Evening star., 1896-03-03

These lines show a marked improvement as COM
pared with 1894, each of the two systems west of
Fit ittSlurgh showing surplus. after meeting all
liabilities. OF about one million OF dollars. This
largely due on the Northwestern system to
the prosperous condition Of the iron industry. The
tonnage and mileage greater than for any
previous year In their history.
The art,unt expended account of construction,
equipment. and real estate during 1s91 the
The larger portion OF the expenditures for capital
account on these lines was for additional equip
vide further facilities for the through business.
The main items of construction were the widening
division OF the Pittsburgh. CINCINNATI Chicago and
St Louis Railway; the Increase of double track on
and Chicago RAILWAY and the revision Of the line
of the Cleveland AMI Marietta Railway.
The Newport and Cincinnati Bridge Company also
expended large the rebuilding and i'm
provement Of the bridge over the Ohio River at
the approaches under construction. and tsc new
bridge which will carry not only the railway. but
and for foot passengers. viii be completed during
FUNDED DEBT
In view Of the fact that large amount Of the
bonds upon your western lines bearing seven per
deemed wise to take Advantage Of the exception
ally favorable conditions prevailing in the money
q" the Sons ssns af hs s
bursh. Cincinnati, Chicago and st. Louis hallway
hd In se the the f the r
s,raeton and I'd eaupmeni, purposes and in a9te.,
as Of November 1st. 1895. bearing four per cent.
% and fem h. date tb ad
HE number Of tons of freight moved on the lines
Of Pittsburgh 55. 155, ,249, an increase of
II .235.77l The number Of passengers was 171l1,-
liz an increase Of ss2 .s6i.
stins esgensss Sss $50 sS aad net earnings
freight moved and Is o52, 479 passengers carried.
GENERAL. REMARKS.
b By s Ul tn
ber 3lst. 1885, the sum OF 81, 1876 1901 The total
income therefrom has been 90 asd sd on on
were held in the Trust, yielding an interest Of 5.07
per for for the the the wns az
This Trust. in pursuance Of the purpose for which
it was created. has purchased from time to time
portion Of the bonds Of the American Steamship
Company, which mature October 1st 1885, and the
maturing coupons the entire issue at the regular
interest periods As there remains no property Of
that Company to provide for the payment Of these
obligations they VIII necessarily have to be charged
against the principal of the fund This same policy
is being pursued the interest the bonds Of
the Pennsylvania Canal Company. which Is also
arxe and praeticay m Unsecured Obligations - is ,nhe the
first direct benefit accrung from the creation Of the
trust, they would otherwise have to be met out
of your current revenue.
The assets of the Insurance Fund on hand at the
end Of the year were 01 IS. being an increase
Interest In the Employees Relief Fund continues to
increase, the membership at the close of the year.
During the year the members contributed $8i1,
$40 H. while your Company and its ailia ted lines
In addition to the payment of S.65S53 for OPP
Grating expenses also contributed 500 632 IS for
benefits to members whose disability had con
tnued for more than fiftytwO weeks. and who were
therefore, longer entitled to regular benefits from
the Fund The total receipts Of the Fund. including
interest ind other small items, $3.50 -. o.
which, with the balance hand at the beginning
of the year, 1920, 900 % made aggregate Of
81 O3O ia So out Of which S254, ,29S G4 were dis
tributed death benefits. being average In each
of about $575 and $33 1877 49, in cases of dis
ability arising from sickness and accident. After
yding justed claims balance Of $247 49S OF
remained to the credit of the Fund.
The number Of employees who ayaed themselves
of the benefits Of the Employees Saving Fund con-
tnued increase, there being 451S at the end Of
the year. as against Alp in 1894 The amount re-
ceivel from depOsitOrs during 1895 $497 SOL and
the balance in the Fund. at the close OF the year was
81 57S ssi37. OF this amount, 81 800 900 have been
invested in per cent. securities
On account Of the favorable cOnlt ions prevailing
in the money market. already referred to. and the
in which you largely interested, 1t was Thought
sell FL 0OO. 600 your consolidated mort
bonds. dated 1st July. 1895. bearing three and oie
half per cent interest and maturing fifty years from
date and thus the funds to meet these oii.
cations and for construction and equipment pur-
pOses 1t Is gratifying evidence of the hch credit
enjoyed by Your Company that 1t able to place
these bonds at lower rate of interest than that
borne by any security which it has heretofore offered
In the market. Your Company also joined tho Allie
eheny Valley Railway Company In sale Of S. 600
COO Of It's four per cent general mortgage bonds of
which 81. 100000 were used by that Companv tn
provide for the payment Of like of its seven
and three-tenths per cent bonds, maturing March
1st 1896, and the proceeds of the remaining 81 Oa
600 which were owned by your Company applied
to your own capital requirements. By the funding
Of the seven and three tenths psf cent bonds re,
reduction OF $132 COO In its annual Interest,"
charges. In accordance with tie agreement Of