National Republican., 1888-03-06
sl,O72,676 y

These lines, comprising your western sys-
TEN, show mar ked improvement over the
prssCediDg prs year, there being q profit of sl,27s,-
1854. over and above all liabilities, as com.
pared with s2O5,7SL23 in 1886. The freight
traffic shows an increase Of 3,g9S,09S tons, and
me passenger travel an increase Of 1,l46,013 In
made in the purchase OF additional real estate
at terminal points, in the renewal of bridges
and construction OF branches, double track,
and sidings. The condition of the track and
equipment was fully maintained.
The amouD; expended during the year on
capital ecennnt on the lines west of Pttsburg
There haye been redeemed through the
sinking fund sl023 on oftbe issue of 81, 200. .000
OF the Pennsylvt mia CoDpanys six per cent
boz ds secured by Pittsburgh, Fort wayne and
There have 6eeps redeemed through the
sinking tund sl,lCS, co OF the issue ofs3, ,2OO..
eco Of The ftpnsylvanio Company's six per
wayne Sid chiceso Railway ''Stai Company nGts
stock as collateral, leaving the amount
1'b,p 81 FS2Spo Sio oo1 There WAS c,rr
LLd halfp,r cent. bonds for the purpose
Of pro, iding fol construction aud other capital
accounts en- the lines west of plttsburg, so
this smount sisSt 100 bad % been retired Yi through
the oteIn,ions Oi the sinking iuud, bu, uudtr
the limit as to price therein fixed, no add.
tioral purchases could he made dutiDg the
year.
The report made by the trustees of the sink.
ing funds of the first and scennd m Drtgages nr
the Pittsburgh, Fort Wayne aud Chicago Rail
road Company shows that the regular annual
payment OF Slt41C0 was made thereto rhty
iedeemtd d during the year $1,000 ot :ho first
mortgage and sL9.tC0 of the second mortgage
bonds. making the total amount redeemed to
December ~, 1857
First mortgage bonds......o......... ,Si 500 90
Second mortgage boncs"...,... 20,S,510 90
With balance of cash in the hands of the
trustees, uninvested, December 81, lSS7-
On account OF first mortgage sink.
ing lunO.s S0y6,2IJ ~
ON account OF second mortgage
sinking und......... ..m.......,,... i3l ,573 68
The further amount OF sl3S,302 was also
added to the sinking funds provided for the
Cleveland and Pittsburgh Railroad Company,
In addition TO the amounts contributed d.
rectly oother sinking funds by the individual
companies.
The Grand Rapids and Indiana Railroad
Company continues to show favorable result,
its net earnings having been more than suf.
hcient to meet the interest on its funded debt
department. made sales of 1900 acres of farm
lands and 1852 acres of pine lands for 81 l..
2lS.1o, being an average price of $40 10 per
acre. The amount sold 10 the close of the
year, after ieductipg cancelled contracts, was
d6O,3S7 acres, and the aggregate price recelled
therefor was VI, Gas, ,423Ob, an average of Sl2.27
eracre., No bonds could be purchased by the
trustees durirg the year out OF the proceeds of
such land sales, and there are now outstand-
ing SS,93i.0t0 of the guaranteed, and sos, ,0e0
OF the upguaranteed first mortgage land grant
bonds Ofthe company.
The assets on hand Dec. 81, 1887, applicable
to the redemption OF the first mortgage land
grant bonds were
Cash In the hands of the trustees. s9Si 07s ~
Cash In the hands OF cashier....... d2,D73 IL
Bills ard accounts receivable in
hands Of cashier. i03, ISL %
Bills ana accounts receivable In
hands OF tiustees... ..........,,",. 100 900 90
'ol ,ONN, ihp III
II will be noted that the sinking funds D! the
Pittsburgh. Fort Wayne and Chicago Rail vav,
LdGiand Rapids and Indiana Railroad Com.
pabies. in which your Company Is deep'y in
ieItsttd. contain over two and a half million
OF dollars, which the trustees seem TO br un-
able to invest in the securities for the redemp-
tien OF which they are pledged.
SUMMARY OF LINES OWNED on CONTROLLED EAST
ASD WEST OF PITTSBURGH.
Gross earnings from traffic In 1887, Sllj 5l5,.
MG.l9: in 1856, sl0l ,697, ,9s07s; increase, sl3,.
Sl7,j25,i1.
Gross expenses, including rentals interest.
dividends, Ne. In 1887 S71. .2JS. .0S22i; in
1856, SGT l02 7l4.b9; increase. $40. .185. TdT ~.
Showing net earnings: In 1857, S3S,2i6A2.9i
in 1885, sSi j95, 10; increase, S3 6S2, ,ljL77
IWfJM TraHc.