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

| There has been paid by the Company 10 the
| Trust created October o. 1875, the sum Of S.
l,s64.S' 90 December 81, 1892 the total income
1herefrom has been = ig7 s01 CO. and on that date
securities amounting at par 10 81 800 were
held IN the Trust. There was appropriated 10
the Trust for the year 1893 the sum Of sol 437 c.
and the interest received securities held in the
Trust during the year averaged nearly sos per
! cent on their cost
The bonds Of the Mount Holly Lumbe1ton and
! Nediord Railroad Company amounting to SIS
wv malured April /, 1899. As your Company
was, under the terms OF the lease Of the United
Railroads q New Jersey. responsible for their ray
/ inent, and as the revenues Of the road are not
I even sufficient 20 meet its operating expenses.
! these bonds were paid out OF the Trust Fund
ana delivered to your Company.
J The assets Of the Insurance Fund al the end
] OF the year were S45ij.j 81 So being an increase
/ as compared with ISIS. Of $40 go -.
The membership ot the Employees Voluntary
hciei fund Of the lines east OF Pittsburgh and
Eue continues 90 increase, and aggregated ls,529
/ at the close Of the yesr. an increase Of 2,3Ss
/ members as compared with the previous year.
/ During the wear the members contributed $751;
2iG2i, while your Company and its affiliated lines,
! IN addition 10 The payment Of Sll4SlISl for oper-
atlng expenses. contributed S54.358tD for extra
benefits members whose disability had continued
/ Tor over - 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 $3.50. g975i. which, with
s5Ne.23s-os, the balance ON hand 90 the beginning
]
out of which $50 7.s9 were distributed as death
I benefits tbeing average IN each case Of about
/ S5sGt5l, and Si79,21I.g6 in cases Of disability
arising from sickness and accident After meet
ing its obligations for the year balance Of s311-
2i2!8 remained to the credit Of the Fund, out Of
which must be paid unadjusted claims for benefits
growing ont Of sickness accident during the
year 1879 and previous years. In addition to this
balance there is a surplus which has accumulated
during the life Of the Fund, amounting to St6i,-
Isl 80.
The number Of depositors in the Employees Saw
ing Fund at the end Of the wear was $50, an in
crease Of ,l27 over the preceding year. The
amount received from depositors during 1893
Sss6li1. and the balance in the Fund at the
close of the year S2,7l7 O3. Of this amount,
=, Il6,S5d6s 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 on rstcisss securi-
ties, 1t VIII be necessary 20 reduce the rate Of
interest paid to the depositors in this Fund from
to S52 per cent, taking effect July l, 1900 and
notice TO that effect has been given.
The revenues for the year afIr paving the
regular dividends, providing for the sinking Fund
defraying extraordinary expenditures of nearly
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 to capital account during the year
amounted 10 Sl,7is,255l2, as follows:
Additional tracks. $40 81 10
Real estate. Sl2,44S "
Locomotives .-.-..-...-...-.---. 6iS,St9 %
Car Trust Equpment..-......... 350, eco 90
Tie fr~t item represents the expenditure upon
additional third and fourth tracks between Gan
and Gordouyile. Sang Hollow and Conemaugh,
Manor AMI shafton, and at South Pork. and
the pract eel completion Of the fouT-iraCk system
over the Allegheny Mountains.
The rqai estate charges represent the cost Of
acdiiional property purchased mainly at terminal
points
The charges to Motive Power and Equipment
represent the 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
phia Division, Spruce Creek on the Middle Di-
vision. and Irwin on the Pittsburg Division, the
three points referred 20 in the last report as those
where the heaviest outlay would be required, was
steadily 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 thai addi-
moral safeguard on the New York Division. Ad
dional pier and other terminal facilities were also
provided at Brooklyn and Wiiamsburgh and fur
thor expenditure made in equippng your freight
cars with air brakes and automatic couplers in
pursuance Of the requirements Of the Interstate
Commerce legislation.
Further rcvsions OF alignment were made ad
ditional yard and storage tracks provided, in
creased facilities furnished at your piers and
uhaTves in Philadelphia and New York harbor, /
improving your equipment and otherwise requir I
ing, in addition TO the fund set aside in 1895 an
outlay Of S9e9 Sal ias heretofore stated in your
income sccouBD.
The larger portion Of the funds required for this
class Of work the United Railroads OF New .
Jersey Division, including the completion Of the /
passenger station at Jersey City, the improve /
ments at Hsrsimus and Dtsbrosses Street Ferry,
and the additions to your floating equipment in 4
New York harbor. was supplied out OF its own /
income. The aggregate OF these charges exceeded /
9 ln..a H. ~
Of dollars Il Is Satisfactory 10 find the revenue /
OF this property sufficient TO not only all its
liabilities but provide, 70 a great extent Tor the
requirements OF its increasing traffic.
There practically no charges to capital
account on branch and auxiliary lines. with the
exception Of the sums invested in the purchase
Of additional real estate. The extraordinary eI-
pendituTe Was mainly in the construction Of
branches on the Cambria and Cleufed. Bald
Eagle Valley, and South West Pennsylvania Rail
roads, the extension Of second track, yard tracks.
and sidings on the Pittsburgh, Virginia and Charles
ton Railway, and the lmprOVemJ nts Of the West
Jersey and Seashore Railroad by inaugrating the
work Of stone ballasting the track Of the Atlantic
City Division and equipping IL 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 "a
ciiities, the establishment OF pneumatic auto
matte signals, and additions 70 your power and
The bridge over the Susquehanna
River at Rockville needs reconstruction and the I
cbuilding OF the Pittsburgh passenger station and
he elevation OF the tracks and readjustment OF
facilities at that point will involve a heavy
lenditure. The necessary legislation having but
recently been obtained from the municipal au-
horities Of that city, IL was impracticable 10 /
lake up this question during the past year. On
he United Railroads Of New jersey Division. fur
.her revision Of the lire will be necessary. and
he completion Of the ferry house and stone bulk
head al DcsbrQsses Street. additional tracks at l
hsrsimus, passenger tracks at Hackengack
md the improvement Of the Meadows Yard will
iiso require large disbursements while further
additions are necessary TO your floating equip
nent.
Your attention is particularly directed to the
very large increase in the tonnage over that Of
he previous year. The increase on your three
grand divisions cast Of Pttsburg and Erie was
ieariy l6DtD.OV0 tons, an amount greater than the
whole tonnage moved over the same lines in 1875
II in any year previous thereto. II is gratifying
o be able TO state that the traffic was moved
With exceptional regularity and despatch, and
Without serious hlockades either the lines or at
he terminals. But for the liberal and judicious /
expenditures made in recent years for extensions
# third and fourth trscks, freight Yards and
criminal facilities, as well as for additional loco
motives or greatly increased power, and freight
ars Of enlarged capacity, il would have been i'm
,ossihle TO move the volume Of traffic suddenly
brown upon your lines.
The general business Of the country may be
expected 10 increase in the future in the past, {
IS the steel. iron, and coal industries which !
urnish such large proportion Of your tonnage
re entering upon a new era being no longer 1
estricied TO supplying The home demand. but
bic 70 compete successfully in the markets Of /
he world. In order that your Company NAV per /
orm its duty TO the public and secure its share I
i the growing traffic, il will be necessary to 1 .
continue TO improve and add 10 your property. I
GLOWING the conservative policy heretofore pur /
ucd, and which has placed your Company in its
present strong position part Of the money for I
uoh expenditures should be taken from current