OIBSON PEACOCK. Editor.
VOLUME XXI.—NO. 268.
HK EVENING BULLETIN
POTJLtfIirKD BVKItY KVEWIHCI
(■SundAyr excepted),
AT THENFW BVJI/KaETKN Btlli»1NO t
GOT Cb««Cnut htrcct, '
iiY Tirju
EVENING BULLETIN ASSOCIATION,
.
GIBSON PEACOCK, EKN EBT C. WALLACE,
tf. L KETHEUBTON, THOB.vT. WILLIAMaOIf.
CASPER BOUDEK, *)B., FRANCIS WELLS.
The Bot-letm Ih served to subscribers in tho city at 18
cent* p*r ■ w«*ek, p»v * hie to the camera, or >6B per annum.
MARKIED.
KIRKPATRICK—DRAYTON.—On AVedowday. Jan. B,
tit the Brit)«h JBmbamv In Faria, and afterward at the
Madeleine, Toinplo Kirkpatrick, Secretary In the Brlrirh
I.crntlOTi at Berlin, to Sylvia Livingston. winowof Wm.
S Drayion, of tho L. S.Nnvy.and daughter of tho late
Mortimer Livingston, of Now York.
BO YD.-~On the 17th inat., David Boyd, 8r„ in the 7fth
y««rofblrage. , d
The relative* and friends of the family, tho members of
Bolou»on> Lodjp Np ? 114, A. Y. M.tho Grand Lodge of
roaidence N. E. corner of Hamilton and Eighteenth
etrertr. on Thursday. 20th Inrt., at 2 o’clock, P. .\E •*•
v.9n. A,r iv~P n thK mining of thflisth tnet. (Sunday!,
\Ulltam M. Swain, aged 2S yearn. 9 months and 4 day,;
The relatives and male friend, of the family, Columbia
Eoage No. PI, A. > . M.. also the member* ot the Grand
Lodie of Pennsylvania, A. V, M.. and hi, Maaonic
IJri'thrtn acneniliy.arereapcctftilly remiosted to attend the
funeral, from Ms Into residence. -No li&i North Broad
rtrn-t.on 'hursday morning, the SOlh instant, at lOo’clock.
io proceed to Woadland Cemetery. . 2c
NOTICE.—Tire member, of Solomon',
Lodge No 1)4, A. Y. M.. lhe ofllcer. and member, of the
’.rand Lodge of Pennsylvania, l and tho order in general,
are fraternally invited to meet at the Hall. Chestnut
street, on Thursday. 20th instant, at I o’clock, P. 31.. to
attend lhe lenerel of our Uto Brother P. M. David Boyd.
By order ot the W. M.
” CHARLES If. KINGSTON, Secretary.
t*T MASONIC NOTICE.—Tho member, of Columbia
Todpe No. PL of the Grand Lodge of Pennsylvania, aoil
the Order in general, are invited to meet at the Masonic
Hall, Chestnut «treet, on Thursday morning next. 20th
host.. at 9l< o’clock, to attend th« funeral of ourlato
BrotherPait-Maeter. William M. gWAitr.
By order Of tho W. M.
”•• • ■ , I’.. LLOYD LEE. Secretary.
Ln-KE & LANDeLL OPEN TODAY THE LIGHT
1 j * liudes of Spring PopUmGor the FflJbioDabtoWalkiiu?
Steel Colored Poplin*,
Mode UolorM'*Pqplin*.
Blets&rck Exact Shade.
spehalaoti c ks.
Eev. Hen* y Ward Beecher
WILL DELIVER UI3 NEW LECTURE,
“Tlic Pursuit of Happiness,”
AT THE ACADEMY OF MCBIC,
Tbunday Eienm?, Feb. 27th, at 8 o’clock,
Under tho ouiplpc, of tho YOUNO MEN’S CHRISTIAN
AtSBOCJA'j lON. This will be the only opportunity of
.'witrinf? Mr Btechcr fbi“ ln Philadelphia.
i uk* t* will be ter h* ,f. K. GOULD’-* Now Plano
Htor*?, Piffl CHESTN CT*tre*;U tVaDS&AbAY'MoBKING,
lebruarv p*th. Tickets, Ifi cent*. No extra charge for
R* r» rrea hc&G. fels>4trp
aar ARTIBTS’FUND SOCIETY,
Galleries l.'l.'Jt Chestnut St.
The Exhibition of Ftkiurf and Hareh sill
be Free to the Public.
Ui-cn daily from 9 A, M, to6P. M*
T<) COAt- OIL DEALKHB, KEKISEBS, ANT)
RNDEJu?.
Omrii’oF Cm' iNM’rcroa os Kr.rtM!i» rniioi-trs.
am> Rrr.viM. Oii>,
No. U:> WALNUT >tre*t.
PuiLADtr.rin.\« February 15.1WH.
To Refincrf, Ratified Petroleum,
Kciowne. Mid Burning Fluid-, (Lard and Whale Oils
] -!/n?v exeept^di:—
TAKE NOTICE.
in accordance with an Act of Aastmblr* approved
i cbi'hary 14, iiaS*,
ON AN D AFTEii TH fRSDAY, Feb. £otli.
