FIFTY -THIRD ANNUAL REPORT

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					                        ,


                     1899



                COMPANY
         RAILROAD
YENNSYLVANIA

      -THIRDANNUAL
  FIFTY           REPORT.


      FOR     THE       YEAR          1899.




            OFFICE   OF THE SECRETARY.

             BROAD STREET STATION,

                PHILADELPHIA,   PA.




                                  I
                                      .   ’
                                 1899




    FIFT\7-TJ31RD ANNUAI,                                           REPORT

                                  ( ) 1:   ‘r r I 1;




I’l-esentd   and adopted   at the Annual                Meeting   of the Stockholders,

                            13th March,                1900.
                                                                            INDEX.


                                                                                    PAGE                                                                                               PAGE

AGE    TdI~~r~I:OK EXIPLOYES, . . . . . . . . . . . . x, 20                                         CARS.     (See C AR TRUSTS            AND         EQUIPMENT.)

ALLEGHENY         \'ALLEY Ru.            Co.,          . . . . . .         . . .      43            CARSKADDON,           B.lV.

ANDERSON,    J. A.                                                                                      Appointed         Assistant      Real     Estate       Agent,   . . . .          20

    Retirement   of,          . . . . . . . . . . . . . . . .                          20           CAR TRUSTS,          . . . . . . . . . . . . . .                    . . . .           7
ANDERSON,    SAM'L.                                                                                 CASSATT,      A. J.
    Appointed Assistant               Auditor          Passenger    Receipts,          21               Elected     President,          . . . .          . .            . . . .          2~

ANNUAL      RTEETING, . . . . , . . . . . . . . . . ix,x,                              xi           CHARTIERS       RY.     Co.,      . . . . . . .             . . . . . . .            44
ASSETS    OF THE COMPANY.                      (See SECURITIES.)                                    CHIEF CONVEYANCER.
ASSISTANT REAL ESTATE AGENT.                                                                            Ball, Geo. IV. I., retired, . . .   .   . . . . .                                20

    Carskaddon,   B. W., appointed,     . . . . .   . .                                20               Office ;~bolishetl, . . . . . . . . . . . .   . .                                20

    Office of, created, . . . .     . . . .   . . . . .                                20           CHIPLEY, CHAS. A.
                                                                                                        General Freight Agent,                  resignation       of,   . , . .          21
BALD    EAGLE      VALLEY        R.      R. Co.,         . . . . . . . . . 18, 42

BALL, GEORGE           \V. T.                                                                       CINCINNATI      AND       RIUSKINGUM          VALLEY         R. R.CO.,      .        44
    Retirement         of,  . . . . . . . . . . . . .                        . .       20           CINCINNATI,         LEBANON        AND      NORTHERN          RY.   Co.,      .      44
BALTIMORE       AND     POTOJ~AC          R. R. Co.,               . . . . . .         43           CINCINNATI, RICHMOND               AND FT. ~VAYNE              R. R. Co.,            44
BEDFORD      AND      BRIDGEPORT           RY.         Co.,     . . . . . . .          42           CLEVELAND,          AKRON      AND     C~~.~MIKJ~ RY. Co.,            . 13, 14, 44
BELVIDERE       DELAWARE            R.    R. Co.,             . . . . . . . .          42                                    i\lARIETTA RY.            Co.,     . . . . . .
                                                                                                    CLEVELAND       AND                                                               13, 44
BIDDLE, ALEXANDER.
                                                                                                    CLEVELAND     AND PITTSBURGH      R.                R. Co.
    Director, death of, . . . .                    .     . . . . . .         . .       20
                                                                                                                                                                                         13
                                                                                                        Capital account expenditures,                    . . . . . . . .          .
BONDS.      (See SECURITIES.)                                                                           Earnings,   expenses,   kc.,  . .                . . . . . . . .          .      44
                                                                                                        General mortgage bonds, issue                    of Series “ D,”          .      13
BRANCH     LINES.                                                                                       Sinking fund of,      . . . . . .                . . . . . . . .          .      14
    Expenditures    for construe tion,       ........                                  18
    Earnings,   expenses, &c.,                                                                      COAL    AND    COKE, shipments              of,    . . . . . . . . . .                    8
                                   ...........                                      42-34
    Income accounts,     . . . . .........                                      15, 42-44           COLLATERAL          TRUST      LOAN.
    alileage,    . . . . . , . . ...........                                        45-47               Sinking     fund of, . . . . . . . .                     . . . . . . .                6

