The Washington times., 1916-03-01
GENERAL REMARKS.

Before reviewing tho results OF the past
year, II may be well to remind the stock
holders that April 18th. 1915. viii be the Sew
enteenth Anniversary OF the enactment by
the State OF Pennsylvania OF the Act incor-
porating The, PennsyIvaBia Railroad Gem
business vtcissitudes In that long period. tho
Company has endeavored to discharge its
duty to the public by maintaining an ade-
quate, safe and high standard of trnnsporta-
ton service: by encourag ging the development
OF the territory served by Its lines and con-
nections; and by safeguarding the interests
fare OF Its employees Since Its incorporate
the Company has paid a return upon its
capital stock In every calendar year, and has
voting many millions OF dollars OF Its income
to provide betterments and improvements to
Its railroad and equipment, instead OF
Issuing capital stock or bonds TO procure the
INCOME STATEMENT.
The total operating revenues for 1915 chow
an increase OF nve per cent over 1914, hut
were smaller than those for 1913 Satisfac-
tory conclusions cannot be derived from COM
parisons with the results OF 1914. unless II
- considered that in that year and during
the early months OF 1918. the industries OF
the Country were suffering from general
dc epression. Since then, however. nearly all
classes OF industry In this Country have eX-
perienced an increasing prosperity.
While the increase In your freight reve-
nues principally In the Merchandise trGf-
ncl can be attributed la.ycly TO the trans
Of approximately nve per cent In certain
Merchandise freight rates. which became If
tective In the early Iart OF lH5. was also
helpful. 30 far as can bS estimated, the ad-
vance in these freight rates increased the
total freight revenues .% per cent.
Operating ExpSdhes decreased IL per cent
compared with 1914. This decrease was en-
tirely In tho Transportation Expenses. Que
10 an accounting change by which these SS-
pensss are relieved from freight charges on
the Conpany's lines for transporting nIateTi-
al and fuel used by Il; and also 10 q IOdue-
tion In the fuel consumed resulting from the
more extensive use Of locomotive super
heaters and TO increased efficiency.
Railway Operating Income increased Al, 2
por cent. compared with the unsatisfactory
results OF 1914, and Is per cent compared
The Net Income for 1913 Amounted 10
pared with the previous year. out OF which
appropriations were made to Sinking and
othsr Reserve Funds. Cash Dividends were
paid, nEgresatlnK six per cent on your tap-
menta were provided on lines ownsd, leased
and operated,
Tho PrOnt and Loss Account was charged
with So ssb. .ssb.7s, consisting principally OF
the issue and sale OF your General Mortgage
Bonds and the cost OF replacement better
menu on the equipment OF the Northern
ccntra' Railway Company, which 10 leased
by your Company
FREIGHT AND PASSENGER RATES.
The Public Service Commission OF Pennsyi-
vania ordered a reduction In the anthracite
coal rates from the anthracite FIELDS 20
Philadelphia. Believing the reduction 20 he
unjust. your Company availed itself Of its
TO appeal the case 10 tho Common Pleas Court
q Dauphln County, where u h now pending,
IL sustained b. the CourIn. tho order will
probably also fcrco rodnoaons In = larBs