Any perron or i-erson* who shall sell orcauuo to b<* p-jM or
d* iritud. any
REFINED PETROLEUM. KEROSENE, OU JftfUNlNO
OU.S»
tl.ard Bad Whale Oil only excepted), the firete*iof
which shall he les* than iwi degree* Fahrenheit, or with
out the brand of tho Inspector, or who rimtl adulterate
oil aftei the name shall have be<-n fe&led and branded,
•vs til be liable to a tine'of not more than five hundred dol
. l*n, and an imprisonment not exceeding one Year, at the
discretion of the court.
fW~ Oile in Bond, or for pxport or shipment beyond the
limits of tfce titate of Pennsylvania, ONLY, are u.sirmpt
from tile provision* of the above-named Act.
THE SECOND AND EAST LECTURE j.E
Trot. IIOHEh-T E. !<OIiKIiS. Ix'fore the TEACH
EES’ iNSTITt-TE. will Im* ii* li vert'Ei at
.HORTICULTURAL HALL,
VEDNEbMAA KVENINC, IKItKUARY 19.
SUBJECT:
TKICTTY, WITH SPECIAL REFERENCE TO
~(I aL'v’a NISM'aM) ‘m AfiN'iTWMV"
The Lecture will be brilliantly illuatratcd by nevrrnd
novel experiments. _ _
"' r 'Tfelri^vf-aamiWdiirs^<^n«if.--“yori?iile-ii^-TOrmpß i i - ?;
Cherinut street, and at the door. No extra charge
for rm-rved seats, which can only be obtained at Trump
lei's.
Doom open at 7. Lectnrc trill commence at 8. fol7-2t*
H».. OFFICE OF THE CITY TREASURER*
"\7 . ...... PUII»4I>KI.I J llfA* Feb. H, 18*?.
NOTICE.—City Yu arrant* issued la 1W67 trill be paid in
the following ordfcr: Warrant* issued from Jamiarv Ist
to July h|t will bo paid from March Ist to luth; tho*o
Wiud irom July latto December Slut will b<* paid from
ltlh to noth: V* arrant* of IBtiJ? will be paid'after the Uuth
March. All intercut ou Warrant* will cease after tho
dates above named. Holders ot fivt* or more Warrants
will present a uchedule ot the same, for adjustment, bc
foro the time of payment.
. . JOSEPH N. PEIRBOL*
• fel&6trp} City Treasurer.
FKANKUN INSTITUTE.--THE STATED
." w m Monthly Meeting of the Institute will be held on
WEDNESDAY EVENING, tho 19tbinflL,at 8 o'clock.
• Merc ben* and others having new inventlcmsj
- of mahufactureMo' exhibit, will please send them to the
llall, 15 South Seventh street, before 7 P. M,
A paper will bo read by ROBERT BRIGGS, Eae , ou a
plan ol a Dome of 260 feet span and 130 feet height, for tho
Franklin Institute Exhibition on Penn Square.
WILLIAM HAMILTON, Actuary
>Jt»“ THE Git AND TESTIMONIAL TO 8. K. MUU
POOH will take place at CONCERT HaLL, on
MONDAY EVENING, February 24th, 18&9* when he will
read choke selections of poetry and prose.
Admission 50 cents.
Kestrvrd scats 75 cents. For sale at TRUMPLER’3, No.
"926 Chestnut street; DONER k CO., 1102 Chestnut atn-ot,
and at the Hall. fo!7tf rp
moif* ST. MARY’S HOSPITAL. C)RN«H ajP
"*** FKANKKORD ROAD and-PALMER STREET
<oppoflitd New York Kensington Dopot), in charge of tho
bisters of Bt. Francis.
Accident caeca received if brought immediately after
reception of injury.
Lying in cases received at a moderate rato of board.
Iree medical and surgical advice given on Wednesday
aha Saturday Aftcruoona between 4 and H o'cltr. fol 2 tfro
mtSr* PRESTON COAL AND IMPROVEMENT COAL
T®; pany. No. mx Walnut street.
.... . . PHir.AWMiii.VyFeb. 17,1W5.
I he annual meeting of the stockholders of thU Com
?.“,¥ y , wl . u ll(! . w ,an WEDNESDAY, March 4th, at U
o clock A, M»at the office of tho Company, at which time
Ho * “be bold f° r Directora for tne ensuing year.
fc!B-t mh4B H, I>. jtUT Hilt. SccTy.
1011 COAL AND
dll" 187h^|“ P r oparcS > to l ptJirataa U ifa Loaodue
Lmnlmd B Sroc 1 t OS n , i ITAL ’ N( i?- 1618 AND 1620
NEWSPAPERS, BOOKS, PAMPHLETS WASTE
■■a^SS^tfSSSKSjßg3*gj
to ball, last week, for starving; his horses Hlb
excuse was, that business waa bo dull that h«
could not afford to foed thorn as their wants rJf
•quired. ....
[Corrcspotodenca of fne rhiladctphU Evenin* Bulletin.]
Paiu*, Tuesday, Feb.4tb, IBGB— Who shall say
we are not living under a “constitutional" go
vernment, when we are at this moment in the
midst of a “parliamentary" crisis ? , Yes, of a
real “parliamentary” cris’is; that is, of the Leg
islature stepping in to arrest the action of the
government. The fact seems strange and scarcely
credible, when we recall what the French Corps
Legislatif so lately was, and what Napoleon 111.
has always been. But, nevertheless, this fact,
though strange, is in a great measure true. The
Imperialist majority is so alarmed, or pro
fesses to be so alarmed, at tbo go-ahead
liberalism of its own Emperor, that it Is moving
heaven and earth to throw out the new law on
the press, and, probably, after it the Bill on the
Right of Public Meeting. But I must mention
the Incidents as they have arisen, and the origin
of this demonstration, for as such it is regarded,
and is making quite a tumult amongst us. '
After M. Thiers’s speech, which I noticed on
Friday, we had a tremendous onslaught at once
against the proposed measure, for its Inadequacy,
and against the general policy and financial
system of the Government, from Jnles Favre.
