ILLINOI SUNIVERSITY OF ILLINOIS AT URBANA-CHAMPAIGN

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42

OF THE

FORIY gECOND ANNUAL MEETINGOF THE

STOCKHOLDERS

OF THE

RBE flL OI OJIPfIN1YHELD AT DOVER,

On Thtirsday, Jan~iary 11fh, 1894,

WITH THE

A1N~'U~Ak tEPORT

AND

TiSUE~i 1 S EIrT.

t < 4D4 % r f

DICR BROS. & O~

OF THE

FORTY-SECOND ANNUAL MEETINGOF THE

STOCKHOLDERS

OF THE

DEMWIRE RAILROAD COMPANY,HELD AT DOVER,

On Thtursday, Jantiary 11th, 1894,

WITH THE

n1r4$URlitEPORT

AND

TESU13IT i1 S STf3EENT.

STOCKHOLDERS' MEETING.

The FORTV-SECOND ANNUAL MEETING of the Stockholders of the

Delaware Railroad Company was held at their office in Dover, on.

Thursday, January 11, 1894, at I1.30 A. M.

The meeting was called to order by Mr. Hayes, and,.

On his motion,

Mr. Edward Bringhurst was appointed Chairman.

On motion of Mr. Warner,

M. Hayes was appointed Secretary.

The Report of the President and Directors, and the statement of

the Treasurer were presented and read, and

On motion of Mr. G. V. Massey, were approved and adopted.

On motion of Mr. Massey,

Resolved, That the Stockholders proceed to the election of thir-

teen Directors and a Treasurer for the ensuing year.

The Secretary announced that Messrs. Edward Andrews and

Thomas Darlington had been appointed by the Board of Directors

judges of the election, and they, being first qualified to conduct the

same according to the charter, entered upon their duty.

The Stockholders present, having voted, on motion of Mr. Ross,

the polls were closed.

On couniting the ballots cast, the judges announced that E. Tat-

nall Warner, John P. Green, Henry D. Welsh, George V. Massey,

George Gray, William T. Porter, Joseph R. Whitaker, Manlove

Hayes, Alexander Johnson, James J. Ross, Thomas Curry, Charles

J. Harrington, and William T. Records, having each received 49,709votes, all the votes cast, were unanimously elected Directors; and

Manlove Hayes, having received the same number of votes for

Treasurer, was unanimously elected for the ensuing year.

On motion of Mr. Massey,

The report of the judges was received and ordered to be filed.

On motion of Mr. Green,

George V. Massey, Wilson L. Cannon and James Pennewill were

appointed a committee to audit the accounts of the Treasurer pre-

vious to the next annual meeting of the Stockholders, any vacancy

in said committee to be filled by the Board of Directors.

On motion of Mr. Green,

Resolved, That the proceedings of this meeting, together with the

Report, be published in pamphlet form, as usual.

On motion, the meeting adjourned.

EDWARD BRINGHURST, Chairman.ATTEST :

M. HAYES, Secretary.

After the adjournment of the Stockholders' Meeting the newly-

elected Board, after being qualified, met and unanimously elected

E. T. Warner, President, and M. Hayes, Secretary.

DIRECTORS' REPORT.

OFFICE OF THE DELAWARE RAILROAD COMPANY,

DOVER, January iith, 1894.

The Directors respectfully submit to the Stockholders of this

Company the following statement of its business for the year ending

October 3 rst, 1893:

EARNINGS FOR THE YEAR.

From Passengers, . . ..

" Freights, . . . .

" Mails, Express, Rents, and Miscellaneous,.

Total, . . . . .

Operating Expenses, . . . $863,480

Interest on Equipment, . . 24,45

Balance of Rents paid, . . 742

Interest on Mortgages and ground rent, 420

Net earnings, . . .

Interest on bonds and dividends on stock, .

Showing a surplus of . . .

$ 379,830 64. 943,556 24

65,832 95

$I,389,219 83

55457100

-- 888,788 71

$ 500,431 12

187,636 44

$ 312,794 68

One-half of which, under the terms of the lease, has been paid to

the Lessee, and the other half to the Commissioners of the Sinking

Fund provided for the payment of your debts.

The res&lts of the business as compared with last year show

An increase in Passenger receipts of . . . $18,858 44

An increase in Freight receipts of . . . 210,745 85An increase in Mails, Express, Rents and Miscellaneous

receipts of . . . . . . . 6,965 49

Showing a total increase of $236,569 78

Your property has been maintained in excellent condition: 154tons of new steel rails, 1,776 pairs of splices, 65,775 pounds of spikes,

and 69,705 cross-ties were put in the track; 1.78 miles of track were

ballasted with stone; .39 of a mile of additional track was laid dur-

ing the year.