BUSTLETON       R. R.     Co.,        . . .        . . . . . . . . . .                 42           COLUMI?IA AND          PORT    DEPOSIT            KY. Co.,     . . . . . .           42
CALUMET      RIVER      RY.      Co.,          .                                                    COLUMBUS,       KINKORA        AND       SPRINGFIELD           R.   R. Co.,          42

CALUMET     WESTERN           RY.       Co.,       . . . . . . . . . . .               ‘3           CONNER,   H. P.
                                                                                                        Appointed   an Assistant             Treasurer,          . . . . . . .           21
CAMURIA     AND    CLEARFIELD              R.      R. Co.,         . . . . . . IS, 42

CAMBRIDGE        AND    SEAFORD           R.       R. Co.,         . . . . . .         43           CONSOLIDATED    RIORTGAGE STNKING FIXD.
                                                                                                        Payment to, . . . . . . . . . . . . . . . . . .                                 5, 6
CAMDEN     AND     BLJRLINGTON             COUNTY             R. R. Co.,     . .       42                                                                                                 32
                                                                                                        Report of trustees,  . . . . . . . . . . . . . .
CAMDEN    AND PHIL,ADELPHIA STEAMROAT    FERRY Co.                                                  CONSTRUCTION.
    RIerged into Philadelphia and Camden Ferry’ Co.,                                   19
                                                                                                        Capital stock issued for, . . . . . . . . . . . .       x
CAPITAL EXPENDITURES.                                                                                   I,ines east of Pittsburgh,  . . . . , . . . 5, 17, rS, 19
    For additional tracks and real estate, . . . . .                                   17               I,ines west of Pittsburgh  and Erie,  . . . . . .      73
    For equipment,   . . . . . . . . . . . . . . . .                                   17
                                                                                                    COO~EK'S      PRINT      AND      PHIL.~I~ELIXI,~FERRY               Co., .          43
    Lines west of Pittsburgh,  . . . . . . . . . . .                                   73
                                                                                                    CRESSON       AND     IR~ONA       I(. R. Co.,       . . . . . .           . .       42
CAPITAL STOCK.
    Amount outstanding,      .                        . . .     . . .    . . . .      6             CUXXERLAND          VALLEY        AND I\~ARTISSI~~RG R. R. Co.,                      43
    Dividends,     . . . . . _ _                   . . . .      . . .    . . . .      5
                                                                                                    C~JMBERLAND         V,XLEY        R. R. Co.,         . . . . . . . . . 15, 43
    Increase   of, . . . . . _ .                   . . . .      . . .    . .    . x, 1s
    Increase of the balance of                      capital     stock,    to the                    CUYLER, T. DE~\~ITT.
      limit authorized   by In\v,                  . . . .      . . .    . . . .      x                 Elected IXrector, . .                   . . . . . . .           _ . . .          20


                                                                                            (iii)
DELA\VARE             AND             CHES~YPE.ZKE Rv.,                                                         . . . . . .                                              .                      43        FOUR-IX             VICE-PKESIDENT.

