The evening times., 1900-03-06

GENERAL REMARKS.
There has been paid by the Company to IN, I
sfl. sG7.s7 to December e. 1893; the total income
therefrom has been s., 49. .S07 CO. and on that date
securities amounting al par 20 SS,fyz,SOO were
held in the Trust. There was appropriated 20
the Trust for the year 1893 the of Sl i37. .G2,
and the interest received securities held in the
Trust during the year averaged nearly 5.Oo per
cent their cost
The bonds Of the Mount Holly. LuInberton and
Medford Railroad Company, amounting 70 S15,-
900. matured April l, 1899. As your Company
was, under the terms Of the lease Of the lEited
Railroads Of New Jersey, responsible for their pay
meut, and the revenues OF the road not
even sufficient 20 meet its operating expenses,
these 6ouds-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 S4,34j,5lLS5, being an increase,
as compared with 1895. Of S275 67G IS
The membership Of the Employees Voluntary
helet Fund OF the lines east Of Pittsburgh and
Euc continues 20 increase. and aggregated 4s,j22
al the close Of the year, an increase OF S,3oo
members as compared with the previous year
During the year the members contributed s'5i,-
24o.2J. while your Company and its affiliated lines
IN addition 10 the payment Of Slli.oi'.5l for oper-
atES expenses, contributed sj4,353.D ior extra
benefits 20 members whose disability rad continued
for over % weeks, and who were therefore, no
longer entitled 70 regular benefits from the Fund.
The total receipts Of the Fund. including interest
and other items. were S3sO, ,g31.5i, which, with
SoNo.-5'-bo, the balance on hand at the beginning
Of the year, made an aggregate Of Sl,31J, ,255.-2,
cut ot which $50. .22ISg distributed as death
benefits tbcing an average IN each ca1c OF about
S5So-t5l, and S449.24lg6 in eases Of disability
arising from sickness and accident. After meet
ing its obligations for the year. balance Of SSH.
2'2g3 remained TO the credit Of the Fund. out of
which must he paid unadJusted claims Tor benefits
growing out OF sickness or accident during the
year lo99 and previous years. In addition 20 this
balance there II surplus which has accumulated
during the life Of the Fund, amounting 90 S60i,-
4sI 80
The number Of depositors in the Employs Saw
ing fuUd al the end Of tho year Was O.C.U, in
crease of l.l21 over the prect ding wear. The
amount received from dcPusitors dDsiug iegg
S.cb, lis. and the balance in the Fund al the
close of the year 81 az s09O3. % this amount
s2,l63JbGe has been invested in securities bear
ing interest az an average rate Of nearly four per
cent. In consequence, however, of the steady de-
cline m the rates Of interest frst-cass seCuri
ties. H viii be necessary 10 reduce thv rate Of
interest paid 10 the depOstors in this Fund from
Go 81 per cent, taking effect July 4, 1900, and
notice 10 that effect has been given.
The revenues for the year. atLr paving the
regular dividends, providing Tor the Sinking Fund.
dcffay ing extraordinary expenditures Of nearly
million Uf doiars. and setting aside 81, 500 900 20
be used for similar purposes during the current
year. were sufficient 60 leave a surplus Of more
than a million of dollars 10 be carried 90 the
crcdnt of your profit and loss account.
The charges 20 capital account during the year
amounted 90 -, ,1is u, as follows;
Additional tracks. .S3i6 g71 10
Real estate-----.- -.---...--.-..---- 3,2-4ss u2
Locomotives ---.---.....--.-...- btc, 5,sI %
Car Trust Equipment. .---.--..--- $4,000 Ou
The first stem represents the expeudi.are upou
additional third and fourth tracks between Cap
and bUruonyllc, sang Hollow and C0uyIuaugh.
