HI LLINO I SUNIVERSITY OF ILLINOIS AT URBANA-CHAMPAIGN

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44

PROCEEDINGS

OF THE

FORIY{FOURTH ANNUAL MEETINGOF THE

STOCKHOLDERS

OFTH

v EAWR RAILROA D COMPANY,HELD AT DOVER,

f On ThUrsday, January 9th, 1896,0 WITH THE

RINN1UALh REPORT

AND

T_ FESUFr2ElS ST&TEI4ENT.

;: -- -

r to , ti:

%fl'W1 % 0

OF THE

FORTYTFOURTH NNU~L MEETINGOF THE

STOCKHOLDERS

OF THE

DELAWARE RAILROAD COMPANY,HELD AT DOVER,

On Thuwsday, Jaraiary 9.lh, 1896,

WITH THE

ANN4UALi REPOR~T

AND

T3bSU1I13S STtiTEhI4ENT.

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JOSEPH R. WHITAKER.

Action of the Board of Directors of the Delaware Railroad

Company at a meeting held January 9 th, 1896.

WHEREAS, The President of this Company has announced the

decease since its last meeting of Joseph R. Whitaker, who was

chosen a Director on the i 4th day of January, 1886, and has been

elected continuously at each annual meeting of stockholders since

that date-performing the trust thus reposed in him with fidelity,

and winning by his frank and cordial deportment the respect and

confidence of his fellow-members. Therefore,

Resolved, That in the death of our friend and associate the late

Joseph R. Whitaker, this Board has lost one of its most prominent

and useful members; qualified by long experience, unquestioned

integrity, and by a strong and practical capacity for the transaction

of business affairs to render useful services to the company in the

place which, to our deep sorrow and regret, is now made vacant by

his death.

Resolved, That the foregoing preamble and resolution be entered

upon the minutes and a certified copy thereof transmitted to the

family of the deceased.

x5 3

STOCKHOLDERS' MEETING.

The FORTY-FOURTH ANNUAL MEETING of the Stockholders of the

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

Thursday, January 9, I896, at 10o.3 o'clock, A. M.

The meeting was called to order, and

On motion of Mr. Ross,

Charles J. Harrington 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 read, and

On motion of Mr. J. P. Green, 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 ccuuting 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, John H. Hoffecker, Manlove

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

J. Harrington, and William T. Records, having each received 56,814votes, all the votes cast, were unanimously elected Directors; and

Manlove Hayes, having received the same number of votes for

Treasurer, was unanimously elected to serve for the ensuing year.

On motion of Mr. Green,

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

On motion of Mr. Warner,

Wilson L. Cannon, D. M. Wilson and James Pennewill were ap-

pointed a committee to audit the accounts of the Treasurer previous

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.

CHARLES J. HARRINGTON, 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 9th, 1896.

The Directors respectfully submit to the Stockholders of this

Company the following statement of its business for the year ending

October 3 1st, 1895:EARNINGS FOR THE YEAR.

From Passengers," Freights, .

66Mails, Express, Rents, andsources,. .

Total gross earnings,

Operating Expenses,.Interest on Equipment,

Net earnings,

From which deduct,

Interest on bonds, paid and accrued,Dividends, paid and accrued,.Taxes, . . .

Surplus,

* . .$ 345,186 43834,719 64

Miscellaneous

*. * 79,223 88

$830,682 52

22,949 63

$1,259,129 95

853,632 15

$ 405,497 8o

$ 29,200 00

'57 47' 444,695 96

191,367 40

$ 214,130 40

8

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

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

Funds for the payment of the debts of this Company.

The results for 1895, compared with those for 1894, show

An increase in Passenger receipts of . . $ 10,842 50An increase in Freight receipts of . . . 8o,121 64An increase in receipts from Mails, Express, Rents and

Miscellaneous sources of . . . 12,930 40

Making a total increase of . . . . $103,894 54

Your property has been maintained in excellent condition; 703

tons of new steel rails, 5,321 pairs of splices, 86,040 pounds of

spikes, and 61,203 cross-ties were put in the track; and 2,382 feet

of additional track were laid during the year.

