The number of tons and mileage of freight carried yearly for five years were as The following statements show the earnings, expenses and profits of operating the rcad yearly for the seven years ending Oct. 31, 1865: Fiscal years. 1858-59. 1859-60. 1860-61. 1861-62. 1862-63. 1863-64. 1864-65.. -Gross Earnings P., W. & B. R.R- Earn'gs Gain on Aggregate Passen'r. Freight. Other. Total. N. & F. Del. R.R. amount. $718,071 $238,795 $58,098 $1,014,964 $21,195 $. $1,036,159 831,306 317,569 61,724 1,210,598 25,999 1,067,275 363,553 63,848 1,494,676 22.308 1,645,025 506,350 72,204 2,223,579 27,283 1,834,134 527.985 188,129 2,540,248 34,010 2,423,089 598,632 183,779 3,205,500 51,605 46,976 3,304,081 2,992,656 626,559 209,249 3,828,464 56,145 3,884,609 From which the following payments were made: Fiscal years. 1853-59. 1859-60. 1860-61. 1861-62.. 1862-63. 1,236,598 1,516,984 2,250,862 2,574.258 $101,499 Oper'ng Exp Loss on New Interest Divid's Sinking Balance P.W.&B. N. & F. Del.RR. stock, account. on stk. fund. of acc'nt $412,071 $21,582 $30,007 $.. $135,000 $336,000 451,110 26,671 42,472 104,633 140,000 364,000 513,791 24,393 53,060 97,045 155,212 364,000 847,406 27,993 23,438 325,637 143,479 513,639 942,754 27,948 5,637 471,046 84,606 690,077 33,333 74,379 46,667 269,817 43,667 523,689 53,383 298,855 Susq'na bridge & De 2d track. ficit. 1863-64. 1864-65.. 1,467,020 28,269 432,177 32,284 805,440 682,512 144,520 2,223,909 45,216 2,716 565,965 45,174 932,347 510,768 431,486 "Interest account" includes interest on bonded debt, ground rents, etc., less interest received, being in fact the remainder paid after deducting the amount received. The "balance of account" for the two last years was against this account-in 1863. 64 to the amount of $144,520, and in 1864-65 of $431,486. These deficits were caused by charging to income the expenditures made in those years on the Susquehanna Bridge and the second track. Had these been charged to capital the surpluses would have been $527,992 and $79,282 respectively. CONDENSED BALANCE SHEET. The financial condition of the company, as exhibited on the balance sheet at the close of each fiscal year for the seven years ending October 31, 1865, is shown in the following statements: appurte'ces. R'l estate. Stocks, &c. Acco'nts. impr'em'ts. amount. Under the head of " Railroad and appurtenances" is included $744,520 being the stock of the Newcastle and Frenchtown Railroad Company exchanged for this company's stock. The capital stock was increased by the issue of Oct. 1, 1864, $786,200, and by conver sions of the mortgage loan $1,937,000. The mortgage loan originally $2,600,000 has been reduced to $496,000, 167 bonds having been redeemed and cancelled, and 1987 bonds converted as above into capital stock. PROPORTIONAL DEDUCTIONS. In the following table are shown the cost of the road per mile, the gross earnings, operating expenses, and profits per mile, the proportion of expenses to earnings, and of the profits to cost of road, with the rate of dividends on the share capital. The stock of this company is chiefly owned in Boston, and sales are seldom made in other then the Boston market. The following table shows the monthly and yearly range of prices on a par of $50 per share. PRICES OF STOCK AT BOSTON-DIVIDENDS, APRIL AND OCTOBER. August. September.. November December.. Year. Equivalent, $100 shares... The Philadelphia, Wilmington & Baltimore Railroad Company is a consolidation of four original companies, viz.: the Philadelphia & Deleware County, chartered by Pennsylvania, April 2, 1831, the Wilmington & Susquehanna, chartered by Delaware, January 18, 1882; the Delaware & Maryland, chartered by Maryland, March 14, 1832, and the Baltimore & Port Deposit, chartered also by Maryland, March 7, 1832. In March, 1836, the title of the Philadelphia & Delaware County Railroad Company was changed to that of the Philadelphia, Wilmington & Baltimore; and in the following April the Wilmington & Susquehanna and the Delaware & Maryland Companies consolidated under the