The evening times. [volume] (Washington, D.C.) 1895-1902, 1901-03-05


/ y having then offered 10 acquire the same
/ a a price commensurate w5th its real
! value, and under rcorS9u izStiOn of this
( property provision has been made for an
! ming for forty years from August ISt. 1870
! the proceeds Of which are aDp.icab,e 10
/ bettermenJ and imprOvemcGt Expenditures
! j ne number of tons OF freight moved on
/ the lines west IF Pittsburgh 4sas 3 2SS gt5
/ an increase of 1873 The -fluIHber Of uaS-
! sen&eCs carried was 21.o5L495. an increase
/ o. I.295, 6fI. as compared with 1893
/ ne gross earnings of all lines east and
/ Wet Of Pittsburgh for the year We're SIZE =
- t-N-4H- operating expenses Sis SO 1S2 30
/ ana net earnings. 81. 075. 555 IS. an increase
! IN gross earnings, compared with 1893 Of
+ %1t'-J. t5U5I. and an Increase in net earn
/ lh&S OF $500. S+iI5 There were 2l5. 99g 15S
/ tons of freight moved, being an increase
/ OF 3A9N-l97 tons, ard S2.fSiZyi passengers
/ carried. an increase Of j7iS l24
GENERAL REMARKS.
There has been paid by the Company to
the Trust created October 9Th, 1873 the sum
Of Si.Sa3.5p5-4 - to December 3lst. 1900 the to-
tai income therefrom has been IS 90. 4I5. IS
ana on that date securities amounting at
par to SIo.2I9iS0 were held in the Trust
There was appropriated to the Trust for
the year 1900 the sum of $103,S40.55. ami the
interest received on securities held in the
/ Trust during the year averaged nearly
~ Int O4A lIlFli Gust
The assets of the insurance Fund at the
end OF the year We're 81, So. 1851. being an
! increase, as compared with 1893. of $-S6-
The membership of the Employees. Vol
GEldF} kelIet Fund OF the lines east Of
tlltSbUr& and Erie continue to incre4 Sc
( anu aggregated l,52S at the close of the
: year an increase Of 1893 members as
compared with the previous year During
the year the members contributed SS4TsJip -
90, while your Company and its affiliated
I. hI'tS paid Sl-A,sJ0-53 Tor operating exI euses
1Ilu extra benefits The total rectiUt> of
the FUND. including interest and ether
items We're 1891 tlSS-2I. which with s,7l
-tZSs, the balance on hand al the begin
I !, OF the year, made an aggregate Of
Sire'-.s"ir-v out OF which SO, % - were
dlStrbuted as death benefits (Heine an
attE'-St IN each case OF about $5hS-g5j. and
%7z4-"Jl,3- in cases of disability arfsine.
from sickness and accident. After sne@t-
ing is Obligations for the year Il balance
OF - '.--sl-to remained TO the credit of the
FuHd. out Of which must be paid unld-
luSjea claims for benefits growing out of
sickness OF accident during the wear 1919
ana previous years. In addition to this
balance there Is q surplus which has ac-
cuHul2ted during the life Of the Fund.
amounting to sos. IS. 80
The number Of depOsitgrs in the En-
ployes Saving Fund at the end Of the
year was 6J2.- The amount received from
deposit0rs during 1901 was S7545sg Y. and
the balance in the Fund at the close Of
ltie year was - i-5gL22 OF this amount.
