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THE PITTSBURG DISPATCH.
SECOND PART.
PAGES 9 TO 12.
PITTSBURG, TUESDAY, MABCH 4, 1890.
Forty-Third Annual Report.
Office of the Pennsylvania Railroad company,
Philadelphi i, March 1, 1890.
The Board of Directors submit herewith their report for the year 1839:
Main Line and Branches, PniiADELrniA to Pittsburg.
Earnings..
Expenses.
.$36,855,781 99
. 23.193.796 89
Netearnings 113,661,985 10
Add interest from investments (in cash), also lor use of equipment and
other items 5.123,932 65
Total J1S.790.917 75
Deduct rentals paid branch roads, interest on equipment, interest on
bonded debt, State tax on dividends and other Items 7.920,563 27
Net income Pennsylvania Railroad Division 510,870,351 i$
PHILADELPHIA TO NEW YORK AND BRANCHES.
Earnings $18,117,200 19
Expenses 13.735,416 31
Net cai-nincs f rom operating $ 4.3S1.753 83
Add interest from investments 639.044 29
snd 292,991 ties; on the Philadelphia and Erie Railroad division, 8,971 ton of steel, and
476,985 ties making a total of 38,538 tons of steel, and 2,164,218 ties.
There were built at Altoona, and your other shops east of Pittsburg and Erie, for the
main line and other roads in your interest, on capital and repair account, 149 locomotives,
65 passenger cars, 16 baggage and mail cars, 3,002 freight cars, 3 refrigerator cars, and 320
cabin and maintenance of way cars.
Under the car trust system there were furnished during the year, under authority here
tofore conferred, 1,050 box and 525 long gondola cars for the main line, 300 long gondolas
and 500 box cars for the linps in which your company is interested west of Pittsburg, and
140 box cars sub-leased to the New York, Philadelphia and Norfolk Eailroad Company.
Tho 27,246 cars placed on your lines east of Pittsburg, through tho system of Car
Trusts, representa cost of J14,8S9,S05 00
The 16.503 cars west of Pittsburg. 8,886,995 00
The cars subleased to affiliated lines, viz:
3.706 cars Northern Central Railway Company $1,827,700 00
250 cars Allegheny Valley Railroad Company. 137.500 00
292 cars New York, Philadelphia and Norfolk Railroad Company. 200,000 00
500 cars Philadelphia, Wilmlncton and Baltimore Railroad Company..... 235.000 00
500 cars Bell's Gap Railroad Company. 250,000 00
. 2,649,700 00
Total income 8 5.010,793 17
Deduct payments on account of dividends, interest on equipment, etc.. 4,902.085 91
Net profit under the lease of United New Jersey Railroad and Canal
Company's property S
13S.712 23
Total ?1I,009,0G3 71
PHILADELPHIA AND ERIE RAILROAD.
Earnings $6,541.462 93
Expenses 4.167,562 44
Net famines $ 2,373,900 49
Dedcct payments on account of rentals and interest for use of equip
ment 2,390,216 87
Los on Philadelphia and Erie Railroad Division, including branches
operated In connection therewith $
16.316 33
Balance 810,992.747 33
SUMMARY.
Net income Pennsylvania Railroad Divison 810,870,851 48
Prone on Hew Jersey Division 133,712 23
Loss on Philadelphia and Erie Railroad Division.,
811,009,063 71
16,316 38
Balance .810,992,747 33
Total, 48.997 cars 825,426,000 00
Total amount of certificates redeemed to December 31, 1889, as follows:
Amount paid in full payment of 15,714 cars 58.SS7.O0O 00
Amount paid on account of 33,283 cars 6,925,000 00
15,262.000 00
Balance of certificates outstanding December 31, 1SS9 810,164,000 00
COMPARISONS "WITH 1888.
EARNINGS AND EXPENSES OF ALL LINES EAST OF rrTTSBCRO AND ERIE.
Rentals
and In
Gross Expenses, terest on Net Earn-
Earnings. equip- ings.
MENT.
- -
1689 861,514,445 11 841,096,805 64 810,042,171 73 810,375,467 74
1888 63,172,077 66 39,331,153 14 9,608.649 23 9,2)2,275 29
Increase $ 3,342.367 45 8 1,765,652 50 S 433,522 50 8 1,143,192 45
The gross earnings per mile received from tho main line (338 miles) In 1889 were. 881.713 65
In 188S were 77,634 84
Showing an increase of 8 4,078 81
I18S9. 18S9. . 1888. 1883.