                                                                                                                                                                                                                 Rea,             Samuel,                elected,                         . . . . . . . . . . . . .                                                                                                                                       21
DELA\\‘AI<K,hIAKYIAND                                                   AND              \rII~GISIA                            I<.   R. Co.,                             . ,                    43
                                                                                                                                                                                                          FREEHOI.D                      AND         J,\MESIX’IIG                                     AGKICVLTC’K~U,                                                                                      Ii.                      1:.
DEU\VAKE                 R. R. Co.,                                     . . . . . . .                                                        .                   . . .                          43
                                                                                                                                                                                                             Co.,             .    .     .     .     .    .        .        .             .          L .                     .            .           .           .           .           .           .           .            .           .              42
DI~I.A\\-ARF:
            Rrva~                              R. Ii. Co.,                                        .               . . .                      . . . .                                            43
                                                                                                                                                                                                          1’REIGH-r               T~.wr;rc                    ST.\TISTIcS,                                               .            s,              g,          16, Is,                                 19, 49, 51,                                     53
I)ELA\V~\RE              RIVEK                 R.               R.           AND                  BRIDGE                                                         I       .        .             42
                                                                                                                                Co.,
                                                                                                                                                                                                          FUNI~EII DEBT.
DILLSI~IJKG              .wD          hZmxANIcsBuK(;                                                        Ii.           R.     Co.,                            j       .        .             43            Amount of, . . . . .      . . .   . . . . . . . . 6, 25
                                                                                                                                                                                                              IVestern lines, . . . . . . . . . . . . . . . . .    13
I)IKECTOKS,               .      .    .        .        .       .        .       .        .       * .             .       ~ .        .       .           .       .       .        .             vii
       BiddIe, Alexander,    death of,     .   .       .                                                                                                                 _ .                    20        GENERAL                  J<AIANCE                    SHEET,                                .           .            .           .           .           .           .           .           .            .           .           . 24,           25
       Cuyler, T. Dewitt,     election of.   . . . . . .                                                                                                                 .                      20        GENERAL                   REJIAKKS,                               . . . . . . . . . . . . . . . 17-21
       McCrea, James, election of, . . . . . . . .                                                                                                                       .                      21
                                                                                                                                                                                                          GILLINGI~AM, A. J.
       Stocl~l~olders’ committee to rwonim~nd ticket                                                                                                                     for,                    9
                                                                                                                                                                                                              Appointed Auditor                                                     of Passenger                                                          Receipts,                                                . . .                                   21
       Thomson,     Frank, death of, . . . .           .                                                                                                                  xi,             20,   22
                                                                                                                                                                                                          GRAND            RAPIDS                    AND                   INDI.\NA                              Rv.                          Co.,                            . .                                              ‘3,                     15, 44

                                                                                                                                                                                                          HIAK      KISnL.RG,
                                                                                                                                                                                                             R. R.         Co.,                .     .                                                                                                                                                                                                     42
l)ISON,         (;liO.          1).
                                                                                                                                                                                                          IKCO3IE             ACCOUNTS                   1.
        f1ppc,inted               Assist ant General                                                                                                                                            21
                                                                                                                                                                                                                    l.iiles        east and west of Pittsburgh,                                                                                                       .       j,          1 I, 12, 15, 42-41
                                                                                                                R.         Ii. CO..                                      .                      -12
Ik~\VNINGTO\VN                        .\ND                  I,.\SCA\STER
                                                                                                                                                                                                          ISDI.~NAIWLIS                        A~XD            VINCENNES                                                     r\.                  R. Co.,                                             . . . .                                              44

E~ICNINGS             ltNI~           E’:?(~‘~ixs;Ix
        Comparison   with ISgS, . . ~ . . . 5, S, 9, IO, 1,j, AS, j2                                                                                                                                                                                                                                                                                                                                                                                   17, 33
        Freight, . . . . . . . . . . . . . . . . . 8, 9, 19, 51
                                                                                                                                                                                                          JEIWERSONVILLE,                                h~XDISON                             i1ZND ~NI~I.\N.\I’OLTS                                                                                              Ii.              li.
        Lines east of Pittsburgh  and Erie, .     .      .
                                                                                                                                                                                                             co.
        - . . . . . . . 2 , 3, 4, 5, S, 9, IO, 15, 17, 1% 12, 43, 4s
                                                                                                                                                                                                                    Sinkin::                 Fund             of,               . . . . . . . . . _ . . . . .                                                                                                                                              14
        Lines west of l’ittsburgh,   . . . ~ . . . t 1, 12, 15, 4-F
        Pxsenger ) . . . . . . ..I.-...                . 9? l(J, 50, 52                                                                                                                                   JOIINSOKIIURG                            R.         R.            Co.,              .          .           .            .           .           .           .           .           .                        ,           .           .           42

