?. Mffijgjriffiassfil aLL.L.BifiHW?E3s'CaKr' ." w-ojyv'w w,Jl'lliWBp'ftsP '1,q'swfcBls iE"l-V'' cWcSp- j CrV Tswp-V a lr ? rJtFl(vf jta HSJt -vwT"a NM & Z " T ,-- ' '- t T JK- ri S -- 1 i -" -J 3VLTIir - - - if -t ' " -. . ' -' . ' - JPF- 12 V Forty-Fifth Annual Report. Office of the pENNsmcvAKiA. Eaileoad Company, Philadelphia, March 1, 1892. $ The Board of Directors submit herewith their report for the year 1891. 21 art Lise jjtd Branches, PmLAOKLrnxi. to Pittseueo. ftrnfaB. SHIMS 8 Expenses 26.28t.105 6t Xet earnings ..lt.S26,3 24 Add interest from investments (in cash), also for use of equipment and irom other Items b,Mj,bo Total $20,S4S,893 68 Deduct rentals paid branch roads, interest on bonded debt, State tax on dividends and other items 8.09I.W1 it Net income Pennsylvania Railroad Division $12,257,432 44 PHILADItPHIA. TO XEW YORK AKD BRAJfCBXS. Famines '. ls,- " Expenses 14.005,788 63 Xct carninc from operating $ 8?fJS f Add interest rrom investments andrents 497,416 58 Total f 4,587.220 03 Deduct payments" on account of dividends, interest, rentals, etc 4,863,675 66 Ket loss nndcr the lcise of United New Jersoy Railroad and Canal Company's property 276,455 63 Balance $11,980,976 81 Philadelphia asd Ems Eailhoad aid Beakches. Eamins 7,320 72. 85 Expenses . 4,757,550 35 Net enminjr.. .................. ....-.-....--.---.$ 2,563 179 50 Dedu ct payments on account of rentals 2,572,314 24 Los-s on Philadelphia ana Erie Railroad Division, including branches operated in conn ection thcreu lth 9,134 74 Balance .$11,971,842 07 From tills balance of Income for thevear, $11,971,842 07 the following amounts have been deducted, viz: Pat-uett to ftttd ron the titt-ciiase op securities guaranteed by THE PeSKSYLVAMA RULBOAD COMPAI.r $ 93,622 42 PrjjyRTLYASn. Railroad CoMrAXT's Consolidated Mortgage Bonds, sinking lund account 324,780 00 Alleohi vr Vallet Railro u Compact. Payment' on account of guaranty of principal and interest of bonds 274,051 63 Extraordinary EETAIR3. Amount expended In straightening and revising lines and grades and for other purposes not properly chargeable to capital account. 1,510,753 09 2,208,222 19 Balance .' $9,763,619 88 Out of which was paid a dividend of 6 per cent 7495,597 50 Amonnt transferred to creait of profit and loss for the year 1891 $ 2,263,022 38 To which add amount received in settlement of sundry accounts 49,018 66 $ 2,317 041 04 Ada amount to credit of profit and loss December 31, 1S90 22,017i793 29 Balance to credit of profit and loss December 31, 1891 $24,334,834 33 The foregoing statements show a net income of $11,971,842 07. After deducting the amounts properly chargeable thereto, there is a balance for the year of 59,763,619 88. Out of this there were paid dividends of six per cent, being an increase in the amount distributed to the shareholders of 51,253,724 50, as compared with 1890, and a balance of 52,268,022 38 was transferred to the credit of profit and loss, making the aggregate there of at the end of the year 524,334,834 33. The above results may be considered quite satisfactory, in view of the depressed con dition of the mining and manufacturing interests, upon the prosperity of which the revenues of your company so largely depend. The dividends declared, amounting to about seven and a half millions of dollars, exceeding, both in rate and amount, those paid by any of the large railway systems traversing the same territory occupied by your lines. While the lines west of Pittsbnrg, for the same reasons show a decreased volume of ton nage, their net results are better than for 1890, both the Pennsylvania Company and the newly consolidated Pittsburg, Cincinnati, Chicago and St. Louis Railway Company showing an increased snrplus over all liabilities, and the latter company, in the first year of its operation, being able to pay a dividend on its preferred stock. SINKINO FUNDS. Under the provisions of the consolidated mortgage of the company, 5324,780 were set apart on the first day of July last, out of the net income, as a sinking fund for the redemp tion of the outstanding bonds secured bv that mortgage. None of the bonds could be pur chased under the terms of the Trust, and the amount was placed to the credit of the trus tees for investment under the terms of the mortgage. There are 52,532,833 21 in cash and securities in the fund for the redemption of these bonds. The trustees ol the sinking fund for the redemption of the Trust certificates issued for the purchase of the shares of the capital stock of the Philadelphia, Wilmington and Balti more Railroad Company were able to purchase only 56,000 of these securities during the past vear at the limit fixed in the Trust aereement. The total amount of these certificates purchased and cancelled to December 31, 1891, is $2,091,000, leaving outstanding $7,909,000. Under the provisions ot the four per cent Equipment Trust