New-York tribune., 1898-12-10
READINGS REPORT.

.D.ncit
The Joint operations Of the three companies for
the nineteen months since November 90 1886.
suited In net earnings which sufficient TO
meet all interest and other charges. all expendi-
lures for betterments and improvements OF every
kind and left a surplus OF sl23 2a3 r. Stated in de-
tail. the months TO June go 1891 show
deficit OF 81 1,2&.126 a. and the twelve months 70
juno So 1893 surplus Of s. 400 0s the different
character Of the results for the two periods being
mainly due to the fact that tho seven months from
December to Juno mark the regular annual period
OF dulness In the coal trade and always show
much smaller net earnings than the five months
from July 10 November II the deficit for the seven
months from December. 1896. 10 June, 1891. Is ap-
piled 10 the surplus under the receivership for the
five months July. 1896 to November 1895, which
1858 992 IS. the result for the year from July J.
1896 June 20. 1891 IS deficit OF s79l3i 38 as
against surplus OF s. S7s4 40 05 for the fiscal year
Just closed. that the result OF the two years
business would have been surplus Of s797 ,25 IS.
The tonnage Of anthracite carried increa sed from
go 23S In 1867 TO 9.6&5oS in lS9I9S. gain or
234 800 tons, or 2A per cent; and the tonnage Of
btumnous coal increased in the same year from
432 93s 70 357O6e an increase Of 0S4 1H tons.
4i55 per cent Tho revenue from coal traffic IN
creased from Ss6s SIS II TO 50 s3 Ss5 g. an increase
OF 1895 2ls 90 or AIS per cent Merchandise increased
from 1924 o52 sS62 si tons. gain Of 103S5S9
tons. 1913 per cent. and the earnings therefrom
Increased from s. As go 63 to Sls3 l6s S. gain ot
sos l39 25. or 1877 per cent. The number Of pas
sengers carried increased from Il s 326 to 1851 43.
a gain OF sSo1o7. s7s per cent and passenger
revenue increased from 81 1863 $50 OF to 1857 $40 S.
gain OF Sl365s ST. 3O2 per cent Comparing these
earnings with those Of the four previous years.
the total is the largest for Ave years. Coal earn
ings were exceeded only in 1sS'a: merchandise
and miscellaneous earnings are the largest in the
FIVE year period. and passenger earnings were ex
ceeded In 1895 "a. ls94-'9 and 1886
Several important changes In the various loans
and lease obligations OF the railway company and
the coal and iron company have been effected in
tho last nineteen months. The improvement mort
gage loan OF 50 1854 90 OF the Philadelphia and Read
ing Railroad Company, which matured October !,
1897 extended Of April l. 1897 for fifty years.
the interest being reduced from per cent to per
cent per annum from October /. 1897. effectng
annual saving OF sls7 .2SO The Reading company
toins with the Philadelphia and Reading Railroad
Company in guaranteeing payment OF the interest
on these bonds On March l. 1897. the three Read
ing companies Joined in an agreement for the ex-
tension for forty years Of the first series per
consolidated mortgage bonds Of the Philadelphia
and Reading Railroad Company. These bonds. be-
ing redeemabe upon days notice. were called
for redemption as OF March l. 1897. the holders re-
ceiving the right TO extend them at per cent
ra ther than take their money. Practically all the
bonds have been extended. The annual reduc-
interest
to ST 665 The divisional coal land and the real
estate mortgage bonds, which were first lien upon
n number OF tracts OF land and other property be-
longing TO the coal and iron company. have been
taken up ms they matured. tho gross amount out
standing having been reduced from sl2 go .60S
December l. 1895. to N.sl5l+I. at which figure they
stood on June 30 1898 Three-quarters OF the
remaining will be retired in the year 1899. under
already made. but the last OF them
will not mature till 1904. General mortgage bonds
to an amount equal TO the amount OF the matured
divisional and real estate bonds have been issued
for the purpose Of taking them up. and additional
general NOR gage bonds will be issued in like
ner as the remainder OF these bonds retired
The bonds above named bore interest at the rate
OF per cent and per cent per annum, and the
saving OF interest by these changes has been $780,
per annum The Catawissa Railroad Company
executed, on April /. 1895. at the request Of tho
philadelphia and Reading Railroad Company. which
In responsible for the interest It's bonds mort
gage TO secure an issue Of & 2l5OOO nrst mortgage
consolidated 4 per rent bonds be used for
firing all OF the bonds Of that company then out
standing Such OF the old bonds controlled
by the Reading company have been converted into
the loan The balance mature in 1870 and 1872
Tho present saving is 300 per annum: the ult-
mate saving will be So. $40 per annum
BALANCE SHEET. JUNE 20, 1898.