The times. [volume] (Washington [D.C.]) 1897-1901, 1901-03-05

of the Wheeling Bridge and Terminal
Railway. which was sold under foreclosure
on the 9th day Of May last an opportuni-
ty having then offered to acquire the same
at a price commensurate with its real
value and under reorganization of this
DrODerty provision has been made for an
issue of 81 100000 of per cent. bonds. run
ming for forty years from August LIST 1900
the proceeds of which are applicable to
betterment and improvement expenditures.
The number of tons of freight moved on
the lines west of pittsburgh was 70. 2S6. 0i5
an increase of 77,2i3. The number of pas
sengers carried was 3e.091i95. an increase
of ], 296, GD7, as compared with 1899.
The gross earnings of all lines east and
west of Pittsburgh for the year were Sir /,
92i 1873 rs. operating expenses. Sis. $40 1872 30
and net earnings. S5i.Ui5, 556 49, an increase
in gross earnings, compared with 1899 Of
$50 525. 65O.5G, and an increase in net earn
ings of 1898, Sii. 70. There were 215, s99 75S
tons of freight moved being an increase
of 5,S9S, los tons. and S2,4S7, 20i passengers
carried an increase of 5.IS.12i.
GENERAL REMARKS.
There has been paid by the Company to
the Trust created October 9th 1875, the sum
of 1893, S05.i9 to December 31st. 1900 the to-
tai income therefrom has been s., 001, f75. So
and that date securities amounting at
par to s1035e.i s0 were held in the Trust.
There was appropriated to the Trust for
the year 1900 the sum of sl03, 34055. and the
interest received on securities held in the
Trust during the year averaged nearly
&c per cent. on their cost.
Tho assets of the Insurance Fund at the
end of the year were Sl.6i2. 1851 being an
increase, as compared with 1893 OF $685.
S93.72
The membership of the Employees Vol
untary Relief Fund of the lines east of
Pittsbur& and Erie continue to increase
and aggregated 5l,52S at the close of the
e
compared with the previous year During
the year the members contributed SOL, $40
80, while your Company and its affiliated
lines paid S1ZS, 500 81 Tor operating EXPENSES
and extra benefits. The total receipts of
the Fund, including interest and other
items. Were 1891. CSS.27. which, With ST.
2f2.92, the balance on hand at the begin
ming of the year. made an aggregate of
81 .362 96I, %. out of which 1892 252 so were
distributed as death benefits (being an
average in each case of about $5eS.93) and
s5A, s9l.52 in cases of disability arising
from sickness and accident. After sneet-
ing its obligations for the year a balance
OF S577,:3l.05 remained to the credit of the
Fund, out of which must be paid unad-
1usted claims fo]' benefits growing out of
sickness or accident during the year 1900
and previous years. In addition to this
balance there is surplus which has ac
cumulated dUri1v the life of the Fund
amounting to S6i99S1 80.
The number OF depostors in the En-
ployes Saving Fund at the end of the
year was 6129- TIE amount received from
depositors durin7 1890 was 1854, $50 - and
the balance IN the Fund at the close of
the year was 81, C.a9L22 OF this amount.
$3.50 900 has be- invested in securities
bearing interest ct an average rate of
over 3 IL per cent. In consequence of the
steady decline in the rates of interest on
first class securities. as noted in your last
report. the rate of interest paid to the
d dep in this Fund was, on July list,
1900 reduced from to l-2 per cent.
The Pension Department, which has
been in operation for a year. has fully
met the purposes Of its establishment.
There are now carried on in rolls $50 en-
ployes who, having attained the age of
20 years, were compulsorily retired under
its provisions. and 113 employees between
c. and 10 years who. having been 30 years
or more in service, had become incapaci-
tated for active work. The amount of al
lowances paid during the year. Sl9i.359 20.
is well within the sum approved by the
shareholders
that your revenues were sufficient, not
only to pay the regular dividend of per
cent. but to also permit of the declaration
Of an extra dividend of / per cent. upon
your capital stock. The prosperous con-
dillon of all industries largely augmented
the volume of your traffic and revenue.
and as the year WAS one of exceptional
prosperity. it was deemed wise to use a
large portion of your surplus earnings in
defraying the extraordinary expenditure
upon your system.
Internationally conferred by the shsrehold-
erS at the last meeting, the authorized
capital stock of the Company has, with
the exception Of a comparatively small
amount, been issued. The increase in the
amount now outstanding over that APP
pedring on last years Balance-Sheet is
accounted for as follows:
Issued under the allotment
of 10 per cent, made to
the stockholders in Janu-
airy, 1900. ....................$ l2,9O395O
IN payment for securities
of the Erie and Western
Transportation Company. 2,65OOoO
In payment for stock held
by outside shareholders
in the roads consolidated
into the SchuylkilI and
Juniata Railroad, and for
other corporate purposes. 6,6i2, 80
So. 1856 $50
To meet the future needs of the Com
pany, it will be necessary to provide for
an increase of your authorized capital,
in accordance with the requirements OF
the existing legislation of the common
wealth Of Pennsylvania. The proper no.
tice thereof having been given, and IN
pursuance of action taken by the Board
of Directors. the question of THIS increase
Will be submitted for your approval, 70
gether with the acceptance of the Constl-
tuition OF 1874. that being prerequisite 10
your obtaining the benefit of the leslsla-
ton authorizing such increase OF capital
X.
of your Board of Directors will also be
submitted for your action
Owing to the large holding of your STOCK
I'm the CITY of New York. and with the
view of facilitating its transfer at that
point 1t was deemed advisable TO nave
the same listed on the New York STOCK
Exchange and 10 establish a transfer ana
registry dice in that city. This was done
December 1st 1900. and the action thus
taken has proved to be great convent
ence to the large number of shareholders
resident in that city.
the year amounted to s1.670,S55. &c. as fol-
lows:
Real Estate ................. $3.50 10
Locomotives .....-........-. ttu'plv.vy
Car Trust Equipment....... 100 oOO.oo
Branch Roads -........-.... 2SO.VPo.o
The first item represents the cost vi
property acquired in Pittsburgh IN con
nection with the elevation OF your tracks
in that city. and of real estate needed TOT
terminal facilities in Philadelphia Har-
risburg and Altoona. The charges 10
Motive Power and Equipment represent
one-haIf of the cost of additional loco
motives needed to move your tratnc anu
the usual charges on account OF III
Trust Equipment. The charge 10 BranSh
Roads covers the purchase OF the 1ouSh
ioeheny Railroad, a small coal road ABOUT
ten miles long. running from your Mali
Line at Irwin southwark to GratZto"h oil
the Youghiogheny River.
Through the special appropriation OF VI
500 90 made out of the income Oh 1888 lor
extraordinary expenditures. the reyisions
of the line at ElizR bet blown, Spruce 'reek,
and Irwin. which had been under progress
double track on your passenger line De
for several years. were completed me I'M
proyement at Elizabethtown completed the
double track on syour passenger Iihe pc
tween Lancaster and Middletown. WORK
was also begun on the improvement OF the
alignment Of the Middle Division at lro-
ouois Durward and near Huntington in
connection with the extension OF the TOUT
track system and the line between AL