Loan, there was paid to the trustee during 1891 for the sinking fund, the sum of 5144,850. The trustee was able to obtain $141,000 of the bonds at the price fixed in the lease; ot the balance, 53,300, together with S7,0G0 44 remaining from last vear, were Invested in equipment under the terms of tne contract, ana tne sum oi two to remains in tne nanus ot tne trustee lor future invest ment. There are now in the sinking fund, for the redemption of the obligations of the various companies forming the United Xew Jersey Railroad and Canal Company, securities of the par value of 54,343,000,and a cash balance,unin vested by the trustees, of" $91,318 21. making an aggregate of 54,434,318 21. FUNDED The funded debt, including mortgages on real estate and ground-rents, 39, a decrease of $217,000 during the year, explained as follows: Philadelphia, Wilmington and Baltimore redeemed Equipment trust gold bonds redeemed Mortgages and ground-rents paid CAPITAL STOCK. The amount of capital stock outstanding at the close of the year was $126,771,200, an increase of $3,689,150, dne to the coaversion into capital stock of that amount of scrip issued on account ol the dividend on May 29, 1891. SECURITIES. During the year there was an increase in the cost of securities of $1,416,047 55, and an increase in the par value thereof of 53,325,912 17. . The entire cost of the securities of other corporations now held bv vour Company is 5114.599,781 78, and the direct revenue received therefrom was $4,852,181 09, which continues to be in excess of the interest on your funded debt. caii TT.USTS (not included in above statement of funded debt.) Further provision wan made during the vear, under the Car Trust system, for the equipmet of yonr lines, by the issue of $1,031,000 Car Trust certificates, "bearing 4 per cent interest Under this authority 1,000 hopper gondolas have been added to the eanipment of the Main Line lor special service in connection with the Susquehanna Coal Company, and 925 box cars furnished to the Pennsylvania Company. The 50,922 cars placed on your lines east and west of Pit tsburg, including those sub-leased to alfilUted lines through the system of Car Trust, represent a costof- $26,457,000 00 Total amount of certificates redeemed to December 31, 1891: Infull payment for 20,784 cars $11,337000 00 In partial payment Tor 30,133 cars 7,475,000 00 ' 38,812,000 00 Balance of certificates outstanding December 31, 1S31 .$7,645,009 00 There has been expended for construction, equipment, and real estate as follows: Pennsylvania Railroad and branches t 868,805 62 United Railroads of New Jersey J 'lS8 3S0 15 Philadelphia and Trenton Railroad 37420 41 And for improvements and extensions on branch and auxiliary lines operated ' by the company 2,325,742 14 Total $7,370,318 22 On account of these advances there has been received from those companies, in cash .... 1,002,859 63 Total amount expended on capital account in 1S91...1 $6,367,458 54 On account of those advances to branch and auxiliary lines there have been received in securities of those companies, $9Jt,SS5 19. There were used in construction and repairs, on the Main Line, 39,078 tons of steel rails, and 1,333,136 ties; on the United Railroads of New Jersey Division, 7,220 tons of steel, and 292,474 ties; on the Philadelphia and Erie Railroad Division, 6,276 tons of steel, and 267,702 ties making a total of 52,674 tons of steel, and 1,693,312 ties. " There were built at Altoona, and your other shops cast of Pittsburg and Erie, for the Main Line and other roads in your interest, on capital and repair account, 177 locomo tives. 89 passenger cms, 29 baggage, express, and mail cars, 2,220 freight cars, 6 refriger ator cars, and 394 cabin and maintenance of way cars. The percentage of operating expenses to earnings on all lines east of Pittsburg and Erie was 68.14 lor 1891 and 67.94 for 1890, showing an increase for the year 1891 of .20 per cent The coal shipments increased 2,626,001 tons, or 18.03 per cent, while the coke ship ments, owing mainly to the protracted strike in that region, decreased 853,512 tons, or 15.26 per cent The coal and coke tonnage of the Pennsylvania Railroad Division was E7.72 per cent of its total tonnage. The aggregate coal and coke shipments over the Pennsylvania Eailroad Division amounted to 21,931,366 tons, as against 20,158,877 tons in 1890,an increase of 1,772,489 tons or 8.79 per cent. . ' The total shipments of oil over the Pennsylvania Eailroad Division during the year 1891 amounted to 3,182,801 barrels, against 4,489,193 barrels in 1890, showing a decrease of 1,306,392 barrels. The result of the operations of tout four coal companies shows an increase in gross earnings of $123,936 B5, an increase in expenses of $891,897, and a decrease in net earnings of $767,960 45. " Total tons mined in 1891, 2,597,930. Increase compared with previous year, 