The critic. (Washington, D.C.) 1890-1891, 1891-03-03

them tafc depository for portion OF thor
earnings. he number OF dopositora has IN
creased during the year from 2lHn TO 2,bpl; the
amount OF deposits received during 1870 was
SsiI, is2, and the balance at the close Of the
year, was Gii0G6.0i. OF this amount, 10000
have been securely invested in four per cent
bonds.
During the past year there was expended
upon the Main Line. between New York and
Pittsburgh, the sum Of Si,N3, I20.9, the princi.
pal items of which were as follows Additional
yard facilities ut Harrisburg, Altoona and
Walls; froght.car repair shops and transfer
stations ut the latter point; the elevation OF the
tracks and passenger station NJ Jcracy CITY,
and the purchase OF additional locomotives,
passenger and freight cars, and real estate.
The new locomotive shops ut Altoona arc
now in use, but are not entirely equipped.
They have been constructed upon the most ap-
proved plane, and are furnished with the best
modern machinery and tools.
The elevation OF the tracks In Jersey City
has been vigorously prosecuted during the past
year U his improvement Will add largely TO
the comfort, convenience and safety not only
OF the passenger travel, but also OF the resi-
dents OF Jersey City.
There was also expended in the construction
OF branch and auxiliary lines the sum OF S51lI,.
Wl.Go, of which amount $9ii Grass were REIN
bursod to your company in cash.
| OF this amount, so, 142,23.2i were expended
| In the construction OF the Trenton. Cut re-
| ferrcd to in the last annual report, and which
II Is expected will be completed during the
| present year. II 10 being built in n most sub.
slantial manner, on low gradients, with special
reference to the cheap and expeditions move
ment OF through traffic. On account OF tho
| topography Of the country, and the cost Of
| right Of way. the line Is exceptionally oxpcn
| sivc; but u IL believed that the Company will
| be fully compensated by the economics that
| will he obtained in the movement OF traffic.
The other important items OF expenditure
We eI,rood work npop the Ns% YORK as
| rnpidly-improvng portion OF Newark and NJ
the same time furnish an alternate line fol
1 your freight trains through that city; the con
West Pennsylvania Railway and the Western
additional facilities on the he gPcnnsylyanii
| Schuylkll Valley Railroad, the Philadelphia
and Eric, Railroad and the Pittsburgh, 'vir
ginia and Charleston Railway, and tho con
struction OF the McKcesport and Bcsscmc
Railroads. line intended to connect the Pitts
burgh. virginia and Charleston Railway will
| the manufacturing industries of McKcesport
and neccssitating the building OF bridge owe
the Monongahcla River at that point
| The amount expended for the above purpose
$9,510,0O5.0i. which is about the sum antici
pated IN the last report. IL is confidently
hoped that 50 large an outlay will not be re
| quired OF your Company during the prcscn
year; but at the same time your management
are nilly impressed with the necessity 70
liberal expenditures OF capital In the direction
not only TO provide the equipment, tracks
yards, etc. necessary TO properly care for tn
existing traffic, but to further develop the tel
riiory and secure to your lines traffic natural
| tributary thereto.
The Columbia and Port Deposit Railroad
extending from Columbia on Your Philadephi
Division to Port Deposit, Md, having bee
sold under foreclosure OF its mortgage, Mare
18th, 1890, q new corporation was organized Ma
10th, 1890, under the name OF the Columbia an
Port Deposit Railway Company, by which tina
road II now operated The Downingtown an
Lancaster Railroad referred to in the last NJ
nual report, was completed and opened 70
| trnthc In the carly fall.
During the past year the principal line
forming your southwestern system, to wit tn
Cincinnati and Richmond Railroad, jefferson
| vile, Madison and indianapolis Railroad, an
the Chicago, St. Lonis and Pittsburgh Raj
road were merged into one company, undo
and 81. Louis Railway Company.
II In believed that through such consolidatio
stronger financial basis has been secure
upon which the capital needed for the develop
meni of these properties can be obtained, m
that through snch nniication OF the syste'
any conflict OF interests that might have arise
through diverse ownerships will he avoldc'
ale consolidated line covers an aggregate
15lG miles. including leased roads; the issue
share capital amounts to $40, 40 G50.2i and Il
funded debt to $i1,gH,500. 1t Is one of u
most important portions OF your system we
OF Pittsburgh, as through II your Main Lii
has direct connection with Cincinnati, Loui
vile, st. Louis and Chicago, and reaches Il
territory south and southwest of those citi
under the most favorable conditions.
The new bridge across the OHIO River ne
Pittsburgh, referred to In the last annual 7
port, was completed In the latter part of b
year II has fully realized the nntlcipati0ns
your management in relieving the yards
Pittsburgh, and facilitating the prompt NOV
meIt OF freight traffic between your Eastc
and Western systems.
Mr.. John Whitaker, Assistant Gencr
Freight Agent OF the Company, died sudden
ON the 30th OF April, 1890, after direct co
Dcciion OF twcnty-thrce years with your 8,
x'taa md fnr fat,x n ny itr n n
allied to your interests. Mr.. Whittake
marked ability, sterling integrity and unvai
ing. courtesy In the performance OF his duti
make his loss ono to be deeply regretted. N
Charles A. Chiploy, formerly Division Freig
Agent OF the MIN Line, was appointed Jun'
70 MI the vacancy thus created.
The Company also lost on the latter date {
services Of Mr.. Robert Il. Petit General 5
perintendcnt of the Main Line, who, after
association OF nearly quarter Of ccntu
with your system. resigned from the service
secure rest and recreation.
Mr. Frank l.. Sheppard formerly Super
tcndcdt or Motive Power OF the PennsylyaI
Railroad Division, was appointed to MI
vacancy caused by Mr.; Pettit,s RESIGNATION.
ute OF the death, on February Z, 1891, OF Mr..
n. Mccullough, First Vicc.Prcsident OF
Pennsylvania Company and OF tho Pitts bnri
Cincinnati, Chicago and ST. Louis Ra
way Company, who for third of ccl
ury, had been prominently and closely idcn
fled with the roads embraced In your wcste
| system. " mic not directly connected WIN
lines east of Pittsburgh, Mr.. Mccullough
unwcaricd labors on yonr behalf, and ent
devotion to the interests confdcd to him, ma
IL eminently fitting that the Board should
knowledge the deep obligations under VIII
the Company rests toward tried and faith
servant, who only ceased with his life to fai
fully guard the trusts committed TO his char
Your Board desire TO acknowledge the eff
ency and fidelity with which the duties
trusted TO the officers and employees have b.
discharged during. the past year.
BY order OF the Board.