The Train Mileage during the year was,

Passenger trains, .. . 367,776 miles.

Freight trains, . . 502,120

Construction trains, . .. I6,850

Total, .. . 886,746 miles.

The Construction Account was increased during the year in the

sum of $1,091.58; due to an issue to the Philadelphia, Wilmington

& Baltimore Railroad Company, in settlement of betterment ac-

count up to 3oth November, 1894, of thirty-four shares of capital

stock at $32 per share, aggregating $1,o88, the balance of $3.58

being carried in open account.

Such of the bonds secured by the Mortgage of 1st January, I875,

for $650,000ooo, maturing ist July, 1895, as had not been converted,

-$73,500,-were on the latter date paid out of the funds in the

hands of the Commissioners of the Sinking Fund, and the mort-

gage satisfied of record, so that, as will be seen by reference to

the Balance Sheet, the only debt now upon your property is the

$500,000 of four and a-half per cent bonds.

9

By reference to the Balance Sheet it will also be seen that the

amount standing to the credit of the Commissioners of the Sinking

Fund is $677,996.80, the full particulars of which appear in the

statement attached hereto.

A Profit and Loss Account has been opened upon the Balance

Sheet, amounting, as will be seen, to $73,805.09, consisting of the

amount of Convertible Mortgage Bonds which were redeemed out

of the Sinking Fund as above stated, the premiums on capital stock

issued during the year, and other small items.

Respectfully submitted, by order of the Board of Directors,

-E. T. WARNER, President.

I0

BALANCE SHEET.

THE DELAWARE RAILROAD COMPANY.

DR.

COST OF ROAD .. ............................... $3,260,886 03

COMMISSIONERS OF DELAWARE RAILROAD COMPANY

SINKING FUND, No. I. ....................... 11,576 12

COMMISSIONERS OF DELAWARE RAILROAD COMPANY

SINKING FUND, No. 2-------------------------666,420 68

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

Accrued rental for the four months ending Octoher 31, 18959..............................61,246 65

FIDELITY INS. TRUST AND SAFE DEPOSIT Co., TRUSTEE:

Cash, for payment of outstanding interest coupons of Convertible Mortgage Bonds maturedJuly I, 1895....................................75 00

CASH,.... o o....... o...... ............ ................ 1,283 04

$4,001,487 52

II

BALANCE SHEET.

THE DELAWARE RAILROAD COMPANY.

CR.

CAPITAL STOCK......................... . .. $2,687,332 49

GENERAL MORTGAGE 42 PER CENT. GOLD BONDS, SE-RIES "A," maturing July I, 1932 ............... 500,000 00

DIVIDENDS ON 5,200 SHARES OF CAPITAL STOCK OF

THE DELAWARE R. R. Co., subscribed for by theState of Delaware and assigned and transferredto the Delaware R. R. Co., pursuant to act of

General Assembly of Delaware, passed February24, 1859...................................11,576 12

DELAWARE R. R. Co.'s PROPORTION OF THE SURPLUSNET EARNINGS OF ITS ROAD, as per agreementfor Lease to the Phila., Wilm. & Bait. R. R. Co.,as revised Jan. 13, 1882,..................... 666,420 68

INTEREST ON CONVERTIBLE MORTGAGE BONDS MATURED JULY I, 1895:Interest- coupons outstanding....... ........... 75 00

INTEREST ON GENERAL MORTGAGE 4 PER.CENT. GOLDBONDS, SERIES "'A," MATURING JULY 1, 11932 :Interest accrued for the four months ending Oc-tober 31, 1895................................ 7,500 00

STOCKHOLDERS' DIVIDENDS :Dividend accrued for the four months endingOctober 31, 1895............................. 53,746 65

PHILA., WILM. & BALT. R. R. Co., Construction Acct. 31 49

PHILA., WILM. & BALT. R. R. Co., Expense Account. 1,ooo 00

PROFIT AND LOSS........................ ........ 73,805 09

$4,001,487 52

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

DOVER, October 311, 1895.

