The daily morning journal and courier., 1905-02-28
REPORT OF PENN. RAILROAD
ANNUAL STATEMENT OF COM
 PANY ISSUED LAST NIGHT.
Earnings, Expenditures and Dividends Main Items of Expense During Cur rent Year--To Push Four Tracking PIans-Large Additions to Motive Power and Eauipmcnt--Permanent water Supply for Main Line-Tunael work in New York. .

Philadelphia, Feb. 27.-The annual re port of the Pennsylvania Railroad company was made public tonight. It shows the gross earnings of all six lines directly operated to be $l1S,1 ,145,27o. and the net earnings after deducting operating expenses, $36,342,2S1, From this amount is deducted $6,7SS,6O9 rem tals paid roads operated on the basis of net earnings, leaving $296OS,6l2 as the net operating earnings oG the com com pany. Added to this is the interest from investments, rental of equipment and other items, amounting to $1l,4l4,- 2s3, making the gross income $41, ,017,935. Deducting. $1S,O27, ,O6s for fixed rentals and interest the net income was $2l,- 99O,S66. From this amount deductions were made amounting to $10,O5I, ,SS2 for extraordinary expenses and payments on account of sinking and trust funds. cash dividend of 6 per cent, was paid, amounting to $17 ,9SS,0S4. To this credit of profit and loss was placed $24,725,4S4.
 The net operating earnings of the lines west of Pittsburg were $S,292,S6S.
 Under the head of general remarks" the report says:
 ..The main items of expenditure dur ing the current year upon our main line will be the construction of the ele-= yated freight road along Duquesne way and the new freight station at the point in Pittsburg, the extension of the four track system on the Monon- gahela division and of second track and sidings in the coke region, the further completion of the four track system on the Pittsburg and Middle divisions, and the work upon the new freight line be tween Columbia and Glenloch. Large additions will also be required to your motive power and equipment; and nee essary provision must be made for permanent water supply for your main. line. The tunnel line into New York Is now under active construction. Con tracts have been awarded for the two tunnels under the North river between the Weehawken shaft in New Jersey and the east side of Tenth avenue in New York city, for the excavation and retaining walls for the terminal pas senger station between Seventh and Ninth avenues in that city, and for the four tunnels under the East river to East avenue in Long Island City. The remaining tunnel work, under Bergen hill on the west side of the North river and in New York city east of the sta tion, will be put under contract during the currency year, as also the terminal station itself. and it is expected that the entire line will be ready for traf- fife in the fall of 1908. #E
 "A large power house is almost com pleted in Long Island City and another will be erected on the west side of the North river, which will have sufficient capacity to supply not only the power sufficient for the operation of the tun- nels, but also for that portion of the Long Island railroad system in and ad- jacent to the. city of Brooklyn, which is now being equipped for electric ser vice.
 ''As advised in the call for the an nual meeting, your authority will be requested for an increase in the bond ed indebtedness of the company. Be- sides making provision for your con- solidated mortgage bonds, which ma- ture in the early summer, it will, as already noted, be necessary to provide the funds for further subscription to the capital stock of the Pennsylvania company for that portion of the con struction and eqquipment expenditure of the year to be charged to capital ac- count, and for the current outlay upon the New York tunnel line.n .G !