The Indianapolis journal., 1899-09-16

the books of the company 1855 freight
cars, representing a tonnage capacity OF
3i4. llS tons. A large number OF these were
old and worn out and tit only for scrap.
They had been received by the company
In the consolidation and purchase OF
various lines and appeared but nominally
upon the books. On the 30th of June, 1899.
the company owned 14.065 freight cars. with
tonnage capacity OF 345,42 tons, all In
nearly 10000, in addition to ordinary re-
pairs. has during that time been spent in
the purchase of new locomotives, taking
the place of old and worn-out ones. and md
locomotives and cars has enabled the COM
pany TO increase its trainload from POI TO
Oh new sidings TO facilitate the passage or
trains and TO serve industries located on
the line have been built in the past six
years, also thirteen miles OF second track,
all OF which have been charged to expenses.
Three hundred and sixty miles of eighty
pound steel rail have been laid. replacing
dlnerence In cost having gone into ex-
penses The main lines OF the company
nave all been thoroughly ballasted. Large
improvements have been made in the shops
ana stations and yards, and we feel that
we can say to you to-day that you have
road whose physical condition Is equal TO
that OF any of its competitors
Among some of the items which have
peen expended during the last year and
Tor 6S3 miles of new sidings; $4,000 for
new stations and interlocking; s.. 9.211.o5 for
dand purchased at various stations; $462.-
20 Tor extraordinary repairs upon shops
ana purchase OF new cars and engines. The
company has pursued constantly the change
from the old-fashioned coupler to the auto
matte, as required by the act OF Congress,
and the large expense attending this has
gone into the current expenses. On the 3Oth
or June there were 1,622 cars remaining to
be changed. all OF which will be accom-
plished before the 31st of December, when
the law goes into effect. From that time on
the expense OF this nature will be very much
reduced. Your careful attention is invited
In detail the work of the company during
the year. Upon the last balance sheet will
be observed a claim against the Peoria &
Eastern Railway Company for 81 ,OlS, ,335. %
for advances at various times. which this
year is reduced to $S72. 1875. That company
had outstanding last year 100000 of per
cent bonds. which fall due the 1st of next
January. An arrangement was made for
an extension of them at per cent. A large
number of the bondholders have availed
themselves Of this privilege and the COM
pany has made arrangements, through re-
sponsible parties. TO purchase all bonds not
so extended when they fall due next Janu-
ary- This releases large amount of the
securities in the Peoria e. Eastern Railway
treasury. which have been turned over to
the company at a fair valuation. thus large
ly STRENGTHENING the treasury Of this COM
pany and reducing the Peoria G. Eastern
Railway debt. 1t is hoped that that COM
pany can pay out this balance in few
years. Its property is in first-class condi-
ton. Its earnings for the last two years
have been more than sufficient to pay its
charges, and with a slight increase il can
pay the principal of this debt The grain
crops upon the line are very good and gen.
eral business has greatly improved so that
the outlook for tonnage for the coming year
is encouraging. The trains have been op-
Grated during the year with great freedom
from accident and the company gives due
recognition hereby to all the employees for
their faithfulneSS and zeal in the perform
ance of their duties.