title of the Wilmington & Susquehanna Railroad Company. These several Companies and the Baltimore & Port Deposit Company consolidated their interests in 1838 (Feb. 5) under the title of Philadelphia, Wilmington & Baltimore, to form a single consolidated railroad between Philadelphia & Baltimore. Previous to consolidation the several companies had commenced, and partially completed their roads. The Philadelphia & Delaware County had. cempleted their road in 1837. The Baltimore & Port Deposit had opened their road from Baltimore to Havre de Grace, having changed their no rthern terminus from its original locality. In the same year the Delaware & Maryland Railroad was completed. In 1838 the viaduct over the Schuylkill river was finished, and a connection opened to Philadelphia by means of the Southwark Railroad. In 1840 the Newcastle & Frenchtown Railroad Company was merged into the Philadelphia, Wilmington & Baltimore Company by an exchange of stocks. It was chartered by Delaware, Feb. 7, 1829, and the road constructed in 1830 31. It originally extended from Newcastle 35 miles below Philadelphia to Frenchtown on Elk River, one of the head streams of Chesapeake Bay; and in connection with steamboats on the Delaware & Chesapeake for many years formed a part of one of the principal routes between the North and South. Since the completion of the Newcastle & Wilmington Railroad, however, the steamboat connections have been discontinued, and that portion of the railroad west of Delaware Junction has been taken up. Its original cost was about $700,000. Of the Delaware Railroad and its extension into Maryland we have heretofore alluded. These form a main trunk line through the State of Delaware and part of Maryland, and will be extended at no distant date to the ex tremity of the peninsula. Several railroads are also projected and in progress from this trunk line to points on the opposite waters. Of late years, especially during the late war, the business of the Company has been largely increased, and large expenditures have been made to accommodate it. A bridge is also being built over the Susquehanna at Havre de Grace which will do away with the steam ferry now used for crossing. A branch is also to be constructed from Havre de Grace to Port Deposit. The second track now being laid down will probably be completed during the present year. With these improvements the road will be one of the more complete in the Union, and being in the direct North and South line of travel must ever be one of the most frequented and remunerative. The quotations of its stock in the markets is an ample testimony to the ability and faithfulness of those who have the management of the Company's affairs. In 1863 the profits from operations reached 15 per cent on the cost of the road; and for the past three to four years the stock has received ten per cent dividends. NORTHERN CENTRAL RAILWAY. The Northern Central Railway runs almost due north from Baltimore, Md., to Sunbury, Pa., and with its connections forms a through route to Lake Ontario, via Rochester. It is intersected by several important roads which connect it with the coal fields, and near Harrisburg it connects with the Pennsylvania Railroad, to which passengers and freight are transferred for Pittsburg and the Northwest, and at Sunbury with the Philadelphia and Erie Railroad, now open to Lake Erie. The constituents of this road are as follows: The Philadelphia and Erie Railroad is used between Sunbury and Williamsport as a connecting link between the main line and the Elmira Railroad, EQUIPMENT-ENGINES AND CARS. The following table gives the number of engines and cars owned by the company on the 81st December, yearly: In 1865 the engines were distributed as follows: 60 on the Northern Central Rail. road, 18 on the Elmira and Williamsport Railroad, and 9 on the Shamok in Valley line. A due proportion of cars are on each of these lines. OPERATING ACCOUNTS-RECEIPTS, EXPENSES, ETO. The following statements exhibit the gross earnings, the operating expenses, and the resulting profits yearly, for 1859-66, both inclusive. The gross earning were as follows: Fisc. years. 