12

AUDITORS' CERTIFICATE.

We, the undersigned Auditors, having compared the foregoing

Balance Sheet with the Treasurer's Ledger, and with the entries in

his Cash Book and Journal, do hereby certify to the correctness of

the same, and that the above cash balance of $1,283.04 was on

deposit to his credit in the Farmers Bank at Dover on the 3 ist day

of October, 1895.JAMES PENNEWILL,D. M. WILSON. Auditors.

13Statement of property in hands of Commissioners of Del-

aware R. R. Co. Sinking Fund No. I, Oct. 31, 1895.

$ 1,000 Pennsylvania Rolling Stock 4 per cent. TrustCertificates, Series "A" maturing 1902, cost $ I,000 00

$Io,ooo Pennsylvania Rolling Stock 4 per cent. TrustCertificates, Series '"C,"

$ 5,000 cost....... $ 4,849 155,000 cost par..... 5,000 00 9,849 15

Cash on deposit with P., W. & B. R. R. Co., at 3 per ct., 726 97

$ 11,576 12

Statement of property in hands of Commissioners of Del-aware R. R. Co. Sinking Fund No. 2, Oct. 31, 1895.

$170,000 P., W. & B. R. R. Co. 4 per cent. RegisteredDebenture Bonds, maturing 1926, cost ... $170,000 00

$178,ooo Phila. & Balt. Central R. R. Co. 42 per cent.First Mortgage Registered Gold Bonds,maturing November I, 1911 :

$100oo,ooo cost par .. . . $100,000 00

78,000 cost ioi0%.. 78,780 00 178,780 00$ 9,000 Pennsylvania Equipment Trust 4 per cent.

Stock Certif. Series "K," maturing T899:$ 5,000 cost....... $ 4,879 50

4,000 cost........ 3,903 60 8,783 10

$ 9,000 Pennsylvania Rolling Stock 4 per cent. TrustCertificates, Series "A," maturing 1902:

$ 4,000 cost........$ 3,879 325,000 cost........ .5,000 00 8,879 32

$1roo00,000oo Pennsylvania Rolling Stock 4 per cent. TrustCertificates, Series "B," maturing 1902, cost 97,062 00

$ 76,000 Pennsylvania Rolling Stock 4 per cent. TrustCertificates, Series "C," maturing 1902:

$ 65,000 cost........ $ 63,038 956,oo000 cost........ .6,000 005,00ooo cost ........ 5,000 00 74,038 95

$128,000 Pittsburgh, Cincinnati, Chicago & St. LouisR. W. Co. Consolidated Mortgage 42 per ct.Coupon Gold Bonds, Series "C," 1942, cost 128,000 00

Cash on deposit with P., W. & B. R. R. Co., at 3 per ct. 877 31

$666,420 68G. B. ROBERTS,

President P., W. & B. R. R. Co Commissiers.

E. T. WARNER, Commissioners.31st October, 1895. President Delaware R. R. Co.

OFFICERS

OF THE

PFJIAMARE RAItROAP 6@MPAYFOR

189&6

DIRECTORS.

E. TATNALL WARNER,'PRESIDENT, Wilmington.

JOHN P. GREEN, Philadelphia,

HENRY D. WELSH, Philadelphia.

GEORGE GRAY, Wilmington.

WILLIAM T. PORTER, Wilmington

GEORGE V. MASSEY, Dover.

JOHN H. HOFFECKER, Smyrna.

MANLOVE 'HAYES, Dover.

ALEXANI)ER JOHNSON, Farmington.

CHARLES J. HARRINGTON, F~armington.THOMAS CURRY, Greenwood.

JAMES ROSS, Seaford.

WILLIAM T. RECORDS, Laurel.

SECRETARY AND TREASURER,

M. HAYES, Dover.

STATES SENTINEL PRINT, DOVER, DEL.

This book is a preservation facsimile produced forthe University of Illinois, Urbana-Champaign.

It is made in compliance with copyright lawand produced on acid-free archival

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Preservation facsimile printing and bindingby

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