The Washington critic., 1890-03-04

extraordinary expenditure of S42l, ,OS1 90,
made necessary by the floods, its net re-
suits would have been more than usually
favorable.
On the 3lst of May the extraordinary
rainfall, before alluded to, began, and fol-
lowing nearly the trend Of the mountain
range over which your system OF lines
passes, caused an unparalleled destruction
OF property, not only upon your Main Line,
but many Of the other roads forming your
system.
In the Juniata Valley three of the largest
and most expensive double-traek bridges,
two Of which had recently been rebuilt,
were entirely destroyed, together with SOW
eral miles of track. The greatest destruc-
tion both of life and property took place
however on the western slope Of the noun
tain in the Conemaugh Valley, where
reservoir Originally constructed by the
State of Pennsylvania for its canal system)
gave way, and completely destroyed your
road for distance of over ten miles, in
cluding several large bridges, and all the
machine-shops, round-heuses, and yard
facilities at Conemaugh, at the foot Of the
mountain. the destruction being so com
plete that It was almost impossible to fix
the location formerly occupied by your
property. Among the property damaged
and destroyed were "a passenger cars, 561
freight cars, 81 locomotives, some OF the
latter, notwithstanding their weight, being
carried more than mile by the force Of the
food. While this loss of property was ap-
palling in its magnitude, yet 1t was more
than overshadowed by the great destruction
of life and property in the manufacturing
city Of Johnstown, short distance below
Conemaugh, in the same valley.
In addition to the destruction of prop
erty on your Main Line many of the largest
and most important bridges on the Phila.
delphia and Erie Road were entirely de-
stroyed, while on the Elmra and Williams
port line (leased to the Northern Central
Railway Company several miles of rail-
way, including many bridges, were washed
away.
The total amount expended to December
31st, 1889, in repairing the loss caused by
the floods to your system was SO, 475, 425.0l =,
leaving stilla considerable sum to be ex-
pended to restore it to its original condi-
tion. This outlay does not include the in
direct loss from the suspension Of traffic
and the serious interruption to the working
of your entire system caused thereby.
The services of as many of your officers
and employees as could be spared from
your system of lines both east and west of
Pittsburgh were concentrated night and
day upon The work of repairing these dis
L
| tude the movement of traffic was re-
sumed within eight days. Too much credit
cannot be given to them for their skill,
energy, and unremitting devotion to this
| work, TO which is largely due the fact that
| your properties were able to recover so
| promptly from the serious disasters which
| had overtaken them.
The funds for the expenditures properly
| chargeable to capital account, ON your
system of lines, and for the repair of the
damage caused by the June food, were OBJ
tanned by the issue of SC, 1913, 200 of capital
| stock, and by the sale of securities belong
| ing to the Company. Provision was also
made 10 secure additional equipment for
| your system by the issue of 100000 of
four per cent. Equipment Trust Gold
Bonds, maturing September 1, 1914, and
secured by specific pledge of the cars
| purchased Herewith.
| 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 $403, 341 GO, leaving
balance of $S20, ,4l5.77. The final pay
ment upon this debt will be made July 81,
1890.
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 500 as sinking fund for
the redemption of the outstanding bonds
secured by that mortgage AS their mar
ket value was too high to permit of their
purchase, that amount was placed to the
credit of the trustees of the sinking fund
for investment under the terms of the trust.
There are now in the sinking fund for the
redemption of the obligations of the vari.
GUS companies forming the United
New Jersey Railroad and Canal
Company, securities of the pal
value of So, ,664, ,000 and a cash balance, un
invested by the trustees, of $54,67S.7l
making an aggregate of SO, 7lS,61S.7l. Dur
ing the past year 50, ,S66, GOO of the out
standing six per cent. loans of these com
panies matured, making, with $l54,00 o.
debentures that fell due In 1888, a total o.
S6,020,0O0, which were provided for by til,
sale of four per cent bonds under thei
general mortgage Of April 20, 1871. TIL,
securities held for the redemption of tn,
above matured loan We're surrendered tt
the Company.
The trustees of the sinking fund for TIN
redemption of the trust certificates issuet
for the purchase of the shares of the cap
ital stock of the Philadelphia, Whining
ton and Baltimore Railroad Company wer
unable to purchase any certificates durin!
the past year at the limit fixed in the trus
agreement, and therefore returned to you
treasury the amount appropriated for tina
purpose. The toal amount OF these Ger
tifcates purchased and cancelled to DE
cember 3lst, 1889, is Sl,9f1 900, leavin.
outstanding $S,0S9,000
There has been expended for cOnstruc
tion, equipment, and real estate as follows
branches Observation-Disclosures. $1,000, ,4O6 0
United Railroads of New Jersey 55s,756 8
Philadelphia and Trenton Rail
! road u,...,.,....,,.......,..., l3U,i4o
+And for improvements and eX-
tensions on branch and aux-
iliary lines operated by the
Comrsny ....,,......,.......,, 1,476,49 0
Total. NEUTRALITY-SUSPICIOUS. S., ,299 4O8 8
On account of these advances
there has been received from
those companies, In cash..., 742,G03 /
-------
Total amount expended on
capital account in 1SS9,... Si,556SO5 4
|
son account of these advances to branc
| and auxiliary lines there have been receive
in securities of those companies, $2S2, 1873.
There were used on the Main Line, in cor
struction and repairs, %, $50 tons of stet
rails and 1894, ,242 ties; on the United Raj
roads of New Jersey Division, 1857 tons Q
steel and 292, ,99l ties on the Philadelphi
and Eiia Railroad Division \ u1I TONS 4