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VOLUME V.
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Publication Office: In Ths Radical Bdildiso
Co-uer Diamond, Beaver. Pa.
J. S. RCTAN, Proprietor.
A'l communications and.bnsiness letters should
h. addressed to SMITH CURTIS, Beaver, Pa.
PENNSYLVANIA RAILROAD
twenty-sixth annualbkpokt
Owes OF THE Pennsylvania Rajlwm* '
company. Philadelphia, March 10,18*3. )
7., ,a: stockholders opthe
Pennsylvania!Railroad Company.
Your Directors have much pleasure in
submitting to you the following very sat
miictorv statement ot the business of
sour Riilwiys and Canals for the past
mr
The earnings of your Railways and
R-aacles, between Philadelphia and
Pittsburgh, were :
ta>*Pt**Bgen
Emigrant Paaa’g're 349,005 08
Moiu... . 154,914 78
Express Mattel— 349,037 03
General Freights.. 10,355,891*1
M i.-ncons Sou.ccs. _ „„ 545 27
((inducting Trans’ n $4.964,933 75
Motive Power 3,826.940 40
Maintenance of Cars 1,303.899 83
Maintenance of Road 3,337,724 69
tGeneral Expenses . m
1 -a-. mg Net Earnings in 1372.. $8,247,882 18
: :.,1 Earnings of these works in 1871
vwrp »o
for is:*. ;.' 22,012,525 27
Showing nn increase in 1872 of
0) t!ie above earnings, there was re
ceived from tne 358 miles of Main
Line:
h I*7o 1
: j «j;; ;
from the Main Line
1 id from the Branch Lines
i'i '-T;! —420 miles in length..
»7i—373 miles in length..
Ik ’OdsC
W earning* ot the Branch Lines
i; erated hy vour Company in 1872,
'-s!re:idy -tated. were $2,001,706 47
if itpenseg of operating them in
| duij Kents ol Leased Branches,
■''Si ■ ,i = ' a n* 1 ! direct profit in operat
s; :he<e lines of
• t' sources of revenue in 1873, com
nsren w uh those of 1871. show an in
in every item a* follows ;
t '"i-iass Passengers
Passengers
'|-ti‘'rsl Freights
'Ui , ' f
■ i »?’css Matter
ll'-.cllaneous..
The whole number of passengers carri
(• .a 1871 was 4,609,985 t and in 1872,5,250,-
’? an increase of 550,408; or nearly 11
' f, o per cent.
I he average distance travelled by each
linger was 33 11-100 miles, being 58-
a.ore than in 1871.
number of tons of freight moved,
a udmg 614,757, tons of fuel and other
aa\Tials fur the Company’s use) was 8,-
" 1 “35. tons, embracing 3,669,071 tons of
C U was last year 7,100,294, tons,
f '*‘an increase of 1,359,241 tons, or
r l‘.t 110 per cent.
'■- average charge per net ton per
,Ji e at on freights—during the year was
’ > i HjOijO ce nts, against 1 3887-10000
Cr: u Ust year, and per passenger 3 45 100
c ' per mile, against 2 53 100 last year,
13 avv nge increase in the rate of freight
\ in 1872 above those of 1871 of
' i'j I O'wo, or a little over a quarter of a
1 Per ton per mile; and in passenger
‘ ur ges i df-crease of 81-10 of a mill per
; per mile.
nc average cost of moving freight was
Vvi " Pi“) 0 cents per ton per mile, and for
Wengers l 837 1000 cents per passenger
Qe actual cost of operating your rail
ay, including branch lines, in 1872 was 62
• >• per cent, of its receipts ; excluding
58 P 2-100 per cent,
i er uioro detailed statements of the re-
I' l! ' i expenses of your Main Line,
ll '',' ! ‘ ar '-in;de r s ire referred to the full
J reports of the General
and Controlu-r.
ik ik
EXPENSES
$3,293,688 42
$30,010,618 80
. 17.338,834 28
$2,071,994 52
$2,001,706 47
1,381,012 67
1,994,121 84
$302 748 44
83.613 96
2.804.886 90
7,031 66
87.277 45
7,441 01
$3,293,688 42
The earnings of tbe^PbMNlP^ a
JSrie Railroad in 1872, were: .
From Passenger*- $647,8740$ .
“ Freight!....... 8,177,54858 .