249,02102 tons. The average receipts per ton at point of sale, aggregating the results of? the four coal companies for 1891, were $3 02, as against $3 07 in 1890. LINES WEST OF PITTSBUBG. The following statement gives the result of the lines west of Pittsburg operated by the DEBT. is $77,090,126. Railroad, stock trust certificates .j 6,000 00 141,000 00 , 70,000 00 $217,000 00 THE- PZTTSBTJTRGr Pennsylvania Company anil the Pittsburg, Company: The total earnings of the Pennsylvania Company on lines operated uubuu uy it won..,...,,,. .,. Expenses Leaving net earnings From this deduct: Rental, Interest and liabilities of all kinds Net profit on Pennsylvania Company's lines - The total earnings of the Pittsburg, Cincinnati. Chicago and St. Louis Railway Company on lines operated directly by it were.. Expenses .'. Leaving net earnings From this deduct: , Rentals, Interest and liabilities of all kinds Net profit on Pittsburg, Cincinnati, Chicago Company's lines Ket profit on lines west of Pittsburg for 1891.: Ket profit on lines west of Pittsburg for 1890. Comparative in ci ease on lines west of Pittsburg for 1891 . The other lines west of Pittsburg, on account of which your Company has assumed direct obligations, or in which it is largely interested through ownership of securities, but which are operated through their own" organizations, are, the St. Louis, Yandalia and Terre Haute Railroad; Grand Rapids and Indiana Railroad, and roads operated through its organization; East St Louis and Carondelet Railway; Cincinnati and Muskingum Valley Railway; and the Waynesburg and "Washington Railroad. The aggregate gross earnings of these roads Expenses .. Xet earnings Deduct rental, interest, &c . Profit, Of this profit your Company, under existing contracts, is entitod to Which, added to the profit shown in the above statement Leaves a net profit on all lines west of Pittsburg for 1S91 Profit on lines west of Pittsburg for 1890 Showing a comparative increase for 1891, compared with 1800, of.. The amount expended during the year on capital account on the lines west of Pitts burg was $2,603,417 9L The main items of betterment expenditure on your western lines were in the con struction of second, third and fourth tracks and sidings, the extension of yard facilities, the erection of bridges and viaducts, the improvement of the docks at the lake ports, the purchase of real estate at the termini of the various divisions, and additions to your equipment The funds for these purposes were largely advanced by your company. These lines have now reached a point where the volume of their traffic requires a large extension of double track, especially in view of the exceptional demands that will be made in connection with the Exposition at Chicago in 1893. It will probably he necessary to expend on this work and on additional motive power and equipment during the current year between six and seven millions of dollars. There were used in construction and repairs on the northwestern lines operated directly in your interest 9,435 tons of new steel rails, and on the southwestern lines 11,023 tons, making an aggregate of 20,458 tons. SINKING FUNDS. There have been redeemed through the sinking fund$l,839,000 of the issue of $3,200, 000 of the Pennsylvania Company's six per cent bonds, secured by Pittsburg, For Wayne and Chicago Railway Company stock as collateral, leaving the amount outstandt ing $1,361,000. No further redemptions could be made of the four and a half per cen bonds secured under the $20,000,000 mortgage of that company, so that the amount ouit standing at the close of the year was $19,467,000. The report made by the trustees of the sinking funds of the first and second mort gages of the Pittsburg, Fort Wayne and Chicago Railway Company shows that the regu lar annual payment of $104,100 was made thereto. They redeemed during the ytar $124,500 of the first mortgage and 5107,000 of the second mortgage bonds, making the total amount redeemed to December 31st, 1891: First mortgage bonds... Second mortgage bouds. "With a balance in cash in the bands of the trustees, uninvested, December 31st, 1891 : On account of first mortgage sinking fund $947,547 05 On account of second mortgage sinking fund 759,769 78 Total $1,707,316 83 The further amount of $175,549 32 was added to the sinking funds provided for the redemption of the existing mortgages of the Cleveland and Pittsburg Railroad Company, in addition to the amounts contributed directly to other sinking funds by the individual companies. Under the terms of the lease, the Cleveland and Pittsburg Railroad Company authorized a new issue of $10,000,000 general mortgage bonds to provide for the payment of maturing and other outstanding obligations, and the amounts due from time to time for betterment expenditures. In pursuance of this arrangement, an issue of $3,000,000 of these