New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-03-02

The amount expended during year capital
count on tho lines Of Pittsburgh ~. e034i7v
The min Items Of bettement expenditure on your west
crn in Tire construction OF second third and
fourth tracks sdngs the extension OF yard facilities
The erection o. bridges and vsducts tho improvement Of
The docks the Lake po the purchase OF real estate At
t,rmni various divisions. and additions 10 your
equipment The funds for these purposes were largely
advanced by your Company.
These lines haNc reached point where tho volume
~ tr,ic requrcs largo extension oil double track
especially View Of the exceptional demands mat WIZ De
uadc IN connection with tho Exposition at Chicago IN 1917"
I, viii probably be necessary cNpend on this work and
Oh additional power and equipment during the cur
rent year btwccn SIX and seven millions Of dollars
There were used In construction and repairs on the
western lines op.rated directly In interest
o ,35 ton. steel rails aud on the southwestern
line, II Os8 tons, making aggregate q 2O4os tons
SINKING FUNDS.
There have been redeemed through the sinking fund
Al sa 600 Of the issue sS 100000 Of the Pennsylvania
Company's siN per cent bond secured by Pittsburgh
Fort Wayne and Chicago Railway Company stock as c0Ia
er.l leaving the amount outstanding sl3Ol,ocV No
further redcmptons could be made OF he four and half
per cent bond. secured under the *"ooOooOO mortgage
Of that Company. that the amount outstanding AZ tho
close ~ the year was Al 4b',Vo
The report made by the Trustees OF the sinking funds
Of the nr-t and second mortgages Of the Pittsburgh Fort
WAYNE and Chicago Railway Company shows that the
lar annual payment OF sl04l00 made thcrco. They
de.ned during the year tl24 800 Of the r moTtgagc ami
VI The second mOrtgaS" bonds, making the total
amount redeemed to December 3i-t. 1891 -;
First mortgage bonds. Sl,n6ooO 10
second MORTGAGE bonds, 24lo0O 90
With basnce Of cash In the hands Cd tho trustees.
invested. December 3ls, 1891 -
On Of nrst mortgage sinking fund sof7 oi' %
On account Of second mortgage sinking fund $50 769 IS
Toal .........................sl.7O7 3l6 81
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The further amount Of sl7564o.32 added the
sinking funds provided for the redemption Of the existing
MORTGAGES OF the Cleveland and pittsburgh Railroad Com.
Iany in addition the amounts contributed directly to
other sinking funds ty the individual companies.
Under " the leas., the Cleveland and Pitts
burgh Railroad Company authorized $4,000
OOC general mortgage bonds 10 provide for the payment OF
m.turlna and 1thrr outstanding obligations, aud the
amounts due from time TO time for beernent expenditures
In pursuance Of this arrangement Issue Of $1,000 coo
OF these bonds bearing four and onehaf per interest
wa. made lst 1892. and sold satisfactory
terms portion " proceeds beng used pay the
81 lO4 O3 - prior lien slx cent bonds maturing
that date retire ~ 100000 q their seven
construction and equipment bonds.
The earnings Of The Grand Rapids and Indiana Rail.
road Company insufficient to meet the interest
funded debt and provide for the necessary bettemcnt
pendurs during the year and II deemed cXpcdent
ysr Company under It's guaranty Of ZOO 600 OF their
fret mortgage bonds to purchase s2753so of the coupons
thereon which amount IL Is expected will be refunded
your Company
1t will bo remembered that In pursuance OF the guaranty
OF these the power to vote majority OF the
Of that road vested In Company until their maturity
October lst 1899 but the Grand Rapids and Indiana
Railroad Company having in connection with the owners
Of the lands that additional security therefor
Offered holders OF It's seven cent bonds
them for nifty years. from July LIST, 1891, Of
four half per cent annun. proposed permit
the voting Of the stock To remain your
sny a. above stated until the maturity the extended
bonds provided your Company would prn-
ca and interest thereof amounting to 375 900 Bcev.
Ing this arrangement be 10 your interest an agreement
above entered rto March 18th 1891 and
1862 600 Of had been at the close
the year There outstanding 029 600 OF thc
guaraned 1858 900 OF the unguarantced and
900 OF Aand grant seven per first
gage bonds OF that Company.
The land department made sales Of ioiT
lands. and o75 Of pine lands for the aggregate
price sl0i 90 being average price So OF per
acre and addition thereto received from the OF the
timber rights on n large body Of land s18l 500 The
On If thega adv IN