The evening times., 1900-03-06
crease Of a. 44 10 tons and 766i3 54s passengers
| carried an increase Of 4s2S, 906

held in the Trust. There was appropriated to
the Trust for the year 1899 the sum Of S9, ,iS1 o2
and the interest received on securities held IN the
Trust during the year averaged nearly sos per
cent their cost.
The bonds of the Mount Holly, Lumberton and
Medford Railroad Company, amounting to S15,-
600, matured April /, 1899. As your Company
was under the terms of the lease of the United
Railroads of New Jersey responsible for their pay
ment, and the revenues OF the road are not
even sufficient to meet its operating expenses,
these bonds-were paid out of the Trust Fund
and delivered to your Company.
The assets of the Insurance Fund at the end
OF the year S4.3ij, S. being an increase,
as compared with 1898, of S275,67675.
The membership of the Employees Voluntary
! Relief Fund of the lines Of Pittsburgh and
Erie continues TO increase, and aggregated s,529
! at the close of the year, an increase OF 3,3So
members as compared with the previous year
/ During the year the members contributed sI0'-
24o.25, while your Company and its affiliated hnes
in addition to the payment OF Sll4.si'.3l for oper-
/ atiRg expenses contributed s54.353.D for extra
benefits 10 members whose disability had continued
I for over 81 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 S'oOS9I.5I, which, with
SS>S z3'bs, the balance on hand at the beglnnlng
of the year. made aggregate of sl,3OJ, 5.-2,
out OF which $3.50, 227. SO distributed death
benefits (bclng an average IN each case OF about
/ S5sdt5l, and S479.27I.J6 in eases of disability
arising from sickness and accident. After meet
ing its obligations for the year. balance of SSH,
2s2.Y3 remained the credit of the Fund, out OF
+ which must he paid unadlGsted claims for dement's
growing out of sickness or accident during the
year 1899 and previous years In addition TO this
balance there il a surplus which has accumulated
during the life of the Fund. amounting to S6oi,-
4sl 80.
The number Of depostors in the Employees Saw
ing Fund at the end Of the year was 500, an IN
crease Of ll21 the preceding year. The
amount received from depusitors during 1899 was
S.o6 Ia, and the balance in the Fund al the
close of the year 81 III, 03 OF this amount,
So IS has been invested in securities bear
ing interest at average rate OF nearly four per
cent In consequence, however, Of the steady de-
cline IN the rates of interest fTstclass securl-
ties, II will be necessary 10 reduce the rate of
interest paid 10 the depositors in this Fund from
To Slz per cent, taking effect July /, 1900, and
notice to that effect has been given.
The revenues for the year, AFR paving the
regular dividends, providing for the Sinking Fund
deffaA ing extraordinary expenditures OF nearly a
million Of dollars and setting aside 81 500 900 to
be used for similar purposes during the current
year were sufficient To leave surplus OF more
than million of dollars 10 be carried TO the
credit of your profit and loss account.
The charges capital account during the year
amounted 10 81, ,14s .255 r. follows:
Additional tracks. .$346,977 10
Real estate. ie...-..--...........-.. StZ-4's w
Locomotives ....--.......-...... ote'ocJ W
Car Trust Equipment. ........... $50. 900 90
The first item represents the expenditure upon
additional third and fourth tracks between Gap
and Gordonvile, Sang Hollow and Coneiuaugh
Manor and Shafton, and at South Fork. and
the practical completion of the four-track system
over the Allegheny Mountains
The real estate charges represent the cost Of
additional property purchased mainly al terminal
points.
The charges to Motive Power and Equipment
represent the cost Of additional locomotives need
ed To your traffic. and the usual charges on
account Of Car Trust Equipment.
