The evening times., 1899-03-07
Sinking Funds.

Under the provisions Of the consolidated mort
gage OF the Company. the annual amount set
apart out oi The net income for the redemption
OF the outstanding boHds secured by that mort
gage was increased dining the year to 1854, $50,
the sinking fund for the bonds issued May lst,
ls.5, having become effective en- the lst of May,
l-9S. ndrr lis provisions $50 900 Of these secur-
ities wcr" purchased and Cancelled, and the
funded debt was reduced by this amount. There
are E0w sl,S5i 10, IN securities and cash, in
the fund fur the redemption of these bonds.
nder the provisions of the four per cent.
Equipment TIuSt Gold Loan. there paid TO
the tr'l-soc during ls.as for tbc sinking fund.- the
ui Si36. Ipl. The trustee vas unable 10 OBJ
tain any OF the bonds at the price fixed in the
lease, and in lconI dance with the terms thereof,
the whole amount has been invested in additional
equipment.
Securities 81 Other Corporations.
The entire cost st the securities of other cor
porations. pow d,eld 10y your Company, is
therr;rDm Has -. $500 which amounted TO
nearly four per cent. upon the cost thereof. and
more thsn provided Tor the interest on your
funded debt.
Car Trusts.
The outstanding certificates OF Series ''I'' of the
PenEsl lvauis Csr Tiu-t and Series - and &C.
OF the Pennsylvania Equipment Trust having ma
tured during the year were paid and Cancelled.
These series covered 2Olj hopper gondolas, 45d
box. and 81 refrigerator cars in service on the
TO the PenHs, iysni1 Company. 500 subleased 70
the Northern Central Railway Company, and
$40 sUblesscd to the Philadelphia, Wilmington
and Baltimorc Railroad Company; 500 hopper
goEdplas >ubita-cd 10 The Pennsylvania and
Northwestern Railroad Company; and l52 box
cars sublea-ed 10 the New York. Philadelphia and
Norfolk Railroad Company, representing IN all
5lJ2 cars aud total cost Of S2.J50,0G Tines,
cars have therefore BOW become the property oi
the respective lIuc, which contributed 10 the cost
thereof.
4 further issue was made Of these securities,
consisting IT S-.rir- Il. 80 and c. OF the
Pei,I,-, lsauia Rolling Stock Trust. aggregating
s3.OJl.Og1. aud bearing interest at Sl2 per cent.
per anumm. There will thus be added to the
equipment Of the Main Line 1909 steel gondolas,
2Gp box csrs. and 1886 long gondolas.
The total uun!her Of cars provided under the
Clr-lUlst system IS Ol9i5.
Total amount Of certificates issued
therefor 1900 -ssS' 6lt W. @ w W
Amount redeemed mrd..-..--......-..... 2s,Is1,0Do OO
Balance Of certificates outstanding
December 81, lS9S-.--.-...-..-. $3.50, 900 %
The number Of tons Of freight moved on the
three grand divisions east OF Pittsburgh and Erie
in lsss WAS >is,l,s0j an increase OF !, $40.
or 6 - pr. cent; the number of passengers was
81 gs2 Ss. an Increase OF BlOi2 or ). 40 per cent.
The other Railroad Companies east of Pitts
burgh and Erie in which Hour Company Is in
tsrc>ted show satisfactory results. Detailed state
nents II their Operations Will be found in their
respective annual reports. IA well as in the
pamphlet report oi your Company.
Lines West OF Pittsburgh.
The following statement gives the results OF
the operItian OF the lines west OF Pittsburgh by
the Pcnn>, lyania Company and the Pittsburgh.
Cincinnati, Ci.i,Ig", aud II. Louis Railway Com
pJny:
Earnings of the Pennsylvania Com
pany on line~ operated by il were. 81, ,0S9.6 81
Expenses neutrality-suspicious.. 13,545,3f2 Il
Net s7,544, ,2G6 50
From this deduct
Rental. interest. ana Liabilities Of all
kinds chargeahlr thercto......... 6,S7S,605 y
Net profits on P,rna Co lines ss65, $50 IS
Earnings of the Pittsburgh, Cincin-
natl. Chicago. and 81. Louis Rail-
way Company on lines operated
directly by il c...-.......... S1S,9i2, ,651 l3
Expenses I3,G0i, $50 30
Net $685., $50 IA
From tins deduct
Rental. interest, ard Liabilities Of all
kinds cbargeablc thcIeto.......... 4.117, ,s42 S5
Net profit on Pittsburgh. Cincinnati,
Chicago. and ~. Louis Railway
Company's hnes.--................ SI,22O,Oi7 %
Net profit ON lines west OF Pitts
burgh 81, ,ss5, 7Os OF
The other lines west of Pittsburgh. on account
of which your company has assumed direct ob!i-
cations, in which ii is largely interested
through ownership of securities. but which are
operated through their own organizations, show
the following results:
The aggregate gross earnings of these
roads were. ...-...--.............. $685., 6i5 81
Expenses .,...----.'.--..--......... 5,lQs,05i %
Net earnings. Observation-Disclosures. 81 ,sl7, ,59l 50
Deduct rental, interest etc-.....-.. 1,S35,57S S5
Loss ACKNOWLEDGEMENTS. SIS, 1887 80
OF this loss, Your. company, under
existing contracts, = responsible
for -.,.:,..,..;;.,; .-..-.... s4,963 90
shown in the above statement 1.sS5. 70s OF
Leaves net profit on all lines west
OF Pittsburgh S......-..-...... $3.50, IA Is
These lines, while showing a material gain IN
gross earnings. show greater increase in ev
penses, due 10 the outlay necessarily made TO
put them IN condition 10 move the traffic prompt
ly and economically at The prevailing low rates
1t Will be noted that after meeting all charges
and liabilities of every kind there was net profit
on your lines west Of Pittsburgh of 81 $50 IA I5
Funded Debt.
The s.. 600 Of the Second Mortgage Bonds of
the st. Louis. Nandsia and Terre Haute Railroad
Company which matured May LIST last were pur-
chased by the Pennsylvania Company, and viii
be held until the relations of the lines embraced
~ the Fandalia System are further adjusted
The Terre Eaute and Logansport Railroad one
of the lines of that system, having been sold
under the mortgage securing sl0OO,oO0 of its six
per cent. extension bonds, purchased in
your interest, the eighteenth day of Novem-
Der, and has been reergsnized under the name
of the Terre Haute and LOgansport Railway
Company. The litigation in connection with
these properties still continues, and they remain
in fha hand OF NJ Il Mall