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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. ,
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