The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-27
The PennsyIvania's Annual Report.

A synopsis of the annual report of the
pennsylvania Railroad Company for 190S
including financial statements of the lines
controlled by it west of Pittsburg, was made
public yesterday. The gross earnings OF all
the lines directly operated by the Pennsyl-
vania Railroad Company were s122 626, 419;
operating expenses, $S4, 1906 After deduct
ing rentals paid to roads operated on the
basis of net earnings. the net earnings of
the company were $S0,471, s01. The net in
come was $27,5O6.5O7. From this amount
there was deducted Sl2, 1855 for sinking and
trust funds and other improvements, leav-
ing balance of s14, 1927 S1, which was paid
out in per cent. dividends. The amount
to the credit of profit and loss account on
Dec. 81, was s24.742.224 The assets of the
company are given at $5O4.s79 AS. The funded
debt amounted to $l16, 716, 2S4, a decrease of
s23, 9O347.
The gross earnings of lines west of Pitts
burg directly operated by the Pennsylvania
Company. were SS6,6O2 ,934; operating ex-
penses, $27,1l66S3; net earnings after de-
ductaing rentals paid to roads operated on
bases OF net earnings, 1888, 40 The net
income was S5,1l9641. From this was de-
Quoted various amounts for dividends, i'm
provements. etc, leaving $2765S9, which was
transferred to the credit of profit and loss,
81.
39s. $40
The gross earnings of the lines directly op-
Grated by the Pittsburg, Cincinnati, Chicago
q st. Louis Railway Company were SIS, $780,
81, operating expenses S2227S,251; net earn
ings. after deducting rentals paid to roads
operated on the basis of net earnings, So
25l,55S. The net income was 81, 425, al. After
deducting various amounts for dividends,
Improvements, etc, there was left a bal
ance of S354,467, which was transferred to
the credit Of profit and loss, which amount
on Dec 81. amounted to g, 7o6, S35.
The gross earnings of all lines east and
west of Pittsburg for 1903 were $242, 517, 757;
operating expenses, S175,379, 437; net earnings,
$6I,l3S,32O. an increase in gross earnings.
compared with 1902 of So, 4SS,52l, and a de-
crease In net earnings of $40l, 100. There were
297, 120,39S tons of freight moved, being
increase of % 607, 519 tons, and 12 632, 2O3 pas
sengers carried, an increase Of 1885.
In order to meet the further expenditures
that will be required on the lines of the
Panhandle road and the elevation of its
tracks in Chicago, the report says, the crea-
ton of series IF Of its consolidated mortgage
bonds has been authorized in the sum of
100000 bearing interest at per cent. and
running for fifty years, from Dec. i, 1903.
Under the head of general remarks
President Cassatt reviews the work done
in improving the road between New York
and Pittsburg. 1.-THE pressing necessity for
expenditures made" he says, was clearly
demonstrated by the operations of the past
year. For. while there an improvement
in the movement of traffic over that of
1902, it was far from satisfactory. The IA
cilities throughout the whole system We're
constantly overtaXed and this brought about
not only undue expense in the handling of
the freight, but also the diversion Of large
amount of tonnage TO other lines.
The greater portion of the work under
The aggregate amount OF expenditures Tor
improvements during the year on the line
between New York and Pittsburg and the
branches connected Herewith was S44,OO6,-
3Nl