The Washington critic. [volume] (Washington, D.C.) 1889-1889, 1889-03-04

there was no increase Of your share capital
or funded debt for that purpose.
The principal Of the debt due TO the
state of Pennsylvania on account of the
purchase of the Main Line, which was
charged to capital account, was reduced
during the year by the payment Of $685.
gO6.40, leaving balance OF 81 ,332, 55743.
The iinalipayment of S535, 85i.0l upon this
debt will lie made July 81, 1890.
Under the provisions Of the consolidated
mortgage of the Company there was set
apart, ON the first day OF july last out OF
thonot income, 1924, 500 MS sinking fund
for the redemption OF the outstanding
bords secured by that mortgage. AS their
market value was too high to permit Of
their purchase, that 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 commence
mcnt Of the trust, Including the
income from first mortgages
upon real estate is..,..,.,...,..9i2 ',0I6 ~
Of which there has
been Invested as
follows:
Bonds secured by con
solidhted mortgage
purchased to date .ra.
at par value. .....Si,i 5000 %
First mortgages upon
real estate. -. -. ,sl7, 900 90
s9,010,oi0 %
Cash on hand Decem-
ber3l, 1ssS.......... liO,64d w
s3,iea,6 I6 on
Under the arrangement made with the
Western Penpsylyania Railroad Company
ito general mortgage securing 1000, 900 OF
five per cent. bonds was cancelled, aud
new mortgage created securing the same
amount of bonds at four per cent, interest
Your company having surrendered the five
and six per cent. bonds held by II, aggre-
eating ~ OF, 600, received, in partial pay
ment therefor, tiles ~, 100000 OF the new
four per cent. bonds hereinbefore referred
To.
" The Philadelphia and Erie Railroad Com
pany, IN order TO provide the means for
the payment Of its s3,O00,000 of seven per
cent. bonds, maturing July /, 1888, and TO
fund its AZ per cent, debentures, amounting
to q, 4S5, 600, issued ~, 555 900 Of four per
cent. bonds secured by It's general mort
gage and guaranteed by your company.
There are now In the sinking fund, for
the redemption Of the obligations OF the
various companies forming the United New
Jersey Railroad and Canal Company, Sc
curities Of the par value of $5,0lS, 400, and
s,cash balance, iuninyested by the trustees,
Of S20,bl544, making an aggregate OF 3d.
03s,9l5.44 During the current year, S.
$4,000 OF the outstanding six per cent.
loans OF these companies will mature, max
ing, with $154,0 900 of debentures that fell
due-last year, atotal of S6,020,000, which
VIII be provided for by the issue OF four
per cent. bonds under their general mort
gage Of April Goth, 1871.
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, Wilmington and
Baltimore Railroad Company were only
able to purchase $S5, 900 certificates during
the past year at the limit fixed In the trust
agreement, and therefore returned to your
treasury, OF the amount appropriated for
that purpose, $1S2 ,477.47. The total
amount OF these certificates purchased aud
cancelled to December 3lst, 1888, is 81 OIL
600, leaving outstanding $s,0S0, 900.
There has been expended for construc-
tion, equipment and real estate as follows:
Pennsylvania Railroad and
z branches. ..,...........,...... Z. 81 f4b,iB ~
United Railroads of New Jersey. b2I,4A 30
Philadelphia and Trenton Rail
road. ............,,.....,.... 1868 81
3And for improvements and extern
sions on branch and auxiliary
lines operated by the Com.
pany. Observation-Disclosures. i,293,i13 81
Total. 81, 100, 1856 81
On account of these advances
there has been received from
some of the companies In cash.. 1895 So
Total amount expanded on
capital account In 1888. -. ). 1887, 400 G5