bonds, bearing four and one-half per cent interest, was made on January 1st, 1892, amd sold on satisfactory terms; a portion of the proceeds being used to pay off the $1,104, 804 63 of prior lien six per cent, bonds maturing at that date, and to retire $1,010,000 of their seven per cent construction and equipment bonds. The earnings of the Grand Rapids and Indiana Railroad Company were insufficient to meet the interest on its founded debt and provide for the necessary betterment expendi tures during the year, and it was deemed expedient for your company, under its guaranty of $4,000,000 of their first mortgage bonds, to purchase $275,380 of the coupons thereon, which amount it is expected will be refunded to your company. It will be remembered that in pursuance of the guaranty ot these bonds the power to vote a majority of the stock of that road is vested in your company, until their maturity, October 1, 1899; but the Grand Rapids and Indiana Railroad Company having, in connec tion with the owners of the lands that form an additional security therefor, offered to the holders of the seven per cent bonds to extend them for 30 years, from July 1, 1891, at the rate of four and one-half per cent per annum, proposed to permit the voting control ot the stock to remain with your Company, as above stated, until the maturity of the extended bonds, provided your Company would guarantee the principal and interest thereof, amounting to 55,375,000. Believing this arrangement to be to vour interest, an agreement to the above effect was entered into March 18, 1891, and $952,000 of these bonds had been so extended at the close of the year. There are yet outstanding $3,029,000 of the guaranteed, $458,000 of the unguaranteed land-grant, and $936,000 of the ex-land grant seven per cent first mortgage bonds of that Company. The land department made sales of 19,447 acres of farm land, and 1975 acres of pine land, for the aggregate price of $191,093 96, being an average price of $8 92 per acre, and in addition thereto received from the sale of timber rights on a large body of land $161,500. The amount sold to the close of the year, after deducting cancelled contracts, was 542,069 acres, and the aggregate price received therefor was $7,159,052 74, an average of $13 21 per acre. The assets on hand December 31, 1891, applicable to the redemption of the first mort gage land-grant bonds were: Cash in the hands of the trustees $ 772,035 99 Cash in the hands of cashier 7783 05 Bills and accounts receivable in hands of cashier 416,091 95 Bills receivable and securities in hands of trustees... 813,679 44 Total .. SUMMARY OF LISTS OWSID, COIfTROLLED AKD 189L 1890. Likes east Likes west Lines east Likes wist op Pitts- op Pitts- Total. op Pitts- op Pitts- Total, burg akd euro and burg and burg ahd Erie. Erie. Erie. Erie. Gross earn- , ings from traffic... $ 90,014,323 75 $ 44,210,233 76 $134,254,612 51 $ 88,257,731 53 $ 45,263,890 97 $133,521,622 56 Expensos, including rentals, divld'ds, etc 62,250,282 02 29,509,378 13 91,819,660 15 61,089,488 21 80,913,876 56 92,003,364 77 Net earn- " lngs $ 27.794,046 73 $ 14,640,905 63 42.434.952 36 $ 27,168,243 33 $ 14,350,014 41 $ 41,518,257 79 FREIGHT 189T 1890. Number Number op Number Number op op toks oke op tons oki toks. mile. toks. mile, Lines esat of Pittsburg and Erie 92436515 8,553,382,906 92,834.362 8,521,694 739 Lines west of Pittsburg 37,556.084 3,732,331,801 44,532,623 4,131,7991228 Totals 129,992,599 12,285,714,707 137,416,985 ' 12,653,493,967 PASSEKGER 189L 1890. Number op Number op Number op Number op Pabsekqebs. Passikgirs) Passekgers. Passengers One Mile. One Mile. Lines east of Pittsburg and Erie 68,684,033 1,201,891,842 66,199,752 1,171,328,701 Lines west of Pitttsburg 18,250,484 441,021,385 17,912,708 428,205,644 Totals 86,934,317 1,642913,227 84.U2.400 1,599534,34 The aggregate amount of new steel rails all lines owned, controlled and operated by 92,694 tons. GENERAL REMARKS. There has been paid the Managers of the Trust created October 9, 1878, to December 31, 1891, the sum of $4,159,192 98, the in. come therefrom amounts to $3,609,565 12, and securities have been purchased amount ing at par to $7,686,000, yielding an interest of 6.08 per cent for the year. There was appropriated to that Trust for the year 1891 the sum of $98,622 42. In pursuance of the powers conferred by the provisions ot the Trust the Managers were authorized by the Board ot Directors, April 8, 1891, "whenever, in their judg ment, it should beto the interests ot the Company so to do, to exchange any of the securities held from time to time in the Trust for other securities, the principal and interest or dividend upon which is guar anteed by this Company; and also from time to time to sell and dispose of any securities so held in the Trust, provided that the proceeds thereof shall be invested in the purchase of other securities guaranteed as aforesaid by this Company." This modification was found essential to the successful working of the Trust, from the fact that loans held by it were falling due, and the moneys "re ; , ' DISPATCH ' TUESDAY, Cincinnati, Chicago and St Louis Hallway 1891. 