Manor and Shatton, and al 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
cd fH aI .Ir
account of Car Trust Equipment
Through the special appropriations made for
extraordinary expenditures, the work oi revising
the alignment a. ElzabcthtoVn on tHr Philacs.-
plra Division. Spruce Greek tha Middl, DI-
+ vision. and Irwin the Pittshurg Division. the
three points referred 90 IN the last report those
E where the heaviest outlay would bc required. was
steadily pushed forward. and VIII be- completed
. during tLg present year Tie pneumatic auto
matte signals were also extended from Monmouth
jurcti0u 90 Railway. thus completing that adIi-
4 uuTal safeguard on the New York Division Ad-
dtIouaI pier and other terminal raciitc- AIS,
provided al Brooklyn aud WiIliJmsburgh. and fur
/ thyr expenditure made lr equipping soW fright
/ can with AIR brakes ana automatic coupler in
pursuance Of the requirements OF the Interstate
/ Commerce legislation
Further revisious OF alignment were made, ad-
dltIuHal ward 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
I improving your equipment and otherwise. reQuir-
Ing IN addition 90 the fund set aside ia Isgs an
outlay Of SbSg 2s4I Cas- heretofore stated IN your
/ income sccOuut).
The larger portion Of the funds required for this
{ clan Ut work on the United Railroads vf New
7 jersey Division. including the completion Il the
Passenger station az jersey City, the improve
ments az HArsimus and D,shrosses Street Ferry.
J and the additions % your floating equipment iu
+ New York haThor, was supplied out Of It's own
I income The aggregate Of these charge exceeded
. the sum charged Iu l-qs by half million
/ Of dollars. Il j. satisfactory To find the revenue
Hf In
| liabilities but provide. 90 a great extent. for The
| requirements OF its increasing trathc.
| There were practically DO charges Co capital
account on branch and auxiliary lines. with the
| exception of the sums invested in the purchase
a. additional real estate. The extraordinary cN-
pCudIturC was mainly IN the construction 0i
| branches on the Cambria and CieardeId, Bald
Eagle Valley. and South " sSt Pennsy lyaHia Kll-
| roads. the extension Of second track. yard tracks
and sidinEs the Pittsburgh, Irginia and Charles
ton Railway. and the improvements oi the West
/ jersey and S.ashoFe Railroad 10y insuguJaJiug the
| work Of stone baasjing the track % the At.suti,
City Division and equpping lt with pneumatic
automatic signals
/ A considerable outlay will be necessary during
| the current year 90 provide for your growing
traffic. through the extension % third and fourth
I tracks the increase of yard and other freight IA
/ ciiities, the establishment OF pneumatic auto
| WatIc signals, and additions 10 your power and
/ equipment. The bridge over the Susquehanna
/ River at Rockville needs reconstruction. and On,
rebuilding Of the Pittsburgh passenger station and
I facilities at that point viii involve heavy cx
/ peudture The necessary legislation having but
| recently been obtained from the municipal an
! thOritiCs Ot that city, IL was ImprICtIca C
take up this question during the past year. Or
| the United Railroads Of New Jersey Division fur
! ther revision of the line viii be necessary, anC
the completion Of the ferry house and stone bulk
I head at DesbTOsses Street, additional tracks a
( HarsmuS, new passenger tracks az HaCkensaCk
! and the improvement Of the Meadows Yard vii
also require large disbursements, while further
additions are Necessary TO your Hostiug equip
/ ment.
Your attention is particularly directed 20 IN,
I very large increase in the tonnage over that o.
| the previous year. The increase on your three
/ grand divisions east Of Pittsburg and Erie wa
| whole tonnage moved the same lines H. Isl;
OF in any year previous thereto. Il Is gratifying
| TO be able 10 state that the traffic WAS moved
/ with exceptional regularity and despatch, anS
without serious blockades either on the lines or a
the terminals. But for the liberal and iudiciou
! expenditures made In recent years Tor extensions
Of third and fourth tracks, freight yards. ant
terminal facilities, well FOR additional loco
motives or greatly increased power, aud ireigh
| cars Of enlarged capacity, it would have been i'm
| thrown upon your lines.
| The general business Of the country NAV b.
| expected 10 increase IN the future in the past
! as the steel, iron, and Goa. industries whici
| furnish such large proportion Of your tonnag
| are entering upon a era, being no longe
| able 20 compete successfully in the markets 0
| the world. In order that your Company NAV per
/ form It's duty 10 the public and secure It's shar
( Of the growing traffic, IL viii be necessary 4
! continue TO improve and add 10 your property
( Following the conservative policy heretofore pur
| sued and which has placed your Company in IL
I present strong position, part Of the money 70
such expenditures should be taken from curren