. - -
roads were 81I.6S9.597 90 810,491908 30
Expenses 8,683,315 90 8.2I9.9S5 62
Net earnings 83,026,282 00 81273,922 68
Deduct rental and interest. 2,934,925 29 2,311,400 70
Profit 191.356 71 Loss. 837.478 02
Of this profit your company, under ex
isting contracts, is entitled to 845,678 36 Loss. 818,739 01
JVbich, added to the profit shown in the
above statement 963.186 20 Loss, 151,406 36
Leaves a net profit on all lines west of
Pittsburg for 18S9 81,013,864 56 Loss. 8170,145 37
Net Ios on all lines 'west of Pittsburg
for 1888 170,145 37
Showing a comparative increase for 1889,
compared with 18S3. of 81,184.000 93
From this balanco of income for the year 810,992,747 33
the following amounts have been deducted, viz:
PATJIENT TO FUND FOR THE PURCHASE OF SECURITIES GUARANTEED
by the Penntlvania Railroad Compasy f 57,433 45
Pennsylvania Railroad Company's Consolidated Mortgage
Bonds, sinking fund account 821,800 00
Allegheny Valley Railroad Company.
Payments on account of guaranty of principal and Interest of bonds..... 160,179 46
American Steamship Company.
Account of interest guaranteed by Pennsylvania Railroad Company..... 45,000 00
Pennsylvania Canal Company.
Payments account of interest guaranteed by Pennsylvania Railroad
Company, etc 188,510 00
Extraordinary Repairs and improvements.
Amount expended, not properly chargeable to capital account 1,530.912 63
2,336,835 54
Balance 8 8.633,911 79
Outof which was paid a dividend of 5 per cent 5.327,270 00
Amount transferred to credit of profit and loss for tho year 1889 8 3,328,641 79
Deduct extraordinary expenditures, account of floods June. 1889. debited
to profit andjoss account $ 2,699.324 85
uess amount receiveu in settlement ui sunury accounts ll,37U &B
Add amount to credit of profit and loss December 31, 18SS....
2.489.9549
8 838.687 50
. 19,229,368 33
The percentage of operating expenses to earnings on all lines east of Pittsburg nnd
Erie was 66,81 for 1839 and 67.61 for 1888, showing a decrease for the year 1889 of 0.80
per rent.
The segregate coal and coke shipments over the Pennsylvania Railroad Division
amounted to 17,170,842 tons, as against 16,601,051 tons in 1888, a gain of 569,791 tons, or
3.43 per cent.
The total shipments of oil over the Pennsylvania Railroad Division during the year
1889 amounted to 4,678,004 barrels, against 3,942,266 barrels in 1888, showing an increase
of 733,738 barrels.
The following table shows the revenue and cost per ton per mile on each division oper
ated by the company, as compared with 1888.
Balance to credit of profit and loss December 31, 1889 820,068,035 83
The results shown by the foregoing statements compare very favorably with 1888,
notwithstanding the unnropitious outlook at the commencement of the year, and the in
terruption to your traffic arising from the destruction of your property by the June flood.
The income as shown bv the foregoing statement is "$10,992,747 33 is compared with
$9,809,160 93 for the year 1888. After deducting irom this sum the amounts properly
charceable thereto, there is a balance of net income for the year of $8,655,911 79 as against
$7,040,962 82 lor the year 1888, out of which there was paid a dividend of 5 per cent, leav
ing $3,328,641 79: after deducting the extraordinary expenditures necessitated by the June
floods, amounting to 82,609,324 85, there was a balance remaining to the credit of profit
and loss at the 2nd of the year of $20,068,055 83.
The lines embraced in your system, both east and west of Pittsburg, comprise 7,844 23
miles, over wblch-wereTnoved 122,164,118 tons of freight and 78,126,957 passengers, as
against 110,843,874 tons of freight and 74,000,086 passengers in 1883. The gross earnings of
these lines lor the year were $122,917,337 39, as compared with $116,509,292 59 for 1888,
thus showing an encouraging increase over thepreceding year.
The cost of the securities of other corporations now held by yonr company amounts to
$109,834,915 28, and in addition to the traffic secured by your lines .by these investments,
they produced a direct revenue of $4,421,497 58, a sum largely in excess of the interest on
the entire funded obligations of your company.
The New Jersey Division, for the first time in many years, shows a net revenue over
and above all your obligations in connection therewith, although the expenses upon this
property dnring the past year have been quite heavy. The fourth track between Phila
delphia and New York was practically completed, with the exception of the portions ly
ing within the limits of the cities ot Trenton, New Brunswick, Elizabeth and Newark.
At these points the subject of elevating or depressing the tracks, bo as to avoid the danger
ous grade crossings, is under consideration with the proper municipal authorities. The
work connected with the elevation of the tracks approaching your terminal in Jersey City
was actively commenced, and will, it is expected, be completed during the present-year.
"With the desire of meeting the wishes of the public and of the municipal authorities of
the city of Philadelphia, a heavy expenditure was incurred on the connecting railroad, in
elevating its roadbed and constructing bridges to avoid the crossing of public streets at
grade. Plans are now being perfected, in connection with the city authorities, to carry
out the same policy between Frankfort station and Holmesbnrg Junction (a distance or
nearly four miles), and thus abolish all the dangerous grade crossings on your New York
line, in the city of Philadelphia. A large Bum will be required to make this improvement.