1891. , $21,105,977 71 JZ,6,4U3 U 4 chargeable thereto. $ 8,450,572 62 6,724,634 26 $1,725,933 36 $17,578 629 84 13,UU3,13 Hi chargeable thereto.1... and St Louis Railway . $ 4,574,674 67 3,6S3,991 791 890,682 88 $ 2,616,621 24 Vuu,bia itt $ 916,005 32 1891. 189L were. $5,525,676 21 3,910.017 87 $1,615,658 34 J.650,763 J7 $ 64,888 57 $ 46,348 98 2,616,621 24 $2,662,970 22 1,706,932 IS $ 906,037 76 .$1,996,000 00 . 2,411,000 00 $2,009,570 63 OPERATED EAST AMD WIST 01" PITTSBUEO. TRAFFIC. TRAPFIO. used in construction and repairs in 1891 on your company east and west of Pittsburg was ceived therefor had necessarily to be in vested in other guaranteed securities. The assets of the Insurance Fund on hand at tbe end of the year were $2,789,517 35, being an increase over the previous year of $264,126 34. There was contributed to the Employes Relief Fund by your Company and affiliated lines during the year $76,180 91 for operating expenses, and in addition thereto the sum of $20,061 50 for extra benefits to members of tbe Fund whose disability had continued over fifty-two weeks, and who were, there fore, no longer entitled to regular benefits from the Fund. The amount contributed by the employes was $495,910 26, and the receipts from interest were $4,801 37, which, with the contributions by the companies, as stated above, $96,242 41, made a total of $596,954 04. This, added to the balance on hand at the beginning of .the year, $144, 588 85, aggregated $741,642 89. Of this amount there was paid to the families of employes in death benefits, and for sickness and. accidents, the sum of $530,182 82, for AV1A1BA CTfi IDA frt U. J. l,l ma i $135,179 16 with which to adjust outstand ing claims. The number of persons re ceiving death, benefits was 370, making an . t - - -i MAECH 1, 1892. average in each case of $652 7L There were 27,200 members of the Fund at the close of the year. The great benefits aris ing from this fund are shown in the fact that it is now, including tbe expenses of admin istration, distributing nearly $50,000 per month for the purpose of relieving the suf fering necessarily arising from accident, sickness and death among the employes who have availed themselves of its provisions. The Employes' Saving Fund continues to show its valne to your employes in afford ing them a safe depository for a portion of their earnings. The number of depositors has increased during the year from 2,590 to 3,155; the amount of deposits received dur ing 1891 was $378,301, and the balance, at the close of the year, was $865,366 49. Of this amount, $800,000 have been securely invested in four per cent bonds; , The amonnt expended during the year upon the Main Line between New York and Pittsburg, and charged to Capital Ac count was $5,044,576 08, the principal items of which were for equipment, third and fourth tracks, and additional yard fa cilities, principally at Altoona and "Wall's. The improvements at the latter point were brought into use daring the year, and, in uuuiicubxuu witu inose in tne lmmeaiate vi cinity of Pittsburg, have tended materially to remove the difficulties heretofore exist ing in the movement of traffic through that city. During the year the equipment of your lines has been increased by the addition of 54 locomotives, 70 passenger, 3 postal, and 1,500 freight cars, in addition to those pro vided through your Car Trust system. All new freight cars are now provided with the most improved safety appliances, in the way of automatic couplers and air-brakes, and your entire rolling stock will be so equipped as rapidly as the general interests of the Company will permit. -Arrangements were also perfected through which one thousand additional box cars were furnished for service on the Philadelphia and Erie Railroad, for the purpose of stimu lating the movement of grain and mer chandise between Erie and Philadelphia. "With the view of further developing the trade through Erie, your Western lines have largely increased their facilities for the handling of iron ore and coal at that port, and it is hoped that advantage will be taken of these improvements by those interested in the commercial prosperity of this city. Th Trenton Cut-off alluded to in the last annual report was completed during the year, and a portion thereof opened for traffic about the middle oi the summer, but the entire line was not in use until January 11 of the present year. As the principal portion of the line was constructed under the charter of your Company, all but $100, 000 of the amount expended thereon has been charged to the construction account of the Main Line. Your