Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1911-04-01
CUMDERL AND VALLY
RAILROAD REPORT
Increase In Wages Caused Big Drop
In the Net Revenue of the
Company.
Company

Increased wages and greater main
tenance of way expenses brought the
net revenue of the Cumberland Valley
Railroad Company down $24,624S3
during the past year, according to
statements of NJ. C. Kennedy, vice
president and general superintendent
ia the seventy-sixth annual report
mailed to the stockholders yesterday.
The total amount in wages paid to
employees. including station men and
motormen, vas $4,000, an increase
Of $4,000 over the previous year. This
includes the six per cent increase in
wages granted all the employees last
April and ether establishments made
in wages of the trainmen since that
time.
Trainmen received an increase in
wages of $24,S59.65 during the year,
and the eaginemen, including fire
men, received a total increase Of $685.
1892.
The total transportation expenses
for the year were $97,112.61. an in
crease over the previous year Of s17S.-
926.53.
The net income for the year, after
paying all fixed obligations, was $780,
397.41, a decrease of 6.455 per cent,
out of which were paid the regular
dividends aggregating eight per cent,
and after applying $1S1 0S9 SO to the
payment of a portion of the extraor-
binary expenses for the year, the re-
mainder $62,627.8S, was transferred
to the reserve fund for additions and
betterments. The balance to the credit
of that amount at the close of the
year
The report further says:
Pursuant to action taken by the
stockholders On February %, 1910, the
common capital stock of the company
was increased 1929, 10000, making
the total authorized capital stock in
Guiding the first and second preferred
and common stock outstanding $4,000,
000 and the s3,555.70 of outstanding
stock scrip, referred in the previous
annual report was, by action of the
Board and pursuant to the regulations
under which it was issued, converted
into common stock, leaving 500 of
scrip uncovered at the close of the
year"
Mr.. Kennedy says that between Har
risburg and Hagerstown, a distance
of IA miles. there is now in service
4479 miles of second track, all Of
which has been reduced, eastbound to
maximum of four-tenths of one per
cent. grade between Chambersburg
and Waynesboro Junction, and in ad-
dition the alignment has been much
improved and grade crossing elimina-
ted.
The report also shows that the COM
pany spent a total of 53,25S.5S for
cross-river improvements. The addi-
tional track facilities now being made
on the south side of the Lemoyne
yards cost the company during the
past year a total of s33 ,412.02 and the
new yardmaster's Office at that point,
s125S21.
The White Hill coaling station in
Guiding the ash pits, hoist and tracks,
also under construction, has cost SIS
$685.. This coaling station is built
of concrete and when completed, wall
he one of the most up-to-date in
this section of the country. 1t was In
tended to have it ready for service by
the latter part of last year, but on
account of the non-arHval of the ma
chinery and the cold weather, the
work has been delayed.
The total consumption of coal by
locomotives was 14S060 net tons, be-
ing an increase of 30,S65 net tons
ever the previous year, at an increas-
ed cost of S61267.60. This represents
an average consumption of about 400
net tons fer each day in the year.
The number of retired employees OIL
the pension roll averaged thirty-fiye,
&C. whom $S,743 was disbursed.