The times. [volume] (Washington [D.C.]) 1897-1901, 1900-03-06

4 IS
securities amounting at par TO S9,792,9O0 were
| held in the Trust. There was appropriated to
the Trust for the year 1893 the sum of SOL 43T O.
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
Nedford Railroad Company, amounting to s75,-
| 900, matured April l. 1899 As your Company
| was, under the terms OF the lease Of the United
Railroads Of New Jersey responsible for their pay
ment, and as 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 were Si,3i5,5l1 s., being increase,
| as compared with lsiiS Of S275. 676 80
The membership Of the Employees Voluntary
| Relief Fund OF the lines east OF Pittsburgh and
Efle continues TO increase, and aggregated ~, 529
at the close of the year, an increase Of Ass
! members as compared with the previous year.
| During the year the members contributed $751;
24G25, while your Company and its affiliated lines,
IN addition to the payment of 81 FOR oper
atlnS expenses. contributed so, $3.50 for extra
benefits members whose disability had continued
| for 50 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 $3.50 1874, which, with
$685. 5.6S, the balance on hand al the beginning
of the year, made aggregate OF Sl,359, 255. %,
cat OF which S35022 50 were distributed death
/ benefits tbelng an average III each OF ABOUT
6.6j), and s479,27i.g6 in eases Of disability
arising from sickness and accident. After meet
ing its obligations for the year. balance of S311,
212.93 remained TO the credit of The Fund OUT of
| which must be paid unadusted claims for benefits
| growing out of sickness accident during the
| year 1899 and previous years In addition to this
balance there is a surplus which has accumulated
during the life of the Fund, amounting to $685.
| sSl 80.
The number of depostors in the Employees Saw
| ing Fund at the end of the year was $50, an in
| crease Of l,l27 over the preceding year The
amount received from deposiiors during 1899 was
! S's6,li, and the balance in the Fund at the
close of the year 81, III, 70903 OF this amount
s2IlG,S5G6s has been invested in securities bear
ing interest at an average rate OF nearly four per
cent. In consequence, however, Of the steady de-
cline in the rates of interest irst-class secur
| ties 1t viii be necessary to reduce the rate Of
interest paid TO the depositors in this Fund from
to 81 per cent. taking effect July /, 1900, and
notice to that effect has been given.
The revenues for the year, atSr paving the
regular dividends, providing for the Sinking Fund,
defraying extraordinary expenditures of nearly a
million OF dollars, and setting aside 81, 900 to
be used for similar purposes during the current
year, were sufficient to leave surplus of
than million Of dollars TO be carried to the
credit of your profit and loss account.
The charges to capital account during the year
amounted TO s1.7iS.255.I2, follows:
additional tracks. .sSi6,917 10
Real ACKNOWLEDGEMENTS. Sf2,iIs U2
Locomotives ...--....----.-...-- bIS.sbO %
Car Trust Equipment ............ $50, eco 90
The first item represents the expenditure upon
additional third and fourth tracks between Gap.
Manor anil Shafton, ard at South Fork, and
the pract eel completion of the four-irack system
over the Allegheny Mountains.
The resi estate charges represent the cost Of
ADDITIONAL property purchased mainly At terminal
points.
The charges TO Motive Power and Equipment
represent tie cost of additional locomotives need
ed to move Your traffic, and the usual charges on
account Of Car Trust Equipment.
Through the special appropriations made for
extraordinary expenditures the work Of revising
the alignment at Elizabethtown the Philadel
phia Division, Spruce Creek the Middle Di-
vision. and Irwin on the Pittsburg Division, the
three points referred to in the last report as those
where the heaviest outlay would be required,
sfead1iy pushed forward, and VIII be completed
during the present year. The pneumatic auto
matte signals were also extended from Monmouth
Junction TO Railway, thus completing that addi-
floral safeguard on the New York Division Ad-
ditiona pier and other terminal facilities were also
provided at Brooklyn and Williamsburgh and fur
ther expenditure made in equipping your freight
cars with air brakes and automatic couplers in
pursuance of the requirements of the Interstate
Commerce legislation
Further revisions Of alignment were made ad-
ditional yard and storage tracks provided, in
creased facilities furnished at your piers and
wharves in Philadelphia and New York harbor,
and other extraordinary expenditures made in
improving your equipment and otherwise, requir-
ing, in addition to the fund set aside in 1895 an
outlay of $3.50 22S4l Gas heretofore stated in your
income ACCOUNT.
The larger portion of the funds required for this
class OF work on the United Railroads OF New
jersey Division, including the completion NJ the
passenger station at Jersey City, the improve
ments at Harsmus and Desbrosses Street Ferry,
and the additions to your floating equipment in
New York harbor. was supplied out OF its own
income. The aggregate OF these charges exceeded
the sum so charged in 1925 by over half million
of dollars. 1t is Satisfactory TO find the revenue
OF this property sufficient to not only meet all its
liabilities but provide, to a great extent, for the
requirements of its increasing traffic
There were practically charges 10 capital
account on branch and auxiliary lines with the
exception Of the sums invested in the purchase
penditure was mainly in the construction Of |
branches on the Cambria and CleaTheld. 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 Sesshore Railroad by inaugurating the
work Of stone baasting the track Of the Atlantic
City Division and equppins 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 and other freight IA
ciiities, the establishment OF pneumatic auto |
matte signals, and additions 10 your power and |
equipment. The bridge over the susquehanna !
River at Rockville needs reconstruction and the !
or the Pittsburgh passenger station and |
the elevation Of the tracks and readiustment of |
facilities at hat point will involve heavy ex |
penditure. The necessary Legislation having but !
recently been obtained from the municipal au- |
thoriiies Of that city, it was impractiesble TO |
take up this question during the past year. On |
the United Railroads of New jersey Division, fur |
ther revision OF the lire will 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 will |
also require large disbursements, while further |
additions are necessary 10 your floating equip |
ment
Your attention is particularly directed to the
very large increase in the tonnage over that OF /
the previous year. The increase on your three
grand divisions east of Pttsburg and Erie was |
nearly l6 100000 tons, amount greater than the
whole tonnage moved over the lines in 1875 |
Or in any year previous thereto. II is gratifying
10 be able to state that the traffic was moved |
with exceptional regularity and despatch, aad |
without serious blockades either the lines or at
the terminals. But for the liberal and judiciOus
expenditures made in recent years for extensions
Of third aHd fourth tTacks, freight yards, and
terminal facilities, well as for additional loco
motives o greatly increased power, and freight |
cars OF charged capacity, it would have been in
possible 10 move the volume of traffic suddnly
thrown upon your lines.
The general business OF the country may b, |
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 20
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 judicious limitations the wiser policy
will be 10 do this through issue of shares rather
than by adding to the funded debt and as there
are only about eight millions Of stock available
after providing for the allotment Of ten per
certum which has recently been made IL will be
To rhn Il