The Philadelphia and Erie Railroad shows increased gross earnings, and except for
the extraordinary expenditure of $421,081 63, made necessary by the floods, its net results
would have been more than usually favorable.
On the 31st of May the extraordinary rainfall, before alluded to, began, and following
nearly the trend of the mountain range over which your system of lines passes, caused an
unparalleled destruction of property, not only upon your main line, but many of the other
roads forming your system.
In the Juniata Valley three of the largest and most expensive double-track bridges,
two of which had recently been rebuilt, were entirely destroyed, together with several
miles of track. The greatest destruction of both life and property took place, however, on
the western slope of the mountain in the Conemaugh valley, where a reservoir (originally
constructed by the State of Pennsylvania forits canal system) gave way, and completely
destroyed your road for a distance of over ten miles, including several large bridges, ana
all the machine-shops, round-houses, and yard facilities at Conemaugh, at the foot of the
mountain, the destruction being so complete that it was almost impossible to fix the looa
tion formerly occupied by your propertv. Among the property damaged and destroyed
were24 passenger cars, 561 freight cars, 34 locomotives, some of the latter, notwithstanding
their weight, being carried more than a mile by the force of the flood. "While this loss of
property was appalling in its magnitude, yet it was more than overshadowed by the great
destrnction of life and property in the manufacturing city of Johnstown, a short distance
below Conemaugh, in the same valley.
In addition to the destrnction of property on your main line, many of the largest and
most important bridges ou theJPhiladelphia and Erie Road were entirely destroyed, while
on the Elmira and Williamsport line (leased to the Northern Central Railway Company)
several miles of railway, including many bridges, were washed away.
The total amount expended to December 31, 1889, in repairing tbe loss caused bv the
floods to your system was $3,475,425.01, leaving still a considerable snra to be expended
to restore it to its original condition. This outlay docs not include the indirect loss from
the suspension of traffic and the serious interruotion to the working of vour entire svstem
caused thereby. " "
The services of as many of your officers and employes as could be spared from your
system of lines both east and west of Pittsburg were concentrated both night and day
upon tbe work of repairing these disasters; and notwithstanding their magnitude the
movement of traffic was resumed within eight days. Too much credit cannot be given to
them for their skill, energy, and unremitting devotion to this work, to which is largely
due the fact that your properties were able to recover so promptlv from the serions disas
ters which had overtaken them.
The funds for the expenditures properly chargeable to capital account, on your system
?' llnei.p ,-the rePair of the damage caused by the June flood, were obtained by the
issue of $6,943,200 of capital stock, and by the sale of securities belonging to the company.
rV.J.SJSW?8, madet0 secnre additional equipment for your Bystem by the issue of
$3,000,000 of 4 per cent, equipment trust gold bonds, maturing September 1, 1914, and
secured by a specific pledge of the cars purchased therewith.
The principal of the debt due to the State of Pennsylvania on account of the purchase
of tbe mam line, which was charged to capital account, was reduced during tho year br
"T."t " ;i"" "" '"""B oaiance oi s.'y.'iiD . The linal payment upon this
debt will be made July 31, 1890.
Under the provisions of the consolidated mortgage of the companv there was set apart,
on the first day of July last, out of the net income, 8324,800 as a' sinking fund for the
redemption of the outstanding bonds secured by that mortgage. As their market value
was too high to permit of their pnrehase, that amount was placed to the credit of the trus
tees of the sinking fund for investment under the terms of the trust.
There are now in the sinking fund, for the redemption of the obligations of the
various companies foming the "Dnited New Jersey Railroad and Canal Company, seen-
He-BSheMnaiU,eof?3,C64'000,'candacashbalan:e. uninvested bv the trustees, of
$54,6,8 '1.nKafKregate of $3,718,678 7L During the past 'year, $5,866,000 of
the outstanding 6 per cent loans of these companies matured, making, with $154,000 of
debentures that fell due in 1888, a total of $6,020,000, which were provided for by the sale
of 4 per cent bonds under their general mortgage of April 20, 1871, The securities held
for the redemption of the above matured loan were surrendered to the company.
The trustees of the sinking fund for the redemption of the trust certificates issued for
the purchase of the shares of the capital stock ot the Philadelphia, Wilmington and
Baltimore Railroad Company were unable to purcha.e any certificates during the past
year at the limit fixed In the trust agreement, and therefore returned to your treasury the
amount appropriated for that purpose. The total amount of these certificates nnrchased
and cancelled to December 31, 1889, is $1,911,000. leaving outstanding TXoOO.
