The times., 1899-03-07

panN, amounting 10 s2rl09OO0. paid at |
maturity, July lst, 1s1s, through the negotiation
OF three and onc-laf per cent bonds issued under |
It's General Mortgage and reserved for that pur-
pose. The only prior lien securities now out |
standing are an inconsderabe amount OF Equip |,
ment Bonds which fall due October lst 1909
ndCr the terms of the General Mortgage Of |
the Cleveland and Pittsburg Railroad Company, |
a new series OF sS.O0G.O00 was authorized by that
company, bearing interest at three and one-half |
per cent, running for fifty years from November
lst ls's, and designated Series c. to be used in |
payment for betterments to its road and in the |
redemption Of prior lien bonds
The Cincinnati and Muskingum Valley Railway |
Company having been sold under foreclosure pro
ceedings June 29th, 1895 purchased in your
interest and has been recognized as the Gin
cinnati and Mushingum Valley Railroad Com
pany Under this reorganization the interest on
its funded debt OF 81 $4,000 has been reduced
from seven to four per cent, and the operating
results OF the property quite satisfactory
The number Of tons of freight moved on the
lines west Of Pittsburgh VAST as T1j an increase
OF 7,G7s1lg. The number OF passengers was
lG,%5D,0ll an increase uf S3I. .2sG
The gross earnings OF all lines east and west
Of Pittsburgh for the year were sl32 S6g. 1902,
operating expenses ss,2, ,SOs 20 -, and net earn
ings, $50 go 1915. increase in Cross earnings
compared with lsJ7. OF -, j9l. .Ss3 lG, and a de-
crease in net earnings of s57G9li.lJ. There were
l'"'N,23l tons al freight moved being an in
Of l4255. tons. and Il 2O2 GJ5 passengers
carried, an increase OF 2,353ag5.
General Remarks.
There has been paid by the COMPANY TO the
Trust created October 9Th. ISIS the sum of
So sG5.@I TO December 3lst 1885 the total in
come theTefTOm has been 81 GGl ls2 80 and on
th3t date securities amounting at par to 81 49,
so were held in the Trust. There WAS appro-
priated 10 the Trust for the year 1s9s the sum Of
S12,uDl.yO, and the interest received securities
held in the Trust during the wear averaged nearly
. 5-l6 per cent, their cost
In pursuance Of the recommendation contained
: IN the last annual report, due notice has been
given to the shareholders that vote will be
taken at the annual election the resolution
approved by the Board Of Directors December
lith. lsHs. enllrging the scope Of the Trust
10 authorize the Investment OF its funds not only
in the purchase of securities guaranteed by your
Company. but also Of the securities OF the Penn
Sylyania Company, or of securities guaranteed by
it. whether Sich guarantees have been shall
be made, such securities issued before since
/ the creation Of the Trust. As already explained
this modification is essential its continued eff
I cheney, by Of the increasing difficulty in
! purchasing securities issued prior to tie estab
lis1ment thereof
Tie assets Of the Insurance Fund at the end of
! the year were sI.0GD, 30 being increase.
! compared with 1897, of Sls3 l5l.5l.
The membership OF the Employees Relief Fund
/ oi the lines east Of Pittsburgh and Erie
TIMES to iBcreasa, and aggregated SIN at the
closc Of the year being the largest since its e~tab
! li-hmeEt. and an increase Of over 100 members
as compared with the previous ycae. During the
year the members contributed StOS.2jl-II, while
YOUR Company and its affiliated lines in addition
10 the payment of $10s. .S6' 53 for operating cx-
pcnes contributed so. l25.5O for extra benefits to
members whose disability had continued for over
- weeks, and who were. therefore. no longer
entitled 10 regular benefits from the Fund. The
total receipts OF the Fund, including interest and
other items, were s93s, Or, which, with s2j5.
267 IS, the balance hand the beginning of
the year, made aggregate OF 81. l1, 80, out of
which s274, ,07O. iG distributed death bene
fits (being average IN each case OF about S5ll).
and S3I0.9i0G7 i'll cases of disability arising from
=. fHFtfy .k,tT
tions for the year, and providing for unadiusted
claims OF previous years balance OF 1924, ,23d.5
remained to the credit Of the Fund, out Of which
must be paid unadiusted claims for benefits
growing out Of sickness accident during the
year 1875 In addition to this balance there i Il
surplus which accumulated during the life Of
the Fund. amounting to s635,910.2J.
The number of depusiturs in the Employees saw
ing Fund al the end Of the year 5si5, in
crease Of 57s The amount received from depos
itoTs during 1895 was $500, SJs, and the balance
in the Fund at the close OF the year 81 .3r,
32s Is Uf this amount. s2,25O0DJ 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
ceiycd per ton per mile being but i.sJ mills. The
tonnage movement, however shows 4 materiIl
gain as compared with the preceding wear. -,
that the gross earnings from that branch OF
your traffic quite as large as III leJ', while
through the use Of heavier power and cIfs ui
greater capacity, and the improvements in Nuur
track and facilities consequent upon the ,N'rl
ordinary expenditures heretofore made TO- the
revision Of grades and alignment and improve
ment Of the equipment. Tia" cost OF movement
has been reduced to 80 mills per ION per mile.
The rel earnings have therefore been than
sufficient 10 pay your regular dividend Of five
per cent and ir,tify appropriation to the
Extraordinary Expenditure Fund oi the Of
81 500 900 to be used hereafter more uliy
| explained.
The chargcs 10 capital account during the year
amounted 10 81 ISL g6i 70. rs follows: Real g.
I tate SlJI ssO.@G. trust equipment, S2tJ,WJ;
additional tracks, SIS,
- The latter item represents the cost OF an i'm
provcment which has largely added to the ca
pacity vi your line for the prompt and economical
movement Of traffic. The double track operated
over the Allegheny Mountain and through the
callitzin Tunnel lad become Inadequate TO the
demands of yOur constantly increasing traffic,
and il was necessary 10 add materially to Your
facilities that portion Of the road For that
) purpose the Portage Tunnel rebuilt and the
Portage Road double tracked between tresS0n and
Bennington your main line, distance Of aJo It
five miles -Four tracks also completed he
tween Altoona and kittanning Point, that with
: the exception of section about four miles in
length between kiianning Point and Atgrippus,
where three tracks are III operation, there IS a
complete fOnr-trsck system from Altoona, at the
foot of the eastern slope, to Lilly. the western
slope OF the mountain, distance of about seven
+ + teen miles. Separate double tracks being thus
provided for cast and west bound traffic, only
is additional safety insured, but alternate
route provided in of accident occurring ON
the most exposed portion Of your Inc.
Through the special appropriation of - $50, ,D00
made out OF the earnings Of 1897, large portion
h of the work OF revising the grades and alignment
n Of the main line that had been commenced IN
1895. and temporarily suspended by Of the
business depression existing in the following year,
-. ..l~sV sIl. .N.a.4 A