Board see no reason to change the opinion expressed in the last an nual report as to the great value of this road, and steps have been taken to connect it with the Chestnut Hill Branch, as it is be lieved that such an extension will be to the interest of your Company. There was also expended in the construc tion ot branch and auxiliary lines the sum of $2,325,742 14, of which amount $1,002, 859 68 were reimbursed to your Company in cash. One of the principal items of this outlay was the work upon the Pittsburg, Virginia and Charleston Railway, in which your Company is so largely interested, for the purpose of enabling it notonlyto better accommodate its rapidly increasing local traffic, but also to secure the prompt move ment of through traffic between the Main Line and the Lines west of Pittsburg. The McKeesport and Bessemer Railroad was completed during the year, and is now in active operation. It gives your system of lines a direct connection with the large manufacturing industries in the town of McKeesport, and will prove a valuable addition to your property. The Ebensburg and Cresson Railroad, having been sold and reorganized, was, on August 6, 1891, merged and consolidated into the Cambria and Clearfield Railroad Company. This line was projected to de velop the territory adjacent thereto in the Allegheny Mountain coal neia: quite a large amount was expended during the past year in the construction of its main line and branches which are expected to secure a valuable bituminous coal and miscellaneous traffic for your system. The total amount expended for the above purposes on the lines east of Pittsburg and Erie, as shown in the statement on a pre vious page, was $6,367,453 54, which was not as large as that expended in 1890 for similar purposes. During the coming year, however, it is expected that the outlays east of Pittsburg and Erie will noj be so great as in the past year, but as it was be lieved that the through business of your Company would require a material increase of box-car equipment, contracts have been made for the delivery thereof in the spring of 1892. The capital required for the lines west of Pittsburg will be materially greater, as those properties have reached a point where -the volume of their traffic will re quire large outlays for double track and in creased equipment. The Bedford and Bridgeport Railroad, having been sold under foreclosure of its mortgage, on March 26, 1891, was reor ganize d under the title of The Bedford and Bridgeport Railway Company, on May 5, 189L The Frankford and Eolmesburg Railroad, which had been sold on November 5, 1890, was reorganized under the title of the Bus tleton Railroad Comnany, Januarr- 15, 189L During the year large expenditures were made in the elevation of the tracks and the reconstruction of the passenger station in Jersey City. These tracks are now in use, avoiding all grade crossings of streets in that city, and the station will be completed during the present year, when both the public and the Company should realize the benefits resulting from this outlay, in the prompt and sate movement of the large passenger traffic handled at that point, The work of completing the four-track system through the citr ot Trenton, which necessitated the widening of a number of street bridges over your road, as well as of the large bridge over the Delaware River, and the building of a new passenger station, has also been vigorously prosecuted, and will be finished during the coming year. In order to save unnecessary accounting and inspection in connection with the freight equipment of your system and secure its more efficient movement, the expenses of repairing have been pooled since the 1st of August, lo'Jl. Under this arrangement the cost of maintenance oi all such rolling stock on yonr own and affiliated lines, east and west of Pittsburg, aggregating 123,340 cars, is consolidated, and'apportioned among the various lines according to the mileage of the equipment thereon. While it may, perhaps, be necessary hereafter to modify some of the details of the arrangement, there is no doubt that the system will ulti mately conduce to the economical results in the maintenance of your equipment The protracted litigation in connection with the Allegheny Valley Railroad, which has extended over a period of seven years, was finally brought to a close by a sale De cember 15, 1891, under a judgment ob tained on the coupons of the $10,000,000 Low-Grade Division mortgage, which had been purchased by your Company under its guaranty. A reorganization was effected on February 5, 1892, under the name ot the Allegheny Valley Railway Company. This sale was made in pursuance of an amicable agreement entered into between the parties in interest, under which the new company is to Issue $20,000,000 of fifty-year four per cent bonds, guaranteed, principal and inter est, by the