National Republican. (Washington City (D.C.)) 1872-1888, 1885-03-21
sl.Abl.ols 81
Total amount expended on cap
ital account In 1SS4.............,Sj,70 3, Isl 81

Total amount expended on cap
ital account In 1SS4..."""...,S5, 793,lbi 81
on account of the above advances to branch
aud auxiliary lines there have been received
in securities of those companies 81, 954 ,625.04
The funds for these expenditures were OBJ
tanned from the cash balance OF the previous
year, from the privilege accorded to stock
holders of taking new stock for portion Of
their dividend, and from tho sale of So. OOO, 900
OF collateral trust loan, bearing ~ per cent
interest per annum.
The expenditures for branches and auxiliary
lines from large proportion Of the capital
the wisdom OF extending uch lines cannot be
called In question. when, notwit outstanding tho
severe commercial depression before alluded
TO, your main lines increased their volume Of
tonnage over that OF any previous year.
The debt due to the state OF Pennsylvania
on account of the purchase of the main line
was reduced during the year by the payment
of S3l5,0S9.sl which was charged to capital
account. The balance OF. the annual payment
of SiGO0O0 (sl4i, gl0.1i, representing the inter
est upon the amount due 10 the state was
charged directly TO income account. The
balance due on account Of the purchase Of the
main line is q, 660,9l3.
Under the provisions OF the consolidated
mortgage Of the company there was set apart
on the lst day Of July last out Of the net in
come, the sum required for the purchase of
outstanding bonds secured by that mortgage.
and entitled TO the security OF the covenants
therein, In relation to the sinking fund. Bonds
to the par value of s277,4G0 were thus pur-
chased, and after being cancelled, were deliv-
cred to the trustees under the stipulations of
| the said mortgage. This reduction appears in
| the treasurer's general account. The amount
Of bonds 30 purchased to date is 81, 767,070 at
| their par value.
There are now in the sinking fund, for the
| redemption of the obligations of tho various
companies forming the United New Jersey
Railroad and Canal Company, securities Of the
par value of S3l8l, 800. There is also cash
balance, uninvested by the trustees. OF 81, 1l13i
| making an aggregate investment Of 50, 1885,.
| 6llA, for which you will, in the future, in &c.
| cordance with tho terms OF the lease, receive
bonds to be Issued under the general mortgage
| of that company.
The sinking fund for tho redemption Of the
trust certificates issued for the purchase Of the
| shares of the capital stock of the Philadelphia
Wilmington and Baltimore Railroad Company
| was sufficient TO enable tho trustees to pur
| chase SiO0,0O of such certificates during the
past year. These certificates have been can
| celed as provided In the trust agreement. The
general account OF the treasurer shows this re-
duction IN the amount of outstanding certih
Gates and a corresponding reduction has beer
made on the other side of tho account in the
| cost of the shares purchased by your company
| Tho total amount of these certificates pur
chased and Cancelled to December 81, 1884, Il
81, 266,000.
by the operation Of the sinking fund $50, OOC
of the certificates of the collateral trust loan o
your company have been redeemed and can
celed, leaving 100000 outstanding. TIL
amount Of the collateral trust loan authorized
to be issued was 10000 000 of which 100000
have been disposed OF, leaving balance o
81, 900, 900 unsold
CAR TRUSTS,
Further provision was made, under the syS
TEN Of Car Trusts, for the equipment of you
| roads, TO the extent of 800 refrigerator and 80
hopper gondola cars for the Main Line, 500 lon
gondola cars for the lines of the Pennsylvani
Company, aud 700 hopper gondola cars sui
leased to the Northern Central Railway Com