There has been expended for construction, equipment, and real estate as follows:
Pennsylvania Railroad and tranohes.....,. .. ... n, ine nc
United Railroads of New Jersy. ""$....".7:. wItwm
rw1?1' and Trenton )5a"road "'"""::::;:::::: SS ni H
And for improvement! and extensions on branch and auxiliary lines 'operated br
the company. 1,476,499 01
Total " ""
On accsuntoVtnese'VdvancVs'theVe'has'been receive"dYroVhose"cLmVanVesVin cmS: Tera ii
Total amount expended on capital account In 18S9 .84,550,805 41
Average
Earnings Average
per Ton per Cost of Average
per Mile Transport- Profit per Length of
from Trans- ingE ach Ton Ton ter Mile. Road,
portation of of Frkioht
Freight. One Mile.
1889. 1888. 1889. 1888. 1889. 1888. 1889. 1888.
CENTS. CENTS. CENTS. CENTS. CENTS. CENTS. MILES. MILES.
Pennsylvania Railroad Division 0.C26 0.631 0.401 0.411 0.225 0.220 1403.19 1394.83
United Railroads of New Jersey
Divison 1.178 1.220 L023 1.064 0.155 0.156 440.22 464.70
Philadelphia and Erie Railroad
Division. 0.556 0.560 0.S52 0.314 0,204 0.218 616.66 510.19
All lines east of Pittsburg and
Erie 0.6S6 0.693 0.473 0.4S2j U.213 0.211 2390.07 2369.72
From the above table it will appear that the result upon all lines east of Pittsburg and
Erie was a reduction iu the earnings per ton per mile of 7-100 of a mill, a reduction in ex
pense of 9-100of a mill, and an increase of 2-100 of a mill per ton per mile in the net profit
irom freight.
TABLE SHOWING TONNAGE AND PERCENTAGE OP THROUGH AND LOCAL
FREIGHT.
It will be noted that your western lines show much improved results as compared
with 1888. There was an increase of 5,089,490 tons in their freight traffic, and 1,193,929 in
the number of passengers carried, while the average freight rates show a slight improve
ment over the preceding year. Large expenditures were made in the purchase of real
estate and additional equipment, in the increase of facilities at your lake ports and other
terminal points, and in the construction of branches and sidings, and of the new bridge
over the Ohio river, at Pittsburg. The condition of these properties continues to improve.
The amount expended during the year on capital account on the lines west ot Pitts
burg was $2,826,845.44.
There were used in construction and repairs on the Northwestern lines operated di
rectly in your interest 8,706 tons, and on the Southwestern lines 13,539 tons, of new steel
rails.
There have been redeemed through the sinking fund $1,4S5,000 of the issue of $3,200 -000
of the Pennsylvania Company's 6 per cent bonds, secured by Pittsburg, Fort Wayne
and Chicago Railway Company stock as collateral, leaving the amount outstanding $1 -715,000.
Of the $17,500,000 of its 41 per cent bonds heretofore issued for the mirpose of
providing for construction and other capital accounts on the lines west of Pittsburg $533 -000
have been retired through the operations of the sinking fund, leaving outstanding at
this date $16,967,000. b
The report made by the trustees of the sinking funds of the fir3t and second mortgages
of the Pittsburg. Fort Wayne and Chicago Railway Company show that the regular an
nual payment of $104,100 was made thereto. They redeemed durim? the venr s5s Kim f
the first mortgage and $68,600 of the second mortgage bonds, making the total amount re
deemed to December 31. 1889:
First mortgage bonds , 1 8ul 500 00
Second mortgage bonds !!..!rz!222,500 00
With a balance of cash in the hand of tho trustees, uninvested, December 31 1889
On account of first mortgage sinking fund 8S00.171 27
On account of second mortgage sinking fund I. ..!!I1I"III""'. 563,811 77
The further amount of $159,899 90 was also added to the sinking funds provided for
the redemption of the existing mortgages of the Cleveland and Pittsburg Railroad Com
pany, in addition to the amounts contributed directly to other sinking funds by the indi
vidual companies.
The earnings of the Grand Rapids and Indiana Railroad Company, owing to a re
duction in rates, were not quite sufficient to meet the interest on its entire funded debt
and the losses on its leased lines. The land department made sales of 8,515 acres of farm
lands and C.9S1 acres of pine lands for $567,083 23, being an average price of $39 12 per
acre. The amount sold to the close of the year, after deducting cancelled contracts was
486,827 acres, and the aggregate price received therefor was $0,533,739 77, an average or
$13 42 per acre. No bonds could be purchased by the trustees dnring the year out of the
proceeds of such land sales, and there are now outstanding $3,934,000 of the guaranteed
and $505,000 of the unguaranteed first mortgage land-grant bonds of the company.
The assets on hand December 31, 1889, applicable to the redemption of the first mort
gage land-grant bonds were:
was 283, making an average in each case of
5531 52. There were 21,457 members of the
fund at the close of the year.
The employes' saving fund continues ia
successful operation; and dnring the year
2,130 of your employes availed themselves
of the privileges thereby afforded. The
amount of deposits received during the year
was $262,418, and the balance remaining 3t
the close of the year was $509,669 50. Of
this amount $300,000 have been invested in
the 4 per cent bonds of the Fhilndelnhia. and
Erie Railroad Company, and $100,000 in the
4 percent equipment trust bonds of your
company.
