The Washington times., 1895-03-06

Balance 10 credit of profit and
loss December ~, 1oJ4...-....... Ss3, 1869 "a
The business depression which prevailed
throughout the country at tie close of
1898 continu ed with even greater Sc
verify during the past year, and the reduction
OF traffic cons equent thereupon stlmu-
lated the sharpest competition that has
probably ever taken place between the
transportation interests of the country,
and required the most conservative and
economicar management in order TO secure
even moderate returns upon the capital
invested. Under such circumstances the
results attained must be considered salts
factory, as. after providing for all the OBJ
legations of the Company, and paying a
cash dividend Of five per cent, there was
credited TO profit and loss an amount
nearly equal to the surplus carried TO that
account in the preceding year
There has been heretofore carried on your
balances sheet to the credit of Profit and
Loss Account the greater portion of the
large sums that have from time 10 time been
expended under the terms of the lease upon
the properties OF the United New Jersey
Railroad and Canal Company and the Phil
adelphia and Trenton Railroad Company,
and representing the important improve
ments and additions that have been made
thereto 5 ince they passed under your
control.
Under this lease your Company is not en-
! titled TO receive either stock or bonds for
these outlays; and. as large amount of
six per cent bonds of the United New Jer-
sey Railroad and Canal Company matured
during 1894 for the payment of which,
Us hereinafter stated. your Company re
/ ceived Il like amount of securities from that
Company, it was able to credit the value
! of the assets III the sinking fund estab-
/ ished for that loan, which then came into
your possession, against these advances;
and the balance, 4,A61 ,S75.T6, it was
thought wise, at this time, to charge
against your general Profit and Loss Ac-
/ count.
SINKING FUNDS.
Under the provisions of the consolidated
mortgage of the Company, $324,7S0 were
set apart on the first day of July last, out
OF the net income, as a sinking fund for the
redemption of the outstanding bonds secured
| by that mortgage. None of the series of
bonds to which the Sinking Fund was appIi-
cable could be purchased under the terms OF
the Trust, and the amount was placed to the
1 credit of the trustees for investment under
the terms of the mortgage. There are S3,-
1 S36, $40. 30 in securities and cash in the fund
for the redemption of these bonds.
/ The trustees ofthe sinking fund forthe re-
demption of the Trust certificates issued
for the purchase Of the shares OF the capital
stock of the Philadelphia, Wilmington and
/ Baltimore Railroad Company purchased
SS6 600 of these certificates during the past
year The total amount so purchased and
/ cancelled to December 31st, 1894, is 81
| 29S, 600, leaving outstanding 81 7,702,0 600.
The trustees of the sinking fund forthe re-
demption of the four and one-half per cent.
| Collateral Trust Loan We're not able to OBJ
| tain any of these securities during the yeaI
at the limit fixed in the agreement. The
amount of this loan outstanding December
31st, 1894, is S9,900,oO0.
Under the provisions of the four per cent.
Equipment Trust Gold Loan, there was paid
to the trustee during 1894, for the sinking
fund, the sum OF S136, $50. The trustee
was able to obtain but SO 900 OF the bonds
at the price fixed in the lease. and in accord
ance with the terms thereof the balance
S126 $50, has been invested in additional
equipment.
FUNDED DEBT.
Six per cent. loans of the United New
jersey Railroad and Canal Company
amounting to So .646, 900, having maturet
March 1st and October 1st, 1894, q like
amount OF their four per cent. bonds, matur
ing fifty years from date, and secured by
their general mortgage OF April Goth, 1871
was issued to provide for their payment.
1 i nE AlA4G lidNlltE tCtlulltu
the yeas to the remaining interests in pier
3. 4, and & on the North River, New York
the balance 1926 .000l of the four per cent
loan Of So .00o 900 created in 1898 for thu
purpose of acquiring these piers, was
issued in payment therefor
The amount OF funded debt, includin.
mortgages on real estate and ground rents
at the close of the year was $S2 ,75G, ,235.99
being an increase of 1858 ,596. IL, ac
! counted for as follows:
Real estate bonds disposed Of. 1926, 600 G
Increase N mortgages and ground
rents -...s..-.--.-..-...... 5U,o9o
Less amount OF equip
ment trust gold bonds
redeemed ......... $4,000 90
Less amount of Phila-
delphia, Wilmington
and Baltimore Rail-
road stock trust certif-
cafes redeemed. $1,000 90
$1,000 {
: