The evening times. [volume] (Washington, D.C.) 1895-1902, 1902-03-04


i>.a5 tons OK freight moved. being an In
crease Of "a 81 5gs IONS, and lai.4lsl pas
seusers carried, an increase Of ~, .si,s55-
GENERAL REMARKS.
The securities belonging 20 the Trust
OF october. JNte, on December slst- la'l-
total income tnerefrom was as,oi',lol-si
about { l-I9 per cent on their cost
The assets Of thc Insurance Fund at
The end Of the year @ere sass. 693-l-- BEING
aE increase, as compared with -stl. OF
SCI 1885.
me total receipts Of the Employees
Voluntary Relief Department for the year
were Sl-L6-zl5.lI. which. with $50 ,5ll-t7, the
balance on hand az The beginning Of the
year, made an aggregate Of Sl,a7a05'---,
out OF which S5it.ZtElN was distributed as
death benefits and $3.50. 81. ~ Do cases OF
disability arising from sickness ana tcel-
dent After meeting us obligations FOR
the year. a balance OF 80, -6-i5 reIn1laett
70 the credit Of the Fund la addition %
this balance there Is an accumulated sur
plus Lt Sl5l,25t.Z5.
The amount OF the Employees Saving
FUud at the close Of the year was S5.lls.-
During the year Do employees were re-
tired under the pension regulations Of the
Company The amount of allowances PAID
was $50. 6ik.u2. and the number Of pen
stoned employees on the rolls lll0-
Ii has been deemed 90 the interest OF
the COMPANY in the administration OF the
Pension Department. To pursue liberal
I'VE and seventy years OF age who become
lnCapaCitated for active service This. to-
seJher with the eScteT sion OF its dement's
20 the Buffalo and allegheny valley Di-
vision, which has become a part OF your
system since the department was inaugur-
aLc0. has increased the demands upon the
FUND, so that a somewhat larger sum VIII
DC necessary 20 meet Its requirements
Your approval Will therefore be asked al
the annual meeting for an Increase o. the
maximum annual approximation 70 this
rH fFFnr
il viii be seen from the Income Account
that Your revenues We're sufficient 10 per
nit the payment Of an extra dividend Of
j per cent IN ADDITION 10 the regular 0lNl-
urud Of per cent. and the application u
a large sum 20 the revision of grades and
alignment and the impI Oyemeut OF equip
ment and terminal and other facilities
After deductins the advances 10 coal and
other companies in your system. and the
amounts charged on IN reduction Of the
value OF securities and for extraordinary
expenditure from the sum realized from
the premium on the stock allotment profit
on sale Of securities and miscellaneous
sources there was a balance OF sbhz7,-
itl-s5, Of which S5.ulJuvu was transferred
TO the Extraordinary Expenditure Fund
and the residue 20 the credit OF profit and
loss.
In pursuance Of the action Of the stock
holders at the last meeting and OF the
vote taken thereon at the annual election.
the authorized capital stock Of the Com
pany was increased by the sum or $lu0,-
gluCt0. the Company at the same time. as
a prerequisite, accepting the provisions
of the Constitution Of Peunsy lvanla, which
went into effect January LIST. lslA Under
the power thus conferred an allotment
was made b. the Board Of Directors, TO
the shareholders. Of 80 Is per cent OF
their holdings on the twenty sixth day or
April 1901. at $50 per share This increase
appears upon your BalauCc-Shert and the
proceeds thereof We're applied 90 the pay
ment OF the temporary collateral invest
Uent obligations amounting 90 Z1o55.pyo.
and appearing on last years Balance
Sheet, the purchase of additional railway
securities, the payment for the stock Of
the Long Island Railroad Company re-
ferred 10 IN the last report. the redemp-
tlou of bonds upon various roads in your
system and the general corporate pur-
poses OF the Company.
A further issue or your capital stock
was made for the purpose Of acquiring
the stock of the Philadelphia, Wilmington
and Baltimore Railroad Company not
owned by your Company. This road forms
important link I'm Your line between
New York and Washington. and as your
Company already held over CD per cent
of ITS stock. and iu conjunction with the
Northern Central Railway Company owns
all the stock Of its Southern connection,
the Baltimore and Potomac Railroad. 10
was deemed wise that you should become
its sole proprietor. and the two roads. the
Philadelphia Wilmington and Baltimore
and Baltimore ana -'ClOUIC. be hereafter
MERGED into one organization. This is the
more essential, as lar sc expenditures VIII
be required in connection with the revision
q
crossings in the National CAPITAL the
erection Of a new passenger station at
that point, and the renewal Of the bridge
over the Potomac River and the financial
arrangements in connection Herewith can
he more advantageously made after such
consolidation
The stockholders having also directed
the classification OF the Directors under
the provisions of an Act Of Assembly ap-
proved February Sth. 1901 the present
members Of the Board were elected in
March. 1901. 20 serve respectively for
terms of from one 10 four years. The
terms OF the members Of the first class,
four In number. viii expire this month.
and al an elections hereafter held those
chosen Will serve for the fun term Of four
years
A very large amount Of work upon the
Main Line and branches and on the Unit
ed Railroads of New Jersey is included
year The Improvements at West Phiia-
Oriphi1 cover 81 change OF alignment be
tween FoWeilon Avenue ana Market
Street the erection Of station at that
point for the interchange Of passenger
traffic between the Main Line. the United
Railroads Of New Jersey. and the Phila-
delphIa- Wilmington and Baltimore Rail
road and the elimination of the existing
grade crossings of freight tracks by the
Main Line passenger tracks and those OF
the Schuylklu DIVISION InlS Work Is De-
ing vigorously prosecuted and viii be com
p,eted during the coming Summer
The pneumatic automatic signals were
I
ana the construction OF the fCur-tracN
system completed at Rheems on the
Philadelphia Division. and the under
grade crossing at Market Street partially
Constructed under the agreement with
the municipal authorities of Harrisburg
On the Middle Division the masonry Of
the new bridge over the SusqUehauua Riv-
er was completed. the line revised az
MaTysyllle so as 20 carry your passenger
tracks over the Northern Central Rail-
way and yards. and a large amount of
work done in revising the line and extend
cannon and Aqueduct. LewistOwn and
8ufiliu. and between Mount Union and
Mill Creek The third track was also tx
tended from Spruce Creek 20 Union Fur
mace
On the Pittsburgh Division an excep-
tionally large expenditure was made on
the tour-track system between Wilmore
and SummerhilL LatrObe and Beattys
Larimer and Stewart and Stewart and
Pitcairn
At Pittsburgh. the waiting-rOom Of the
new passenger station has been in use
since October LIST, and the reconstruction
OF -FOUR terminals at that point is being
only the Office building and the train shed
and the elevation Of your tracks in Pitts
burgh. but also the reconstruction OF the
Fort Wayne bridge over the Allegheny
River. and the elevation Of the Western
Pennsylvania and Fort Wayne tracks
Though Allegheny city The most liberal
expenditure will be necessary in the dis
triCt Of which Pittsburgh is the centre 10
enable your company 20 handle promptly
and effectively the heavy freight traffic
originating and concentrating at that
point and this viii be required not only
on your Main Line, but on the Pittsburg
Virginia and Charleston and the Pitts
burg. Cincinnati. Chicago and ST. Louis