Your board have again, with deep regret,
to record the death of one of its members,
Mr. William Thaw, who died on the 17th
of August last, after a lifelong connection
with the transportation interests of tha
country, and an intimate association of
nearly 40 years with the lines composing
your system. His sound judgment, ripe ex
perience and quick perception rendered him
a most valuable and trusted counselor,
while his sterling integrity and genial dis
position won the confidence and affection of
his associates, who, in his death, lost a warm
personal friend.
Mr. William II. Barnes of Philadelphia,
wbo has been identified with your interests
during his entire business life, was elected
to fill the vacancy thus created.
Yonr board desire to acknowledge the ef
ficiency and fidelity with which the duties
entrusted to the officers and employes have
been discharged during the past year.
By order of the board.
G. B. Roberts, President.
Cash in the hands of the trustees 81716280
Cash in tho hands of cashier. " ' ci'.n
Bills and accounts receivable in hands of cashier. ArnixiiiS
Bills receivable and securities in hands of trustees. '...'.'.'.'.'.'." 19l'(H7 U9
63
Total..
.52.443,333 62
SUMMARY OF LIKES OWNED OE CONTROLLED EAST AND -WEST OF PITTSBURG.
18S9. 18SS. Increase-
Gross earnings from traffic , 122.917,337 39 5116,509,292 59 $6 408 044 80
Gross expenses, excluding rentals, interest, dividends,
etc- 83,811,127 85 80,737,335 53 3,073,792 32
Showing net earnings 8 39.100,209 54 t 3a,771,95706 t3.334.252 48
FREIGHT TRAFFIC.
' THR'on Local
Frei o't Fr EIG'T
Through
Freight. P' o ent- Local Freight P' cent- Increase.
1 age of age of
Tons. total. Tons. total. Tons.
1889. 1888. 1889. 1888. 1889. 18S8. 1889. 1888. TH R'H LOCAL
Pennsylvania Rail
road Division 2,304,5512.240,282 7.11 7.62 30.103,647 27.160,077 92.89 92.38 64,269 2,943.570
United Railroads of
N.J. Division 4,190.369 3.295,913 30.58 26.05 9,511.614 9,354,720 69.42 73.05 891,456 158.794
Philadelphia and Erie
Railroad Division... 1172,418 1,074,205 9.50 9.63 11.090,990 10.079,823 90.44 90.87 93,2131,011,165
AH lines east of Pitts-
burg and Erie 7,667,333 6,610,400 13.16 12.42 50.706.151 48,594,622 86.87 87.58 1,056,938 4,111,629
On the Pennsylvania Railroad Division the through freight east-bound increased
4 23-100 per cent, while the west-bound decreased 17-100 of 1 per cent.
The local freight shows an increase of 7 51-100 per cent eastbound, and 18 49-100 per
cent westbound. On the Pennsylvania Railroad Division the local tonnage represents
abont 93 per cent of the entire traffic.
The following table shows the earnings and cost per passenger per mile on each of
the divisions as compared with 1688:
' 1889. 1883.
Number of Number of Number of Number of
Tons tons
Tons. One Mile. Tons. One Mile.
Lines east of Pittsburg and Erie.. 82.240.457 7,621,920,314 76.009.703 7 114 512.509
Llnes west of Pittsburg 39.823,661 3,652,238.746 34,834.171 3l3Si670,389
Totals. 122,164,118 11,274,165.060 110,843,874 10,503,182,8aS
PASSENGER TRAFFIC.
.
18S9. 1SJ3.
Number of Number of Number of Number of
Passengers Passengers
Passengers. One Mile. Passengers. One Mile.
Lines east of Pittsburg and Erie... 61,857,729 1,110,971.446 JS.92I.7S7 1049909 660
Lines west of Pittsburg 16,269,223 405,70,893 15.075.299 413;630S3S
Totals 78,126,957 1,616,698,314 74.000,086 1,463,539.993
The aggregate amount of new steel rails used in construction and repairs in 1889 on
all lines owned, controlled, or operated by your company east and west of Pittsburg was
73,669 tons.
Average Earn- Average cost average Pro-
inosfrom of transport- yjj.pj.jt pAg. Length of
each passen- isowcn pas- sengeb per road,
gee per mile, senger per j,ile
KILE.
1669. 1853. 1889. 18S8. 1839. 1888. 18S9. 1883.
. . .. CEIlTS- CENTS. CENTS. CENTS. CENTS. CENTS. MILES? MILES.
Pennsylvania Rail-
road Division 2.210 2.213 L650 1.663 0.560 0.650 1403.19 1391.83
United Railroads of ,.