Thiß seemed to be the signal for the ultra-im
perialists to open their mouths, which they did
through their organ, M. Granier, who adds “de
Caseagnac" to his name by way of giving himself
an air of nobility, and because ho happened to
be bom in that fortunate village. This worthy
gentleman it was, who, as chief-editor of the Con
ttiMionnd, together with Dr. Louis Veron, the
well-known Bourgeois dr Paris, and chief pro
prietor of the same, sold that journal to Louis
Napoleon in order to prepare the country for the
rnuji d'itnl. How successful a coup JL Granier
thereby made for himself, may be judged of
from the fqct that he, who never had a cent
before, has ever since Jived en prince,
when in Paris, with a chateau in the
country (on which he hois's a flag to denote his
august presence), and all sorts of grandeur be
sides. Of course, be sits in the Chamber as a
‘■Candida! du i/oHrornhnntt*' for who, indeed,
should Ik: one, if he is not? lie is also proprie
tor aud director of the Pays, the ultra-imperial
ist organ. This gentleman and his party have
banded themselves together, it seems, to “defend
the crown” against its own Imprudences and
weaknesses. They hold regular meetings for
tins purpose in the Rue de TArcade, and are
hence facetiously designated “the Arcadians."
They are moving, heaven and: earth to induce
the entire majority to join them and throw
°t ,! the Bill. Having, in fact, got
all they possess ont of the Second Empire,they arc
of course very zealous in its behalf, and desire to
run no risks. Moreover, it is natural for such
men as these to dislike and dread the idea of a
free press, which might say awkward tilings
about themselves, and recall matters which they
would rattier were forgotten. Tha other day they
succeeded in bringing up to Paris a few editors of
journals, who styling, themselves the “delegates of
the provincial press," demanded an audience of
the F.mptror, to “petition him to withdraw the
bill.’" The /’(o/e professing to report the inters
view, insinuated that the Emperor had told them
that his own views had been much modified
on the subject, and that . the Corps Legislatif
wonld tie dping him a service if It would relieve
him of his responsibility and refuse to pass the
measure. Ido not believe that this is true; but
still the Jfonit'-ur, which is so ready at contradic
tion when it likes, has not contradicted the state
ment; and I confess I half expected to find an
andounecincnt that the bill was withdrawn, when
I opened the official journal this morning. Thera
was, however, I understand, a grand meeting of
the Council last night, at the Tnlleiies, in pre
sence both ol the Emperor and Empress,
which lasted till one o'clock this morning,
when it tvns determined to go on
with the bill. But to return •to M. Granier.
He made a speech cm Saturday, which amounted,
as I have said, to a demonstration by- the ma
jority against (he bill. He said that'neither the
Cb.amber nor the country wanted tbo measure
that it was a mere utopia, that the press was free
enough ns it was, and that none of the interests
of the country suffered. He moved that the bill
be withdrawn, and the press be left under the
present “moderate” system. He was immensely
applauded by the imperialist party, and next day
alj. softs of reactionary rumors were alloat. jfes
terd.-iy a great speech, extending over eight col
umns, was delivered against the reactionary
movement by M. Emile Ollivier. One of the most
striking and effective passages in it related to
America. . De Tocqueyilie, he said, returned from
the United States with the conviction that “com
plete liberty was the only safe rule for the press.
In his posthumous work, tho writer relates a
conversation he had with a great American juris
consult: “What,” he asked, “Is the best means to
limit the power oi the press?” “To make news
papers as numerous as possible,” was the reply,
“aud'never to prosecute except at tho last ex
trend ty.” “I was told the other day,” continued
M. Ollivier, “by a distinguished lawyer of New
York, that in that State olono. there were 800
newspapers, or more than in all Europe. In that
happy country there is neither stamp duty, nor
caution-money nor printing license exacted from
the press. All is free, except for defamation or
direct provocation to crime.” He ended by a
brilliant peroration, entreating the Emperor
not to bo i shaken from his purpose-by over
zealous friends. The debate was ad
journed to this day amidst great excitement
An attempt was made in the Senate last Satur
day to preserve the Exhibition Building, now
standing empty on the Champ do Mars, together
with the Park whjch surrounds it. A petition to
this effect was presented by some inhabitants of
the neighborhood; and M. Michel Chevalier, the
celebrated political economist and ally of Rich
ard Cobden and his school, undertook to support
the prayer ol it. M. Michel ChovaUer is now a
Senator and Councillor of State, and therefore
was once a very staunch imperialist. But
..ke.'.has...lately, so strongly opposed-himself, both
to the extravagance of the municipality of Paris
and oi tho government, that he has become al
most an oppositionist, as will be seen by the
sharpness of some of the observations,! am
about to quotc>* lie began by saying that the
building iu question Had. been so constructed as*
to last threo hundred years; if necessary. A sum
of at least thirty-five millions Had boon laid out
on the Champ de Mars, and what still remained
represented eighteen millions. The simple ques
tion was, would the^government'' throff) ajsay
these eighteen millions, or try to utilize thqm ?
