 00
Total
, $36,081,603 10
EXPENSES.
Of Ihe Pinmylrania
R R.and llren-tk .$13,701,071 0
Of the Philadelphia
and Erie Railroad,
Including not earn-,
Inga H
Of tba United Rail
road! of New Jer
ey Of the Belvidere Del
awaroRallroad and
Flemlngioa Br'eb,
Including net earn
ing -
Of tbe Delaware and
Raritan Canal
1,080,751 or
$,oo5,isi rs
184,801 II
1,118,07 40
16,431,011 41
Hat profit, far tha yearapoa ail tha
Hem aperaiad hr tha f,ompaay...$H.15T.4l
REPUBLICAN.
NEW
From wbich deduct
dividend! deolared
la May and No.
vombor, (each 6
peroent.) with Ux
or paid thereon.,w
Intereat paid by tht
Company after de
ducting in tor ait
and diridiodi re
eeived Paid for tba Icaae of
tbellarri.borgand
Lanoatter R. R...-
4,711,107 00
434,141 16
135,050 34
Annual payment to
tbe State of Penn
aylraoia on aoeo't
of intereat A prin
cipal due upon tha
purehaao of tba
worka bat woe n
Pittsburgh and
Philadelphia
4(10,000 00
Diridenda and inter
est paid on aoeo't
rihe Vuliud llti
roadl and Canali
of New Jeraey la
'72,($3,202,V87 34)
after deduoting in
lereatreo'd from in
veitmenti tram
lerrod with tba
leaae($171,020 02)
ahowing an outlay
in operating them
voder the leaee in
exooaa ur their net
reeeipta or $2.4.-
38V 31
1,121,15.42
8,002,050 71
Delaaoo $1,305,413 14
I his balance represents the net re
sults of the operations of your sever
al linea of railway in Pennsylvania
and New Jersey for 1872, and they
are thus stated that you may fully
understand tho value of your proper
ty, nothing having been entered to the
expense account except tbe regular
transportation charges against the
business of the Company. In former
years tbe expense account was in
creased annually, by considerable pay
ments mar, might have been charged
to construction account, which, bad
they been divided as profits, would to
that extent bave Increased tbe pres
ent indebtedness of the Company.
ioi i-ennsyivania itallroad Compa
ny has also a largo amount of proper
ty that ia at present practically un
productive, such as a controlling in
terest in 22,194 acres of anthracite
coal lands, stock io the Pennsylvania
Canal and in Railroads, tbe profits of
wbich will, In a short time, add large
ly to its net revenues, but which, at
present, are small, and bave been de
voted to their improvement.
il win be soen by the preceding
statement that the surplus net profits
of the Company in 1872, without in
cluding those from the sources alluded
to, wcro aufficient to have paid a div
idend at ton per cont. upon an addi
tional capital stock of nearly $24.-
000,000, and there is every reason to
neuevs irom ibe daily indications of
...... T
me luture ousiness oi the Company
that, without lurtber outlays, tftt
the Compnn
profit of 1873 would be equally sat
isfactory. But as it is tbo duty as
well as the interest of the Company
to meet tbe legitimate domands of the
publio for increasod transportation fa
cilities, the means necessary for the
objoct must be provided. The amount
required for 1873,for additional tracks,
equipments, shops, wharves, depots,
to., io., to meet the demands from
the increasing tonnage of the Compa
ny and its existing obligations is esti
mated at $22,000,000.
Tho increase of the tonnage of 1871
over 1870 was 22J per cent., and in
iBii over isii was 1U 3-10 percent.
upon this increasod amount. This
rate could bave been further increased
by tbo possession of additional roll-
ng stock and bettor terminal facilities.
The amount of rolling stock, ic.
added in 1372, though deemed ample
to moet the wants of the public, proved
inadequate to that object. A further
increase oi equipment Involves, also,
largo extensions of third track, sidings,
warehouses, and all olhor facilities
that Ruilroad requires, the business
of which ia already crowding all of
its departments. To raise the moans
desired to provide fur this anticipated
increaso of traffio, your Directors bave
concluded that inasmuch as tho sur
plus profits of the yeur were largely
in excess of the amount required to
pay the usual dividend on its existing
capital, tho most acceptable modo of
ruisiiig tuia sum wuuiu oe uy a uistri-
bution ot an additional number of
shares to the extont of 331 per cont.
of thoir present holdings, ratably
among all the stockholders, whose
r.amos may stand upon the books ol
tho Company on the first day of April
next, one-half to be paid in botween
the 1st and 24th of May, and the re
mainder (50 por cont.) lo be culled for
on sixty days' nolioe, in installments
not exceeding io por cent, at any one
time.
