The Washington times., 1910-03-01
SPLENDID EARNINGS
FOR PENNSYLV
Great System Increased Its
Net Receipts in 1909 by
$16,259,628.

The Pennsylvania Railroad Company
has just issued its sixty-third annual
report, covering the operations OF the
great system for. the calendar year 1909
Ihe most gratifying showing Is made. as
may be inferred from a net revenue gain
for the year Of 6259,62
The report showed uniform gains in
both gross and net. The detailed state
ment brings no disappointment TO the
friends of 'Jennsy," VINO have expected
great things OF the favOrIte road
But for the fact that there was
heaFy gain IN operating expenses and
extraordinary expense account the sur
Plus showing of the wear would reflect
the eXcellentn ct returns. Likeot rail-
road corporations the Pennsylvania
conserved resources in the early stages
OF the recuperative period oc lGUS and the
early weeks Of 1909. cutting loose with
lavish hand in the last three-quarters|
OF the year TO put the great system in
first-ciass condition, equipment and
road bed, rails and all This expendi-
ture accounted for an increase Of
$Ii,-dJ.Jy7 in the expense account. But
il was necessary-it was part OF tie
business that helped along the great
revival Of prosperity.
The Grand Showing
The grand total of the whole system
shows gross operating revenues of $Sl5.-
4g6 SGi for the year ended December 81,
-eg, a gain Of S2S, 696, $50, a net revenue
of SS-,2632l2, a gain Of S14S7o.9SJ. and a
gross income OF Sll6. 753. IU7. a gain OF
Sl6,&9,62S. The appropriations for divi-
bends and all charges. including extra
ordinary expenditure, amounted to Sll3,-
52n5t5, an increase of $I4,259 So, and the
net surplus remaining was S3.2fS,Z.2. an
increase Of S1.9so. $50 as compared with
the previous year.
on the company's lines directly Oper-
ated, the freight revenues for the year
WAS Sll6.1ts9IS. gain of S14,027 los, and
the average revenue per ton mile MAS
: v-5S cents, an Increase Of OOII cents,
though on the New Jersey division the
company was able TO get O.S76 cents. The
total passenger revenue on this part of
the system was S3o.A0,7SS. a gain Of
Sl,i59lS2, and the total number carried
was b-,5y-sl5h gain Of 2,125,SH These
passengers were carried for an average
! of 1871 cents, a decrease Of OOH cents a
mile The highest rate was . 40 cent &
a mile, received on the Erie division and
! the lowest was l6lT cents on the New
Jersey division.
During the year 1919, the companv's
extraordinary expenses for improve
mentS of grades, new tracks terminal
facilities. on its owned lines, were
/ Ss,5'l.N'e. of which 100000 was applied
toward the construction Of the New
Z ork tunnel extension alone. In aGdi-
I ton 10 this. the further sum Of 5000 900
was transferred 10 the extraordinary
( expenditure fund
Presidents Comment.
In his report 10 the shareholders.
! James NIcCrea. presid ut Of the com
pany, says that the financial depression
Of the previous year has been followed
by a gratifying. resumption Of business
activity, which is reflected in the gross
earnings o. the system The net income
after charges was S24.S13.662 out OF
which were paid dividends Of G per cent.
aEgregatinE S19173.T42, and car trust
principal of S2,597,7 10. in addition 10 the
extraordinary expenditures already men
toned The New York tunnel extern
| sion is carried on the books at s.. 4q5. $50.
The total cost. Mr.. NIcCrea says. is
Slo2, 1850, including the cost Of some
real estate not permanently required.
/ or the difference. S55.000.o0o has been
charged against surplus income and
$1,000 ON against profit and loss.
During the year the capital stock was
Increased $50. $4,000. Of which so. -q5 301
was the stock allotment Of last NCyern-
/ her and the balance was due to tho con
version Of convertible bonds brought
about chiefly by the rise in the market
price Of the stock last September 10
15lh, a figure whicn made the transac-
ti0n profitable while q lasted. TIE
capital stock outstanding al the end Of
the year was $foI. O5f.S0O, and the funded
Cebt Of the company direct was S2t2-
a26l0 10 which must be added S34 500 500
/ bonds Of subsidiary roads acquired by
the company. SlA9l2-250 guaranteed stock
and other miner Liabilities. Current as