“ Express Matter 41,817,87,
“ Mails 87,67880;
“ Mlscellan’s sources. 38,438 TO
...$2,00
Total (nearly $13,883 per mile qf -
road) |8,980,7»W
The operating, expenses during the
same period were:
For Conducting Transpot- ' -
tatlon.. .$841,998^81
For Motive power 975,7*1 *P ,
“ Maintenance Of Cars:. 3SP.tif I*
“ Maintenance of Way.. 1,199,948 07,_ "
—-—■ ——sB,BBB,ols9l
Showing « balance to the credit of / . . .
Philadelphia and Erie Railroad of.. $591,78696
The number of. tons > of freight moved
upon this line during the year was. 3,038,-
568 tods, against 1,828,491 in 1871, 1,614,-:
387 in 1870 and 1,302,041 in 1869, show-
I ing a steady annual increase of traffic.
The average charge made per mile on
freight was 1 190 1000 cents per ton per
mile, add the actual cost of its movement
0 941-1000 of a cent per ton per mile,
leaving a margin of profit of only, one-
quarter of a cent per ton per mile.
The increased tonnage in 1873 over 1871
was 300,077 tons, and the increase in rev-
enue from freights • was $377,190 61-
100, and from passengers, $61,298 53100„
The total increase of revenues for the year
being $438,489 14-100 ; but the expenses,
chiefly owing to the -destruction of the
Linden bridge by fire and the unusually
large amount of iron required to keep the
track in good condition, more than
absorbed this increase.
The net earnings of the Philadelphia
and Erie Railroad have disappointed the
expectations of its friends and projectors;
not in the extent of its tonnage since the
modification of the lease, but in the rates
of freight that it has been ablfc to com-
mand for what it carried. This line be-
ing longer from the commercial centres
of the east to all important points of the
west than its competitors, and traversing
a sparsely populated country, with gra-
dients unfavorable for cheap transporta-
tion, the cost of conducting its passenger
business baa usually exceeded the income
from this branch of revfitrno.- Tl»s ■■
it shows a loss of $37,933 73.
In working this railway it early became
apparent that the contihuence of the old
lease which exacted thirty per cent, of the
receipts without regard to the rates of
freight that could be procured, must re
sult in the adoption of charges by the
lessee that would render any participa
tion in the lake trade at Erie, or through
traffic from west of the mountains, impos
sible. For such business the New York
and Erie Railroad Company, the chief
competitor of this line charged that
yielded it little or no profit, and the
Lessee consequently had no other resort
but to meet this competition, or abandon
the through traffic,and rely upon the local
business of the line for its support,at rates
of freight which would leave a sufficient
margin for profit on its transportation, to
meet the terms of the leases.
$620,693 DO
Before adopting the policy here indi
cated, which appeared to be opposed to
the interest and expectations of the pub-
7,584 63
lic, the question of a modification of the
lease, to meet the difficulty thus develop-
ecf by the character of the traffic of the
line, was brought before the shareholders
of the Philadelphia and |Jria Railroad
Company, who, with great unanimity .con
firmed the alterations proposed. Under
the modified terms, the Lessee agreed to
work the line at cost, giving to the share
holders whatever profit rhe enterprise
might develop.
This change in the lease has permitted
the Pennsylvania Railroad Company to
develop the resources of the country tra
versed, meet the interest upon its bonded
indebtedness, and preserve the properly
to the shareholders, that they may be
able to reap from their investment what
ever advantage the future has in store for
them, from an increase in the population
and wealth ot the country traversed, or
that may become tributary to the line.
Before the lease was entered into, the
shares of the Philadelphia and Erie Rail
road Company had only a nominal val
ure, being freely offered at five per cent,
of par. They are now marketable at over
fifty per cent, (an increase of a thousand
per cent.,) clearly demonstrating that the
lease has not bad, as represented, a de
pressing influence upon the stock of the
Company.
The lease of this line was only offered
to the Pennsylvania Railroad Company
after it bad been declined by the officers
of the Philadelphia and Reading Rail
road Company, and after all other means
for raising the funds requited to complete
the work—that did not involve the sacri
fice of the stock of the Company—haiL.
failed.
The failure ot this enterprise to become
at Once profitable, is due* first, to its bat
ing been sorted with insufficient capital;'
:- 'V '■ : ■ •
BEAVER, PENN’A, MARCH 21.1873.
