New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-01-10
RAILROAD INTERESTS.
MIR. MLEODS ANNUAL REPORT.
uE MAKES NO REFERENCE TO THE JERSEY
CENTRAL'S w:THDRAwAL-INTEREST
on INCOME BONDS.


CENTRAL's ACKNOWLEDGEMENTS
on INCOME BONDS.
Philadelphia, Jan. 0.-The report Of Presiden.
Mcleod Of the operations of the Philadelphia ana
Reading Railroad for the fiscal year ended NoVem
Der 90 1902. submitted 10 the stockholders annual
meeting to-day, shows gross earnings OF 90
an increase last year OF SlSl2,9oo w. inc
total working expenses were SI3C56,s2S 3d. an IN
crease Of s4sOl0 40. The net traffic earnings wcre
$ll ,Oi2 40. increase OF SI32.1o' % over st
year Deducng ssO4I sos % for rentals, Interest
equipment ETC.. the profit Of the railroad company
for the year was S3l57,1 47 10. The net profit III
operating the coal and iron company for the year
124, 330 40, leaving surplus over first charges
OF both companies OF $3,1Si4SG 81
The report states that the coal and iron company
having earned It's interest the divisional mortgage
bonds. the railroad company Is thus relieved rom
such payment and therefore pay the full per
cent interest on the first. second and third prefer
ence income mortgage bonds. interest OH 'HeSo
bonds has not been paid in years.
The floating debt of the railroad company, the re-
port says was somewhat increased during the year,
mainly on account Of aid rendered the coal ana
iron company which, owing TO Its enlarged operations,
required Il considerable Increase OF working capital
The report refers to lie lease Of the Lehish
Valley Railroad system and says the net traihc
earnings OF this system have already been Increased
about III 100000 since It's acquisition by the Reading
Company. This combination has been assaled In
various quirters being In contraventon OF hw
but the points involved the report says were care
fully considered by able counsel before the con-
tracts were entered into, and pending legal proceed
ings WILL it Is believed, determine the validity OF the
lease.
The leasing OF the Central Railroad Of NewJersey
TO The Port Reading Railroad Company IA corporation
prompted by the Philadelphia and hcading Conn aiy)
and The subsequent decree OF the Chancellor OF New
81 If Tho fgff
company again to take charge CT their property pend
Ing litigation 10 the legality of the lease II referred
TO- TIE report says the Philadelphia AMI Reading Is
by this decree relieved Of all responsibility Tor the
operations Of the Central that the details OF the
operations OF the Central properties by the Port
Reading do not In any way affect or bear upon The
operations of the Reading company.
On the subject Of having controlling interest IN
the Poughkcepsie Bridge system now operned under the
Title OF the Philadelphia and Reading and New England
Railroad the report says that the company Is al
ready earning than the charges guarant e and II
expected that the ,rac Will be further greatly In
crcasd Speaking fur her on the Central Ra l7ad Of
SewJerscy lease the repot says that the continuance
Of thu delivery OF coal to the coal ana iron company by
se Lchigh and wllkesbarre Company considered
by some as disobedence OF the Courts orders, and IL
vas therefore deemed wise and prudent cancel this
latter contract
During the reading OF the report Mr.. Mcleod was
frequently interrupted by applause particularly wien
he announced that the board OF managers had passed
tho resolution declaring the anticipated per
cent Interest The preference bonds OF the company.
on resolution OF Judge j. d. Campbell. general
solicitor OF the company, the report accepted and
the thanks Of the shareholders extended TO the
president and the board Of managers for their conduct
Of the business during the past year. Judge Camp
bell also offered resolutions approving the various
leases and agreements made by the officers, which
adopted.
Additional interest WIS attached 10 the meeting by
the fact that the voting Trust had expired. and that
for the first time In five years this stock carried
with II the right OF voting by the ind ydm owners.
The total number OF the shares BY the company Is
100000 or this number there only cast 312. AZ
out Of n total Of j2o.l44 Notable snarvs. AboIt
.G7 900 shares OF the total OF 100000 OF the com
pany di,franchiscd because thc voting thseeS'
certificates had not been exchanged for regular so
certificates within the required period.
only ticket In the field and 342.241 votes
were cast FOR II and none against 1t. The only
change In the management was the election of Joseph
f. slnno; IN the place OF George DE b. kcm. Tne
olloy1ng elected: President. A. A. Mcleod;
managers. 4. !. Ant-O. Thomas Dolan, James Boyd
samuel X. shiplcy. Elisha i. Wiber and Joseph F.
sinnoit: treasurer. William A. Church; secretary
William X. Taylor. Ipon the announcement Of the
vote lie meeting Adjourned.
Tn, annual needing & the Paad lp'il Coal and
iron Company WIS held tie Office OF the comp'n,
and tn, following elected board OF managers
l.. WOys rton, George De h. kclm, Tn )maS Cochran,
II. A. Dupont, Richard y. Cook, and Charenaene
Tower.