EAST        S-I’.    LOlrIs               .\ND                  CAKOI’;DBLET                                              ICY.       CO.,                            .                          44        II-xcTIoN                Ii.       R. Co.,                   .        .    .                .          .                .           .           .           .           .           .           .                        .           .           43

EIIENSIIUKG               AND                 12L.\CK                    I,ICI<                   Ii.           R.         CO.,                  .           .       .       .                  42        I<ENSINGTON                         .\ND        NE\\’                     JEKSW                            FERRY                                        CO.,                                    .            .           .           .           ‘$3

ELAIIKA         AND           l,A\JtE              ONT.tKIO                                1:.            it.     CO.,                   ,       ~ .                 .       .        .          ‘$3

ELMIKA          AND           ~\‘II,t~I‘\~IsI’OII,r                                       R.              R. Co.,                                                    a .              .          4,;
                                                                                                                                                                                                          LA,r,rh, \VnI. J .
E~11’1,0Yrk.                                                                                                                                                                                                   General Agent,                                  resignation                                           of,                      . . . . . . . . .                                                                                            2r
        Age limit established,   . I . . . I .    .   . . . s, 20                                                                                                                                                                                                                                                                                                                                                                                          42
                                                                                                                                                                                                           I,MVISI~UKG                    AND            TYIIONE                          Ii. R. Co.,                                                                              . . . . . .
        Fidelity xknowledged      by Board, . . . .    . . .   2I

        I’ension department    created,   . . . . . . . . . x, rg                                                                                                                                         LINES WEST 012 PITTSIXJRGH,                    ......                                                                                                                                   r   1-16,36-39,                                          44
                                                                                                                                                                                                              Capital expenditures            upon,           ..........                                                                                                                                                                                   13
                                                                                                                                                                                                              Frright traffic, ................                                                                                                                                                                                                             I6
ENGLEWOOI~                     CONNECTING                                                Iiv.             Co.,                   .       .                   .       ~ .              .          44           Funded debt, .................                                                                                                                                                                                                               13
                                                                                                                                                                                                              Income accounts,           ...............                                                                                                                                                                                               1j, 44
 E(>\JIl’MENT.                   (.%X                  C.\K             ‘TKWTs.)
        Capital stock issued for pI1rc11astt  of,  . O                                                                                                       .       j       .        .
                                                                                                                                                                                                              Oxrating     results, ..........                                                                                                                                            11, 12, 15, 16, u
                                                                                                                                                                                                     x
                                                                                                                                                                                                              I’:sst-nger traffic,       ..........                                                                                                                                        ..  . ..       16
        Expenditures   for, . . . . . . . . . . . .                                                                                                            . 6, 7, 17, IS
                                                                                                                                                                                                              Sinking Funds,        ................                                                                                                                                                                                                        14
        Freight, eul)enclitures  for air I)rakes, kc.,                                                                                                       . . . .        IS
        List of, . , . . . . . . . . _ _ . . j                                                                                                               .     . .      62                             I,I,I.TI,E htIAjrI                       R. R. Co.,                                ..........                                                                                                                               ‘3,             14, 4-F
        Illnintenance  of, . . . . . . . . .       . .                                                                                                       . .     . .jq, 63
                                                                                                                                                                                                           I,OvlS\-ILLI<                     I!RIDGB               CO.,                           .............                                                                                                                                             44
          hlileage        of,             .        .        .       .        .       .        .       .     .         .    .     .       .           .       .       .       .        . 63-65

