The evening times., 1898-03-01
- r.

Il
half per cent interest These certificates
| were issued by the Grard Life Insurance,
| Annuity and Trust Company, of Philadel-
| pnla, as trustee, and are secured by the
| deposit with that company of an equal
! amount or the seven per cent guaranteed
| special stock of the Pittsburgh. Fort
| wayne and Chicago Railway Company
The pennsylvania Company covenants to
pay the principal and interest of these
| ceftlhcates, and your company guaran-
| tees the performance of that obligation.
| They constitute series A of an authorized
| issue of $4,000. .000,, and the other series
| will be available from time to time for
/ the capital requirements of your Western
| lines.
Among the securities to be provided for
| through the sale referred to are the sec
/ ond mort gage bonds of the st. Louis,
Vandalia and Terre Haute Railroad Com
| pany, maturing May 1st 1893, and
| amounting to $4,000 For the purpose
| of protecting your interests in that road
| in which your system has controlling
| interest, these bonds will be purchased
| and held until the relations between the
| Terre Haute and Indianapolis Railroad
| Company and its leased lines are further
adjusted.
No definite result has yet been reached
| in the litigation growing out Of those
| leases and the guarantees made by the
| Terre Haute and Indianapolis Railroad
Company prior to your securing the con-
| troll of that system. The property IS
still i'm the hands of Mr.. V. Il. Malott,
as receiver, and has been faithfully and
prudently administered in the interest Of
it's owners and creditors. But the cur
| rent revenues of the system are unable
10 meet its obligations and provide for
the renewals and betterments absolutely
essential Ia the proper maintenance of
! IL.
its advantage If an equitable basis could
he reached. satisfactory TO the various
interests involved, upon which its liabili-
ties could be brought more into accord
with it's earning capacity.
The rebuilding OF the bridge over the
Ohio River at Cincinnati was completed
on the 22d of May, 1897, and the improved
structure furnishes admirable facilities
for rail, trolley and highway traffic. The
reconstruction of the passenger station
at Columbus, Ohio, was also practically
completed on the second day of July, 1887,
and IL is now fully adapted 10 the re-
quirements Of the passenger traffic at
that point.
The number of tons Of freight moved on
the lines west of Pittsburg was i 800 056,
an increase of 5623,9l6 The number OF
passengers was J,522, ,72j decrease of
S46.55
The gross earnings of all lines east and
west of Pittsburgh for the year were
$12S, ,21S st, operating expenses. $S7.6f1.-
03l.9l, and net earnings, $40 637. .05495. an
increase i'm gross earnings, compared
with 1896, Of 1885, ,slS56. and in net earn
ings of $5.325. 1864. There were 159 jl5.-
go tons of freight moved, being an in
crease of 1i,323,@o6 tons, and GS,SIS, 697 pas
sengers carried decrease of 301l, l63.
GENERAL REMARKS
ii will be noted that there was no in
crease in the funded debt Of your Com
pany. and that the obligations issued by
the Pennsylvania Company were at the
lowest prevailing rate of interest. and for
the purpose of redeeming seven per cent
securities about to mature on lines form
ing a part Of the system OF that Com
pany.
The report Of the Managers Of the
Trust created October g. 1878, hereto ap-
pended. shows that there has been paid
by the Company 10 December 81 1881
the sum of 81. 6j5. .iJ6. 50 that the total in
come thcrcirom has been s. 80. SIS and
that on .hat date securities amounting
"a par TO IS 40, 40 were held In the Trust
There was appropriated TO the Trust for
the year 1897 the sum OF $94 ilO.i7
This Trust having been in operation for
nearly twenty years. il has become quite
difficult 10 purchase the securities pre-
scribed by its terms. its opera ton being
now confined to bonds or stocks OF which
the principal or the interest or dividend
thereon had been guaranteed by your
Company prior 10 its creation 1t is
deemed wise, therefore. that its scope
shall be enlarged so as to include guaran.
tees made since lS1S. and its continued ef-
ficiency thus assured. A resolution 70
that effect will be brought before the
stockholders at the next annual meeting,
the notice required by the terms of the
Trust making it necessary to defer ac-
tion until that time.
The assets of the Insurance Fund at the
end of the year were s.. $50 363. IS. being an
increase of S123 752. % as compared with
1896.
The membership OF the Employees Re
lief Fund OF the lines east of Pittsburgh
and Erie at the close OF the year was a.
go. the largest since its establishment.
During the year the members contributed
S'59.u'22l. while the company and its af- |
nliated lines contributed SlG9. .619 50 for op- |
Grating expenses and 81, 93g 80 for extra |
DEMENT'S to members whose disability had |
continued for over fifty-two weeks and |
who were. therefore, no longer entitled TO |
regular benefits from the fund. The total |
receipts were $9l4.7S9.12. and the balance |
on hand at The beginning of the year 1885, |
96S@. After distributing S30S 2S431 in !
death benefits, and SCR. 90. 81 in cases of |
disability arising from sickness and acci- |
dent. and meeting all its obligations and !
providing for unadjUsted death claims a |
balance Of sos. 36.aj remained to the cred |
II of the fund as as the result of its on !
erations for the last three years. out of |
which must be paid Unadjusted claims
for benefits growing out of sickness or
accident occurring during that period |
There Will probably be a surplus of s2i6.-
$3.50 after providing for such liabilities |
making its aggregate surplus for the on
tire period of the fund S616, ,52S Is
The number of depositors In the En- J
ployes' Saving Fund at the end of the !
year was 5,26I, an Increase of 323. The
amount received from depositors during |
the year was $479.f24, and the balance in
the fund at the close OF the year was 81
,53, HAP, of which 81 500 900 is invested in |
securities bearing interest at the average
rate of four per cent.
1t Will be remembered as stated in the |
asst annual report, that the heavy re-
iuetlon In tfafhc and revenue, consequent
ipon the depression Heretofore existing
n the commercial and manufacturing in
erests of the country, had comnelled
he dlscontinuance of the greater portion
u the work which was in progress in re- |
Using the alignment and grades of the |
nam nhe AS consequence thereof the |
arge expenditure already made remained |
and the work was not re-
umed until the latter part of 1897, when |
more favorable conditions justified its |
continuance. 1t has since been regularly
Prosecuted at Kinzer. or the PhiIadelphia |
ivision, and between Lilly and Portage |
nd from ConenaughJ Furnace to Nine
eh, on the Pittsburgh division, while # |
as been finished at Rheenis, on the for
ner division, and. except the laying of |
he track, at Radebaugh, on the latter di-
ision.
In consequence Of the late period in the |