EzH,3-pt5 has been invested IN securities
f-Sifli; interest at an average rate of
over . Il per cent IN consequence of the
steady decline in the rates Of interest on
frSt-ciaSs securities, as noted in your last
report the rate of interest paid to the
de3osiC0rs in this Fund vas, on July Ist
l.eU, reduced from 10 , l. per cent
The Pension Department, Y hich has
been In operation for a year. has fully
mot the PURPOSES Of its establishment
There are now carried on In rolls So en-
pioyes who. having attained the age of
40 years. Were compuIsOrily retired under
us PROVISIONS, ana lE5 employees between
O. and 20 years who, having been 30 years
or more IN service. had become inca paci-
tated for active work. The amount Of al
IOwances paid during the year. 1894 59 %
IS Wen within the sum approved by the
Shareholders
1t viii be seen from the Income Account
that your revenues were sufficient not
only to Day the regular dividend of per
cent. but 10 also permit of the declaration
Of an extra dividend Of l per cent upon
your capital stock. The prosperous con-
diton of ali industries largely augmented
the volume OF your traffic and revenue,
and IS the year was one of exceptional
prosperity, II was deemed wise TO use q
large portion of your surplus e&rnings in
defrayin& the extraordinary seEyenditure
upon your system
It VIII be noted that, in pursuance Of
the authority conferred by The SharehOld-
erS at the last meeting. the authorized
capital stock Of the Comp. ny has with
the exception of q comparatively small
l.
amount now outstanding over that ap-
pedriHg on last years EalanCe-Sheet IS
accounted for as follows.
issued under the allotment
OF 10 per cent. made 70
the stockholders in Jauu-
airy. 1890 -.--..---.-. : So, s5J
IN payment for securities
Of the Erie and Western
Transportation Company 265Ne5O
Iu payment for stock held
by outside shareholders
in the roads consolidated
into the SchuyIkil and
Iuniata Railroad. and for
other corporate purposes 5.54Z,,'o
s. 1880
To meet the future needs OF the Com
pauy il viii be necessary to provide for
an Increase Of your authorized capital
III accordance with the requirements OF
the existing legislation of the Common
wealth Of Pennsylvania h- proper no.
tee thereof having been given. and IN
pursuance Of action taken 10y the BOARD
of Directors the question of this increase
win be submitted for your approval to-
eether with the acceptance OF the t0nstl-
tuition of 1874, that being prerequisite to
your obtaining the benefit Of the Isglsia-
tiOu authorizing such increase OF capItal
stock The question of the classification
of Your Board u Directors VIII also be
submitted for your action
Owing 10 the large holding OF your stock
in the CITY of New York. and with the
view Of facilitating its transfer at that
point il was deemed advisable TO have
the same listed on the New York Stock
Exchange and to esta blfsh transfer and
registry ojCe in that city. This was done
December Ist 1850. and the action thus
taken has proved to he a great convent
eIfce to the large number OF shareholders
resident in that city
The charges 10 Capital Account during
the year amounted 20 $l,6lo,55ol6. as fol
lows:
Real Estate Observation-Disclosures $50 552-lb
Locomotives -.-.-..-.--.---.- 44GUDeJ
Car Trust Euuipment--.---- 60eo0-eD
Branch Roads ---..--------- -hV,VJV-Vv
The first item represents the cost OF
propertv acquired in Pittsburgh in con
nection with the elevation Of your tracks
In that city and Of real estate needed for
terminal facilities in Philadelphia, Har-
risburg and Altoona. The charges TO
Motive Power and Equipment represent
one-haIf Of the cost Of additional loco
motives needed TO move your traHlc ana
rbe usual charges on account or Car
Trust EQuipment. The charge to Branch
Roads covers the purchase Of the fough-
ioeheuV Railroad. a small coal road about
ten miles long. running from Your Main
Line at Irwin southward to GratztoWh on
the YOughiogheny River
Through the special appropriation OF 81
800 co made out of the income OF 1899 TOr
extraordinary expenditures, the revisions
Of the line n Eliza BEETHOVEN, Spruce creek,
and Irwin. which had been under progress
double track on your passenger nEe pc
for several years were completed The I'M
TrnveueDf at Eliza bet htOwn completed the
double track on your passenger line be
tween Lancaster and Middletown- Work
vas also begun on the improvement of the
aIipurneuf Of the Middle Division At Iro-
0lIoIs Durward and near Huntingdon in
connection with the extension of the four
q lTnl nj "A l.