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

1t will be noted that your Western lines
show a comparative decrease In net results
of 81, 44S ,60S.S4 as compared with 1887.
While the freight movement shows gain
Of ,062, 05l tons, and the passenger travel
an increase Of 1856, 52l in the number car
ried, there was a general reduction in the
rates on all classes Of traffic. Large ex-
penditures were made In the purchase Of
real estate and in the increase Of facilities
at terminal points, the renewal of bridges,
the construction Of branches and sidings,
and upon freight and passager stations and
new equipment. The condition Of the
properties was fully maintained.
The amount expended during the year on
capital account on the lines west of Pitts
burgh was $2,047095.02.
There were used in construction and re-
pairs on the northwestern lines operated
directly In your interest S,444 tons, and on
the southwestern lines 1864 tons of new
steel rails.
There have, been redeemed through the
sinking fund 81 1921 900 OF the issue of &c.
200, 600 of the the Pennsylvania Company's
six per cent. bonds, secured by Pittsburgh.
Fort Wayne and Chicago Railway Com
pany's stock as collateral, leaving the
amount outstanding $1,679,000. There was
further issue of ~, SOC, 900 Of its four and
half per cent. bonds for the purpose of
providing for construction and other capital
accounts on the lines west Of Pittsburgh,
80 that the entire issue to date is SlI 800 900.
OF this amount 1888, 900 had been retired
through the operations OF the sinking fund,
leaving outstanding at this date Sl6, $4,000.
The report made by the trustees of the
sinking funds OF the first and second mort
| cages of the Pittsburgh, Fort Wayne and
| Chicago Railway Company shows that the
| regular annual payment OF Sl0i, 100 was
made thereto. They redeemed during the
| year SOS, 500 of the first mortgage aud $780,
| 800 of the second mortgage bonds, making
| the total amount redeemed to December
| 81, 1888;
| First mortgage bonds; ".."'.", sl,559O00 %
Second mortgage bonds ,...,,,.., 2,l5iOO0 90
With balance of cash in the hands of
the trustees, uninvested December 81,
1888;
| on account of first mortgage sink 49,. 90,
ing fund Observation-Disclosures. sGsG,05s 30
| on account OF second mortgage
sinking lund ,,',''''''''t'''' 1lo,OJl II
The further amount of Sl4s,5s7 was also
added to the sinking funds provided for the
| redemption of the existing mortgages Of
| the Cleveland and Pittsburgh Railroad
| Company, In addition TO the amounts CON
| tributed directly to other sinking funds by
the individual companies.
The earnings of the Grand Rapids and
| Indiana Railroad Company, owing to a re-
| duction in rates, were not quite sufficient
| to meet the interest on its entire funded
debt and the losses on its leased lines. The
land department made sales of Co.'s acres
of farm lands and and l0,Ss0 acres OF pine
| lands for $500, sYT3S, being an average
| price of seller per acre. The amount sold
to the close Of the year, after deducting
cancelled contracts, was i7i,355 acres, and
the aggregate price received therefor
| was S5,9S3, 320.9l, an average OF Sl26l
| per acre No bonds could be pur-
| chased by the trustees during the
year out Of the proceeds of such land sales,
and there are now outstanding $,934,0OO
of the guaranteed and 100000 Of the UNI
guaranteed first mortgage land grant bonds
| OF the company.
The assets on hand December 81, 1855,
applicable to the redemption Of the first
mortgage land grant bonds We're;
Cash in the hands of the rus. .,..... ~.
Cash In the hands of cashler,.,, ii,5il 2j
Bills and accounts receivable In
hands OF cashier ''',,,."';, SdOl02S 10
| Bills receivable and securities In
bands OF trustees',",,'',, 22Gl1l 90
Total, .,,.,,,,.,,,.r l,O26,i0i 90
II win be noted that the sinking funds OF
the Pittsburgh, Fort Wayne and Chicago
Railway and Grand Rapids and Indiana
Railroad Companies, iu which your com
pany is deeply interested, contain oveI
three millions OF dollars, which the trustees