The increase of tho tonnage of the
Pennsylvania Railroad was chiefly due
to the local Iraflio of the Lino. This
increaso of traffio, not, however, in so
groat a ratio, will, it is behoved, con
tinue lor some years to come.
To moet those annus! requirements
for additional funds, the Directors
have thoup ht it best lo adopt a revised
financial plan, and with that view
l hey have procured an Act of the
Legislature authorising an increase
of the capital stock of the Company
one hundred por cent., wilb the privi-
cge of raising by bonds, to be secured
bv mortzage. an enual amount. A
certified copy of said act is submitlod
to you, with this report, lor your ac
tion. An application for an act to increase
the capital of the Company and its
mnrtgago indebtedness, In 1809, elici
ted suoh strong ohjootions in conse
quence of its apparent mnguitudo,
Irom Ihoso Who uouiu not appreciate
the extont and rapidity with which
the traffio of tho Company would in
crease, that it was thought expedient
to out down the amount asked lor lo
$35,000,000. an amount which has al
ready proved to be wholly inadequate
to the-requirements of the Company.
It has therefore boen thought advisa
ble to discontinue the sale of the pres
ent general mortgage bonds at tbe
sum of $20,000,000, and provide by
an additional goneral mortgago, an
amount suffioiont to meet the future
naeosailiea of the Comnany. Tbe ba
aia for suoh mortgage was Increased
last year by the Issue, at par, ot $11
032,000 capital stock, which It is now
proposed to farther increase oj an ia-
TEEMS-$2 per annum in Advanoe.
SEMES - VOL. 14, NO. 16.
suo of additional capital, amounting
to about $18,000,000 ; making tbe ba
sis for the issue of additional bonds
under tbe proposed mortgage $71.-
000,000 ; the aggregate amount of tho
preoeding mortgages and prior liens
uoing uat catjUiigUUU.
' In addition to tha value of tho Rail
road and Branches, real estate and
equipment and franchises as a basis of
socurity, it will be recollected that
among tbe personal property whioh
will add still more to tho security ot
such a goneral mortgage are the as
sets of the Company composed of the
slock snd bonds of other Companies,
and amounting at their present cash
value to $50,396,000. ,
A communication was submitted at
jroar I Ml eknctaal meeting, in opnoal
lion to the oontinuance of fust freight
lines upon the Pennsylvania Railroad,
and was referred by you to tbe in
ooming Board for examination, with
instructions to report thoir views
tboreon.
The expediency of establishing such
linos, owned by individuals or trans
portation companies, wae, at tbe time
of their introduction, admitted by the
Directors to be involved in grave
doubts, and tbeir introduction upon
your Road was not entertained by
your Directors until every argnmout
had been exhausted to induce the
Railroad Companies of New York.
contending for the same traffio be
tween Ihe East and tbo West, to dis
continue their employment.
It was found impossible, while these
Transportation Companies existed un
der contractswitb tbe Now York Rail
road Companies wbich made it their
diroct interest to disregard them, to
preserve uniform rates, and it was not
until after years of remonstrance and
the non-enforcemont of agreements
frequently entered iuto wilb the New
York Railroad Companies to abolish
these lines, that this Company enter
tained tbe proprioly of meeting tbe
difficulty by tbe employment of the
same weapons of altuck and defonce.
Alter much dolay and earnest consid
eration, tbe subject was finally brought
before your Board, for its determina
tion, and referred by it to the Road
Committeo. AAer a full investigation
of the subject, a report was drawn up
I. .,. .t.i-L r.
uy it,, Bubuuriaiug iuo esiuuiibnmont
of a fust freight line over the Penn
sylvania Railroad and its connection
as the best means for meeting this
competition.
1 bis report was unanimously adopt
ed by tho Directors, and a contract
entered into with intelligent and act
ive parties, who Had spool nearly tbeir
whole lives in tbe business of trans
portation between the East and West,
upon the .State Works of Pennsylva
nia;' gentlemen wuu tlitnougtily un
derstood the views and objects of tbe
Board, and wbo entored upon their
duties nnder an Act incorporating
them as the "Union Railroad and
Transportation Company," y itb am
ple means and a determination to ac
complish the objoct assigned to tbem.
In different aud less experienced
bands tbe enterprise, under the terms
of their contract, with your Compa
ny, would most probably hae proved
a failure.