Pennsylvania Railroad Com pany. Of these bonds a sufficient amount will be retained by the Trustees to meet the present mortgage indebtedness ot the Alle gheny Valley Railroad Company, aggregat ing $16,800,000, and of whleh your Company is practically the guarantor, and the bal ance will be used from time to time as addi tional capital may be required: $18,000,000 of preferred stock and S12.000.000 of com. mon stock are also authorized to be issued, in exenange lor outstanding income bonds, overdue coupons, and other securities of the old company, and in settlement of obliga tions of the new corporation, and for its general purposes. Under this plan the road is relieved of a large amount of debt, the interest whereon was beyond its ability to meet; and with the near maturity of a portion of its bonds, and the conversion thereof into securities bearing a lower rate of interest, it is hoped that the road will show more satisfactory results in the future. The Board have to place upon record a minute of the death on the 23d of March last, of your oldest Director, Mr. Wistar Morris. His term of service had extended over a third of a century, during 26 yeaig of which he was Chairman of your Finance Committee. The ability, integrity, and ripe judgment displayed in the perform ance of the responsible duties that devolved upon him, through a period covering al most the entire growth of our Company to its present position, and his devotion to your interests, make it eminently proper that this tribute should be paid to the mem ory of a trusted counselor and sincere friend. Your Company have also to lament the loss of one' of the oldest officers of your legal department, Mr. John H. Hampton, of Pittsburg, whose death occurred on the 11th of April, 189L Mr. Hampton was ap pointed Assistant Solicitor of the "Western District February 22, 1854. and remained continuouslv in your service until his death, a period of over thirfy-seven years. During all that time he was devoted to your interests, faithful and able in their advo cacy, and commanded the confidence and es teem of all with whom his official relations brought him in contact On the 10th of December, 1891, Mr. Thomas R. Davis, Auditor of Disburse ments, died after a brief illness. His con nection of fortv-one years with your com pany, and fidelity and efficiency in the dis charge of his duties, render it fitting that a brief record should be made of the death of an old and valued officer who had so long and acceptably filled a most responsible po sition. Your Board desire to acknowledge the efficiency 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, Tillle Wants Her Lover Sent Back. Tillie Ditmore, a comely East End lass of 22 years, applied yesterday to the police to nave her truant lover captured. His name is John Harlocke, a Soho tailor. He met Tillie four months ago at a ball. It was a case of love at first sight. He proposed and was accepted. They were to have been married at noon tolay. A short time ago Harlocke wanted the ceremony postponed because he did not have money for dress suit and carriages. The prospective mother-in-law, however, produced tne money and all was moving easily until yesterday, when Miss Ditmore received a note from her Romeo saying that he did not love her and that he would leave Pittsburg forever. A Bailroad War in Sight. The Pennsylvania people are determined not to allow the new Beach Creek road from Phillipsburg to Wheeling to cross the Turtle Creek road. The company has a gang ot men grading the line between "Wilmerding and Turtle creek, and they are instructed to stop the onward march of the Beach Creek, La Grippa Successfully Treated. "I have just recovered from a second at tack of the grip this year," says Mr. Jas. O. Jones, publisher of the Leader, Mexia, Tex. "In the latter case I used Chamber lain's Cough Remedy, and I think with con siderable success, only being In bed a little over two days, against ten days for the first attack. The second attack! am satisfied would have been equally as bad as the first but for the use of this remedy, as I had to go to bed in about six hours after being 'Btruck' with it, while in the first case I was able to attend to business about two dvys before getting 'down. ' " TTSSTJ Three Splendid Transcontinental Tours. The annual Pacific Coast tours announced by Raymond & Whitcomb for the spring and early summer include three remarkably attractive excursions. The date of leaving Phlldelnhia is Anril 25. In one case the party, afttr going" through California, will make a vovage to Alaska and then visit the Yellowstone National Park. A second party goes over the same ground exclusive of Alaska, and the third is the standard Col orado and California excursion, returning via Salt Lake City and the famous scenic route over the Rocky Mountains, the Den ver and Rio Grande. riTB GKEAT SPECIAL PRICES In Onr Basement Bargain Department fop To-Day P. C C. C, Clothiers. Men's cheviot sack suits, strong and durable, at.. ..... 