There was a park, a garden and a square,
and an immense 60lid construction. Vast
sums had - been recently expended iu making
squares and’ gardens in the very heart of- the
ffmr.ieautrpl
IX. M. EVANS,
.^ln?peetor.
BETTER ritom PABIB.
PHILADELPHIA, TUESDAY, FEB HUARY 18, 1868.
town; why not kctp those already made to band?
Tbcbuilding Itself was admirably adunted by Its
character and position for a grand commercial
dock or <n!r<jit'il , such as was much nodded In a
‘‘commercial" city (a sly bit at Baron llauss
manij!) like Paris. It was close to the river, with
a railway to its very doors. It was worth, as it
stood, ten or twelve millions; and if pulled down,
the whole sum would bo lost, for it would require
that amount at least to restore the Champ do Mars
to ite original form and condition. Was it justifi
able in a government which, every four or five
years, came forward to borrow more
money, and that, too," after having de
clared that the ‘‘yrand-Uvrc of the
public debt was closed”—was it justifiable to
throw ten or twelve millions into the sea, merely
to get back a place to exercise troops in? The
finances of France would never be in'' a sound
condition, until, as in England, there were no
more peace loans, and a surplus revenue. Instead
of which, every year the expenses exceeded the
revenue, and the finances wore always in difficul
ties. Such an act of extravagance as throwing
away ten or twelve million, for the mere pleasure
of doing so, was imitating tile example of Asiatic
monarchs of old. But Europe required some
thing very diflerent, and expected to see its gov
ernments spare the pockets of the tax-payers.
So spake the economist. But Marshal Niel, the
Minister of War, had but to get up and say he
wanted the ground to drill his troops, and an
obedient French Senate passed at once to the order
of the day, shocked, seemingly, at the very
shadow of opposition to- such a reasonable re
quest!
TWENTY - FIRST ANNUAL
BE PORT.
fffice of tie Pemujlisnia Mroad Company, •
Phii.adei.phia, Feb. 10, 1668.
J o the Sttirhholth-rp of the
T< nnstjh'tmia Railroad Company.
Your Directors have the gratification to report
that the business of your 'Railway, during the
past year, has fully realized their expectations.
The following condensed statement will ex
hibit its earnings and expenses for 1867 :
BARN ISOS.
§3,431,508 13
From Passengers
“ Emigrant
PasseDgere, 121,65." 26
“ United States
, collected
for trans
portation
_■ of troop?,
“ Mails
" -Ex press
matter.
General
freights...
“ Miscellane
ous sources 47-1,028 5-1
KXPKXSKS.
I’or conducting
transportation... €3,517.258 88
For motive power.. 3,252,143 37
For maintenance of
cars
For maintenance of
road
For general expenses
Leaving net earnings for the
■ year 18C7
The total amount of revenues, compared with
ast year, is:
Decrease.
Omitting the amounts collated for transporta
tion of United Btates troops in both years, the
imsines»v>f the road will compare as follows:
I*'!" ¥16,274,P1.} 86
1606 1i!,(i22.; , :;7 10
Increase in 1867
The changes in the aources of revenue, omitting
United States troops, are shown below:
Decrease in emigrant passengers.. $18,067 pp
Decrease in express matter ' r pi, 871 62
iud
In crease in regular
freights :
Increase in first-class
passengers.'.
.rerease in United
Statesi Mails -.
hcreasC in miscella
neous. ...
Increase as above stated
The proas revenues-for 181)7 are equal to
i-15,042 89 per mile of the main Hue of railroad.
The -whole number of passengers carried in
If-oo was 2,073,508, and in 1807, 8,817,160; but the
average distance travelled by each passenger, in
180<, was 57 Tv-100 miles, while in the previous
year it was 52 miles; showing that the increase
nas chiefly been in the local business of the road.
The number of tons of freight moved (includin'"
291,314 tons of fuel, and other material trans*
ported for the Company) was 1,000,638, em
bracing 1,680,723,tqns of coal. The increase in
the coal traffic is 267,M2 tons, 'and whole
onuage of the road exceeds that of la-t year
nt7)820 tons—nearly 16 per cent.
Tho results of the year, therefore, show a large
increase in the business of the road, both in pas-
Mugers and freights; but in consequence of re
duced rates of freight, there is not a correspond
ing increase in gross revenues, while the continued
high prices for labor and materials have pre
vented any material reduction of expensed
The canals of the company, in conformity with
the views expressed in the last animal report of
the Board, have been sold and transferred to the
1 ennsylvania Canal CompaDv, and the share
holders are referred, for information in rolation
to them, to the report of I. J. Wistar, the Presi
dent, and T. T. Wierman, Chief Engineer and
Superintendent '
The earaings of the Philadelphia and Erie
liailroad, in 1867, were: .
From Passengers)..... $635,184 83
“ Tr00p5;.;...,.. 2,806 82
“ Freight.... 1,631,902 02
“ Express matter, 28,876 10
“ Malls 18,436 08
“ Miscellaneous .
sources 10,605 00
Tlie operating ex
penseßdnringthesamo
period were: -.. _
i’or conducting trans
portation
“ nlaintenancc e'f
way..;:,..
“ motive power
“ maintenance of
care:.......... 172,446 22
.. G-18,359 43
02-1,772 60
„ T0ta1........... .$2,010,872 86
To which add 80 per
c e at., payable- tb----
Philadelphia and
Erie Railroad
Showing a loss to this Company, - , ->,
lu operating the lino under the
OUR WHOLE COUNTRY.