When the Union Line was estab
lished, this Company controlled no
railway west of Pittsburgh and
east ot Philadelphia, and hold but lit
tle over 350 miles of road botwoen
the eastern and weslorn commercial
centros, whilo the cars of this Trans
portation Company were expected to
traverse many thousand miles of rail
ways in tho West ; galhor up all tbe
traffio that they could securo, and
bring it to the eastern markets over
your works, returning tbem by the
same channel filled with the merchan
dise and manufactures of the East.
The western railways were found
by the Union Transportation Compa
ny to be generally deficient in car
equipment, and the Companies own
ing them gladly welcomed the advent
of an enterprise calculated to rolieve
their ever increasing wants, and eag
erly entered into contractswitb it lor
tbe use or these Hailroads by its curs,
and under those contracts il was ena
bled t9 successfully fulfill ihe objocts
we had in view,
Tbe Union Transportation Comna
ny was organixod under great doubts
as to its financial succosb, without so
licitation from Us proprietors, and
against the principleswhiuh tho Board
then recognised as those which ihould
govern Railway Companies in the
management of their affairs. -But its
OHtabliHhmonl, under tho circumstan
cca that then existed, waa considered
necossary to the auocosa of tbe Penn
sylvania Railroad Company, and its
results bave fully justihed its orgsni
nation.
Since your Company bas acquired
control or its extended western con
nections, east of the Mississippi, and
removed the obstructions that inter
rupted a free flow of traffio over your
raiirrav iron, tne (.ratio centres oi tne
I P . 1 . 1 . . f . L .
West to those of the East, tbe mission
of tho Transportation Company has
been fulfilled, and its continuance in
the sphere it occupied is no longer im
portant lo your interest,
Il was contemplated on tho organ
ization of the "Pennsylvania Compa
ny" to manage your westorn conneo
lions in the mannor pointed out in
previous reports, that it should fill the
placo occupiod by the Union Trans
portation Company. It bas, howev
er, required time lo get those exten
sive works into harmonious and effi
cient action, and to fully understand
thoir traffio. The Pennsylvania Com
pany is now ready to assume this du
ty, and arrangomonts have been made
for the traoiler of the proporty and
franchises oi tbe Transportation Com
pany to it, wbich will be oarried Into
effect as early as tho transfer can be
pronorly made. Tbo aotual value of
the property, consisting of oars, ware
houses, wharves, offices, sidings and
1. n - . r. I.A llm. lMn.fn.Ml1 la Mat.!.
BUV)tB, W VV Miw w.'b.v.i v., - -
mated without its good will at over
$3,000,000, and it haa been purchased
by the "Pennsylvania Company" for
three million of common stock at par,
thus interesting Individuals of expe
rience in the management of this
groat enterprise a consideration of
material importance and value.
Tbo Union Lino having fulfilled tbo
objects that Ibis Company bad U view
at its establishment, lo a manner sat
isfaotory lo its employers, ft is grati
fying to bo able to auto that ft ba
been so efficiently manuged that it baa
also proven a peouniary suooees to its
shareholders. Tbeir profits have, how.
ever, been mainly derived from trans
portation over tbe extended system ot
railways West of Pittsburgh and East
of Philadelphia, under contract of
thoir own procurement, with tbe Com
panies whose roads tbeir cars trs
versed. Tbe high rates of transpor
tation that prevoilod during tbe re
bellion yielded very profitable results
to tbe line, as well as to your Compa
ny tho through rates over tbe Penn- '
sylvanla Railroad in many oases bay
ing been twice those oharged npon its.
looal freights. . ' :
It will also be remembered In thia
connection that neither law nor pub-,
lio opinion would at tbo time have
permitted the assumption of powers
by your Company that would have
enabled It to establish a transports
lion line to meet suooessfully the ob-!
jeet that your Company bad in view.1
wnen tuo ronna, it. it. uo. com
menced business West of Ilarrisborg.
(its then eastern terminus), nnder tbo
influence of the narrow policy which
then govorned the management of tbe
State Works, it was enjoined from
running its ears over the Philadelphia
and Columbia Jtuilroad, a work built
by the commonwealth especially to
afford equal facilities to all that would.
use it. a more enngniened view ot
tbs subject prevailed, however. In tha
Supreme Court, and tbe injunction
was dissolved.
