The Washington critic., 1890-03-04


crly protecting the interests OF the lines
forming your system, u therefore becomes
necessary 10 gradually increase both your
share capital and funded Indebtedness.
During the past year there was expended
upon the Main Line between New YORK.
and Pittsburgh the sum VI S3,S22 0OO.5G
| the principal items Of which were for adj
ditional third and fourth tracks, yard IA
| ciitles, equipment and real estate; the
/ latter item being the largest, and including
| extensive purchases of property IN the city
| Of Philadelphia and at other important
| points on the line About the same amount
/ win be required during the current year.
The new locomotive shops at Altoona
have so far progressed that they VIII he
ready for service by the middle Of the year.
Large expenditures were also madeat Walls,
about fifteen miles east of Pittsburgh, IN
carrying out the policy indicated In the last
annual report, OF establishing yard for the
transfer OF traffic between your Main Line
and your western system, and for the gen
cral repair of cars. These Improvements
together with the new bridge over the Ohio
River, at Pittsburgh, will be ready for ser
vice before the close Of the present year
There was also expended in the construc-
ton and extension Of branch and auxiliary
lines the sum OF STAG, ,490.0l, of which
S742 ii was reimbursed to your Com
pany In cash. These expenditures were
mainly upon the Connecting Railway, for
the purpose Of avoiding grade crossings OF
streets in the city Of Philadelphia; upon the
Pittsburgh, Virginia and Charleston Rail
way, in acquiring additional real estate and
providing double track; on the South West
Pennsylvania Railway and in the Uloarteld
coal region in the extension of branches;
and on the Pennsylvania Schuylkill Valley
Railroad in extending the double track and
adding to its facilities. All OF these out
lays have benefited your Main Line by de
veloping the territory tributary thereto, and
thus increasing its traffic.
An opportunity having offered during
the year to purchase, at q favorable price,
a large tract of water front on New York
Bay, south of Communipaw, II was deemed
advisable to acquire the same and construct
branch thereto from Newark, on your
New York Division IL has a front on the
New York Bay of $50 feet and runs back
for distance of a mile and halt and
will, it is confidently believed, be of great
value In the future.
Arrangements have been made for the ex-
tension of the Downingtown and Lancaster
Railroad to a connection with your Main
Line near Lancaster, distance of ten
miles, thus forming an alternate route
through the fine agricultural district be-
tween Lancaster and Downingtown.
The traffic now passing through your
yards at West Philadelphia, destined to
|
TO seriously interfere with the movement
, of that destined to Philadelphia and adj
iacent points. To avoid this road has
been located and its construction com
| menced from your Main Line near Down
q ingtown to the New York Division near
: Trenton, distance of ffty-one miles. A
. very favorable and direct route has been
secured through this country on the same
maximum grace as that prevailing on your
Philadelphia Division. Owing to the gen
/ eral topography of the country and the
valuable property through which the line
; passes, it will be expensive in its character;
but 1t is believed that the economies aris-
) ing from the saving of distance and the
avoidance of delays in the overcrowded
) yards at West Philadelphia will more than
:; repay your Company for the outlay.
:: The Pennsylvania Canal, in which youI
; Company is largely interested, both as a
. shareholder and as guarantor Of the in
8 terest upon its bonds, suffered serious dam
: age from the severe floods referred to In
/! the previous part Of this report. Many
miles of this canal were entirely destroyed
:; but as they were the most unproductive
3 portions of the property, the Canal Com
= pany deemed it wiser to abandon the same
than TO burden the remainder of the cana
: with the cost of their renewal. The funds
Z advanced by the Pennsylvania Railroad
Company to repair the more productiv,
Z sections of the canal, and to purchase th,
o coupons upon its bonds in accordance witt
- your Endorsement thereon, amounted fol
the year TO $1SS,5l0. As the valleys oc
cupied by the canal are now traversed by
competing railways, which carry the traffic
at very low rates, its value as a Transports
tion line is fast passing away; so that the
cost of its maintenance Will in all proba
bility equal its revenue, leaving the sum re
quired for the interest on its securities tC
be advanced by your company until thu
maturity of the bonds.
There was contributed to the Employees
Relief Fund by your Company and affiliated
lines during the year $50, ,02l.51 for operat
ing expenses, and in addition thereto the
sum of $14, l3S. IS for extra benefits to mem
bers OF the Fund whose disability had
continued over ffty-two weeks, and who
were, therefore, no longer entitled tC
regular benefits from the Fund. The
amount contributed by your employees wa,
1917, ,461. 10 and the receipts from interes
were $4,71l.96, which, with the contribu
tions by the companies as stated above
$40, 160 20, madea total of S452, ,393.44. Thi
added to the balance on hand at the be
ginning of the year, 261, 1888, aggregated
S7i9,535.97. OF this amount there was paiC
to the families of employees in death bene
fits, and for sickness and accidents, the sun
Of $;}43, $50 36, for expenses S56, ,02l. 81, anC
transferred to "Relef Fund Surplus &C
count $40, 1924, leaving a balance .
$40, 1866. After deductng therefrou
the amount of outstanding unadiuste(
claims, there retained net balance, in
cluding reserve, for increasing ages of mem
bers, Of S57, ,550.57. The number of person
receiving death benefits was 2S3, maxim
an average in each case of S53l.52 Their
were q, ,457 members OF the Fund at tn
close of the year
The Employees Saving Fund continues /
successful operations; and during the yeal
11n nf annlnvps auailnl thnmg gpVp
of the privileges thereby afforded. Th
amount of deposits received during til
; year was S2G2, AS. 90, and the balance n
8 naming at the close Of the year was 500
GG950. OF this amount S300.0O0 have bee
invested in the four per cent. bonds OF th
- Philadelphia and Erie Railroad Compan,
and 100000 in the four per cent. Equil
ment Trust bonds of your Company.
Your board have again, with deep regre
to record the death of one of its member
Mr.. William Thaw, who died on the lat
of August last, after lifelong connectio
- with the transportation interests OF I'll
5 country, and an intimate association {
; nearly forty years with the lines composln
your system. His sound Judgment, riI
: experience and quick perception rendere
him most valuableand trusted counscllo
- while his sterling integrity and genial di
r position won the confidence and affectio
: of his associates, who, in his death, lost
. warm personal friend.
. MIR, William Ii. Barnes of Philadelphia
. who has been identified with your Interest
during his entire business life, was eleCte
to fiji the vacancy thus created.
Your Board desire to acknowledge Il
2 efficiency and fidelity with which the duti
entrusted to the officers aud employees ha,
been discharged during the past year,
BY order of the Board.
rs e b, ROBERTS.
10