The Washington times., 1906-03-03
CAPITAL STOCK AND FUNDED
DEBT.-LINES WEST OF
PITTSRITRGH


DEBT.-LINES WEST OF
PITTSBURGH
The $4,000, 900 issue Of Temporary col
ldi-faI obligations made by the Penn
syfyania Company to meet the heavy
CApllal expenditures on the lines West
OF pittsburgh was paid off at ma
turlty, October 1st. 1906 AS heretofore
noted, the capital stock or the Company
was increased by an additional issue
or go, 200, 900, the total now amounting
TO $50. 008.000 1t will be noted that after
paying a dividend of five per cent. for
me past year making large contribu-
tiohs 10 its various sinking funds. and
transferring go O000 10 an EXtTaOrdi-
nary Expenditure fund. the Company
carried substantial balance to the
credit OF It's Profit and Loss account
t3r the purpose Of retiring *5;927. 900
ItIned Indebtedness Of the St Louis,
kandalia and Terre Haute and Terre
( E1aute and Logansport Railway Com
Ranies, constituent organizations OF the
Consolidated Xandalia Railroad Com
pahy, and for other corporate purposes,
an issue was made by the latter Com
pahy or SttVy0,00V OF its fifty-year four
per cent Consolidated Mortgage bonds,
maturing February 1st. 1855
In pursuance OF an agreement with
/ the Erie and Pittsburgh Railroad Com
Pany, under date Of November 1st, 1895,
your Company has arranged To f,ro,fde
the Sinking Fund instaIrarnts required
/ by the General Mortgage # that Com
pany OF July /. $50, the Erie and Pitts
hurgh Railroad Company agreeing TO de-
NNer from time to time its three a nd ONE
I haiI per cent debentures at par To the
amount OF such advances. and upon
the maj payment Of the outstanding
General Mortgage bonds 10 exchange
new Mortgage Bonds TO be issued In
leu thereof, par for par, for the de-
| pentures so delivered to your Company
prior thereto.
n pursuance Of an agreement Of con-
| s0Hdatlon, duly approved by the Boards
or Directors and Shareholders of the
TWO Companies, the Pittsburgh YounQs-
! to~b ana Ashtabula and the New Castle
anu Beaver Valley Railroad Companies
| nave Deen consolidated into the Pitts
purgh, Youngstown and Ashtabula
TIaAWey company, taking effect as of
January l. 1900 This e0usoIjdatg6r
merges into one a, ownership the limos
| Ieaqlhg from kenwoOd, HCmewood and
Alliance Junction on the PittsbIIrcb
Fort wayne and Chicago Railway to
ASAtdbuta on Lake Erie. and ensures
an economical and harmonious adnln-
istration of the property
CAPITAL EXPENDITURES
ne amount Of Capital Expenditures
41IiLs tle year on the Lines west of
tAttSouFSh Tor construction, CONTINENT
ana real estate was SO COS g24 z
r urther large. expenditures were made
1ttg It,9Lt tHe FtttSourgh, Fort Wayne and
1890 5..,l,.alsl t'aA way in the elevation and
icpIesslon of tracks TO avoid grade
Crossings In the cities Of Chicago and
-AlIeS leny, IN the construction OF fbird
y, Lo'-IIHi Tn ana hfth tracks and of sidings
dt various points, ana in the axtapofG'r
anu Improvement Of terminal yards
a HpeFal outlay was also required for
5 1919 5I-tchlng, yards, docks. and other
'ls,t itCltltleS on the Cleveland and
Ll.tSb4i gn, pittsburgh. YOIngst0ys-r, and
sAShttbuia. and other lines in ,-o1.r
northwestern System. On the Soufb
western system the same uoIfcV Uas
-. 80. S'eu , IN regard to the track eIeva-
tioIl III NhlcagO, the further extension
OL second track between CoIuu1bus ana
LIG!a apolls, the construction of Other
aadLtioRat main tracks and sfdings and
points a 'e' iiiIiiaA
There was also a considerable in
sIS@se IN the locomotive and car eot1jD-s
meht on both systems
TRAFFIC.