Jss,aK'.JB.
84,931 G*
230,191 CO
11,832,299 67
■?lC,oiO,ltj‘j 3G
1,028,387 82
3,C02,748 92
179.760 70
12,080,209 04
. $1,239,850 72
$10,310,150 30
10,583,882. 81
$213,720 4*
$251,978 48
$01,942.01-'
¥12:1,000 08
180,708 07
2,201. 08
2l>
313,921 09
$251,978 48
$2,333,759 94
6QO, r 295 Cl
677,239 61
2,088,112 37
lease, of.
Or S7S,G!iO 89 in excess of the sam; item in
Jhon,
Tlie whole revenue of the Pennsylvania Rall
iciod anti its Branches, and the Fhiladel jaia and
Eric Railroad, is as follows, viz,:
from tbc Ptncbvlvonia Railroad
and branches.. $16,340,150 3(
From tbe Philadelphia, and Eric
Railroad
. Tojal $18,673,918 30
Aid the expenses of operating these lines are:
Pennsylvania Bail-
Y-- *..512,080,299 04
Philadelphia and Erie
Kail road
Thirty percent.re
served to pay in
terest on debt 'bf
Philadelphia and
Erie Kailroad Co..
r-&c..
tearing the net profits from both
_ Bailwnvs..... , $3,905,504 29
From which deduct
two cash dividends
of 3 per cent, each
paid to sharehold
ers In May and
November last,
and the taxes
thereon $1,337,668 52
Interest on bonds,
&c., and taxes on
same
Lease oi Harrisburg .
and Lancaster
Railroad
Annual payment to
the State of Penn
sylvania, on ac
count of purchase
of main line- of
public works.....
This amount, car- i
ried to the credit .
?>f -“Extra Divi
dend Fund,’’ in
conformity with
a resolution ap
proved by the
shareholders at
their last meeting,
payable in the
capital stock of
the Company
Surplus
, t Tlit net profits of the Pennsylvania Railroad
Company are nearly all derived from the basilicas
oi itsmain line. The investments held in other
lines, that have heretofore proved prodnetive,
have mostly been placed in the sinking fnnd esta
blished for the redemption of the Second Ifort-'
gage Bopds of this Company and the Bonds of
the Harrisburg and LancasterKailroad Company,
which together amount to $5,580,8-10. The value
of the assets in thiß fund, at their present market
price, may JrtT stated at $0,000,000, and are
deemed amplb to meet at maturity the debts for
which the fund Was instituted. If the Second
Mottgago Bonds should be exchanged for those
under the General Mortgage authorized at your
last annual .-neeting, thiß fund, after payment of
the seven hundred thousand dollar mortgage upon
the Harrisburg and Lancaster lute, will become
the property of the Company, to bo disposed of
m such manner ;>g shall best promote its in
terest.
The shareholders are referred to the statement
of the Treasurer annexed to this report, for ah
exhibit of tbe condition of the Company at tbe
close of the year. In comparing it with former
statements, it will be seen that the coat of the
railroad from Harrisburg to Pittsburgh stands
upon the hooks of the Company at about tbe
some sum ($13,540,950) that it did in IS.VI, the
year that it was opened as a continuous siDgle
track railway between those cities. Since that
time there has been added upon this portion of
railway, except three miles, a second track
throughout, with shops, sidings, depots, Ac.
sufficient to accommodate more than five times’
the trafiie that was then moved, the cost of which
if carried to construction account, would have
swelled it over $20,000,000.
A second track has also been added to the Har
risburg and Lancaster portion of the line, between
Columbia and Middletown, li distance of 19 miles
which has likewise been charged to expense ac
count. The Philadelphia and Columbia Rail
road, purchased of the Stale in a dilapidated con
dition, has had its superstructure renewed, and
all of its wooden bridges east of Lancaster re
moved and new iron structures substituted, while
! the purchase money has at the same time been
reduced from $0,500,000. its cost, to J 0,375,000.
The construction account upon the whole line
of double track from West Philadelphia to Pi its
i t' ! !, r , eh >.? r ' 5 a single track between
i DiilervtJie and Middletown, via Mount Joy, of
■ 27 miles, including branches to Indiana and to
Holiidaysburg, of 27 miles, is but $20,799,233—a
I so small, compared, with the cost of building
i:.-!Uch a work at.thia that: no r rival:., line—Sv
! there was a favorable route for one—could be
consti acted with any prospect of derivin'* a
| profit from thwinvestment. This policy has been
adopted by the Board, that reasonable ratos of
transportation may be maintained and at the
same time satisfactory dividends continued to the
shareholders. The board is aware that this isnotin
accordance with the practice pursued by railwav
companies generally, particularly those of Grea't
Britain, where their share and debt capital have
increased to such enormous proportions com
pared with their revenues that dividends to ordi
nary shareholders have becomb the exception,
while io maintain their revenues at the presont
standard, even, .with the advantages of cheap
labor and materials for maintaining and operat
'mg their railways, the Vafesfdr travel and general'
weight are largely in excess of those charged bv
this Company.
