The daily gazette., 1882-03-27
Tns PehnsyISania Railroad and
Hss System.
ITS LAST PURCHASE AND WHAT 1T
owns AND OWES.

ITS LAST PURCHASE AID WHAT 1T
owns AND OWES.
The statement Of the operations Of the
Pennsylvania Railroad Company for the
year ending December 81, 1881, Is COM
plete and interesting document, and
may well satisfy Its stockholders who
have received . cash dividend Of eight
per cent, besides privileges equal to an
additional four per cent. The history Of
the yeai's work 10 also valuable TO ali
who are interested In financial matters,
for 1t presents the record Of successful
company, probably the largest railroad
corporation In AuNarlca. It's affairs are
administered with such exactne3s that
the me ST minnie details are known a.
well as the greatest. In all respects the
system is o model, and the example It
afurds is one TO be followed by other
rAlirOsd organizations who wish 10 be
also successful.
Though the company operates directly
only 1887 miles Of road, II controls
through ownership Of either the whole
or o majority of their stock, other lines
having . mileage OF more than 5000
miles, so that the Pennsylvania system
proper embracss nearly 900 miles OF
railroad. BY the completeness Of the
81 stem all these roads work with COM
mon object, and the whole is directed by
the one management, Though the details
are lett TO the separate boards.
The Two great events Of the year were
the opening of the Broad street passen-
ger station In Phtlad elPhis, with the spa
cious approach thereto, and the acquiP'-
tion of the Philadelphia, Wilmington &
Baltimore railroad. The former work
was finished December 3, and cost 81 =
272, ,26S, of which S2,G3S,7 ,761 was for real
estate. More property was bought Than
was required for the tracks and station,
but IL was deemed visa 70 buy now, be-
fore real estate should so increate In
value as to make It imp 1ssible for the
company 10 obtain 1t when needed, al
any reasonable cost. I ais same policy
has prompted the acquisitions of lands
along lite lines In other States, which
were likely to be hereafter needed fol
tracks or terminal facilities.
Although the contract for the purchase
Of controlling interest in the PhilA-
delphia, WllmingLon Il Baltimore wal
known at the last anBual meeting, th'
stock bad not been fully delivered
Under that agreement the company &C
qulred 2l7,sl9 shares out Of q tota
issue OF 235, ,901, at q cost of Sl7, ,032, ,S69
The funds for this payment we're sup
piled In part by an itsue cf rev stock
aud In part by the negotiation OF $40,
o00, 90 of per cent. trust certificates
which latter it Is expected to pay b.
means Of a sinking fund made up by th
accumulation of dividends on the P. W
u B. stock. The report goes on to stat
what has come to be the belief Of al
that the mann enent 10 core than eve
convinced Of the wisdom Of that puI
chase, though at the time the pric'
seemed 10 be exc. We.
The general account of the compan
shows that is r.Sci1 amount to th
enormous sum Of $l7J, 1876, an 10
crease during 1881 Of 50 1 200, 1882. Th
capital stock 10 set down at ST. 7,012, 75I
: various mortgages ard liens at $685.
20S and the other liabilities, exclnsiy
of assets acquired and transferred wit
leafes, is $1S, 1858, ,369. The balance 4
credit Of profit and loss is $13, 170,0li
From the general account and otht
statements 1t will be seen that the Penn
sylvaul1 Railroad Company has no fioa
ing ind btrees, and that the corporation
for which is is responsible have Z
D floating indebtedness, except such as
Z beld 10 your own treasury. 1t will
noted lat the securities owned by th
company, representing cost on you
books If the large amount of SIS, ,7l9
3 1925, produced net income OF over
per cent, or $3,2l1, ,465.63.