N.J. Division 1.920 L934 1.372 L370 0.518 0.664 44022 46170
Philadelphia and w"
Erio Railroad
Division 2,433 2.496 1.876 2.114 0562 0.3S2 546.66 510.10
AH lines east of
Pittsburg and
Erie 2.082 2.092 1.627 1.543 6.355 0.549 2.390.07 2,30972
It will be seen from the above that the result upon all lines east of Pittsburg and Erie
was a decrease in earnings per passenger per mile nt 10-100 of a mill, a decrease of 16-100
of a mill in expenses, nnd an increased profit ot 6-100 of a mill.
The average distance traveled by each passenger in 1889 was 18 1-10 miles and in 1888
was 17 9-10 miles, an increase of 2-10 of a mile.
The following tables show the gross earnings, expenses, and net earnings of fhe coal
companies in which your company is interested, tor 1889, as compared with 1888, and also
the amount of coal mined and sold, aud the price received for same at point of sale:
Totals.
Decrease as compared with pre
vious year.
Gross Earnings.
1889.
8,053,169 59
2,100,411 00
Expenses.
1889.
7,822,569 09
1,403,134 42
Net Earnings.
18S9.
$230,530 50
787,278 58
i?a.Sotf swS0 and aaxm"7 ,lnes thero bavo been ""'"dm
,d Th394e2rte,na thTVni-ai3 U?i in Sanction d repairs, 25,930 tons of steel rails,
and i,394,Z42 ties; on the United Eailroadj of New Jersey Division, 3,637 tons of steel)
Total tons mined In 18S9, 2,418,1S0,0L Decrease compared with previous year, 374,432.03 tons-
The average receipts per ton at point of sale, aggregating the results of tha four coal
companies for 1889, were $3 32 2-10, as against $3 59 3-10 in 1888.
LINES WEST OF PITTSBURG.
The following statement gives the result of the lines west of Pittsburg operated bv the
Pennsylvania Company and the Pittsburg, Cincinnati and St. Louis Railway Company:
Tbe tout earnings of the Pennsylvania Company on lines operated
airecuy vy it woie. ...,...
Expenses.
Leaving net earnings.
From this deduct:
Rental, Interest and liabilities of all kinds chargeable thereto
Net profit on Pennsylvania Company's lines..... ,
The total earnings of the Pittsburg, "Cincinnati and St. Louis Railway
Company on lines operated directly by it were
Expenses ,
Leaving net earnings. ..,.,
From this deduct
Rental, Interest and liabilities ot all kinds chargeable thereto
Net profit on Pittsburg, Cincinnati and St. Louis Railway Company's
lines.
Net profit on lines west of Pittsburg for 1831
Net loss on lines west of Pittsburg for 1888. .
Comparative Increase on lines west of Pittsburg for 1889.,
1889.
20.921,925 28
13,171.432 87
f 7,750,492 41
7,022,690 19
J8.315.527 55
U.UVZ.U33 01
$2,222,538 91
1,982,154 93
r27,802 22
240.383 98
1968,186 20
151,406 3S
U19.592 56
The other lines west of Pittsburg, on account of which your company has assumed di
rect obligations, or in which it is largely interested through ownership of securities but
which lire operated through their own organizations, are, the Chicago. St. Louis and Pitts
burg Riilroad, and roads operated through its organization; St. Louis, Vandalia and
Terre Haute Railroad; Grand Rapids and Indiana Railroad, nnd roads opeMted through
its organization; East St, Louis and Carondelet Railway; Cincinnati and Muskingum
Valley Eailway; and the waynesburg and Washington Eailroad.
general remarks.
There has been appropriated to the mana
gers of the trust created October 19, 1878, to
December 31, 1889, the sum of $3,978,261 41,
which, with the income therefrom of $2,678,
213 98, has been invested in securities
amounting at par to $6,590,950, yielding an
interest oi o v-iuu per cent lor the year.
There was appropriated to that trust for the
year 1889 the sum of $87,433 45.
The assets of the insurance fund on band
at the end of the year, were $2,285,44160,
being an increase over the previous year of
--io,.izu oy.
Your main line between New Yore and
Pittsburg, as well as the lines under the
charge ol the Pennsylvania Company west
of Pittsburg, generally present a very grati
fying increase in both their freight and pas
senger traffic. The volume of traffic has now
become so great that the question of pro
viding capital to supply adequate facilities
therefor, and properly serve the communi
ties dependent on your system by the con
struction of branch and "auxiliary lines, is
one of the most important matters that
claims the consideration of your board.
The average annual expenditure for the
past few years upon your lines for such pur
noses may be approximately estimated at
$10,000,000, and with a continuance of the
present industrial development of the coun
try, this outlay will no doubt increase in
the future.
The securities that are held in your treas
ury can, to some extent, from time to time,
be made available, but as they must gen
erally be held for the purpose of properly
protecting the interests of the lines forming
your system, it therefore becomes necessary
to gradually increase both your share capi
tal ana lunaea inaeDteaness.