The practice of dividing -the whole apparent
net profits of the Company, which has been the
rule in Great Britain, ha’s also had the disad
vantage, by an exhibit of large dividends, on
their completion of stimulating the construction
of rival lines, thus increasing the railway capital
that the traffic of tho region is expected to meet,
in an effort to secure a fair return for the money
expended, which can only be effected by in
creased rates,
The securities created under the financial plan,-
adopted at your last meeting, to provide for the
future wants of the Company, have been pre
pared, and will be issued from time to timo, in
exchange for its existing mortgage bonds, and in
like amounts aB the share capital of the Com-'
pany is increased—to provide for the domands of
the railway for additional facilities for the accom
modation, movement orprotectlon of its traffic.
This plan contemplates the continuance of semi
annual cash dividends of three per cent, free
from United States and State taxes—the re
mainder of the net profits of the year to be car
ried to an extra dividend fund, to be divided in
sharcMvtieucver it is sufficient to justify a dlyi- •
dead of live per cont. Upon The , capital stock.
Under tho operations of this arrangement divi
dends of eleven per cent, were paid In 1807, and
the same rate may be expected In 1808,
Tho Board,as stated in their last annual report,
would have preferred, and would still prefer, to
increase the capital stock of tho Company by a
general distribution of it at par among tho share-’
holders in proportion to tho interest of each, but
the alleged legal Inability of Philadelphia to meat
her share of this increase led to tbeodoptlon of tho
present plan, which If is belioved will be found
sufficient to meet the objects of the Company and
the requirements ofit&cbsrtor. ’"' "" * ■ -
As the -policy of Investing ftmds of the Com
pany in feeders to tho main line in and out of the
State, haß been frequently odversely commented
upon, the, Board will again remind the;share
holders that tbe investments mado ontaMeof
Pennsylvania ’wero expressly authorised and
$ So 1.352 43
’2,333,759 94
2,010,872 86
677,239 51
14,708,412 01
618,084 04
135,274' 18
460,000 00
1,190,000 00
3,741,020 74
$103,877 65
directed By themselves, witß the full concurrence
of the (Directors, except in the subscription to
iln- Merit tta and Cincinnati line.
The wisdom of these investments, in view of
the then igoiatlon of the Pennsylvania Railroad
at its western terminus, has been fully Vindicated
by the beneficial effect that the construction of
the avenues thus facilitated with the trade cen
tres of the Wept have had upon the revenues of
the Company and the prosperity of Philadelphia.
The Board only exceeded the express authority
of the shareholders, by a laborious but successful
effort, to save the funds—as far as advisable—
that they had directed to be so invested.
The expenditure* upon lines within the State—
as explained in previous reports—was one of the
conditions of a contract with the Commonwealth,
by which the Company was relieved from the
onerous burthens of a special tonnage tax, which
dwarfed its usefulness and prevented its railway
from developing the resources of the interior.:
These expenditures have resulted in the con
struction of the Pittsburgh and Steubenville
Railroad, the West Pennsylvania Railroad, the
Ebcnßburg and Creason Railroad, the Tyrone and
Clearfield Railroad, the Bald Eagle Valley Rail?
road, the Mlffiln "and Centre County Railroad to
Miiroy, and the extension of tho Broad Top Rail
road to Dallas. All of these works are valuable
feeders to the main line, and in the aggregate
will pay an interest upon the amounts now
charged against them. „
The Tyrone and Clearfield Railroad at present
terminates at PhUlipsbnrg. Daring the past
year the road-bed has been graded to the town of
Clearfield, and the track will be laid upon it in
the ensuing.epringand Bummer.
That portion of the railway between Pittsburgh
aDd Columbus, Ohio, extending from Pittsburgh
to the Ohio river, across the Btatc of West Vir
ginia—in consequence of its great cost and long
delay in its construction—became involved In in
extricable financial .difficulty, to free It from
which it was Bold under a decree of the Supreme
Court. Arrangements are now being mode to
consolidate it with the Steubenville and Indiana
Railroad, under tire name of the Pittsburgh, Cin
cinnati and St. Louis Railway company, with a
view to make but odo corporation be
tween Pittsburgh and Columbns. In' this
line the Pennsylvania Railroad Company has a
largeintcrest in its shares, and we entertain the
belief that its revenues will at once pay an inter
est upon the amount now charged to that ac-'
count. , The chief motive, however, in incurring
this expenditure was, as already mentioned, the
advantage it afforded to this Company in secur
ing the freight and travel to and from the south ’
west, for which we had previously no indepen
dent connection. The linq is now in full opera
tion, aDd in this respect has met our expecta
tions. gaining for the traveler a saving of several
hours in his journey from Philadelphia and New
York to Cincinnati, over any other route.
The Philadelphia and Erie Railroad has been
operated smee February 1, 18G2, by this Com
pany, under a lease, at a heavy annual loss, which
has to that extent reduced the profits of the main
line. This lose is largely due to the -unfinished
character of the new portion of the work, and
the decayed condition of.. the bridges, &c.,-upon -
the older parts of the line. In addition to these
causes, it may be added that the line traverses i
country which produces articles for transporta
tion that can only be moved at low rates of freight
—rates which, at the existing high prices for
labor and materials, do not afford a sufficient
margin of profit to meet the interest upon the
debt of the Company and the cost of operating
the rail way. This object can only be secured—
if the causes of the high cost of operating rail
ways should continue—by a largely increased
traffic, to obtain which increased material outlays
are required.'
