Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-03-06

roads Of New Jersey. responsible for their pay
even sufficient to meet its operating expenses.
these bonds were paid out of the Trust Fund and
The assets of the Insurance Fund at the end of
the year were 81 345 511 50. being increase, as
| ;, The membership of the Employees Voluntary Re
lief Fund of the lines east Of Pittsburgh and Erie
continues to increase and aggregated $500 at the
close of the year increase of 1855 members
as compared with the previous year During the
your Company and its affiliated lines, in addition
to the payment of s114.s17.31 for operating
members whose disability had continued for over
o. weeks. and who were, therefore, no longer
total receipts of the Fund. including interest AMI
other items, were $3.50 99T 54 which with sass ;
the year made an aggregate Of .seS, IS o. out
OF which $3.50 227. 50 distributed as death ben
60, and s479274 sG in cases Of disability arising
H om sickness and accident. After meeting Its OBJ
remained to the credit of the Fund ont of which
must be paid unadjusted claims for benefits grow
ing out Of sickness accident during the year
1879 and previous years. In addition to this bal
ahce there Is a surplus which has accumulated
4S190. '' amounting ~ F'of'
n The Emu number Of depositors in the Employees
ing fund at the end of the year 600 an in
crease Of 1927 over the preceding year The amount
received from deposftors during 1899 was S7S6 IA
year or this ht ' amo slose So g the
700 U has been invested in securities bearing in
m a. an average rate of nearly four
a .ae rates Of interest frst-class securities
terest paid to the depositors in this Fund u from
70 ~ per cent, taking effect July Ist 1900 and
NOTICE to that effect has been given
me revenues for the year, after paving the
Ssafnas providing for the Sinking Fund
million Of doaps nnG s eaPenditIres Of nearly
BE used for similar purposes during the current
than were mi,i xnleisnt to leave surplus of
ef ,Ths {" 81, yonr profit and loss account.
f to esPta! account during the year
Lis n
5oc1tional tracks. ........... S346 s77 10
he Loco estate '.........'..... s72,47s"2
Car Trust Equipment. ... 3.' O0o 90
diionaI third fourth tracks between Gan a na
m snd Shsf4 Sang Holloy and Conemaugh Manor
completion of the four-track system on ~ 't "a
legheny Mountain ~ ''ei inc AL
he Zeal Estatt charges represent the cost of adj
points. ' At 'e'"i'nai
The charges to Motive Power and Eoupment rem
resent the cost OF additional locomotives needed ia
move your traffic, and the usual charges on ac-
count of Car Trust Equipment y" ~"
Through the special approximations made for Nv
traordnary expenditures, the work of revising the
alignment at Elizabethtown on the Philadelphia
Irwin on the Pittsburgh Division the three noints
be,erred to IN the .ast report those where the
pushed forward and will he completed during the
Rr sss year. The pneumatic automatic signals
hahWaS: thus completing that additional safeguard
on the New York Division. Additional pier and
brooklyn and WiIliamsburgh and further eypend
itnre made in equpping freight cars with air
ton. Commerce ies'sia-
Further revisons Of alignment were made. adj
ditionnl yard and storage tracks provided fncreas
u rafid,ss furnished at your piers and wharves
extraordinary expenditures made in imnroyina,
your ti"n equipment and otherwise requiring, in ndd
s ZION 10 the fund set aside in 1898. an outlay of
count. " ' 'iis az
Grass OF work on the United Railroads of New Jer
sey Division. including the completion " the mas
nrsimus and Desosses Street FerrF snd tb , al
ditioHs 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 1898 by over half a million Of dollars
IL Is satisfactory to find the revenue of this prop
erty suflcient TO not only meet all its liabilities
bnt provide. to great extent the requirements
or Its increasing traffic.
There were practically no charges to capital ac-
count on branch and auxiliary lines, with the
ception OF the sums Invested in the Of ad-
hltional real estate The extraordinary expend-
iture was mainly In the construction branches on
the Cambria and Clearfeld. Bald Eagle Valley and
south West Pennsylvania Railroads.. the extension
OF second track. yard tracks. and sidnes on the
III pittsburgh Virginia and Charleston Railway and
Railroad by inaucurating the work Of ballast
ing the track Of the Atlantic City Division and
eqipplhg II with pneumatic automatic signals.
considerable outlay will he necessary during
the current year to provide for your growing trafc
through the extension of third and fourth tracks
the increase of yard and other freight facilities
the establishment OF pneumatic automatic signals
ana additions to your power and eaupmept The
bridge over the Susquehanna River at Rockville
need, reconstruction. and the rebuilding Of the
Pittsburgh Passenger Station and the elevation OF
the tracks and reimbursement of facilities at that
point VIII involve heavy expenditure. The neces-
sary legislation having but recently been obtained
from the municipal authorities of that city it was
impractlcahle to take up this question during the
Division further revision Of line will be neces
sary and nd, the completion of the ferry house and
tracks at Harsimus passenger tracks at
Hackensack and the Improvement of the Meadows
Yard will also require large disbursements while
further additions are necessary to your floating
compliment
Your attention is particularly directed TO the
very large increase In the tonnage of the
1rrvi"ls year The In, rease on yonr three grand
divisions east of Pittsburgh and Erie was nearly
lG.TnO0O tons. an amount greater than the whole
tonnage moved over the sam. lines in 1875 or in
any year previous thereto. 1t Is gratifying 10 be
able to state that the traffic was moved with ex-
etpt'ona, resnlarity and dispatch, and without
serious blockldes either the lines at the ter
Ihnals. But for the liberal and judiclous cxpendi-
tnls- mad" in recent years for extensions Of third
and fourth tracks, freight yards. and terminal ia
cilities. well for additional locomotives of
ErratV ncFeased power and freight cars q en-
move the volume Of traffic suddenly thrown upon
The general business Of the country may he ex-
pectcd TO increase in the future In the past as
such large proportion of your tonnage are enter
ing upon new era. heing longer restricted to
successfully in the markets Of the world In order
that your Company may perform its duty to the
1t Will he necessary to continue to improve and add
to your property. Following the conservative policy
heretofore pursued. and which has plao ed your
Company in its present strong position. part of
the money for such expenditures should be taken
from current income, hut portion must come
through increase Of capital. Your Board are of
the opinion that within jndicous limitations the
wiser policy will he to do this through issue of
siia rather than by adding to the funded debt.
and rs there only about eight millions Of stock
available after providing for the allotment Of ten
Der which has recently been made. it will
he necessary to increase the amount of author
ize, capital stock. The necessary action for that
purpose will be submitted at the annual meeting in
March 1901
While the growth of your traffic and its Success
full movement subjects for congratulations your
Board have to report further reduction in the
average ton-TIe rate. For wears the compeusa ton
of the trunk lines for moving freight traffic has
steadily decreased. On your road 1t appears that
with hut exception, in each year since 1899
there has decrease in the rate below that of
the preceding year. that from average per ton
mile of $3.50 cents In 1889. the rate fell 400
cents in 1893. and last year TO O.47S. the lowest
pcint ever reached. As may be supposed railway
By order Of