New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-09-17
The increase IN freight earnings was si'o4o'-

TIL. Increase IN freight earnings was Sl,64o.-
3QS o. or per cent; the tonnage increase was
2753 GO tons or 13 per cent; and the tonnage
carried one mile was 700 95S35l tons greater. or
10 per cent. The rate per ton per mile decreased
from 6s mills in 1897 to 81 mills in lS''S. the
lowest annual average yet reached lhs u'
crease is largely accounted for by III" fact that
per cent Of the tonnage increase occurred IN
the Iow-class freights The average distance each
ton was carried was 1912 miles as compared with
1S4 miles in 1897. The decrease in the cost OF
maintenance Of way was due 10 the ract mat
the extraordinary requirements Of rail In the
preceding eight years enabled the company 10
maintain It's track superstructure without heavy
renewals during the year Just closed. During the
period referred to- -235 900 tons Of from 6o-pound
TO lOO-pound had been purchased for relay
inC 2O42 miles OF track The roadway has re-
ceved special attention the increase or
s06 352 so shows: and improvements Of perma-
nent value have been made In many Of the COM
pany's station and shop buildings. In the main
,enance OF It's equipment during the last year the
company has spent s3.17I.G12 ~ In what are
known as ordinary repairs" and 81 l3' 33o ~
for charges Of an extraordinary character THESE
latter included the cost Of ono new cars. ~ new
passenger locomotives. the re-upholstering or Ii"
passenger cars and also the expense Of dynamos
and electrical furnishings for the Lake Shore
and New York and Chicago Limited" trains.
The Increase in traffic expresses. which includes
all charges incident to the procuring as well as 10
the handling OF traffic is the direct result of the
much heavier volume OF business For example,
the Increase In freight tonnage was 3'lol'S2S
tons. and 007.771 more passengers were carried
I'm 1S07-'0S than in 1867. This necessitated
an increase Of 3.25l 96S miles In the engine
nnI
the handling OF 6.7. Cos more freight cars Car
service charges increased Sl04T74 30: the station
payrolls increased $lSS622 "a. representing a
monthly average OF 274 men. and the payrolls OF
engine and train crews 1914. 1914 Is. monthly
average OF 226 men. During the year the New
York and weehawken elevators received 81
All 1863 bushels OF grain In excess OF the guam
tty received in the year preceding.
At meeting held April II. 1897. the Board OF
Directors adopted resolutions authorizing the
execution Of mortgage to be dated July |.
1907 Uhe beginning OF the fiscal year just
closed), to secure an issue Of SlOOOO,OOO bonds,
the principal to become due and payable In
gold July l. 1897, and the interest. at 81
per cent per annum TO be paid semi annually
on tho first days Of January and July. This
action was ratified at the stockholders meet
Ing held May &c. 1897. or the $100.000.000 au-
thorized S70.377 1888 is reserved for the purpose
OF retiring a like amount OF obligations out
standing on June go 1897. composed OF six
different classes OF bonds varying in nature.
rates OF interest and dates OF maturity S14.-
co. G6I is reserved for the premiums necessary
to retire the old bonds before their maturity.
and for such other uses as the Board Of Direc-
tors may approve: and the remaining $1,000
600 Is to be held until December 81. 1903 after
which time II is to be available for construction,
equipment other purposes. During the last
year S23. 400. 900 80 OF the bonds have been
issued In exchange for S21. 4SO 9S5 90 OF bonds
OF the old FORMS and a saving In interest has
been effected amounting to Sl97.710 II. New
bonds to the amount OF S2.0100OO have also
been issued and sold for cash: $4,000 In con-
nection with the exchange of old bonds for new
and S2O0OOO0 for the general purposes Of the
company.
On February T. 1898. the Board OF Directors
authorized the purchase OF the capital stock Of
the Lake Shore and Michigan Southern Rail-
way Company. aggregating $4,000. 900. and
agreed to issue in payment therefor $100.OO0.O00