The Washington times., 1902-03-04

fUS, u3o tons OF freight moved, being an IN
crease of "a. 53l. Sos tons, and 10i Al sol pas
sengers carried, an increase of 20, $50.
GENERAL REMARKS.
The securities belonging to the Trus
of October. 1878. ON December 5lst.. 1891
amounted at par to SlO, 92b. O90 and tn,
total income tnerefrom was SSH .l6l 81
about 1910 per cent. on their cost.
The assets of the Insurance Fund al
the end of the year were 81. S63 G0S.G2 beinl
an Increase, as compared with lsOU, o
S23i, 19S.05.
The total receipts of the Employees
Voluntary Relief Department for the yeai
were 81 lac, ,206.17. which, with $S17, ,35l05, tht
balance on hand at the beginning of the
year. made an aggregate OF ), ,oo3, 90 Y
out of which S3ls.zl4.lS was distributed as
death benefits. and $3.50. .3s2. IL in Cases oil
disability arising from sickness and acct
dent. After meeting it's obligations for
the year, balance OF 1851 rs remained
to the credit of the Fund. In addition tc
this balance there is an accumulated sur
plus of $I5l, ,256.25.
The amount of the Employees Saving
FUND at the close of the year was S5.2i9,-
3G5.22
During, the year 229 employees were re.
tired under the pension regulations OF the
Company. The amount of allowances paid
was $50. .64S.02. and the number of PEN
stoned employees on the rolls 1l5.
1t has been deemed TO the interest of
the Company, in the administration of the
Pension Department., to pursue liberal
policy toward the employees between sixty
nye and seventy years OF age, who become
incapacitated tor active service. This, to-
gether with the exter sion of its benefits
to the Buffalo and Allegheny Valley Di-
vision, which has become a part of your
system since the department was iDaugur-
ated, has increased the demands upon the
FUND, so that somewhat larger sum will
be necessary to meet its requirements.
our approval will therefore be asked at
the annual meeting for an increase of the
maximum annual appropriation to this
fund from s230.0O9 to $500, $50.
II VIII be seen from the Income Account
that your revenues were sufficient to per-
nit the payment of an extra dividend of
per cent. in addition to the regular divI-
uend OF per cent. and the application Of
a large sum to the revision OF grades and
alignment and the impr ovement OF equip
ment and terminal and other facilities
After deducting the advances to coal and
other companies in your system, and the
charged off in reduction of the
value of securities and for extraordinary
expenditure, from the sum realized from
on sale of securities and miscellaneous
there was a balance OF x5,S25,-
III SO, Of which s.. CO., 900 was transferred
to the Extraordinary Expenditure Fund,
and the residue to 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,
authorized capital STOCK the totl-
pany was increased by the sum of $780,
D01, go, the Company at the same time. as
a prerequisite, accepting the provisions
If the Constitution of Pennsylvania, which
the power thus conferred an allotment
was made by the Board of Directors. to
the shareholders. OF 80 1-3 per cent. of
their holdings on the twenty-SiXth day Of
appears upon your Balance Sheet, and the
thereof We're applied to the pay
ment of the temporary collateral invest
ment obligations amounting to s2O.650,0 900,
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 to in the last report, the redemp-
ton of bonds upon various roads in your
system, and the general corporate pur-
poses of the Company.
A further issue Of 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
an important link in your line between
New York and Washington, and as your
Company already held over 80 per cent.
1f its stock, and in conjunction with the
Northern Central Railway Company owns
all the stock of its Southern connection.
the baltimore and Potomac Railroad, 1t
was deemed wise that you should become
is sole proprietor. and the two roads, the
Wilmington and Baltimore
and Baltimore and Potomac be hereafter
merged into one organization. This Is the
more essential, as laI l;e expenditures will
,e required in connection with the revision
If your line and the elimination of grade
in the National Capital. the
erection of new passenger station at
hat point, and the renewal of the bridge
'ver the Potomac River. and the financial
arrangements in connection Herewith can
De more advantageously made after such
-IAI aIr- a
he classification of the Directors under
he provisions of an Act of Assembly ap-
proved February 9Th, 1901, the present
members of the Board were elected in
erms of from one to four years The
erms of the members of the first class,
our in number. will expire this month,
md at all elections hereafter held those
,hosen will serve for the full term of four
iears.
A very large amount of work upon the
Main Line and branches and on the Unit
ID Railroads of New Jersey Is included
n the extraordinary expenditure for the
-ear. The improvements at West Phila
lelphla cover a change of alignment be-
ween Powelton Avenue and Market
Street. the erection of a station at that
raftic between the Main Line. the United
railroads of New Jersey, and the Phila-
ielphia, Wilmington and Baltimore Rail
Dad. and the elimination of the existing
,Tdut tEOSSlisS VI lIelbHl Oy llt
Vain Line passenger tracks and those of
he Schuylkill Division. This work is be-
vigorously prosecuted and will be COM
Il during the coming Summer.
q rheumatic automatic signals were
In to Paoli, the revision of the line
.l r4 construction of the four-track
sa.a~ completed at Rheems, on the
lelphia Division. and the under
structed under the agreement with
he municipal authorities of Harrisburg.
On the Middle Division the masonry of
he new bridge over the Susquehanna Riv- |
T was completed the line revised at |
iarysville so as to carry your passenger |
racks over the Northern Central Rail- |
way and yards. and a large amount of |
york done in revising the line and extend
ne your four track system between Dun
annon and Aqueduct. Lewistown ana
unin, and between Mount Union and
ill Creek The third track was also ex-
ended from Spruce Creek to Union Fur
ace.
On the Pittsburgh Division an eXcep
ionally large expenditure was made on
he four-track system between Wimore
nd Summerhill. Latrobe and Beattys. |
.ariner and Stewart and Stewart and
'itcairn.
At Pittsburgh, the waiting-room of the
CIV passenger station has been in use
ince October lst. and the reconstruction
your terminals at that point is being
ushed to completion. This embraces not
My the office building and the train shed
nd the elevation of your tracks in Pitts
urgh but also the reconstruction of the
'ort Wayne bridge over the Allegheny
liver. and the elevation of the Western
and Fort Wayne tracks
lrough Allegheny City The most liberal
Expenditure will be necessary in the dis
let Of which Pittsburgh is the centre, to
nable your company to handle promptly
nd effectively the heavy freight traffic
riginating and concentrating at that
Dint and this will be required not only
MDin 1 inn httt tbn txlNt
irginia and Charleston and the Pitts
urg. Cincinnati Chicago and St Louis
on the South side
on the branch and auxiliary lines. the