New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-01-13
READING'S ANNUAL MEETING.
PRESIDENT M'LEOD READS THE REPORT
FOR THE YEAR.
HOW THE INCREASE IL PHoFIT OF OVER HALF
MILLION WAS EATEN UP-INCRDtSE OF
NM .. r.,,r.-,. r,1.,, 1, rr.Nt.Ar- N

MILLION WAS EATEN UP-lNCEDtSE OF
TEtFWc ~ EVERY DEPtETNHNT-No
INTEREST OX PROFICIENCY BONDS,
Philadelphia. Jan. I3.-Thc annual meeting Of the
shareholders Of the Philadelphia and Reading I'ailroad
Company held in this city at noon today samuel
Wolvcrton presided The ANIMAL report Of the prc'l
dent and board Of manager, Of the company 10 the
shareholders read b. President Mcleod. The
report of the president and board Of managers gives
statement of the operations of the two companies
which shows the gr1,s. earnings of the railroad com
pany for the year ending November 80, 1890, TO have
been $22 1O6.45O % Including that of canals, steam
cOllicrs. coal bargcs real estate and income from IN
vestmenU: working expenses &13.9O ,l37 81 rentals
If leased roads and canals, $2s307i -: interest
"a 351 311 G9-,howing profit of ~ ,os3,307 o..
loss of ?l3O.OOf 96. As compared with the year ehd
ing November 80, 1-S9. The gr0>s earnings OF the
Coal and Iron Company were Si8.92o,773 -; work
iug expenses, $19.OSO.951 81; Interest. S722l26 -
showing of $973,2o4 IS. an increased loss as
compared with last year of S1,O59 81. Inc to'al
prod of the two conpanie, for the year ended Novcm
ner 80 1850 is thus shown to have been Slo'o22 o.
a decrease OF $12S.9l6 Il, as compared with last year
4 reorganization of the figures is given in the re-
port follows
Gross receipts O93is7 So gross expenses. Sll9f
ISL 50 earnings from traffic, IS $4,000 40; prcht from
other sources, ejll los %; total S9,53i O6 10 FROM
which Rentals $2e307i3 '5i interest account
i35l 81 50; balance pront and loss taxes ETC.
sSl $50 10 total $1i93,6 o6 IL leaving balance o
- o,o les interest and sinking funds Of divisional
MORTGAGES of Coal and Iron Company guaranteed by "'
railroad company Interest SS2 49, sinking funds 4oiV
M -. total y 100 - u leaving a surplus the
fixed charges Of both companies Of S97>36 l.. From
,n,c, must ne doductod: Equipment di,mantrd. Si5i
.se a settlement Of judgment account convertible ADJUST
ment scrip. sll6,2e7 u; liability account shornaScr>
vile accident al23o0o; taxes rro 10 'o'' pau
year $4,000 10 discount on cai u1't cciu"'''' anu
erai mortgage bonus F-V'''' e,ooIo ,o,o, ga
York connected WIN Feor.'''/'''o'' F''VV -.
IL -. LeaNih' u'H'iu j" Wv ''' 49,, -,
and including thr prom anu '0'
both companies oi 1900 ~
The report says:
The increase in profit the operations Of the railroad
company the year over that o the previous year was
G4 on the other hand there wa an Increase u
the CHARGES Of t26dl72 So in taxes Of 9ioo' ~,
and in equipment diNuanu.d Sloof@o H. Ihcrr was pain
during tn, wear for taxes prior 1889. which had ben m
dispute with the cogrOlWttt, :1iob' ID ih'ic were
i ,r,doary payu,n,, required To Pee made amounting
=, , i,r, sum included r the foregoing deductions front
income Tl.o >raiditplcs have more than consumed thu
- ~, ,r,ot ,tov, ,,f.tle1 TO-
1ro ,.rar, cav. ,ha decrease in rates during the
49,, .....l o,.i cont nor too p,r mile and
H''' va | o. a. c,, rho lat tnrca wear,
-" ''V' -, ,.,.,.,. ., I,,,.r r-,tas
nave o'N'iN'eu ~ uoNo''P nv -, ,rLi .,.,.-
"mch ha' Pe'd''" ~, '''7 49,, ,t,aa,, co,nr,ny
in addition l" inc 'c"ei ,'I' '"o .,a |
cannot rely upon inc Ha''''l i"' ~ -, ,.
alone Tor suln'lcW revenue !" "''' '''
and dividends. has compelled the management I'D tx
haust every legitimate effort in extending ana enhrehs
mo feld Of opct ions and in placing the al and eiup
mont in position TO meet the requirements Of an in
cr,.,-o, ,,afFc
rr, t,,ar,or+ sbow. a GRATIFYING increase Of traffic
- o,or,. H.,,rtrrent AND fine increase Of l219428
III cNo'I N0I"' ''1, a." -. 49,. tho ,,.,Der,, |
'""S IL li'Vi'''' " ~ 49, -, ~,
i riPuN 'V''Ni M '' ",,"' - - 800, |
iacIle'' 81" 'l'dt INC nv '''hi''0 ~ 90 400 -
'"e 'o ,'n'"-' ~ .'''' ''
l"o iVP''' i"'0' ' ..,.,. ,.o lave. h,e,o. |
-, 10y, 'd 10 ,t. slhr,.,,ui r',,o, IN make adaou,ts |
o,on In rolling .ouiinI,nt and terminal facitie, 70
distribute their product markets has been almosi
fatal the development Of the revenues and resources
OF your company. and to this cause alone is due the
failure To maintain the proportion 81 coal tonnage formerly
held. The Improvements when nave oeeh mdut sl''
the reorganization 20 Only III Inv u'Ie'.'on VI I's Wv
eIOuhu "I'''" mas O ~ w 49,, D., aotoo |
"
rtor, have prodpced disastrous results, II will not
DO ., o~ro., ir.c,t, return. from YOUR arr, holding,
..-ld.o,,-. ,o,t f.,ds 1r... IN good Tina. viii |
u unpoO', wv va -, -, a.. ~, ,
itach NoiDo 'l''' - ''- NJ i"' 80
companies. But What J. h',u'c DOW j. inc pa''d' w.
veloDment Of much Of thesy land- needcd u
.,,ulv ,ba demand for anthracite coaL
~ -. - cha roro.r, ". .rco,cd With an
ms IN"4'"- VA ''' - N ~
plausc, ana on Mouoh u h'HdTp l. N3hHuiat Wa
adopted. Mr.. A,hhurst then offered this resolution:
Toof,od Thai t,. resolution adoi-,d al the annual