I ' < ■ ■ f.j ‘ • - ’ u
second, that It was located without refer
ence to the capabilities of the country it
.was to traverse, to yield a sufflclnt traffic
for its support. .Instead of crossing (he
.valuable coal deposits of the Allegheny
. Mountains it passed north of tnero. Rnd in
doing so avoided also the stilf more impor
tant oil deposits of Penn*
sylvania—the existence ofwhichttjtstiMDi
unknown—being Influenced in. .the adop
tion of the prmmt toots inslgutt
rant local subscriptions; thirdly, by
commencing apg coqtlntjingthe work Of
construction at both ends» when .the,means
of the Company were insufficient
execution of any considerable ’ portion
of either end—a policy which has mined
many other extended enterprises, and by
the temporary adoption of which by the
Pennsylvania Railroad Company, the
early success of ’ that enterprise was |eop*
ardized; fourthly, from its financial sacri
fices incurred In secure an early opening
of the road, through which mainly its
cost with a single track has amounted to
$75, 744,00 per mile; while that of the
Pennsylvania Railroad, ' with a doable
track throughout, and a-third track for a
portion of the distance, traversing a vastly
more rugged country, was but $71,908,00.
. In strong contrast with this policy, it
may be stated that all- financial sacrifices
made during the construction of the Penn
sylvania Railroad, as well as the interests
that bad been paid to the shareholders and
others until the railway was finished to
Pittssburgh, were charged directly to the
expense account, until returned from the
net revenues of the railway, instead of, as
|n the Philadelphia and Erie, and many
other cases, having been charged to the
cost of construction.
The only way, it is bell
the stock of the Philadel
Railroad Company can be
ble, is the employment of i
open np the resources of tl
turally tributary to it; this
done, and H Is hoped wi
it to earn dividends to its
The earnings of the Uni
TJ| W iT»»saj>,
Trenton Railroad, excludi
Belvidere, Delaware Railroad and Flem
ington Branch were, in 1872:
From Passengers
“ Freights
'• Express Matter
“ Mails
'• Miscellaneous sources
EXPXSSXS.
For Conducting Transpor
tation 13,755,690 75
For Motive Power 1,595.096 62
“ Maintenance of cars.. 379,637 17
“ Maintenance of road. 1,224,007 03
“ General Expenses.... 50.735 31
56,005,166 78
Leaving Net Earnings in 1873 12,361,060 02
The earnings of the Belvidere, Dela
ware Railroad, sizty*eigbt miles in length,
and Flemington branch of twelve miles,
were in 1872:
From Paeeengeas
“ Mails
•' Express Matter
“ General Frieghts
MisccUaneons sources
For Conducting Transporta
tion $125,906 60
For Motive Power 146.434 90
For Maintenance of Cars... 44,84009
For maintenance of Road... 198,349 89
Showings balance to credit
of Befvldere Railroad tor
1872 of $148,861 70
The earnings of the Delaware and Rar
itan Canal in 1872 were :
From tolls $938,832 00
“ Steam Towing
“ Miscellaneous
EXPENSES.
For maintenance of Canal $378,930 53
For Canal Operation, includ
ing drawbacks of $lO9 448 80 393,388 27
For Steam Towing accounts 443,718 70
1.016,037 49
Leaving Net Earnings in 1872 $508,667 75
After deducting drawbacks allowed to
shippers in 1872, and also in 1871, the
actual revenues Irom the Delewarc
and Bari tan Canal, were in 1872 $1,415,156 44
And they were In 1871 1,280,736 84
Showing an increase of
The earnings of the Philadelphia and
Trenton and the United Railroads of
New Jersey,Belvidere,Delaware Railroad,
and Flemington Branch, and Delaware
and Raritan Canal in 1873 were;
From United Railroads of New Jer-
iej He ....'. $8,206,22680
From Belvidere,' Delaware Railroad,
and Flemington Branch 664,398 IS
From Dele ware and Raritan Cana1—1.624*605 24
EXPENSES.
For United Railroads of
New Jersey —56,005,166 73
For Belvidere, Delaware
Railroad, and Fleming
ton Branch, including
net earnings (146.-
861 70 )....: 664.393 18
For Canal 1,016,037 49
Total Net Earnings of Kailroadand
Canal in 1872. {2,789,637 77
The Gross Receipts from these works
in 1871 were
And those for 187*2
An increase of.
