The morning times., 1897-03-02


ley Hallway bonds S6l2,S9S u
Extraordinary re-
he"'is, Sc.....- L5i6e9o az
Balance af,er aho,,o o,rr,o,ts sjZ,i. SIS 26
dividends OF D per cent. ........,. oia .lz1 ~
Amount transferred to credit OF -.
profit and loss for the year 1896. S.b, iW 20 20
Previous amount 10 credit '.555. 4ti9 s6
S2i,S-O.l.O "
Amount charged off In reduction
tlement of sundry accounts. i67.aE rs
Falance TO credit of profit and
loss December 3ist 1896. s4, 1892 "a
In view OF the severe business depression
prevailing during large ortion OF the
year, and the onsequent reduction of trat1ic
ana the sharp competition between The
trahsf ortation interests, tie results may
he considered as satisfactory. After pro-
vldlng Tor all obligations, and cXpendIng
about 81 $50 900 in improving your prop
erty, the regular dividend OF i've per cent
was paid and surplus of nearly SsoO,Ooo
carried TO the credit of pfoilt ana loss
SINKING FUNDS.
Under the provisions Of tie consolidated
mortgage OF the Company 1874, $50 were
set apart on the fist day OF July last,
ont or the net income, as SINKING luhu
for the redemption OF the outstanding bonds
secured hy that mortgage. There are low
81, ,6S2 10 in securities and cash in
the fund Tor the redemption OF these honcs.
Equipment Trust g old Loan, there was
paid TO the trustee during 1896, Tor The
sinking fund, the sum OF $50 ,IOo The
trustee was unable TO obtain any OF the
oldS at the price fixed in the lease. and
Ia acc ordancc with the terms thereof the
vi Ole amount has been invested IN addl-
ttonal equipment
SECURITIES OF OTHER CORP ORA
The entire cost of the securities of other
corporations, including real estate mort
cages now held by your Company, is
S1l9 ,992, ,S95OS The direct revenue re
an. ountcd TO nearly four PER cent upon
their cost, and more than provided for
the interest on your funded debt.
CAR TRUSTS.
No further Issues of these securities were
| made during the year. The outstanding
certificates OF Series b of the Penns VI
vania Equipment Trust have been paid and
cancelled. This series covered 800 stand
ard box cars Sublet To the Pittsburgh,
Cincinnati, Chicago and st. Louis Rail-
way Company and 500 standard box cars
and 200 standard gondoIa cars to the
Penn Sylyania Company. representing a
total cost of 81 600 900
The total number OF cars provided under
the Car-trust system is 81 ,997.
Total amount of certificates
issued therefor .,...-,.....S $50 GA 600 90
Amount redeemed, ......... 20 ,o3I 900 90
Balance OF certificates out
standing December 3lSt,
1886 .,...,............. S4 4,1O7 900 90
The amount expended upon the Main
Line and branches, and cha rged TO capital
account during the year, was s., ,53T ,2l f.
60, OF which the larger portion was for
equipment and real estate The expenditure
for equipment represented, in addition to
the puTchase of two boats for use On the
new ferry bet ween Jersey City and Twenty
third street New York, the usual outlay
in pa yment for trust cars, ana tbs pur:l ase
OF 400 box and ,OuU gundOla cars which
suits during the beginning OF the year
seemed TO render a necessity. In the early
summer, however, in consequence OF the
unsettled condition or financial affairs, a
serious depression occurred IN the manuT.c
turing and commercial interests OF the coun
try, which contin ucd throughout the remain
der OF the year, and caused heavy re-
duction in your traffic and revenue Under
these circumstances 1t was deemed prudent
to not only restrict the expenditures on
construction account but also to dl>con-
tinue a large portion OF the work which had
been autHoriZcdin II the F+.rlsi0n OF aliguUuents
and grades upon the Main Line. consid-
cradle amount had, however, already been
done at points especially referred t0 N the
last annual report, namely, kinser's aid
Mt Joy, on the Philadelphia Division, and
l-Illy'S and Radchaugh, on the Pittsburgh
Division: but at the present time no further
outlay is being made in this direction eX-
c2pt at Radehaugh where the work upon
the tunnel had so far progressed that it
was deemed unwise to suspend operations.
The depression referred to extended over
your entire system, ana as yOlr tineS ira
verse territory particularly dependent
| for is prosperity upon the coal ana iron
Industries, their revenues necessarily show
a greater propOrunnate reduction than in
the case OF osher lines not 50 situated.
The amount expended in construction on
branch and auxiliary lines waS 81 2S3,-
$50 so, the most important items IF which
were the completion Of the bridge .,ver the
Delaware River at Frankfort the con-
StruCtion OF a portion OF the Philadelphia,
Bustieton and Trenton Railroad, and the
double tracking Of the Pittsburgh, virginia
and Charleston Railway.
The number OF tons Of freight loyed on
the three grand divisions east OF Z Pittsburgh
and Erie in 1896 was 72,967, l25, de
crease of 5,292, ,40l, or 6.76 per .ent !;
the number OF passengers was 36, 70. .22O,
| decrease of 1,2S2,2 217, or 3, i2 per
cent.
The other railroad companies east Of
Pittsburgh and Erie in which your Com
pany S interested show generally decreased
earnings due to the business depression pre-
| valling throughout the country. Detailed
statements of their operations will 'e found
| in their respective annual reports, as well
| asin the pamphlet report of yOnr Company.
| The total amount of coal mined during the
year by the four coal companies. in which
| you are Interested, was 1915, 385 tons, a
| decrease of 232, ,S49 tons.
LINES WEST OF PITTSBURGH.
| On the lines west of Pittsburgh operated by
| the Pennsylvania Companr and the Pitts
| burgh, Cincinnati, Chicago and St Louis
Railway Company the results were as fo,.
lowS:-
z 1896
Earnings of Pennsylvania Co. . sl9, 42S 075 81
EXPENSES Observation-Disclosures. IL. Ill 60i 81
LIE aving net earnings. ........... S73I2. 81 OF
Rental interest. &c .............. 7l02 9SS 9f
Net profit ON Penna, Co.'S lines 500. 3'2 4
| Earnings of Pittsburgh, Cincin-
natl Chicago and st. Louis
Railway. ....,...,.............. SIG. S73 $50 s.
| Expenses. NEUTRALITY-SUSPICIOUS.. l2afa 999 Oh
Leaving net earnings. .......... Sl5IS,S!5 "a
Rental, interest, &c .......... $3.50 9l2 S(
| Net profit on Pittsburgh. Gin