The evening times., 1899-03-07

IaIIA. amounting TO -, lUJ,Gel, pJiu
maturity, july LIST, ls3o. through the negotiations
OF three and onc-haf per cent. bonds issued under
Its General Mortgage and reserved for that pur-
pose. The only prior lien securities now out
standing are an ineon,derable amount OF Equip
ment Bonds which fall due October Isr. 1899.
Under the terms of the General Mortgage of
the Cleveland and Pittsburg Railroad Company,
new series OF S3,0OOO00 was authorized by that
company. bearing interest at three and one-l.alf
per cent, running for fifty Years from NGyembe:
lst, ISIS, and designated Series &. to he used in
payment Tor betterments TO its road aud in the
redemption OF prior lien bonds
The Cincinnati and Muskingum Valley Railway
Company having been sold under foreclosure pro-
ceedings June 10Th, 1898, was purchased in your
interest and has been reorganfzed as the Gin.
cinnati and MuskiEgum Valley Railroad Com
pany. tnder This reorganization the interest on
its funded debt OF $500 900 has been reduced
from seven to four per cent. and the operating
results OF the property are qgite satisfactory
The number of tons of freight moved On the
lines west OF Pittsburgh So AS 10 an increase
OF I,65s,1l9 The number of passengers was
l6.SsOOll, an increase of S;}7 2sd.
The gross earnings OF all lines east and west
OF Pittsburgh for the year were Sl32. $50 47O.O2,
operating expenses, s92, 800 800 26 and net earn
insS. Si9 go 40 49, an increase i'm gross rarrirgs
compared with 1897. of -. .59I .8s3 IL. and a de-.
crease in net earnings OF SG76.glI.Ia There were
l's.'9l.zi9 tons OF freight moved, being an iu-
crease ot li2152sJ tons and =, ,21a Gtj passengers
carried, all increase OF 2,553, ayS
"eneral RcmlrlSS.
There has been paid by the Company to the
Trust created October 9th 1875 the sim Of
Si,Ti9st69I 10 December 3ist TSgS: the total in
come thereifGm has been S7,01l.Is 30 and on
mat date securities amounting At par to S9.27G.
oy were heid IN the Trust. There appro-
prlated to the Trust for the year lsls the ,;ir OF
ST. "a, and the interest received on securities
held IN the Trust during the year averaged nearly
ZIG per cent. on their cost.
In pursuance of the recommendation contained
III the last annua! report, due notice has been
given TO The shareholders that a vote will be
taken at the annual election on the rcsoIut ion
approved by the Board Of Directors December
li;h. ls's, charging the scope of the Trust so as
20 authorize the investment Of its funds not only
IN me purchase OF securities guaranteed by your
Company but also OF the securities OF the Penn
sylyania Company, or OF securities guaranteed by
1t, whether such guarantees have been or shall
Toe MADE or such securities issued before or since
the creation Of the Trust. As already explained,
this modification i essential to its continued cffi
cleEcy, by reason OF the increasing difficulty in
purchasing securities issued prior to the estab-
hshIEeEt thereof
The assets of the Insurance Fund at the end OF
the year were 1859, s35. TO- being all increase as
compared with 1897, of $1s3, ,4Tl.I
The membership OF the Employees Relief Fund
OF the lines east OF Pittsburgh and Erie con-
tinueS to increase. and aggregated ELI at the
close or the wear, being the largest since ii, estab-
hSiment, and an increase of over 1909 members
az compared with the previous year. During the
year the members contributed S76G. .23i a. while
YOUR Company and its affiliated lines in addition
TO the payment Of Sl0s $50 Is for onarating ex-
penseS, contributed so l@9 30 for extra benefits to
members whose disability had continued for over
% weeks, and who were, therefore. no longer
entitled to regular benefits from the Fund The
total receipts of the Fund, including interest and
other items, were Ss3S. 7Ii.G2, which, with S253-
26l-9S, the balance hand at the beginning of
the year. made aggregate OF 81 lgl 9s2 out of
which S21i ,010.46 distributed as death bene-
fits (bpinV in zach 3Sa Of abn
and S31O,9iO.61 in of disability arising from
sickness and accident. After meeting its ob!iga-
tions for the year, and providing for unadjusted
claims of previous years, a balance of Si2i 23S 81
must be paid unadjusted claims for benefits
growing out of sickness accident during the
year 1893. In addition to this balance there is
surplus which was accumulated during the life OF
the Fund, amounting to $685., $40. %.
The number OF depositors i'll the Employees Saw
ing Fund at The end of the year was 5S45, all in
crease OF 5Is- The amount received from depos-
itorS during 1898 was S600, ,S3s, and the balance
in the Fund at the close of the year was s. 3O3-
32s.15. OF this amount, 81, 80, 900 has been in
vested in securities bearing interest at an average
rate of about four per cent.
1t will be noted that there has been further
reduction in freight rates, the average rate re-
ceived per ton per mile being but 4.9g mills The
tonnage movement, however, shows a material
gain compared with the preceding year, so
that the gross earnings from that branch of
through the use of heavier power and cars OF
greater capacity, and the improvements in your
track and facilities consequent upon the extra
ordinary expenditures heretofore made in the
revision of grades and alignment and improve.
ment of the equipment, the cost of movement
has been reduced to $50 mills per ton per mile
The net earnings have therefore been more than
sufficient TO pay your regular dividend of five
per cent, and justify an appropriation to the
Extraordinary Expenditure Fund of the sum of
81 OOO 10 be used as hereafter more fully
explained.
The charges to capital account during the year
amounted to Sl,1Sl 10, as follows: Real es-
tate S197, ,SS0.36; trust equipment, 500 900;
additional tracks, S1S4, ,0s1.43
The latter item represents the cost of an i'm
proyement which has largely added 10 the ca-
pacity of your line for the prompt and economical
movement of traffic. The double track operated
over the Allegheny Mountain and through the
Gallitzin Tunnel had become Inadequate TO the
demands of your constantly increasing traffic
and it was necessary to add materially to your
facilities on that portion of the road For that
purpose the Portage Tunnel wAS rebuilt and the
Portage Road double tracked between lGresson and
Bennington your main line, distance of al,o.,t
five miles. Four tracks were also completed be-
tween Altoona and kittanning Point, so that with
the exception of a section about four miles IN
length between KitanHing Point and Allegrippus
where three tracks are in operation, there is A
complete four-track system from Altoona, at tho
foot of the eastern slope, to Lilly, on the western
slope of the mountain, distance of about seven
teen miles. Separate double tracks being TINS
provided for east and westbound traffic. not only
is additional safety insured, but an alternate
route provided in case of accident occurring ON Z
the most exposed portion of your lne.a ,--7s@
Through the special appropriation of 81 800 600
made out of the earnings of 1897, large portion
of the work of revising the grades and alignment
of the main line that had been commenced in