The Philadelphia and Erie Railroad Company,-
under the lease, is obliged to furnish the money
to meet the expenditures for this object, but as it
is without means or available credit, it devolves
upon this Company to supply the deficiency or
continue an unprofitable "arrangement. As
neither the public advantage nor the permanent
interest of mis Company will justify the latter
alternative, the Board, with a view to apply tho
expenditures mentioned in a manner that will
host promote the objects in view, has purchased
and converted obligations that have accrued
against that Company, into its capital stock to
the extent of 31,630 shares of Common, and
-18,000 of Preferred, amounting in all, at par, to
uearly s4,ooo,ooo—sufficient to determine the
future mode of managing the affairs of tho
Company.
This lino and the Pennsylvania Railroad oc
cupy the ODly routes within this Commonwealth,
upon which a railway for through business can
he built and yield a reasonable return upon the
capital that may be expended in i!s construction.
Upon all other routes, sovetal additional moun
tain summits will be encountered, besides the
increased cost hereafter of constructing snch a
work. With this knowledge, we may safely
make outlays for the development of their traffic.
The extent to which this can be done by a judi
cious enlargement of the field of operations of
the Philadelphia and Erie fine may bo
appreciated by referring to the history
of our own railroad, which was only opened
as a continuous railway in connection with the
Stale road, between Philadelphia aud Columbia,
on the loth of February, 1864—at which date the
Eastern and Western Divisions of what was ori
ginally the Pennsylvania Railroad were united,
avoiding the ten iucliued planes, operated bv sta
tionary power, which had previously lifted the
traffic’over the Alleghanies. The revenues of
this Company, from the whole line, from Phila
delphia to Pittsburgh, during 1854, tho first year
of its operation as a continuous line, were $B,-
512,295. In J SC>7, between the same points
with addition oi'the local business of the State
railroad—they were $10,583,000, an increase of
nearly five- fold in moneyand much larger in ton
nage.
It is true the Pennsylvania Railroad traversed
I a country that had been partially develooed by
; the State improvements,.and a large.locaL yaffle
! became immediately available, bnt at that Arne
the through basilicas was of inconsiderable ex
tent. It has since vastly increased by the, rapid
growth of the West, both in population and
wealth, and is capable of still greater develop
ment by the introduction of rates of freight that
will successfully compete with those charged
upon the lakes and the New York canals.
. A line possessing a large mixed traffic, such as
commanded by the Pennsylvania Railroad, can
not fully meet this requirement without the con
struction of a third track throughout its length,
by which trains can. be moved at a low rato of
speed withonc serious interruption to the traffic
that will pay for the cost of a more rapid move
ment, Instead of a third track upon the Penn
sylvania Railroad to meet this demand, as origi
nally suggested,' it has been proposed that the
line of the Philadelphia and Erie Railroad, os far
as practicable, be taken for such a thoroughfare.
This lino will cross the snmrdlt between the
eastern and western waters where.the elevation
iB but 1,450 feet above tide, whkw may be over
come by gradients not expending a rise of a
half of a foot in one hundreufeet, passing through
a region abounding ip-the best bituminous cool
for mol.
: A road bttijMb accommodate the object' con
templatejLnJust Ife located and constructed with
a view>to secure the lowest possible cost of move-:
mentT' of -trains, and its locomotives and cars 1
adapted to tlio business they are Intended to
move and’the speed they will travel. Instead of
changing locomotives at tho end of each
service, as at present, tho tralps.undcr this system
will bo provided with double crews, alternating
their time upon duty until their destination is
completed and tho return trip accomplished.
The speed of.the freight trains shouldnofexceed
an average of six miles per hour. .. .;: v'- ..
sech lpies where tho movements more rapid, a
railway operated, upon this principle can only bo
introduced with advantage to tho community
and profit to Its shareholders, where the traffic
that it will command is very largo. • The profits
upon the capital Invested in such a llne must
he realized trom a; smallmatgiu over-
F, I. FETHERSTON. PaWislier.
x PRICE THREE 0 ENT3 '
4'- ' ■ ' -- ■' • • f; . / : J
cost tipon - a very large : tonnage to be
moved. But few, If any, locations at pro '
eent afford a business sufficient to jnstUjr
me construction of a railway, specially operated:
upon tbie principle,and one between tneeast and
west will be sufficient to meet thopublic demand
® a ny years. In New York the Erie Canal,
fulfils tbo objects of Buch a work not ohly for
tbat State but for through tonnage between the
cost and west. No route in Pennsylvania ior
eleewbere between the sea-board and the West af
fords equal facilities for the introduction os thia
A? H n ? occupied by the eastern po**
lion of the Philadelphia and Erie Railroad, where
a basis for it may be laid with confidence as to
its affording favorable results. A Katt
road operated upon this plan will ultimately bis 1
extended, to the Mississippi river across the table
lands or. Ohio, Indiana and Illinois, south of the'
great lakes, which, when the tonnage is sufficient;
to justify its construction, will afford a mediant
of transportation at .ail seasons of the year as
cbeab and more expeditions than via the lakes'
Canal, without materially Interfering
with the profits ot existing lines; The generdt
.. introduction of this system of railways to viper- ~
eeao the present lines can only end In a disastrous
failure wherever tried.
The present system of operating railways is
adapted to the wants of the country, and is the
only one applicable to lines of mixed or mode
rate traffic,or that could now be profitably Intiro
quired” 110 r<^' ona w^ere new railways are re-
The preponderance of east-bound traffic upon
ail of the trunk hues must always give a prefer** •
5.9, , e foster lines for western shipments,
while the financial value of expedition, and the
necessity for it in the conveyance of livestock,
must continue such traffic with the lines operate*
under the present system.
