The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1880-03-03
PENNSYLVANIA RAILROAD.


Annual Report Of President Scott.
The annual report of President Scott, OF
the Pennsylvania Railroad, to be presented
to the yearly meeting of the stockholders,
March 9th, has been made public, and will
be found instructive to those who are in
terested in the details and magnitude OF
railroad management. The magnitude OF
the corporation is really wonderful to con-
slider. In Pennsylvania and New Jersey
alone it operates 1,76l miles of road, the
greater part
The receipts both from freight and pas
senger traffic show heavy increase over
the previous year, while the general condi-
ton of the road is vastly improved. AS
the Pennsylvania Company represents
nearly one-tenth of our railroad mileage
and its main stem and connections stretch
out over many of the fairest and most pop
ulous States in the Union, its condition
affords standard for estimating the pres
ent status of railroad business throughout
the country. The showing by the annual
report affords, therefore, the strongest
grounds for believing that not only the
Pennsylvania system, but our railroads gen.
orally, have now reached highly re-
munerative basis. The total traffic of the
road for the year aggregated 40, 137, ,006 tons
of freight, against 35, 1898, 8l4 tons in 1878,
and 21, ,863, 966 passengers against 20, 8S3, ,979
passengers for the previous year. The in.
crease in freight was therefore 8, l43, 1872
tons and of passengers 979:987. The total
receipts amounted TO the enormous sum of
500 1862, 575 81, and the total expenses to
$35, 639, 79i SO, leaving net balance of
$24, 1872. 7S0 6S. The increase in gross earn
ings as compared with 1878 was $4935,-
6l2 IA, and the net increase s., 906, ,851 a.
These figures indicate not only wonder
full increase in the business of the road as
the result of a widespread revival OF indus
trial prosperity, but all enterprising and at
the same time conservative policy which
has enabled it to make the most of its op-
portunities. The combined energy and
prudence of the management are strikingly
exhibited in the disposition which it is
proposed to make of the surplusage. 1t
was in the power of the President and Di-
rectors, by declaring larger dividend, to
give the. stock marked impetus, but they
preferred the safer and much the better
plan of devoting the excess Of receipts over
expenditures to permanently strengthen
ing the condition of the Company and pro-
viding a fund for future contingencies.
The sum of $780, 900 has been added to the
trust fund established by the stock
holders, and $243, 400 to the con.
solidated mortgage sinking fund, while the
securities owned by the Company have
been scaled down 81, $685. 773 81. The con.
struction of the Filbert-street elevated
road, by which passengers can be landed in
the central portion of the city of Philadel.
phia, will cost 81, 500,0 600, and improve.
ments to the road-bed and other necessary
work will involve total outlay during the
year Of $4, 100000. A striking evidence ol
the solidity of the company in the estima.
ton of capitalists is to be found in the fact
that during the past year loan of Sc. 000,.
900 to take up first mortgage bonds matur-
ing next December was placed without
difficulty at five per cent. instead OF the
usual rate of 6 or even per cent.
But to employees of the road the most
striking paragraph and the one which in
the most satisfactory manner shows the
prosperity Of the road is that which an
nounces an increase Of salary at an early
day. 1t is as follows:
"The Board desire in this connection tt
tender their thanks to the employees fo
the fidelity and efficiency displayed in th'
discharge of their duties, and to expires
their satisfaction at the near approach O
the period when the Company will be able
to advance their compensation. Owing tt
the large reductions in freight ratel
necessary to keep in operation tht
manufacturing establishments upor
your lines and to meet the
competition Of other roads, the Company
did not till near the close of the year O.
1879, experience in any marked degree tn,
benefits resulting from the improvement
in the industrial interests of the country
But In the belief that its net earnings dur
; ing the current year will furnish suficien
funds to meet its necessary expenditures
and also permit an increase of wages, you
Board have decided to make an advanc>
not later than the 1st Of April next. The
I desire also to convey the assurance tha
they will continue to look after the inte
ests Of the employees, and take such furthe
action from time to time as the conditio
!, Of the Company may warrant