1859.. 1860.. 1861.. 1-62.. 1863.. 1861.. 1865.. Shamokin Elmira Total amount. $929,528 1,018,103 1,417,977 1,920,641 -Northern Central and Branch.Pass. Freight. Milit'y. Other. Total. $252,096 646,763 $. $30,664 $929,528 268,533 699,160 50,910 1,018,103 289,762 695,450 336,835 95,930 1,417,977 487,118 1,031,469 316,413 85,641 1,920,641 592,676 1,263,561 807,739 141,472 2,307,448 144,728 297,391 2,749,567 752,937 1,494,555 586,907 217,270 3,051,669 226,318 656,518 3,934,505 899,859 1,721,330 438,018 249,683 3,337,597 316,498 50,973 4,235,008 The operating expenses and profits were as follows: 1862. 1863.. 1864.. 1865... -Operating expenses.- Total. N. C. &. br. Shamk. Elmira. Total. $589,012 $340,516 $. $340,516 734,476 ...... 734,476 283,627 283,627 681,832 681,832 736,145 736,145 993,300 927,341 927,241 993,300 1,686,867 57,616 224,422 With regard to the leased roads, it may be stated that while the Shamokin Valley Railroad has proved a paying concern, the Elmira and Williamsport Railroad has made (including rent) an annual loss to the company, viz., in 1863 to the amount of $37,198, in 1864, $21,259, and in 1865 $348,371. Both are leased for 999 years— the first from Feb. 1, and the latter from May 1, 1868, at which dates respectively possession was taken of them. The great increase in the operating expenses of the Elmira Division in the two last years, have been caused by extraordinary demands and will now cease. PROFIT AND LOSS ACCOUNT. The following statement shows the receipts from all sources yearly, according to the treasurer's account, and the disposition made of the same. This account, in fact, is an exhibit of the aggregate financial transactions of the company for the years to which they refer. The Elmira Division in 1865 showed a loss of $188,871. The financial condition of the company on the 31st December, yearly, for the last seven years, will be found in the following abstracts of the Close of years. 1859.. 1860.. 1861.. 1962.. 1863.... 1864... 1865... ...... ... .... CONDENSED BALANCE SHEET. and Total loss. $412,164 $9,007,605 amount. Debt Bills, Interest Operat- Profit Share Funded to Balti- &c, pay- & divi- ing accapital. debt. more. able. dends. counts. -$2,260,000 $4,728,800 $850,000 $485,549 $27,6-6 $243,406 2,260,000 5,040,300 850,000 240,615 103,227 209,808 347,901 9.041,851 2,260.000 5,150,000 850,000 250,980 212.445 212,798 372,179 9,308,402 2,260,000 5,150,000 850,000 5,524 96,680 299,851 1,176,566 9,838,621 2,260.000 4,850,000 850,000 182,611 123,008 788,721 1,291,890 10,346,232 3,344.860 4,850,000 850,000 150,000 181 955 1122,660 4,518,500 4,850,000 361,244 528,500 236,379 866,922 Against which are charged the following: Railroad Sink- Stock Mate'als Due fm Cash Under a resolution of the stockholders, at an adjourned annual meeting April 15 1864, the stock of the company was ordered to be doubled, for the purpose of raising funds to pay for a second track and an increase of rolling stock, become necessary for the transaction of the increased business of the road. Previous to this all improvements, etc. had been charged to revenue, and which made it impossible to pay dividends. The new stock was subscribed chiefly by the old stockholders, and taken at par. The profits from operations are now paid to the stockholders. PROPORTIONAL DEDUCTIONS. The following table, reduced from the foregoing statements, exhibits the cost of the * Includes $477,668 balance of cash liabilities representing temporary loans contracted to pay claims of the city of Baltimore purchased by the company, viz., $666,472, which sum, though not appearing above, belongs to the disbursements of 1865. + Chiefly back instalments pow paid up. This sum is represented in next year's account as $777,849, without any explanation, being an apparent error of $899,217. § Including $300,000 bonds paid. ¡ Including $100,000, a special appropriation by order of the Directors. |