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OF

THE FRANKLIN INSTITUTE,

OF THE

State of Pennsylvania,

FOK THE

PROMOTION OF THE MECHANIC ARTS.

DEVOTED TO

MECHANICAL AND PHYSICAL SCIENCE, CIVIL ENGINEERING, THE ARTS
AND MANUFACTURES, AND THE RECORDING OF AMERICAN

AND OTHER PATENTED INVENTIONS.

EDITED

BY THE COMMITTEE ON PUBLICATIONS

OF THE FRANKLIN INSTITUTE.

COLLABORATORS.
Pur Physical Science.

For Engineering and Architecture.
ALEX. DALLAS BACHE, LL. D.

THOMPSON S. BROWN, Civ. Eng.
JOHN C. CRESSON, A. M.

CHARLES ELLET, Jr., Civ. Eng.
THOMAS EWBANK,

WILLIAM H. EMORY, U.S. Top. Eng.
JOHN F. FRAZER, A. M.

ELLWOOD MORRIS, Civ. Eng.
JOHN GRISCOM, LL. D.

SOLOMON W. ROBERTS, Civ. Eng.
JOEL B. REYNOLDS, A. M.

WILLIAM E. MORRIS, Civ. Eng.
RICHARD A. TILGHMAN, A. M.

T. U. WALTER, Prof. Arch. Fr. Inst.
For Manufactures and Commerce.

For Mining and Metallurgy.
JAMES C. BOOTH, A. M.

MARTIN H. BOYE, Analytical Chem.
FREDERICK FRALEY.

THEODORE F. MOSS, Min. Eng.
SAMUEL V. MERRICK.

RICHARD C. TAYLOR.
JOHN H. TOWNE.

SAMUEL S. HALDEMAN,

Reporter of American Patents,
C. M. KELLER, late Examiner, Patent Office, Washington.

THIRD SERIE 8.

VOL. XV.

WHOLE NO. VOL. XLV.

PHILADELPHIA:
PUBLISHED BY THE FRANKLIN INSTITUTE, AT THEIR HALL.

1848

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Twenty-first Annual Report of the President and Directors to the

Slockholders of the Baltimore and Ohio Railroad Company. At a meeting of the stockholders, held pursuant to the charter, on the second Monday of October, 1847, in the cily of Baltimore, the President and Directors of the Baltimore and Ohio Railroad Company submitted the following report and statement of the affairs of the Company :

FIRST.-Of the Main Stem. The statement A shows the state of the Company's affairs on the 30th ult., and the revenue and expenses of the main stem for the year ending on the same day are shown by the statement B.

These statements exhibit a considerable increase both in the trade and travel; and it will appear, from an examination of the various items of which they are composed, and from the elaborate report of the chief engineer, acting as general superintendent, hereto appended, that in proportion to the amount of business, there has been a very favorable diminution in the cost of transportation and expense of working. The general economy in the management of the road, either in regard to its particular condition, or as compared with other roads in the United States, or elsewhere, though more favorably situVOL. XV.-3RD SERIES.—No. 1.-JANTARY, 1848.

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