National Republican. (Washington City (D.C.)) 1872-1888, 1886-03-02

sold to the close Of the year. altcr deinatln1
| Cancelled contracts, was 4lL7235g acres, and
| me nggicgate price received therefor was So
| yJ2,g528 no, an average Of sl20i per mere. No
| bonds were redeemed by the Trustees during
| the year out Of the proceeds of such sales, aud
| there nro now outstanding S}g3i,O01 of the
! guaranteed and S0Q)OOO Of the unguaranteed
hrst mortgage land-grand bonds Of the COM
| rnny.
Tie assets on hand Dec 81, 1885. applicable
| 10 Tue redemption of the first mortgage land.
| grant bonds were:
Cash IN the hands of the Trustees, sj2s. o3t 80
| Cash In hands of cashler............. 2s,2jS -
| BUS ana accounts receivable in
Duius oil cashier. .....,,.,u..,... i33,2db a
Total.................... ....... 9sg,760 70
The amount expended during the year on
canlta ll account ON the lines west OF Pittsburg
WAS ssj6,32l,32
There were laid on the northwestern lines
operated directly in your interest 1896 tons,
and on the southwestern lines 1887 tous of steel
The aggregate amount of steel rails laid I'm
1885 on all lines owned, controlled, or operated
by your Company east and west of Pittsburg
was 36iOl2 tons.
GENERAL REMARKS.
In accordance with the suggestion made in
the last annual report, and IN pursuance of
resolution adopted at your last annual meeting,
stock vote was taken at the office of the
Company on the Both day of June last on the
iication in the Trust created Oct Q, 1875 which
was, that the income of the fund should con.
tlnue TO be added to tho principal, and the
an amount equal TO l PEE centum of the net
income of the Company before payment OF
dividend to the shareholders. Ofthe votes cast,
1876 were IN favor OF the modification and
2,267 were against i, Your Board OF Directors,
IN compliance with this action of the share.
holders, have appropriated Sjs,G2i.i3 TO the
Managers Of the Trust for the year 1885.
Under Its provisions, as will be seen by the re.
port hereto attached. there has been paid to
December 81, 1885, the sum Of 81, $50, OOO which,
with the income therefrom, has been invested
In securities amounting at par to sl,7sj,3j0
yielding an interest of IOG per cent. per an.
mum upon the investment
The statement of the insurance flnd attached
shows assets on hand at the end of the year OF
ViOus year of SOS, gG092,
The policy indicated in the last report as the
proper one, In the judgment of your manage.
ment, TO pursue-that OF strengthening aud i'm
proving your property by the construction and
extension of branches intended to promote the
development ofthe local interests ofthe State,
and by generally increasing their facilities
was continued daring the past year. Tho lib.
eIal expenditures heretofore made upon your
Main Line and the United Railroads of New
Jersey enabled your Company to limit the
outlays upon those properties, notwthstand.
ing the largely increased traffic. Its continued
growth, however, indicates the necessity for
ing. the present year the proper disbursements
Will be made for this purpose.
The principal expenditures upon the branch
Tyrone and Glearfeld Railway and the South
West Pennsylvania Railway for providing
double tracks and extending short branches;
on the PittsbuTg, Virginia and Charleston Rail
way for providing additional real estate and side
tracks, on the Ridgwny and Clearheld Rail.
road for completing that line 10 nConnection
with the Low-Grade Division of the Allegheny
Valley Railroad, thus forming direct cOnneC-
tion northwardly with the Philadelphia and
Erie Railroad. and furnishing an outlet for
bituminous coal and other traflic;ion the Phil.
ndelphi1, Germantown and Chestnut Hill
Railroad for additional real estate and right of
way; on the Bellefonte, Nttany and Lemont
Railroad for completing that line as q con-
meeting link between the Bald Eagle Valley
Railroad and the Lewisburg and Tyrone Rail-
road.
The Martins Creek Railways of Pennsylvania
and New Jersey are two sections of line con.
meeting the Belviderc Delaware Railroad with
the railways extending into the slate region OF
Northampton county, Pa, and which, II is
hoped, Will secure to your Company. n proper
share OF that traffic. The Long Beach Railroad
Is being constructed for the development of a
portion of the New Jersey seashore, which has
heretofore had no railway connection with
By merger of the Reading and Pottsville
Railroad with the Pennsylvania Schuylkill
Valley Railroad the line Of the latter company
now reaches Pottsville. IL WIS opened for
traffic as far north as Hamburg late In the sea.
son, and Will be completed to Pottsvlle obout
the middle OF the present year. From that
point northwardly work Is progresslnga as far as
the summit of Broad Mountain, q distance of
about eleven miles.
At your annual meeting in 1881, authority
was given to your board to issue from time to
time 400, 900 shares OF the capital stock of the
company. Ofthis amount about $50, 900 shares
were sold at par TO the stockholders, to pro-
vide for the purchase hs Of majority Of the
| and Baltimore Railroad Company, aud large
| portion ofthe remainder has since been allotted
to the shareholders of your company. For the
future financial wants Of the company your
authority Is requested for an issue OF 300 200
additional shares, to be disposed Of from time
! TO time, as In the Judgment of your board the
best interests of your company may require.
For number of years past the attention of
your management has been seriously directed
| to the organization and establishment of re-
| lief fund, having in view the support of your
| employees when disabled by sickness or acct.
dent and provision for their families in case of
| death. The details OF the organization werc
| referred to committee of officers of the Com
| pany, who, after diligent inquiry into the sys.
tens that had heretofore been adopted by
other companies, both in this country and
abroad, finally reported comprehensive plan
for the action of the Board After very care.
fni examination this was approved and put
| into effect on February 10 of this year. The
fund Is established upon so fair and liberal a
basis that II Is believed 1t will commend itself
TO your employees and receive their cordial
support, while at the same time any system
that seeks TO care for and promote their com.
fort cannot but result In direct advantage to
your Interests.
Notwithstanding the largely increased traffic,
the unfortunate condition of the general trans.
| portation interests of the country commented
| upon In the last report Is strongly reflected In
the marked decrease in gross earnings Of your
lines both cast and west of Pittsburg. The net
results, not only to your Company, but TO other
| leading railways, show that q very large pro
portion OF their traffic was carried ut unremun
| eratlNe rates. SUCH course cannot long be
continued without being equally destructive
to the interests of the railways and those of the
general PUBLIC, rs 1t must be conceded that
tion for the work done they will be unable 10
maintain their properties In good condition OF
70 offer the facilitiesnccessary to accommodate
the commerce of the country
This being the direct result of the con.
struciion of unnecessary lines promoted
and operated for purely speculative pur.
Ssny ana wh Rf IS so c6ps sSpe acd Of w
| that of the railways, having been thereby
seriously affected, the thoughtful attention Of
those interested IN the public welfare was
| tanning whether some arrangement cOuld not
be reached between the larger transportation
companies whereby continuance Of the evils
| thus produced could be averted. Your NAH
agement having been invited to indicate Its
policy in this direction, expressed Its continued
Willingness TO do what 1t properly could to
| secure the establishment of such harmonious
| relations between the various interests rs
| would accomplish the desired result. But the
question of the constitutional power of the
railways of the State to take the steps ;cesSary
In their Judgment for this purpose having been
| questioned by the Commonwealth, the matter
Is now before the Supreme Court, whore 1t Is
hoped that principles VIII be established
which, while not interfering with the proper
| development OF the country, will prevent n
| continuance of the conditions that have so
disasrously affected its prosperity during the
| past year.
While the Board felt II nece ssary, in view of
the diminished earnings OF your Company, TO