Through the special appropriations made for
extraordinary expenditures. the work Of revising
+ he Al EllZ3hgf EtpNu the PhllJlFI-
phia Division. Spruce Greek the Middle Di-
vision. and Irwin on the Pittshurg Division. the
three points referred in the last report those
where the heaviest outlay would be required. was
steadily pushed forward. and Will be completed
during the present year. The pneumatic auto
matte signals were also extended from Monmouth
/ Jurction TO Railway. thus completing that addl-
Z tlural safeguard on the New York Division. Ad
diiOual pier and other terminal facilities also
provided at Brooklyn and Willamsburgh. and fur
thcT expenditure MADE IN equIpplng your freight
can with air brakes and automatic coupleTs in
pursuance Of the requirements Of the Interstate
Commerce legislation
Further revsions Of alignment made, ad-
ditionai yard and storage tracks provided, in
creased facilities furnished at your piers and
Wharyes in Philadelphia and New York harbor
! and other extraordinary expenditures made IN
improving your equipment and otherwise. requir-
ing, in addition 10 the fund set aside in Is's an
outlay of $3.50 22s IL (as heretofore stated your
( income scCUunt).
The larger portion of the funds required for this
clssA Of work the United Railroads OF New
jersey Division. including the completion of the
Passenger station al Jersey City, the improve
F, ments al HArsiIHus and DesbTusses Street Ferry.
and the additions to your floating equipment IN
New York haTbor, supplied ont Of its own
/ income. The aggregate OF these charges exceeded
the sum 20 charged in lSaS by halt million
of dollars. 1t is satisfactory To find the revenue
Of this property sufficient to not only meet all its
liabilities but provide. to great extent. for the
requirements OF its increasing traffic
There practically charges 10 capital
account on branch and auxiliary lines, with the
exception OF the sums invested In the purchase
Of additional real estate The extraordinary eN-
penditure mainly in the construction Of
branches on the Cambria and Cieariield, Bald
Eagle Valley. and South West Pennsylvania Rail
roads, the extension OF second track yard tracks,
and sidings the Pittsburgh, Virginia and Charles
ton Railway. and the improvements Of the West
Jersey and - taShore Railroad 10y in4uguIatiug the
work OF stone ballasting the track Of the Atlantic
| Citv Division and equlpplng IT with pneumatic
automatic signals
A considerable OUTLAY will be necessary during
the current year to provide for your growing
traffic, through the extension Of third and fourth
tracks, the increase OF yard ana other frelght Ia
cities the establishment of pneumatic auto
matte signals. and additions 10 your power and
equipment. The bridge the Susquehanna
River at Rockville needs reconstruction. and the
rebuilding of the Pittsburgh passenger station and
the elevation OF the tracks and readJustmeni Of
! facilities at that point viii involve heavy eX-
penditure The necessary legislation having but
recently Deen ODldllhu lIoH AHe HiuhiCipdl
! thorities OF that city, it was impractcahle 20
take up this question during the past year. On
| the United Railroads of New Jersey Division fur
ther revision of the line viii be necessary, and
the completion Of the ferry house and stone bulk
head at Desbrosses Street. additional tracks at
Harsimus, new passenger tracks at Hackensack
and the Improvement of the Meadows Yard viii
also require large disbursements while further
additions are necessary to your floating equip
ment.
Iour attention is particularly directed to the
very large increase in the tonnage over that Of
the previous year. The increase on yOnT three
grand divisions east Of Pittsburg and Erie was
nearly 5000 600 TONS amount greater than the
whole tonnage moved over the same lines IL 1873
OF in any year previous thereto. Ii Is gratifying
TO be able to state that the traffic moved
with exceptional regularity and despatch, and
without serious bocksdes either the lines at
the terminals. But for the liberal and iudicious
expenditures made in recent years for extensions
of third and fourth tracks, freight yards, and
terminal facilities well for additional loco
motives greatly increased power, and freight
cars of enlarged capacity, it would have been i'm
possible 10 move the volume of traffic suddenly
! thrown upon your lines.
The general business of the country may be
expected to increase in the future in the past,
| as the steel, iron, and coal industries which
! furnish such large proportion of your tonnage
| are entering upon new era, being no longer
! restricted to supplying the home demand but
able to compete successfully in the markets of
the world. In order that your Company may per-
| form its duty TO the public and secure its share
/ of the growing traffic, it will be necessary to
| continue TO improve and add to your property.
| Following the conservative policy heretofore pur-
sued and which has placed your Company in its
| present strong position, part of the money for
| such expenditures should be taken from current
| income, but portion must come through an in
crease of capital. Your Board are OF the opinion
that within iudicious limitations the wiser policy
will he 10 do this through issue OF shares rather
than by adding to the funded debt, and there
are only about eight millions of stock available
after providing for the allotment of ten per