The times., 1899-03-07
SinI,iH. Funds.

apart ont Of the net income for the redemption
of the outstanding bonds secured by that mort
gage was increased during the year to SS5i.1SO.
the sinking fund for the bonds issued May Isl,
lS.3. having become effective the lst OF May,
IsIs. Under its provisions $4,000 of these secur-
itcS purchased ard cancelled, and the
funded debt WIS reduced by this amount. There
s5.sJl ,Osi. 10. in securities and cash. in
ti,e fund for the redemption of these bonds.
nder the provisions of the four per cent.
Equipment Trust Gold Loan. there was paid to
the t1is;ec during 1895 for tine sinking fund, the
sum of 1885, 400. The trustee unable to oh
tain any of the bonds the price fixed in the
lease. and. in accordance with the terms thereof,
the whole amount has been invested in additional
equipment.
Securities OF Other Corporations.
The entire cost Of the securities Of other cor
porationS. now held by your Company Is
SII7. .gss. $50. The direct revenue received
theIeirofu was s.. go. O56.1l. which amounted TO
nearly four per cent. upon the cost thereof, and
noTe than provided for the interest On your
funded debt.
The outstanding certificates Of Series ''I' Of the
PcrI..s lyauia Tar TrJISt and Series - and C
~ the Penasylvsu Equipment Trust having ma
iuTed during the year. were paid and cancelled
Tlfs.. series covered 2goJ hopper gondolas, $50
box ind - refrigerator car in service on the
Pennsylvania Railroad, 1000 gondolas subieaSed
90 iir Pennsylvania Company, 500 s'ibleased TO
the Northern Genital Railway Company. ana
500 siiirassd 90 the Philadelphia. Wilmington
and Baltimore Railroad Company; 90 hopper
rondo'4s s,hlea.ed 10 the Pennsylvania ana
Nor1lvesfsru Railroad Company; and 152 box
car Silil.s--d 20 the New York. Philadelphia ana
Norfolk Railroad Company. representing in all
lii2 tsrs and d total col OF s2,5jo.OOj. lhese
car. have therefore now become the property OF
the respective lines which contributed TO the cost
lhcrtof.
I, further is.uc was made Of these securities,
f4lf-i-tfnr of S-ris-s p - -'F.' and C. Of the
Psuusylysria Rolling Stock Trust, aggregating
ssDgl.T9. and hearing interest at ~ per cent.
per anHun. There will thus he added 10 iHc
egriiflront a. the Main Line 1000 steel gondola'r
snO ,ov ear, and 1916 long sondoas
Tie total number of cars provided under the
Car-trll-t system 4 62.9iS.
Total amount Of certificates issued ~,
tEer.f,.r. .................... 80. Ga 900 90
Amount redeemed. a'o'j W
Balance Of certificates outstanding ..
December 5Ist, lsfs-.-..---..----. si,o1.,oyl W
TIN. number Of tons of freight moved on the
three grand divisions east o: Pittsburgh ana III"
in Isgs si.s9l.so'' an Increase OF o,-''',f',
OF 6 - per crnt.: the number OF passengers "I'
r. gG9 jsa an increase Of 96j 0i2, or 21b per cent
The other Railroad Companies cast OF rittS-
/ burrh and Erie in which your company j. IN
ter.fed show satisfactory results DetalIed -'a''-
/ men,s Of their operations will he found IN 'hgir
rrsnac1iye annual reports, well u IN the
/ palnphlrt report Of your Company
Line. West of Pittsburgh.
| The following statement gives the results of
the operation OF the lines vest oil fi'ts,uIen ~
the Pennsylvania COMPANY ana me IIt'sp,i W Ei' @
Cincinnati, Chicago, and It. Louis Railway 'oih-
Earnings Of the Pennsylvania Com
panv on lines operated by it were. 81 ,0s56.e ~
! rI,st,sps .................... l3,j45,5i2 II
vet ,e.uIts........................ S7,5ii,s5G 80
From this deduct
| Rental. interest, and Liabilities OF all ~ -
kinds chargcable tlercto.......... G.S'e,V1J -
Net profits on pennn. Co. 5 lines. soe5. go IS
Earnings OF the Pittsburgh, Cincin-
natl. Chicago. and St. Louis Rail
way Company lines operated
directly by ii weTe.-..-.....-.... Sls,Di2,Gll l.
Esreuses .................... l3GOI, ,TGO -
Net s5557. $50 II
From this deduct
Rental interest. and Liabilities Of all
Eimds chargeabie ticreto........ 4.ll7 si2 81
Net profit on Pittsburgh, Cincinnati,
Chicago, and 81. Louis Railway
company's lines Sl,22O.0i7 ,!
Net profit on lines west of Pitts
burgh .................. sI,sS5, 70s o;
The other lines west Of Pittsburgh on account
Of which your company has assumed direct obi
cations. Or in which it is largely intereste,
through ownership Of securities but which ar,
operated through their own organizations, show
the following results:
The aggregate gross earnings Of these
1 roads were OBSERVATION-DISCLOSURES. Sb,JsJ,biJ y
Expenses OBSERVATION-DISCLOSURES. 5'ioa'o'i =
Net earnings gs...................... sl.sI7, ,5sI 3
I Deduct rental, interest, etc......... l,s5j lbs g
Loss ........................... SIS .9s7 3
OF this los. your company under
existing contracts, : responsible
for ..'..............-....... si953 o
Whicl, deducted from the profit
shown in the above statemcnt Iss5,7Os o
Leaves a net profit on all lines west
of Pittsburgh. gh..................... SI.so0, "a /
| These lines. while showing material gain i!
| gross earnings, show greater increase in cN
| penses due 10 the outlay necessarily made 4
| put them in condition 10 the traffic prompt
! is and economically at the prevailing low rates.
IL will Le noted that after meeting all charge
and liabilities Of every kind there a prof
on your lines Of Pittsburgh of -, $50, ga. Ii
Funded Debt.
The s., coo, $50 Of the Second Mortgage Bonds q
the 81. Louis, Nandslia and Terre iautc Raiiroa
Company which matured May lst last pun
chased by the Pennsylvania Company, and vii
be held until the relations Of the lines embrace
in the Nanialia System further adjusted
, The TerTe Haute and LogaDsport Railroad. on
OF the lines of that system, having been sol
under the mortgage securing Sl,0OO,OOO of its 81
:. per cent. extension bonds purchased j
I Your interest, on the eighteenth day of Noven
Der, and has been recognized under the nam
Of the TeTre Haute and Logansport Railwa
Company. Tie litigation in connection wit