25 Men's cassimere suits, sold formerly on our main floor for $7 and $8, now in our basement at. ...... ......... 3 80 Men's neat striped cassimere suits, all wool, worth $12, at 5 60 Men's checked and striped pants at. . . . 99c Men's heavy all-wool striped pants at. 1 22 P. C. C. C, Clothiers, corner Grant and Diamond streets. OtJB ladies' (new) spring style military coats just received. 521 Wood Sxbeet, Gabson & Wood. To-ka-los Soaf, pure cocoannt oil, medicated and perfumed, 10 cents. Bisque of Beef herbs and aromatics for the stomach's sake. Try it. Mrs. Winslow's Soothing Syrup for chll dren teething Is the family benefactor. 25c itotm GIVES New Strength, . Netii Life, New Health To the whole system. It posi lively '.ures Rheumatism and Neuralgia. fe27-8S-D WALL PAPER. Jnst received special designs for smoking Booms, Private Billiard Rooms and Club Rooms. J. Kerwin Miller & Co., 543 SmithfieldSt, Pittsburg, Pa. mhl-89-TU Wow is tne nest season tor planting and pruning trees, laving out of lawns and talc, ing charge of work generally; also draining. Herman Helm LANDSCAPE GARDENER, XIXSWvBTX AV, Skadyatde, Kttsbui jBhmi 8f wtmrki? 3j tess SKJ ASTEBTISEKEKTB. OF INTEREST TO GLOVE BUYERS ! Our talk to-day is about Gloves. It's brief, but pointed. Being direct Importers of Gloves from the most reliable manufacturers in the world, and having 25 years' experience in this business, we are in a position to offer superior goods at lower prices than most houses quote for the inferior qualities. This fact can be easily demonstrated by visiting our stores. Look- over the following list. It will give you an idea how and where to buy your Gloves: 5-hook soft tan Kid Gloves, 75c; worth $z. '5-hook real Vincent Kid Gloves, $1; worth $1.50. 7-hook genuine Premiere Kid Gloves, $1.50; worth $2. 4-b. fine black or tan Kid Gloves, 89c; worth $1.50. 8-b. tan Suede Mosquetaire Gloves, 67c; worth $1.25. 8-b. soft Kid Mosquetaire Gloves, 98c; worth 1.50. French Kid Gauntlet Gloves,$i.48j worth $2. Finest French Glace Mosquetaires, 1.48; worth $2. 8-b. Pearl and Cream Mosque taires, $1; worth 1.50. Misses' 4-b. French Kid Gloves, 65c; worth J5i. Misses' 5-hook French Kid Gloves, 95c; worth $1.5. Full lines of 12, .16, 20, 24-button lengths. Evening shades, such as Fink, Light Blue, Heliotrope, Nile Green, Cream, Cardinal, etc., at lowest prices in the city. N. B. We are sole agents in Pitts burg for the celebrated Vincent, Pre miere and Superieure French Kid Gloves. 3 EXTRAORDINARY BAR'' GAINS in imported Cotton, Lisleand Silk Hosiery (fast blacks. Cotton from i2cup; Colored Lisle, 14a up; Black Silk, 60c up, including latest Parisian novelties. 1 tS 510 TO 518 MARKET ST. mlll'TTS WHY IS THE .. W. L. DOUGLAS S3 SHOE einf eft . THE BESTSHOEWTHEWORmFDRTOHOHa? It is a MamlMS nkoa, wlta UctM at wax to hurt tie feet; nude of tae belt nna calf. I and mxv- ud feoxuM um maff Mors fhoee t gradt than any ethtr manufacturer, it equals 1 Ce GemuUeHMd.iewfji, tHaflaerteaS J) 9 ike ever offered (or t.OBi qaalalXeacki Imported snoes which eot from JS.00 to (12.H. 4. 90 Hand-sJewei Welt 8h, Aw ea ? itylUli. comfortable and durable. Tbebert (boa ever offered at tale price t amejrade a en torn made hoescotio from WOO to af-Pi . E9 3 Police Aoei Farmers. Rafiraad Xra ea?a ana LetterCerrleri all wear taea; flaeralf, slon edi S2. whowi uuuu, UMmv, nvmwj uutg Oae pair wul wear a rear. 00 flne calf) ao better fko ever offered at re. uus once i oas iriai wui oobtisco mw it a afio for eemfort asd aerrlea. CO ! 35 and S3.0 Werklaamaa'a tfcsef efaa are verr treat arroBg- aaa aaraaie. Taos wu are crrem taera a trial will wear no outer make. Ave' w.viMii.j conom aae n DUJo worn by tae boTiererTwkerei tier eel! en taelr merits, as the loereaiiac ailee fboV. . L3Cli6S nf ola, verr ttrllaBtercabdhraek ladles' 3.30.K3.JBft aad Sl.TS tko fat lUnesarathekettBDeDoncola. DWfouda-ab. Cantl.-See that W. L. DouIaV name ili rice are itaiapedoa the bottom of each ihoe. w. D. avenue rittibnri E. JaS-l-TTS Danners' UXSLLSM Essence of lealft. a nnre family ie for Smodiclne tonine up aadro- rcuiainB " r- ...teat blood nrlflBTS known Unexcelled for via enre of Bhea- matism, Congni and Colds, Cataxrll .Asthma, Tnroat Disease, xorpia liver. Dizziness and Sick Headache, Palpi tation of tho Heart, Cramps, Dysentery, Dt arrhcea, Scrofula and diseases arista jr from imperfect and depraved state of the Dlood, Piles,-Costiveness. Nervousness, Affeotions of the Bladder and Kidneys. II properly taken we guarantee a core. For salo by draggists, and The Danner Medicine Co. MS Federal St., Allegheny. Price $1 00 per bottle; six bottles for foot. Write for Testimonial. , oc2940-rn ' -tJr-MaaaH'iV M& ti9HDKkSBHHHHMlaHHB?jf HKVVK HHHHHHHHHaV n VHHHLrr LtlLAK T Vttr ' I n