In reviewing the facts which in-
duoed tbo confirmation of the contract
entered into with the Union Line.
your Board ia fully satisfied that the
Dost intorost of the Company waa pro
moted iy tne adoption oi tue report
of tbe Road Committe referred to, and
that the results of tbe operation! of
tbe Transportation ComDinv have--.
been highly advantageous to your
Company. '
To draw a line that should rogulato
tho interference of a corporation with
private enterprise!, even where direct
ly authorized by ita charter to do so,
is a matter or extremo dollcacy, and
tbe power should be exercised with
great caution, and a disposition to bear'
me ins ibat tney bring npon tbe cor
poration and publio which are not.
without tbeir compensating advant
agesrather than deal harshly with
established interests.
The Board still believes that where
cars bave to traverse extended lines.
of other and different railroads, that
it is best tor tbe interest of tbe railway
company, where sucb lines aro neoea-.
sary, that they should be owood by
private corporations or individuals
and run undor proper special contracts
with those controlling tbe railways to
be used.
Tbe extent of the Western conneo-.
lions and the rapid increase of the
local and through tonnage of tbe Penn
sylvania Railroad baa not only pressed
upon your company tbe necessity ot
increasing tbe facilities of its own lino
by tbe laying of additional tracks,
without which the traffic of tbe past
year could not have been accommo
dated, but it bas also pointed out tbo
necessity of an additional line across)
tbe mountains that separate the wa
ters of the Mississippi Valley from
those of the Atlantic; to be built es
partially for freight, and designed for
cheap transportation at alow ratos of
speed. .
The route adopted for this purpose
bas been pointod out in previous re
ports, and the Line is now being con
structed, with the assistance ot this
Company, by tho Allegheny Valley
Railroad Company, connecting that
Company's Road, at tho mouth of Red
Bank Creek, witb the Philadelphia
and Erie Railroad, at a point 120 miles .
west, of lis eastern tormmua at son
bury. . .
This lino has no gradients against
tbe traffio exoeeding a rice of three
tenths in a hundred, or loss than six
teen feet io a mile on straight lines
reduced proportionately upon curves..
Its route abounds tbro'boul the extent
with cheap fuel,' consisting of varieties
of bituminous coal in unusually thick
beds, embracing tha best coking coals
for iron smolting. blacksmith, gas coals
and cannot coal tho latter being tbo
most accessible, ot thai variety, lo ibo
Eastern markets.
Thia "Low Grade Line" is (n rapid-
progross of construction, and will bo
oponed for uso this year or early next
spring. Wheo completed, and its con
nections made wito tne nest, it win
be possible for freighta to be carriod
at much cheaper rates thdn tboy can
be conveyed by any ot tbe proposed
canala between the Mississippi Valley
and tbe East
Tbe Branohos of your Rail way have
not, in tho aggregate, yielded inuch
if any, direct profit to this Company,
but they have added materially to the
trosperity of tbe State, and tbe Main
line rovenues. Whore built by other
companies, thoy havo been loased tot
this Company, to be operated by it at
oost, that tbeir proprietors may bo
saved tbo outlay that would otherwise
be required for rolling-stock aud other
equipment.
Ihe Kailroad opened between I.ew
istown and Sunbury, on tbe Susque
hanna rivor, tho past year, has been
thus operated. This Line, though it'
travorsos a good agricultural region,
and said to contain much undeveloped
iron ore, bas not secured sufficient
traffio to meet its running expenses,
leaving the intorest upon lis bonds,
which bave boen issued to tbe extent
of $1,200,000, wholly unprovided for.-
I he IraQlo ot tbe 1.1 ne is, however, in
creasing, and may at a luture period
yield a profit equal lo its expenses'
and tho intorost upon its indebtedness.
All tbe uranch times recently pro
moled by this Company in Pennsyl
vania bave bad in view the devolop-
mont ot the growing iron ore or coal
iotorest of the Slate. The Branch
opened during the past yoar to tho
ore banks of Morrison s rove, in Uiair
county, promises exoellont results,
while the Line in progress of construc
tion between Lewisblirg on tbe Sus
quehanna, and Tyrone on tho Penn
sylvania Railroad, travorsos a oounlry
abounding in rich iron ore deposits,
whioh bave for many years supplied
tbe charcoal lurnaoes of that region
witb ores that have produeod some ot
the valuable Irons of the Juniata Val
ley. The ores of this region aro by
thisBranch made oeoally accessible to
both anthracite and biluminoua coals
of the beat quality for smelting; and,
in view of these advantages, it opens
op a most attrsctive locality for tho
mannfaoturo of Iron, tbo demand for
wbich must annually inereass with
the Inoroaslng oost of its production
in Groat Britain, from whence the
larger portion of the iron consumed
io this and otber countries is at pros-