n, ne number Of tons OF freight moved
T,5 J95 o5i Siis s. Hnes west OF Pittsburgh was
to-.--'-oial an Increase Of .. .603. .654 rTba
81 aititloeT OF passengers carried yas -
'7+iiIS' f,ts' an Increase of 469. .S67.
a1l{ S-oSs earnings OF all lines east
LFlo We're $266. .069 5g-- IS or9eratjT.- -. -
Rehses, IS2, 100, 34S -. and net ae,,-57i,7e-s
ii115g0',~ n5, ',~fs.of' an increase IN gross earn
MSS compared with 1904 0F sos 81 ~ "a
tl Sill an increase in net aa-rf-e-s lF e g
1880 There were Gss .-- ~ TONS ~
"a "a, Stsnt ~ moved, being an increase or ss
RED ~ 'o'lS fand ana 10, ts4. .223 passengers car
~ al increase Of 5,66S. .1s5
-.
The tonnage shows an avoaY,.io,-, J.,
tiLSaSe ooJn IN volume and mileage over
sLlat OF 1904, the traffic for the ve9r he
l-ss5 Huch the heaviest in the history
1;t.tnG tnG company, and by reason of the
t!oeISI expenditures recently made in
Tue construction Of relief lines and fare,a
ssetihlInaI yards and the substantial ad-
Nt3oRS made to -OuT motive Doua~ fba
movement thereof has been materisii\-
Improved The gross earnings of the
. -'-tI9 I-@st E-@st OF PlttS burSh and Erie show
= 4dtst gam, ana the prosperous cOudi-
n us prevailing lE the country are re-
ASCted throughout the entire system
mere was 2 slight reduction in the
s-FeFdge rate, and also in the net earn
Iags per ton per mile. but owing TO the
volume of traffic carried there was a
large gain in the freight revenue. There
was an increase in the expenses in all
departments. and notably in that of
Maintenance OF Equipment, due to the
oullaNS necessary 10 keep your motive
power and equipment up To the require
ilnents OF the trat1c. 1t will be seen.
however, that after meeting all liza
pliitieS and paying the regular dfvI-
Cend OF six per cent. the surplus in
come was sufficient to provide for the
instruments due on the principal of the
outstanding Car Trusts, S3,249,23S. .43, and
Tor S,4z4, ,SS131, the Extraordinary Ex-
Denditure for the year
The heaviest outlay during the past
year was upon the low grade freight
line from York Haven to GlenlOch. The
" ork was prosecuted vigorously, and
the SSCuO1S between Ork Haven and
Colum bia and between Atglen and
Iarkesburg are now in service Be
tween Columbia and Atglen and between
ThOTndale ard GlenlOch. the grading is
rapidly approaching completion, and The
entire road viii be finished in the early
Spring.
Additional expeDd. lures have also been
made upon the yards operated at Enola
in connection with this line and facili-
ties provided at ThOTndale and Den
holm on the Philadelphia and Middle
Divisions, through which four freight
trains IN each direction can be COa1ed
and wateTed at the anne time. and the
delays avoided that now result from
trains having to follow each other at
intervals and wait while those ahead
are being served.
The yards at Harrisburg, Tyrone, Al
toona. Pitcairn. and Pittsburgh have been
further extended easthOund claSSi-
acation yard at Hollidaysburg enlarged,
and provision made for an extensive
westbound yard at the same point, for
the classification of coal cars to be dis
tributed over the Pittsburgh Division
At the MOrrisville terminus of tile Tren-
-on Cutoff, liberal yard facilities are
tIso being furnished for the aCcummoda-
ion Of the traffic passing over the New
York Division.
At Broad Street Station. Phi adelphia,
he exnress station has been rebuilt, and
he widening out and lengthening of the
Iacks on the South side is under way
At East Liberty, Pittsburgh, a new pas
;enger station is being erected, which
Y Oh, 70