New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-01-13
The FIoating Debt.

The floating debt Of the Railroad Company was some
what increased during the year NANNY LOT "ec',
advances q money. and BY the use o. inc 'o"p'"'
crcd, in aid Of the Coal and Iron COMPANY winch %
aeeou,. NJ its enlarged operations required very con
.der,be Increase OF working capital Under the memoir
of conducting the business which have p"Nall'u Ill wv
ras large amount Of the working capital ana current
earnings has been invested In the business OF uc Ooa
COMPANY bu, under the obligations imposed upon the
management. hv the OF the reorganization oo"
,frnng the payment OF income Interest these hNe''nc'
though and proper when the JOIN, interests
10th companies are considered, not lawfully b'
charged against the current Of the Railroad Com
rany on OF the legal requirement TO apply the
whole net II required To pay Income Interest II
|. inrrlcticable Eailro1d Company 70 supply u
rec4c working capital Of the Coal Company out OF earn
lng Therefore favorable and convenient Arrangement
has been made between the Finance Company OF REM
svlvana and the Coal Company, whereby lis eNehSiN
and valuable assets amounting 10 from 80 900 10
100000 according the exiecnccs OF the business
bu. which have hfhcrp re Hermittei 70 lie dormant
may be oNoci the extent necessary u conduct inc
business calling upon the E1iiioad company 70
nua 70 make advances OF earnings. ana to ron
prso tho nreyious advances o. Railroad Company.
The business Coal Company will be so conducted
hereafter a. 10 relieve the Railroad Com9Ay from 'c
care of the financial operations Of the Coal Company which
ere matter, Of purely commercial concern TINS arrange
ent together with the negotiations recently concluded
.or the sale o. securities held In the treasury OF inc
Company to supply capital will provide for the
liquidation Of floating debt ana viii also cover the
requirements capital expenditures during the ensuing
year
Conforming TO the policy outlined in the last annual
report for the enlargement OF the Gaming capacity OF your
company there have added the equipment 40 loco
motives 100 passenger coaches and 4e" freight ana coal
cars upon which payments have been made amounting to
al so,34 There has been expended for improve
ments ard additions Of the amount charged 10
operating expenses si37 1880 making tho cmouht car
red 70 capital account during the year s2OG7o72Oi.
The New Terminus.
In the last annual report the expectation ives expressed
Of the completion OF the passenger terminal III inc
c.ty OF Phil adelphia within the then current year Inc
strike Of NcwEngl:nd granite cutters 1elayed inc
work 1T least ninety days IL was impossible to secure
quality kind OF granite selected for the WORK nom
any other region II is however so fer a1vocco
that IL will be ready the admission Of the first trains
durlng the present month
During the year your Board has acquired controlling
interest in the stock the reorgonized Pbedepha,
Reading and England Railroad, the successor cor
porauon TO the Poughkeepsie Bridge system having
line extending from Campbell Hail. in NcwYork 20 Hart
ford In Connecticut with q connection 1t Hopewell
Juacton with the New-York and NewEngland Railroad,
IN additional mileage the Reading system Of 1876 miles
The new company has the physical operation OF the