During tbe past year there was expended
upon the main line between New York and
Pittsburg the sum of $3,822,909 57, the prin
cipal items of which were for additional
third and fourth tracks, yard facilities,
equipment and real estate, the latter item
being the largest, and including extensive
Purchases of property in the city of Phila
elphia and at other important points on
the line. About the same amount will be
required during the current year.
The new locomotive shops at Altoona
have so far progressed that they will be
ready for service by the middle of the year.
Large expenditures were also made at
Walls, about 15 miles east of Pittsburg, in
carrying out the policy indicated in the last
annual report, ot establishing a yard for the
transfer of traffic between yonr main line
and your western system, and for the gen
eral repair of cars. These improvements.
together with the new bridge over the Ohio
river, at Pittsburg, will be ready for service
before the close of tho present year.
t There was also expended in the construc
tion and extension ol branch and auxiliary
lines the sum of $1,476,499 01,of which $742,
603 14 was reimbursed to your company in
cash. These expenditures were mainlyupon
the connecting railway, for the purpose of
avoiding grade crossings of streets in the
city of Philadelphia; upon the Pittsburg,
"Virginia and Charleston Railway, in ac
quiring additional real estate and providing
double track; on the South West Pennsyl
vania Railway and in the Clearfield coal
region in the extension of branches; and on
the Pennsylvania Schuylkill Valley, Rail
road in extending the double track and add
ing to itsncilities. All of these outlays
have benefited your main line by develop
ing the territory tributary thereto," nnd thus
Increasing its traffic.
An opportunity having offered during the
year to purchase, at a favorable price, a
large tract of water front on New York EaV
j south of Commnnipaw, it was deemed ad-J
visable to acquire the same and construct a
branch thereto from Newark, on your New
York division. It has a front on the New
York Bay ot 1,250 feet, and runs b-ck for a
distance of a mile and a half, and will, it is
confidently believed, beof great value in the
future.
Arrangements have been made for the ex
tension of the Downiogtown and Lancaster
Railroad to a connection with your main
line near Lancaster, a distance of ten miles,
thus forming an alternate route through the
fine agricultural district between Lancaster
and Dowmngtown.
The traffic now passinc through your
yards at West Philadelphia, destined to
points east thereof, has become so large a?
to seriously interfere with the movement of
that destined to Philadelphia and adjacent
points. To avoid this, a road has been
located and its construction commenced
from your main iine near Downingtown to
the New York division near Trenton, a dis
tance of 1 mile. A very favorable and
direct route has been secured through this
country on the same maximum grade as that
prevailing on your Philadelphia division.
Owing to the general typography of the
country, and the valuable property through
which the line passes, it will be expensive
in its character; but it is believed that the
economies arising irom the saving of dis
tance and the avoidance of delays in the
overcrowded yards at West Philadelphia
will more thau repay your company lor the
outlay.
The Pennsylvania Canal, in which your
uuuipuoy is largely interested, ootn as a
shareholder and a guarantor of the interest
upon its bonds, suffered serious damage
from the severe floods referred to in the
previous part of this report. Many miles
of this canal were entirely destroyed, but as
they were the most unproductive portions
of the property the canal company deemed
it wiser to abandon the same than to burden
the remainder of the canal with the cost of
their renewal. The fnnds advanced by the
Pennsylvania Railroad Company to repair
the more productive sections ot the canal,
and to purchase tbe coupons upon its bonds
in accordance with your indorsement
thereon, amounted for the year to $188,510.
As the valleys occupied by the canal are
now traversed by competing railways, which
carry the traffic at very low rates, its value
as a "transportation line is fast passing away;
so that tbe cost of its maintenance will in
all probability equal its revenue, leaving
the sum required for the interest on its se
curities to be advanced by your company
until the maturity of the bonds.
There was contributed to the employes'
relief fund bv your comnanv and affiliated
lines during the year $56,021 51 for operating
expenses, and in addition thereto the sum of
$14,138 78 for extra benefits to members of
the fund whose disability had continued
over 52 weeks, and who were, therefore, no
longer entitled to regular benefits from the
fund. The amount contributed by your
employes was $377,461 19, and the receipts
from interest were $4,771 96, which, with
the contributions by the companies, as
stated above, $70,160 29, made a total of
$452,393 44. This added to the balance on
band at the beginning of the year, $267,
142 53, aggregated $719,535 97. Of this
amount there was paid to the families of
employes in death benefits, and for sickness
and accidents, the sum of $343,569 36, for
expenses $56,021 51. and transferred to "re
lief fund surplus" account $170,788 24,
leavine a baljnce of $119,156 86. After
deducting therefrom the amount of out
standing unadjusted claims, there remained
a net balance, including reserve, for in
creasing ages of members, of $57,550 57. The
number of persons receiving death benefits j
W0BKIXG WELL TOGETHER.
Tho Snbbalh School Association and the
Scotcli.TrUh SorIctT After n Hull Mo.
cannlcal Hall In View for the Proxpcctlvo
Bla Meeting Tho 1'rocrrss Kliide.