The amonnt reqnired to pay Interest
on /Bonds and Dividends to the
shareholders of the United New
Jersey Railroads and Canal, under
the lease, is
To which add the interest of seven
per cent; upon the average estima
ted amount of additional capita!
id, by which
$1,673,319 32
3.263,293 Btt
236,554 96
49,485 00
144,580 47
$8,266,220 80
'4'.... $154,479 88
>.... 4,319 26
3.787 31
499,499 83
2.357 45
EXPENSES.
$1,524,605 21
$10,455,225 22
$1,003,301
$3,292,087
; conducting the boai
: na« Of tMjßoad, >‘11,740,890 93,”
eixaoaafc... 80,93114
Add inUawß Op loaa in operating
road, injßW; ‘‘f93o,SBB«3,'V one
a« 65,110 67
53,419,03515
Tto- et M»e
edto
from :■<!■ n'.'-i • •
,Raii
... .... $ll3 9900$
«(d«bt
Compa- *'
*y the
silroad
140,56813
>. ftom
171,63903
—— 435,118 04
.
'tnet earnings of
ate 3,769,89777
It in 1873....... *94,38984
occurred up to
960£8893
'^wS^SwiTe'
„i,iBrra. was 91,15t,537 67
jrltatement it will be
charge has been made
,esa of the New Jersey
; Hie of the care of the
.ailroad company engaged
traffic over those railroads,
ac
the managemeat of the
worksof'yoor Company,
in due pro-
Ita own and leased Hoes.
\tetion of the extensive
Huneuced at and near
evcooslraction of the
addi nlelnplated along the
line, jat the cost of moving
and ghts and passengers will
be reduced that we shaH,be
able Jto meet the terms of the
lease /profits of tbe works, but to
grad itypttlngolsh the large deficit that
has aajuttjulated. : Without the additional
facilftteMlwady provided, the increase of
thehtiiUMaof the past year could not
reci
Ri
Pev
in ti
or ti
coat
whoi
whic
porli
On
imr
from, the west, destined to New York and
®9-eaat. the small.profits apon the trans
portatloh of which were not considered
by the lessors oftheae railways and canals
of sufficient importance to induce them to
incur the heavy terminal expenditures re
quired for its prompt and economical
delivery.
Tfaf number of passengers carried over
the United Railroads of New Jersey in
1873, was and the average dis
tance travelled by each passenger was 31
39 100 miles.
The number of tons of ’ Jreight moved
was 3,536,304 tons, including 55,733 tons
of bituminous coal for shipment ht South
Amboy and 78,027 tons of material trans
ported for the Company's use.
The average charge per net ton per
mile, upon freights during the year, was
3 55 100 cents, and per passenger 2 52 100
cents per mile. !
The actual coat of operating the Phila
delphia and Trenton and the United Rail
roads of New Jersey, In 1873, was 72 64-
100 per cent, of its receipts, which high
rates is mostly due to the want of facili
ties at the termini of the road for handling
economically the large traffic of the line.
The number of tons of freight moved
on the Belvidere Delaware Railroad, and
Flemington Branch, was 914.833 tons, of
which 842,749 tons wab anthracite coal.
The average charge per net ton per
mile upon the freight carried over these
Hoes in 1872, was 111100 cents, and the
cost of moving it was but 0 819 1000 cents
per ton per mile, reflecting much credit
upon the General Superintendent, F. W.
Jackson, Esq., and the Superintendent in
mmediate charge, Mr. John A. Anderson,
fur the efficient and economical manage
ment of the line.
As the accounts of the business of these
railways have not heretofore been enter
ed in the form and the detail with which
those of the Pennsylvania Railroad Com
pany have been,kept we have no reliable
data for comparing the resuits of the bus
iness of 1872 with those of previous years.
The Lease of the New Jersey improve
mepts, between Philadelphia and New
Yqrk, includes, also, the Delaware and
Raritan Canal—the water line between
cities. This work is under the
charge of General I. J. Wistar, as Gen
eral Superintendent, in place of John G.
Stevens, Esq., elected General President
of;the several Companies in New Jersey
whose lines you have leased. This canal,
tbpugh its coal tonnage fell off materially
in/1872, has yielded, however, an increase
ih'Jts net profit oyer the previous year of
o/er $134,000.
