The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-06-29
L. E.& w, ANNUAL REPORT
IN ADDITION STATEMENT OF IN
TEREsT REGARDING EXTENSIONS.
Passenger Officials of the PennsyIva-
mia Lines Meet Here-Miscellane-
GUS and Personal Notes.

The annual report of Calvin S. Brice, pres
ident and of George Bradbury. general man
ager of the Lake Erie e. Western lines
came from the hands of the printer yester-
day. This company now operates 725 miles
of main line, and in the year ending Dec.
81, 1897, earned gross So, 439 1866; operating
expenses, H,976,11463; net earnings 81. 49,
2S23S During the year 312,870 new ties were
put in. nineteen hundred tons of new steel
rail laid. and 1865 lineal feet of new sidings
constructed. The company now has 10 loco
motives, all in good repair, eighty passen-
ger cars in good repair 1852 freight cars,
three thousand of which, in the last year,
have been equipped with automatic couplers
and air brakes. The report of General Man
ager Bradbury gees into detail, the princi-
pal points of which are cited above The
road was operated on 57.46 per cent. of the
gross earnings. President Brice's report
shows that. during the year, 1892 coo was dis
bursed in dividends to holders of preferred
stock leaving surplus above taxes, rent
ais. etc, of $149.646.s3. President Brice's re-
port shows that from this balance there
has been advanced to the Northern Ohio
Railway Company. on account of interest
on the bonds guaranteed, 1925. 900. leaving a
net surplus for the year of $24646.S3. He
states that the contemplated extension of
the Northern Ohio Railway from Akron to
New Castle was not made in the year 1897,
as it was not until the close of the year
that your board felt certain of the desired
connections at that point, but contracts
have now been signed between the Lake
Erie & Western and Northern Ohio. Rail-
road Companies on one part, and the Buffa-
10, Rochester & Pittsburg Railway Com
he ofb narfh xyr
panies agree to build a line of railway of
the first class from Akron to New Castle
during the year 1885, and the Buffalo.
Rochester & Pittsburg Railway Company
agree that they will extend their line from
Punxsutawney, through Butler. to New
Castle. so that the same shall be completed
as a frst-class railway not later than May
l, 1899. This not only gives the lines of this
company an eastern outlet over roads now
in operation, but gives access also to the
manufacturing and coke districts of the
Pittsburg and ConnellsVille region by con-
ncction at Butler with the Pittsburg, Besse-
mer g. Lake Erie Railroad Companys line
, recently completed, and to the extensive
goal and coke fields of the Buffalo. Roches-
ter, 81 Pittsburg Railway. The board believes
thaI~this will make the Northern Ohio
Railway Company not only self-supporting,
but source of profit to the Lake Erie &
Western Railroad Company. The freight
traffic shows Nan increase of 1856 per cent
a decrease Of 61S to GOA cent or OLA cent,
apd the gross receipts from this source an
increase of $50 per cent. The passenger
traffic shows decrease of 1867 per cent. in
the number, OF passengers carried. a de-
crease of 40 per cent. in earnings. The de-
crease in the rate of passengers per mile
was twenty-three hundredths of cent In
closing the report, President Brice says:
Careful inspection has been made of your
company's property, and We are enabled to
state that it is in better condition than ever
before in its history. Traffic conditions are
still unfavorable in the territories served by
your company's lines. so that while the vol
uTe of business increases, gross revenues
show little or no gain. The board desires to
acknowledge the faithful and efficient serv-
ices performed by the officers and employees
of the company during the year"