New-York tribune., 1908-03-03
GENERAL REMARK 5.

In pursuanc. of tho power conferred by the Share
a meeting and for the purpose OF
meeting your capital requirements. made
March 10Th, 1907 under the terms of an agreement
with the Fidelity Trust Company Trustee. of 500
900. three Ave cent collateral notes Ihis
adopted by of the fact that under
the financial conditions then existing long
curities could be placed satisfactory basis
There heavy increase in the volume OF frelGht
traffic until the month of December the and
ton mileage for the year showing a large gain and
the reSenu- an increase OF than twelve and a
baIf ner cent over the previous year but there
material reduction the gross and net earnings
per per mile While the increase in the pas
sanger traffic was much below the percentage shown
In 1905 over 1905 being nine and thirteen
hundredths per against fourteen and forty
hundredths per the gross revenue there
from barely four and one-hah cent. as
compared with gain in 1905 of fourteen per cent
over the preceding year The expenses also.
largely increased. per passenger per mile
showing al increased percentage of nearly thirteen
per the cost train mile an increase OF
nearly seventeen per result there
reduction nearly third in the net earnings per
ns.sapper train mile. and while this was due in part
TO Il more distribution Of expenses between
tba, b. Isr fares ,,rich nr.vat,el during norton
year had stimulated ira fic the extent
offset the loss of revenue and the higher
OF operation due to the increase and cost
OF supplies be noted here that the average
rate received the entire system during the year
less thap cents mile.
There a further Increase in taxes the amount
paid upon your own property and upon that OF tho
lines operated by Company for the year agGre-
eating s3.979 81, against $3T15O33 81 for the
After meeting al liabilities and paying dividends
count OF the maturing principal Of Car Trusts there
surplus OF SSI!20I5.41 of which Si.2G0 65f ~
applied toward the Extraordinary Expenditures
OF year 81 900 transferred the Extraor-
dinary Expenditure Fund. and s235 423 80 credited
I'roht and Loss Account.
The heaviest outlays during the year between Pitts
hurgh and Jersey city the extension of the
~ stem your Main Line the revision uf
grade freight line along the Conemaugh River.
formerly known Western Pennsylvania Railroad.
extension Improvement of yards and terminal
facilities various points the purchase OF right of
Wny connection with the construction of further
.tyllt TFHsti ,If
supply.
The expenditures For construction. equip
ana real estate during the upon your Main
Line between H,-% York and Pittsburgh. including
Z. OF the principal of Car Trusts.
and s500.000 account of the principal OF Water
Trust Certificates. Sl3Si2. .iJ5.yS. OF whicn
10 s051 charged capital account $3.50 $50 -
against the income OF the and SJ.l7u SIS 80
against the Extraordinary Expenditure Fund
fore existing There also charged against the
income for the year the amount Of $3.50 30 ad-
vanced TO the Western Neu York and Pennsy yana
Rail~ay and other subsidiary companies
The capital expenditure the branch lines, which
ef THEN resources, aggregated
81 4e2. 3e1 81.
In pursuance Of the policy announced 10 che IaN