/With the lease of the New Jersey
j Railroads and Canals this Company also
j Received property represented by shares
$064,393 18
515,531 48
567*053 99
18,71919
134.4119 66
7,685,597 45
8,959,157 06
9,962,461 96
in and bonds of Branch Railroads, Street
Railroads, Turnpikes, Bridges and Fer
ries over the Delaware and Hudson riv
ers, amounting at par to $5,714,444 25,
valued at the time of tberr delivery at
$4,065,326 45, and believed to be now
worth about that sum. These securities
yielded in 1873 a net revenue of $171,-
629 93 but they cannot be sold without
injury to the general interest of the Com
pany. This leaves the means necessary
to make the:lmprovements so urgently
demanded for the accommodation of the
large and increasing business of these
railways at Philadelphia, Jersey City and
along the line, to be obtained from other
sources. These improvements, consisting
of additional tracks for passing, trains,
sidings at the termini, shops, engine
booses, passenger stations, warehouses,
wharves and stock-yards, the construc
tion of which could not be longer delay
ed, have been commenced and will be
prosecuted with vigor. Their completion
will require a heavy outlay which, if it
had been incurred some years since,
would at this time have added materially
to the revenues of the Company, and to
a greater extent have diminished the ex
penses of managing Us business.
The live stock traffic of the Pennsylva
nia Railroad Company destined-to Jersey
City, New York and points in the East,
for want of facilities for Us accommoda
tion at Jersey City, has for many years
been forced to leave the Pennsylvania
Railroad at Harrisburg, 106 miles west of
Philadelphia, and reach New York, over
the east Pennsylvania and New Jersey
Central Railroads, thus losing the profit
of its transportation for about 200> miles
out of 450 miles between Pittsburgh and
New York.
The New Jersey Central Railroad Com.
pany, in consequence, it is supposed, of
the crowded condition of its line, has
recently demanded specific rates for the
transportation of live stock over its, rail
i»teB^ob.:
talnablein competition with other routes,
movement
cessity of at once incurring afieavey ex
penditure which ought to have been
made some years since by the New Jersey
Companies.
The estimated expenditure for all these
works during 1872,1873 and 1874, Includ
ing the rebuilding of the Trenton and
Brunswick bridges with iron, has been
estimated at $5,250,090. To meet this
sum the Joint Railroad Company of New
Jersey have delivered to us of their Gen
eral Mortgage Bonds $3,000,000, the in
terest, upon which will have to be added
to the annual payments to be made under
the lease.
The revenue of all the lines operated
by your Company in 1873, between Pitts
burgh and Jersey City, and amounts
paid for their working expenses, interest
on debts and dividends to shareholders,
are as follows:
From the Pennsylvania Railroad and
Branched $22,012,535*27
“ Philadelphia St Erie Rail
road
United Railroads ofCiew
Jersey 8.366,226 80
'• Belvidere Delaware Rail
road, including the Fletn
_ington Branch. _..... 664,393 18
“ Delaware & Raritan Canal 1,524,603 24
-• Dividends on stock in
Pennsylvania Company,
from April 1 to October
1. 1872 240,000 00
Total
Of the Penn’a Rail
road and Branches... $18,7&1,673 00
Of the Philadelphia
and Erie Railroad,
including net earn
ings 3,980,7*2 37
Of the United Rail-
roads of New Jersey 6.003.166 78
Of the Belvldere Dela
ware Rrilroad. and
the Flemington
Branch. including
net earnings 664,393 18
Of the Delaware and
Raritan Canal 1,016 03T"49
—525,431,033 41
Net profits for the year npon all the
lines operated by the Company.... $11,257,479 95
From which deduct
dividends declared
in May and Novem
ber, (each 5 percent.*
with the taxes paid
thereon $4,711.497 00
Interest paid by the
Company, after de
ducting interest and
dividends received. . 434.145.95
Paid for the lease of the
Harrisburg and Lan
caster Railroad - 135,056 34
Annual payment to the
State of Pennsylvania
on account of interest .»
