The Washington critic., 1888-03-06

Inc pllnClpal OI Jne ueDJ uue 10 Ile
State of Pennsylvania on account of the
purchase of the Main Line was reduced
during the year by the payment of $685.
407.64 which was charged to capital ac-
count, leaving balance of 81 i,6l6,G03. SO.
After the payment of the usual semi
annual installments until July 81 1890,
there will then be due $685., 5,65l.94, upon
payment of which this debt will be ex-
tinguished.
Under the provisions of the consolidated
mortgage of the company there was set
apart, on the 1st day of July last, out OF
the net Income, 1924, 800 as sinking
fund for the redemption of the outstand-
ing bonds, secured by that mortgage.
Their market value was too high, how
ever, to permit of their purchase, and the
amount was placed to the credit of the
trustees of the sinking fund.
The aggregate amount so placed
with the trustees of the fund
for investment since the com
mencement of the trust, in.
cluding the income from first
mortgages upon real estate, Is. s., ,iG7, $50 0C
Ofwhich there has
been invested as
follows
Bonds secured by
Consol dated
mortgage pur-
chased to date,
at par value.... s1,;Go,O,0 90
First mortgages
secured upon
real estate bear
ing four per
cent. interest
per annum.... $4,000 90
ss,Gis,9;O 90
Cash on hand De-
cember 81, 1887 llS,GSG 90
---- s2,7G7, $50 90
There are now in the sinking fund for
H.. aG I.Is ~
various companies forming the United
New Jersey Railroad and Canal Com
pany, securities of the par value OF
A,464, 100. There is also cash balance,
uninvested by the trustees, of $40, 100. .55,
making an aggregate of 81, ,534, 250.55, for
which you will in the future, in accord
ance with the terms of the lease, receive
bonds to be issued under the general
mortgage of that company.
The trustees of the sinking fund for the
redemption of the trust certificates issued
for the purchase of the shares of the
capital stock of the Philadelphia, Will
mington and Baltimore Railroad Com
pany were not able to purchase any GER
tificates during the past year at the limit
fixed III the trust agreement, and there
fore returned to your treasury 1891, 704. 81,
the amount appropriated Tor that purpose.
The total amount of these certificates
purchased and cancelled TO December 81,
1887, is 81, 500, 600, leaving outstanding
SS,174,OO0 being the same as reported last
year.
Under the Car Trust system further
issue of 81 100000 of four per cent. certfi-
Gates was authorized for the equipment of
your roads. Under this authority, and
that heretofore conferred, there were fur
nished during the year $50 box and A
refrigerator cars, and 2,557 hopper and
long gondolas for the Main Line, 1,766
box cars and 500 fiat cars and gondOlas
for the lines in which your company is
interested west of Pittsburg, and I,l75
gondolas, subleased to the Northern Cen.
tral Railway Company.
The outstanding certificates of series A
and b of the Railway Car Trust of Penn
sylvania, representing respectively 200
box cars, at a cost of $li5,000, and 1000
hopper gondolas, at cost of SI30,000,
bearing interest at five per cent. per
annum, were paid and Cancelled during
the year, Five hundred of these box cars
had been sublet to the Pennsylvania
Company for Union Line service, and are
now owned by that company. The re-
naming 500 box cars and the 1000 hop
per gondolas have become the property of
your company.
The 1856 cars placed on the
lines east of Pittsburg,
through the system of Car
Trusts, represent a cost Of, sls,siO,so5 %
The 16,2O3 cars west OF Pitts
burg. ......" .......,,.. 7,52s,0o5 90
The cars sub
leased to afil-
lated lnes,viz
3,2O6 cars North
ern Central
Railway Com
ESQ cars Allegheny
Valley Railroad
Company.....,. 1880 90
1852 cars New York
Phil lad lphia
and Norfolk
Railroad Com
pany..,..,.,,.., 100000 90
1892, 1850 OO
Total AZ, $40 Gears.,,,,,,....., 2l,ss0OOO %
Total amount of
certificates re-
deemed to De-
cember 81,
1887, as fol
lows;
Amount paid in
tull payment OF
lae1i cars.;.... sO,a9OOOO 90
Amount paid ON
account of 30
lOs cars,.,.,,' 5,sO5,OOO %
------- l2,1OiOOO On
Balance of GER
tihcates out
standing De-
cember 81, i,lsS7...u.o.,.. i9,60sOOO O
III 7 / /