Since your last meeting, the Board has received,
with regret, the of H. H. Houston'
Esq., as General Freight ..went of this Company,
a position which he nos held since the organiza
tion of the Transportation Department, perform
ing at all times its delicate duties, with much
credit to himself and fidelity to the Company. In
bis successor, Btephen B. Kingston, the Board
feel satisfied they have secured tho services of a
gentleman well qualified by long experience and
sound judgment, to administer the important
duties assigned to him.
T l u cl haa 4180 received the resignation of
K. E. Bicker, Esq., Superintendent of Motive'
Rower and Machinery who left the service of this
Company to assume the more responsible posi
tion of General Superintendent of the New Jersey
Central Railroad Company. To fill the vacanoy
thus caused, A. J. Cassatt, Esq., has been selected,
—a gen tleman who has been engaged in the service
of the Company since the commencement of his
professional career.
In conclusion, the Board desires to acknowl
edge the efficient manner in which the business
of the Company has been conducted by the
officers and employes, generally, during the
past year. a...
By order of tho Board :
FACTS AHD FANCIES,
ri —Shad have appeared in the North Carolina
—New York has laid in 750,000 tons of ice for
summer juleps.
—Vermont coined moneyas late as 1787, later
than any other State.
—Anna E. Dickinson makes $lO,OOO to $l2 00*
a year by lecturing. ’
Web9t?r^ olm k° r< * ** aa a Eew lectare upon Daniel
—Bullock, Banks and Butler aspirc toSam
ner s seatln the Senate. ‘
—Miss Janauschek bade good-byo to St Lotus
on Saturday evening in the character of Medea.
—With tho aid of her new steamship line, Bal
timore aspires to become the first tobacco market
in the world.
—The Baltimore City Council propose to fine
all persons who jump on or off the cars running
in that city.
— T |l e pot profit from the “Black Crook” in
New lork was $287,564 13; which was divide*
by Wheatley, Jarrett, and Palmer.
—Western Lake Erio along its shores grows
acres of a plant which travelers suppose to be the
Egyptian lotus. ,
—A Mr. George Washington contributes to the
entertainment, r -Ireland: its Scenery, Music and
Antiquities,” whiph has been given nightly in
Belfast for tho past six weeks.
—Clark Mills has completed a model of an al
legorical statue of Lincoln, which he proposes to
have put np in Washington. Wo sincerely hope
he will not succeed. .
—Colonel WUey Coleman, a lawyer, commit
ted suicide at Kosciusko, Miss., by jumping into
his own well, a lew days since. Pecuniary em
barrassments, It is supposed, caused the act.
—Georgia papers pronounco the German
laborers who havo been imported into thoBtate
a iaijnro, and predict that the negro is still to be
the main dependenee of the Georgia planters.
that the great Napoleon Is still alive, juftt as some
Democrats persist In voting for Andrew Jacksou
in this country. , -
—An English jury has awarded £l,lOO damages
to a gentleman whose nerves were shocked, but
who received no bodily wound, by a railway ac
cident.
—A curious and valuablo book has lately ap
peared In London; a descriptive catalogue of
books written by Quakers, from their rise to the
present time, with notes and biographical
sketches. , ;
—An iceberg, it is reported, haß grounded on
the sub-marine cable between Gape Tormentine
aad Cape Traverse. TBe. Prince Edward raw*
newspapers ore thus deprived, of their tele
graphic despatches from all parts of the world.
—Cambridge, Mass., is somewhat agitated be
cause of the exclusion of colored people from the
fashionable skating rink in that city. The courts
and the City Council .were appealed to to settle
the troubles that have arisen.
* —The Dusseldorf painters seem to have had a
pretty good season,, their paintings having sold
to the amount of some forty thousand dollars,
more than two-thirds of which was paid by Ame
ricans. , .
—A Boston paper says the Increased demand
for lodgings at the police stations In that city in
dicates that the free distribution of soup la at
tracting from other localities a few unwolcomo
citizens. *
—Tho Fort Smith Herald says that the State of
Arkansas is situated in tho centra of one of tho
longest coal fields In the Southern country, ex
tending into the counties of Franklin and Scott,
east and south of Sebastian, and also extending
west and northwest Into the Choctaw and. Cher
okee nations.
—A watch case has been invented which, Jt ia,
claimed,.is not only dust-proof but water-prooft,
and even air-proof. Tbe invQptor.atatca r that.ha,
has immersed a watch, in one of these cases, In ,
water all night without tho slightest damage to
the movement.
A clork in a Syracuse liquor sto reasserts that
he saw a rat the other morning drinking I whisky.
Trom a leaky cask when ho went in, and that the
rat reeled in making his escape. _Bceing *atsla a
tymptom of tho disease to which perilOQß fipend
ing much of tholr time in Buch stprcfi afC llEfto* V
—A Southern prophet has predicted, witii grent
particularity of etateiaciit, divers dire diseaaes
and deaths destined tor certain distinguished In
dividuals. Among, them ia the death of Gengml :
Grant from"alongdisease,^causedbydfivimra
portion of a lighted cigar into his thWafcln©
drowning at sea of Chief Justice Chase, waexDe
of Senator Sumner, &c. As tho time when Thad-.
does Stevens Was to die;, by this account has.
already passed, It is not inadmissible to insinuate
an impression of intrinsic improbability.
J. Edgar Tiro.wso.v,
President.