The morning times., 1897-03-02

eilities. A further sum of about 81, 90. 600
was invested i'll the purchase OF the stock
or the New Castle and Beaver Valley,
anu Pnn oincinnatl, Lebanon ana N2fthsra
was operated under your lease OF the
pittsburgh, Fort Wayne and Chicago Rail
way, but as the requirements OF the lease
III regard to the division of traffic aid
revenue Wee not in harmony with Your
general interests, it was deemed wise for
the Pennsylvanla Company to become its
owner. The Cincinnati, Lebanon and
Northern Railway is line running north
eriy from Cincinnati, distance Of about
80 miles, and having terminal facilities
IN that city, OF special value in nonnec-
lion with your lease OF the Little Miami
Railroad.
FUNDED DEBT.
The funds for the above purposes We're
obtained from the sale of the 81, 600, 900 of
douf per cent Consolidated Mortgage bonds
or the Pittsburgh, Cincinnati, Chicago
ana st: Louis Railway Company, referred
70 n the last annual report, and from a
duTther sale of s., 900 900 of the same Sc
ooo,tles Sod,rst made during the last year These
securities were held in the treasury of the
pennsylvania Company and involved no
increase IN the funded debt of the Pitts
puutgn, Ilncinnati, Chicago and st. Louis
Railway Company
Inc work of rebuilding the bridge over
tHe ONO River at Cincinnati is almost COM
pleGed, and It's improved highway and
efohey Facilities are expected to largely
It
purpose OF retiring the outstanding seven
per cent bonds, amounting to 81 100, 900
vi tne Newport and Cincinnati Bridge Com
Pahy, ana providing portion of the funds
Tor the reconstruction of it's bridge, that
company sold 81 400 900 of it's four and
ohe-han per cent bonds, guaranteed prin-
sclpal and interest by the Pennsylvania
-, ,1,oinpany, which owns u large majority of
ltS capital stock
, IL also became necessary for the Union
Depot Company of Columbus, Ohio, in which
tITnDHnC glU infn tod 70
DuiIu its passenger station, and thus fur
.ish improved terminal facilities at that
important point. For this purpose it ere
aIed general mortgage securing $780,
600 or four and one-balf per cent. fifty
year bonds, or which S450.00o were sold,
Ihe balance OF the issue being reserved to
detIfe sucn or the prior hen bonds of the
company as migbtnot be redeemed through
tnc operations ofthe sinking fund Connected
tunerewith. The work upon the new station
n,otd6 td6pidiy progressing, and will be COM
pieteu during the coming summer.
The number OF tons OF freight moved on
the lines west OF Pittsburgh was 46, l76, 40,
a decrease OF 6,202.941. The number of
3O9,72O. =" uo''e'he VI
The gross earnings OF all lines east and
WesI W3eI OF pittsburgh for the year were 81 90
93dd' q aSao.iS, operating expenses $50, ,329,-
oES.oo and net earnings, $50, ,3O4 100 so,
= saS ease "a ~ IN gross earnings, conparedwith
$3.50 OF 80 ,6Sb, 233. 30, and in net earn
Inss MS or 81, 20, ,952,7s. There were I45,-
crease ofl2, 472. .765 tens, and II Oh $50
256. VI N''' ~
GENERAL REMARKS.
There has been paid the Managers of
the Trust created october 9th. 1878 by
the Company, To December 81 st, 1896.
the sum or 1852, ,4Q7.7S. The total in
C0ine therefrom has been SO, ,067 ,399. so,
nIu on that date securities amounting at
par to SIS, ,212 1870 were held in the Tr1st
wedding aninterest OF five and une-half per
cent Tor the year, There was appropriat-
OF ST3.oAS.72 ''N '''i'
= Inc honds of the American Steamship
10, n9,Ilpany, amounting to ST, 500, 600, the
guaranteed by Your Company. matnred an
octGher /, 1895, and 81 ,4S5 900 there
oi VI niSh mad been presented up TO the
Tiuse Tr,se, 9t 1he year, were paid out OF the
e. cuSt una Ihat amount. together with
90 900, the aggregate OF the coupons
purchased from time to time as they
n,stuuTed; ,int has been charged against the
principal of the fund as well az 8 so O0O
or the bonds of the Pemberton and Nights
Town Railroad, which were guaranteed hy
5he u United New Jersey Railroad and Canal
GI0'lipany: ana assumed by you under the
ieaSe OF the property of the latter com
pany. 1hese obligations have practically
no Ndlue, ana, as result OF the conserVa-
i've policy pursued in the creation and
maintenance or the Trust, have been met
WITHOUT any draft upon your treasury
Ihe assets OF the Insurance Fund at the
emu or the year Were SO ,762, ,6ll 27 be-
ing decrease of SIT ,OS9 So as Compared
with 1895. 'o
:, The membership OF the EMPLOYEES, Re-
neI Fund at the close OF the wear was
10, 500, the largest since its cstablish-
nleht: During the year the members CON
IIiputed S694 776. 40, While the Company
ana It's AFFILIATED lines cont ributed SfO3,s
1io.II Tor operating expenses, and $40
-i4ZO Tor extra benefits to members
whose disability had continued more than
o. weeks, and who We're therefore no
longer entitled to regular benefits from
the t9he una. The total receipts We're SS55.-
oo.f4, and the balance on hand at the
oeSiIHlng or the year, S294 954 96 a ftar
distributing S25T,o4S.4S in death hene-
IltS, and S3l3. .393.S7 in cases OF dis
doliity arising from sickness and acci-
deht, and meeting all its obligations aI,d
providing unadjusted dea tn claims. a
balance or 1888, 2S4. 73 was ca rried over
TO the present year
ne number OF depositors in the Fro-
ployes Saving Fund at the end OF fhe
year was 4,S44, an increase of 43l The
amount received from deDoSitors furinp q
tne year was S461 .lS9 .46, and the baIance
In the fu.d at the close of the wear was
sl,1oS, $50. 26, OF which SI.76O 600 is
invested in securities bearing intcrest a5
Tue average rate Of four per cent
necessary funds Were deposited i'm New
BY order {