The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-01-14
READING RAILWAY REPORT

EARNINGS AND LOSSES IN THE COAL TRADE
DURING THE LAST YEAR-THE COMBINATION
REfUDIATED WITH HOPES OF BETTER sue
CESS WHEN FREE FROM IT'S RESTRICTIONS.
[BY TELEGRAPH TO THE HERALD
PHILADELPHIA Pa, Jan. 49, 1879.
The annual meeting of the stockholders OF the
Philadelphia and Reading Railroad Company was
held here this afternoon. The managers submitted
their annual report which showed the result of the
years business to be as foows:-
Receipts over cost of working the road.
81 15 add profit steam GOLFERS $232 425 5S
balance OF sinking fund, consolidated mortgage oan
backI. sios.ss4 a. Total. a. OH Il.
Less depreciation in value of materials and draw
backs on tranc OF prior Years. loss on line OF Rich
S4.405. 1892 &c. from which deduct loss upon the
business OF the schuylkill Canal slsss24 a.
Schuylkill Canal transportation line. S39G42 49,
Total $9S6S2 81 Loss upon the business of the S,s
quehanna Canal xl7002G 70; total, S278 800 80 leay
ing 81 1885, 1888 O6. Interest bonded debt for tho
year, $4,576576 "a; interest for year on bonds and
morsages ~ debit balance ssa Of interest
ance for year ending November ~. 1878. charged to
profit and loss. and appearing ON balance Sheet
The cash surplus earnings for the year were
ss94O14 Go, but the cash surplus is much more than
absorbed py the payment 10 the Coal ana Iron Com
tho losses OF the company for the year. $752 O49 H.
IN DEBT TO employees.
The cash deficit of the operations OF the two CON-
panies for the year is 1924. $50 o. This deficit has
been supplied by withholding for three months
the salaries and wages OF the Heading Railroad EN-,
of the coal combination to get the good prices antc
pated, the floating debt has not only not been de-
creased but has been increased by the amount Of
wages outstanding.
LEASED ROADS,
With reference to the leased lines there a fall
VISA branch last year and the Germantown branch,
$51,006 81 decrease.
$4,000 against $4,000 in 1877. The golfers
have made net profit of $232 425 So during the year.
COAL pRoDucrIoN AT A LOSS.
With reduced ont put of l,355.s4s tons the COM
pany lost after making allowances for depreciation
and bad debts. s752,Oi0 II, against S755 47s 81
for the previous year. The actual cost of
mining and delivering coal into the railroad
against 81 os S.lo Tor the previous YEAR. an
increase of 10 $40 cents, Of which about eight cents
was caused by the payment of such increased wages
due under the sliding scale to the increased
price of coal and higher rates OF toll and Transports
ton, and the remainder IL $40 cents per ton is duo
entirely to the decreased production, necessitatng
the division of certain total fixed expenses by greatly
diminished production
EFrEcTs OF THE COMBINATION
The report reviews at length the workings Of the
coal combination, and says the injuries suffered by
the company, owing to the combination OF last year,
compared with its Independent position Of previ-
GUS seasons. were an increase in the cost of ming
coal n large decrease in the railway recepts from
merchanJise and passenrers owing To diminished
in~ due to tile condition Of the mines han,
Affected nv the frennent susnensions Of m,nnye
ar unsettled feeling NJ discontent amor,
miners and laborers in coal fields dme t9
want of employment which was not ut
ali compens ated by the increase of wages. n feeling
~ onnnsitinr amnng iron AMI othor acknowledgements
Mt the fronncnt ntcrrnption OF mining rrsntiny in
disnostion to resort To- other fuels rafhcr than snb
,uit 70 arbtrarv interferencc with he repuaritv of
thnir nccustoued snpnlv of anthracjta. an absolute
failure 10 re- ,Iize Increased prices for coal or in.
creased rates of Sufficient 10 overbal.
ance the cost due t restricted production.
ali involvnp loss of NET profits 10 the two
as compared with the previous wear of 1882 iT3 96
On the other hand the benefits resutin9 from the
COMPUTATION have been the actual consrl,nption of
ali surplus coal and the ability 10 secure fu prices
in the future which it was Impossible to obtain so
long as the large production kept the marked over.