After paying all expenses and crediting the Sinking Fund with

interest secured from loans and investments, the net value of the

Fund as of January Ist, 1894, is as follows:

Philadelphia, Wilmington & Baltimore R. R. Company's4 per cent. Registered Gold Bonds, maturing 1926, $170,000 00

Phila. & Baltimore Central R. R. Company's RegisteredMortgage Gold Bonds, 42 per cent., maturing 1911, 178,000 00

Delaware Railroad Company 6 per cent. ConvertibleMortgage bonds, maturing 1895, . . . 35,000 00

Pennsylvania Equipment Trust 4 per cent. Stock Cer-tificates, Series K, maturing 1899, . . 9,000 00

Pennsylvania Rolling Stock 4 per cent. Trust Certifi-cates, Series A, maturing 1902, . . . 4,000 00

Pennsylvania Rolling Stock 4 per cent. Trust Certifi-cates, Series B, maturing 1902, . . 100,000 00

Pennsylvania Rolling Stock 4 per cent. Trust Certifi-cates, Series C, maturing 1902, . . . 70,000 00

Cash on deposit, . . .. 321 17

Total, . $566321 1

7

The Train Mileage during the year was :

Passenger trains, . .

Freight trains, . .

Construction trains, . .

Total, . . .

371,477 miles.

* 561,050

X6,518

" 949,045 miles.

The Construction Expenditures during the year were as follows:

Right of way and real estate, . . . . $8,003 33Organization, . . . . * * * 500 00

Total, . $8, 503 33

Respectfully submitted by order of the Board of Directors,

E. T. WARNER, President.

8

BALANCE SHEET.

THE DELAWARE RAILROAD COMPANY.DR.

ROAD.Main Line...................$2,885,453 23"Townsend Branch.............223,641 00

Dorchester . ......... T09993 75

Smyrna ".....33,847 14

$3,252,935 12

PHILA., WILM. & BALT. R. R. Co. LESSEE.

Accrued rental payable for the four months endedOctober 31, 1893,.................................62,562 65

FIDELITY INS. TRUST AND SAFE DEPOSIT Co. TRUSTEE.

Cash for payment of interest on ConvertibleMortgage Bonds.......................... 825 00

EXPENSE ACCOUNT. .................. ............ 49 19

CASH BALANCE.......... ............. .......... 2,807 83

$3,319,179 79

CR.REGISTERED CAPITAL STOCK......................$2,218,132 49

FUNDED DEBT.Convert. Mortg. Bonds, due i8 . $535,000 00

Gen. Mrtg. B'ds, due 1932, Series A. 500,000 001,035,000 00

DIVIDENDS.Due and uncollected............ $ 2,641 07Accrued to October 31, 1893,.... 44,362 65

$47,003 72INT. ON CONVERTIBLE MORTGAGE BONDS.

Due and uncollected............ $ 825 00Accrued to October 31, 1893'. "-" 10,700 00

$11,525 00INT. ON GENERAL MORTGAGE BONDS.

Accrued to October 31, 1893.................. $ 7,500 00

PHILA., WILM. & BALT. R. R. Co.Balance Capital Stock Account.................. 18 58

$3,319,179 79

M. HAYES, Treasurer.OFFICE OF THE DELAWARE R. R. Co.,

DOVER, October 31, 1893.

AUDITORS' CERTIFICATE.

The undersigned Auditors, having compared the foregoing State-

ment with the Ledger and with the accounts in the Cash Book, do

hereby certify to the correctness of the same, and that the above

balance of $2,807.83 was on deposit to the credit of the Treasurer

in the Farmers' Bank, at Dover, on the 31st day of October, 1893.GEO. V. MASSEY, Auditors.JAS. PENNEWILL, Auditors.

Mortgage Bonds of the Company, due July Ist, 1895, to the

amount of $i6,00ooo, have been converted into stock since January

ist, 1893, which added to bonds previously converted, amounts to

$'I5,ooo,-for which stock of the Company has been issued at par

value, leaving outstanding Convertible Mortgage Bonds, $535,000.

OF THE

DELAWAR KAIbR@AP @OMANYFOR

1894.

DIREC TORS.

E. TATNALL WARNER, PRESIDENT, Wilmington.

JOHN P. GREEN, Philadelphia.

HENRY D. WELSH, Philadelphia.

GEORGE GRAY, Wilmington.

WILLIAM T. PORTER, Wilmington.

GEORGE V. MASSEY, Dover.

JOSEPH R. WHITAKER, Dover.

MANLOVE HAYES, Dover.

ALEXANDER JOHNSON, Farmington.

CHARLES J. HARRINGTON, Farmington.

THOMAS CURRY, Greenwood.

JAMES J. ROSS, Seaford.WILLIAM T. RECORDS, Laurel.

SECRETARY AND TREASURER,

M. HAYES, Dover.

STATE SENTINEL PRINT, DOVER, DEL.

This book is a preservation facsimile produced forthe University of Illinois, Urbana-Champaign.It is made in compliance with copyright law

and produced on acid-free archival60# book weight paper

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Preservation facsimile printing and bindingby

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2011