and principle due
npon tne-pnrchase of <
the works between
Pittsburgh and Phil
adelphia 460.000 00
Dividends and interest
paid on account of
the United Railroads
and Canals of New
Jersey in 1872 ($B,-
299,987 84.) after de
ducting interest re
ceived from invest
ments transferred
with the lease, ($l7l,- #
629 OS.) showing an
outlay in operating
them under the lease,
in excess of their net
receipts of $234,289 34 $3,121,357 M
58,862,056 71
Balance
RECEIPTS
.3,930,738 87
831),688,503 36
KSPSNSB9.
f 2,305,423 34
NUMBER 12
This balance represents the net results
of the operations of your several lines of
railway in Pennsylvania and New Jersey
for tbe year 1673, and they are thus stal
ed,, that yo>% may folly understand the
value of your property, nothing having
been entered to the expense account ex
cept tbe regular transportation charges
against the business of the Company. In
former years, the expense account was ia
creased annually by considerable payment
that might. .have been charged to con
struction account, which, had they been
divided: as prpfhet. would- to tha? extent .
have increased the present indebtedness
of the Company.
The Pfennsylvafita Railroad Company
has also a large amount of property that
is at present practically unproductive,
each as a controUingdntereal in 23,19hacrua
of Anthracite coallands, stock m> the '
Pennsylvania Canaan din Railroads; the
profits of which tn< a ahort time will add
largely to its net revenpest bat which at
present are small, aodt have been devoted
to their improvement..
It will be seen from the preceding state
meat, that the surplus net. profits of the
Company in 1812,' without including
those from the soaroea- Minded to, were
sufficient to have paid a dividend at tea
per cent,, upon an additional capita! stock,
of nearly and- there is every
reason to believe from the daily indica
tions of the future business of the Com/
pany, that without farther outlays tbe
profits of 1673 would be equally satisfac
tory. But as it istbe duty as well as tbe
interest of the Company to meet the legit
imate demands of tbe public for increased
transportation facilities, the means neces
sary for that object mast he provided.
Tbe amount required in 1873 for addition
al tracks, equipment, shops, wharves, de
pots, &c., &c., to meet the demands from
tbe increasing tonnage of the Company
and Us existing obligations is estimated at
f23tP(M),PO(h -; T
The'increase ,of of 1871
iS in 1873 t
increased amount.. could ham
beenfurihexincreasedbythepoaaeasiqnor
sddinanai Tomng
n&l facilities.
The amount of rolling stock, &c., added
in 1873, though deemed ample to meet tho
wants of the public, proved inadequate
to that,object. A further increase of
equipment involves also large extensions
of third track, sidings, warehouses, and
all other facilities that a railroad requires,
the business of which is already crowd
ing all of its departments. To raise the
means desired to provide for this antici
pated increase of traffic, your Directors
have concluded that inasmuch as the sur
plus profits of |he year were largely in
excess of the amount required to pay the
usual dividend on its existing capital, the
most acceptable mode of raising the sum
would be by a distribution of an addition
al number of shares to the extent of
percent, of their present ho|din|g3, rau
bly among all of the Stockholders whose
names may stand upon the books of the
Company on the first day of April next,
one half to be paid in between the Ist
and 24th of May, and the remainder (50
per cent.) to be called for on sixty days’
notice, in instalments not exceeding 25
per cent, at any one time.
The increase of the tonnage ot the
Pennsylvania Railroad was chiefly due to
the local traffic of the line. This increase
of traffic, pot however in so great a ratio,
will it is believed continue for some years
to come.
To meet these annual requirements foe
additional funds, the Directors have
thought it best to adopt a revised finan
cial plan, and with that view they have
procured an Act of the Legislature au
thorizing an increase ot the Capital
Stock of the Company one hundred per
cent, with the privilege of raising by
bonds, to be secured by mortgage, an
equal amount. A certified copy of said
act is submitted to you with this report
for your action.
An application for an Act to increase
the Capital of the Company, and its mort.
gage indebtedness in 1869, elicited such
strong objections in consequence of its
apparent magnitude, from those who
could not appreciate the extent and. ra
pidity with which the traffic of the Com
pany would increase, that it was thought
expedient to cut down the amount asked
for to $35,000,000, an amount which ba,a
already proved to be wholly inadequate
to the requirements of the- Company. It
has therefore been thought advisable to
discontinue the sale o£ the present gener
al mortgage bonds at the sum of $30,000. *
000, and provide by an additional gener.
at mortgage an amount sufficient to meet
the future necessities of the Company.
c<j'ST\yvKU o t* Kioarq ?40a.
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