A joint meeting of the executive commit
tees of the International Sabbath School
Association and the Scotch-Irish Associa
tion was held yesterday afternoon in the
parlors of the Young Men's Christian Asso
ciation. The object of the meeting was to
discuss the advisability of jointly working
together to secure a hall in which their re
spective associations can hold their pro
posed meeting this spring.
Rev. I. N. Hays presided, and Mr. Saw
yer reported that he had been informed by
Colonel Burchfield that the organizations
could have Mechanical Hall, in which to
hold their meetings. This report of Mr.
Burchfield was not a formal one, but he as
sured the gentlemen that the Exposition
Society would indorse the action of the
Property Committee. . Mr. Sawyer also re
ported that the intention was to put in a.
platform 20x40 feet, and to have the seats
arranged iu amphi-theatcr style, so that
about 3,000 persons could be accommodated,
and every one have a lull view of the plat
form. The amountof money to fix the hall
up, he thought, would be about $3,000.
Colonel J. M. Echols stated that the
amount or $3,000 was the outside figures. It
had only cost $2,500 to fix up the main
building for last year's musical festival,
when a large sounding board and other
things made the cost run np. The acoustic
properties of Mechanical Hall were so good
that no sounding board would be needed.
nnd he thought the cost would fall consider
ably short ol the figure named.
On motion of Controller Morrow a sub
committee was appointed who will secnre
bids lor the fitting up of the hall, and if
necessary procure the assistance of an
architect, and to report at a meeting on
March 12.
BDKiED ALIVE.
Rcmarknblo Experiences of John J. O'Con
nor, of Si. I.onls.
St. Louis, Mo., March 3. The local
press is puzzled over the case of John J.
O'Connor, which is certainly a most remark
able one. It was claimed that he had died
and that his body was taken to the morgue,
where it was identified by his wife, who had
him buried in Calvary Cemetery. A tew
days later it was claimed that O'Connor was
alive, that his wife had been mistaken, and
that the man who was taken to the grave
was not her husband.
It now transpires that there is every rea
son to believe that O'Connor was not buried
by proxy, but in his owi. proper person,
some time between the night of Monday,
February 10, and the afternoon cf Wednes
day. O'Connor was seen Saturday night,
and stated most emphatically that the grave
in the cemetery is empty, aud be exhibited
a cut which had been made half way across
the abdomen. He is of the opinion that he
was really buried, and that Ins body was
taken up and conveyed to a dissecting room
while in a state of suspended animation, and
that when the first incision was made it
caused a flow of blood which restored Lira to
consciousness. He states that he went to a
lodging house Monday evening, and that he
knew nothing more until Wednesday night,
when he found himself seated on the Court
house steps in a dazed condition, weak and
eick.
BARKEN COUNTr IIGAKD FEOH.
More Enconraglne Reports Abont the New
Kentucky Oil Fields.
The Pittsburg people interested in the de
velopmentof the new Kentucky oil fields
received additional information yesterday in
regard to the refinery placed in operation
last Saturday. There are two stills used
with a capacity of 100 barrels per day each.
The number will be increased shortly. New
wells are now being drilled all around the
refinery, and oil was struck in two of them
the latter part of the week.
The confidence in the Barren county field
increases daily, and the expectations of the
operators are very high. Haven & Mills,
who are now furnishing the refinery with
oil, have nine producing wells, while there
are at least eight others in the field, in addi
tion to the Ad.nns well reported iu these
columns previously. Haven & Mills have
five new derricks, and will soon have as
many new wells.
Tho coming spring will no doubt see a
thorough development of the Kentucky oil
field. The confidence of experienced
operators, who are familiar with northern
developments, is unlimited for the future of
what they consider the finest field yet dis
covered. It fetches one up very short, to be seized
with pleurisy, pneumonia, or any acute
throat or lung affection. Dr. Jayne's Ex
pectorant proves a handy help ia such at
tacks, and is besides a good old-fashioned
remedy for all coughs and colds.
IP you want a suit, good, stylish and
cheap, go to Urling's, 47 Lewis block. Sixth
ave. us a
Tike dress goods, beautiful line just
opened; prices the lowest.
Kkable & Siiustee, 35 Fifth ave.
XT
French Ciiallis. An immense assort
ment of the handsomest printings from the
best makers' lines. The styles we show can
not be obtained elsewhere in this city.
TTSStt HUGCS & IlACKE.
Ibok City Beer always leads, because of
its merits. Telephone 1186.
It Makes Home Happy
How many wives and mothers who suffer
and die from overwork could retain strength
and happiness if they would do away with
the old-fashioned custom of baking, and use
only Marvin's superior breads, which tney
can get from any grocer. ttssu
Bio drive in chenille table covers away
down below the regular price.
Kir able & Shusteu, 35 Fifth ave.
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ifdJ&e