Dr. PROFIT AND Loss ACCOUNT, 29TH FEBRUARY, 1860. Expenses and repairs · · · · · · · Dividends Preferred stock, August, 1859.... Feb., 1860. 58,750 20,500 Feb., 1860 20,500 Interest on mortgage bonds, April, '59. 13,980 66 Oct., '59. 14,520 15 yrs. 29,798,624 1,515 2,942,086 5,498,058 2,584,965 1,276,069 1,308,896 695,640 Aver. 1,981,575 101 196,139 366,537 172,331 85,071 87,260 46,376 63 The dividends as above given are those paid on the Preferred Stock. In addition to these, four dividends have been paid on the Consolidated Stock, viz.: one of 10 per cent. in bonds in 1857; one of 14 per cent. in 1858, and two of 2 per cent. each in 1859. STATE OF PENNSYLVANIA. MAUCH CHUNK AND SUMMIT HILL. MILL CREEK AND MINE HILL. MINE HILL AND SCHUYLKILL HAVEN. MOUNT CARBON AND PORT CARBON. NEW CASTLE AND DARLINGTON. NEW YORK AND ERIE. NORTH PENNSYLVANIA. OHIO AND PENNSYLVANIA. PENNSYLVANIA COAL. PHILA. AND BALTIMORE CENTRAL. PHILA., GERMANTOWN & NORRISTOWN. PHILADELPHIA AND SUNBURY. PHILADELPHIA AND TRENTON. PHILA., WILMINGTON & BALTIMORE. PITTSBURG, FT. WAYNE AND CHICAGO. PITTSBURG AND STEUBEnville. QUAKAKE. SCHUYLKILL AND SUSQUEHANNA. SCHUYLKILL VALLEY. SHAMOKIN VALLEY AND POTTSVILLE. SUNBURY AND ERIE. SWATARA. TIOGA. TREVORTON. TYRONE AND CLEARFIELD. TYRONE AND LOCK HAVEN. VENANGO. WESTCHESTER. WESTCHESTER AND PHILADELPHIA. WILLIAMSPORT AND ELMIRA. WRIGHTSVILLE, YORK & GETTYSBURG. YORK AND MARYLAND LINE. The railroads first opened in the State of Pennsylvania were constructed for the purpose of connecting the Eastern or Anthracite Coal Fields with several lines of canals designed to serve as their outlets. It was found impossible to extend the canals to the mines, and hence the necessity for some means of land transportation more expeditious and economical than the ordinary earth roads. The railroad first constructed in the State, and the second in the United States, was the Mauch Chunk and Summit Hill, from a place of the same name on the Lehigh Canal to the coal mines of the Lehigh Company. It was brought into use in 1827. It was originally laid with at flat bar, 2× inches. The loaded cars descended by their own gravity, and were drawn back by mules. The road belongs to the Lehigh Coal and Navigation Company, and no statement of its cost or earnings is made distinct from the other works of the company. The second railroad constructed was the Carbondale and Honesdale, extending from the Delaware and Hudson Canal to the Northern or Lackawanna Coal Fields. It was opened in 1829. It was 16 miles long, and laid with an ordinary flat rail. It is a gravity road, made up of short and long planes the cars being drawn up the former by stationary engines, and descending the latter by their own gravity. It has been entirely re-constructed, and extended 10 miles. The road belongs to the Delaware and Hudson Canal Company of New York. No separate statement of its earnings is given in the reports of that company. The Mill Creek and Mine Hill Railroad, extending from Palo Alto on the Schuylkill Canal to the Coal Mines, 4 miles, was also opened in 1829. The road was worked by horse-power for many years. Several branches have been constructed, making an aggregate length of line at the present time of 12.52 miles. No statement of its affairs prior to 1848 could be obtained. Since that time it has been a productive work, paying dividends at the rate of 10 per cent. annually. In 1830, 12.73 miles were opened: the Schuylkill Valley, from Port Carbon to Tuscarora, 9.23 miles; and the Union Canal Company's Road at Pine Grove, 3 miles. To the former several branches have been added making the aggregate length of line 24.45 miles. No statement of its affairs prior to 1848 could be obtained. Since that time the road has paid dividends at the rate of 6 per cent. annually. In 1831, 20.50 miles were opened: the Mine Hill and Schuylkill Haven, 13 miles, and the Mount Carbon, 7 miles. The main line of the former has been extended 11 miles, and it has 47 miles of branch roads. The road has been a successful work, having paid dividends averaging 11 per cent. annually. The Mount Carbon has also been a successful work, having paid dividends at the rate of 63 per cent. annually. In 1833, 48.7 miles were opened: the Philadelphia and Trenton, 28.2 miles; the Room Run, 5 miles; and the Lykens Valley, 15 miles. In 1836, a contract was made with the Camden and Amboy Company, whereby the share capitals of the two companies were to share in the same rate of dividend. In 1837 the latter purchased the greater portion of the shares of the former, and the two roads may now be considered as one line. The Room Run they were consequently discontinued. In 1859 the road was 1-constructed, and is now operated by the Cumberland Valley Railroad Company. No report of its affairs since its re-construction has been made. The York and Maryland Line, constructed and owned by the Baltimore and Susquehanna Company, and forming part of the line of its road, was opened in 1838. In 1839, 83 miles were opened; the Philadelphia and Reading, 58 miles, and the Williamsport and Elmira, 25 miles. The Philadelphia and Reading Railroad, which was fully opened in 1842, has returned to its stockholders dividends at the rate of 4.65 per cent. annually. A portion of its dividends have been paid in certificates of stock. It is the great coal railroad of the country. The Williamsport and Elmira was operated for many years without profit, and in 1849 was sold, and a new company organized, by which the old road was re-constructed, and its line extended to Elmira, in the State of New York, to which it was opened in 1854. The company soon after became embarrassed in its affairs, which have been re-organized, by the conversion of a portion of its debts into a preferred stock. The road has paid nothing to its stockholders. In 1840, 63.45 miles of railroad were opened: the Lehigh and Susquehanna, 19.71 miles; the Lorberry Creek, 5.13 miles; the Tioga, 25.61 miles, and the Wrightsville, York and Gettysburg, 13 miles. The Lehigh and Susquehanna Railroad belongs to the Lehigh Navigation and Coal Company. The Lorberry Creek is an unimportant work, used exclusively in the transportation of coal. The Tioga Railroad was re-constructed in 1852. To that date it had been an unproductive work. For three years (1857-9) it has paid dividends equaling 6 per cent. on its preferred stock. Its revenues are almost exclusively derived from the transportation of coal. The Wrightsville, York and Gettysburg is leased to and run by the Northern Central Railroad, and has earned dividends for the past five years equaling about 2 per cent. annually. Previous thereto it was an unproductive work. No additional mileage was opened till 1842, when the Philadelphia and Reading Railroad was completed, from Reading to Mount Carbon, 35 miles. No mileage was opened in 1843. In 1844, the Mount Carbon and Port Carbon, 24, and the Swatara, 6 miles, were opened. The former has been a productive work, having paid dividends at the rate of 12 per cent. annually. The Swatara is an unimportant work and is exclusively engaged in the transportation of coal. No account of its operations could be obtained. In 1848 that portion of the New York and Erie Railroad in the State of Pennsylvania, 42 miles, was opened. In 1849, 72 miles of the Pennsylvania Railroad was opened. This road was fully opened in 1854, by the completion of the Mountain Division, previous to which the Portage Railroad was used for crossing the mountains. This road has been a productive work, and has paid dividends averaging about 5 per cent. annually. |