 E(>uII~xwu- ?‘KLwr GOLD   LO&IN.
                                                                                                                                                                                                                    Supcrintenclent                                Philadelphia                                               ‘Terminal                                                   I)i\.isioll,                                             .        21
     Additional  equipment purchased,   . . . .   . .                                                                                                                                                 6
     Sirlkiug Fund of, . . . . . .    . .   . . .   .                                                                                                                                                 6    I,YJ<ENS               \‘ALLF:Y               Co-11,                     CO.,                     .           .            .           .           .           .           .           .           .            .           .           .        43

 ERIE        .\ND        ~~ITTSI~URGH                                    R. R. CO.,                                            . . . . . . . . 13, 4~                                                      LYKENS                 V~\LI,EY               R. Ii. Co.,                                         . , . . . . .                                                                                                 . . .                            43

                                                                                                                                                                                                           XI~NOR                 REAL             Es-rA-rE                     AND               TRUST                                   Co.,                            . . . . . . .                                                                     43
 ERIE        AND         \VESTliKN                              ‘~‘RANSI~ORTXTION                                                    CO.
          Securities                 purchased                                   by Pennsylvania                                             R. R. Co.,                                               Y    hIARGINA1,                    R. R. Co.,                                      . . . . . . . . .                                                                                                                             . .                  4~
 I’x,rIz,~Ol~I,II~,2Ku  ExPExDITIiRE     FUND.                                                                                                                                                             >ZXSSILLON                        AND         CLEVEI,.\ND                                             R.                       R. Co.,                                                                                      . .                  44
          Anlount transferred   to, for revision of lines, . . 5, 17
                                                                                                                                                                                                           ~ICCJ<EA,        JAMES.
          Application of, . . . . . . . . . . . . . . . 5, 17, IS
                                                                                                                                                                                                                     Elected Director,                                              . . . . . . . . . . . . . . _                                                                                                                                           21

 FEKKY        Housr;s ANI> SLIPS.                                                                                                                                                                          hIcI<EE\‘m,        H. C.
          Desbrosses  Street, New York,                                                                               reconstruction                                             of,                 IS              Appointed Assistant                                                 Auditor                                      Freight                                      Receipts,                                                       .        2I
                                                                                                                                                              P \GE                                                                                                                                         PAG    I?


                                                                                                                                                                                 PENSION             I~EI-‘ARTMENT.

           I,illes east arid west of I’ittsburgh,                                                       . .                         . . 1, 12 -47                                      Creation of, . . . . .    . . .                                              . . . .   .    19
           l<clnipment,     . . .           . .                                                                                       . . 63-65                                        Peusion allowa.nces for employs&,                                        . . . . . . . . x, 19
           Frci:<lit, . . .         .                                                                                                   s. 9, 49, 51                             PEIZTH        A~sou           AND        \VOODBRIDGE                        R. R. Co.,                . .                        42
           I’;lsscIl~~~:l~,                ...............                                                                                   . 10, 50
           ‘I‘cmll,l~~e         ) .............                                                                            .        .            $3 49, 5’
           *I’rclck,’           ...................                                                                                                .    66                       PIIII.ADEI.I~HIA              AXD        ~~HACH              HAVEN           R. R. Co.,                              .           42

            I\ND
I\TII,I.STONE                               NEW              P,KuNSWIcK                        R.       R. CO., .                                    .              $2           I’Hrr,.~r)Fr~t~~~r.\          .\si)      CA~rr,m                   I;EKRY      Co.,         .    .    .        .     .           43

~fINIiKAI<                Ii.     R.        QNU          imNING                CO.,                 .   .    .     .       .        .        .                      43           I’I-IIL.~ELPHIA               ASIJ       I)III,.\\~AKE                    COUNTY           R. R. Co.,                            43
                                                                                                                                                                                 PHILADELPHIA                  AND         ERIE    R.  R. Co.
R~ONT AI-TO R. R. Co.,                                             . . . . . . . . . < . . . .                                                                      4.3
                                                                                                                                                                                        Income             account,            . . . . . . . I ” . . . . . .                                                      42
mTIVE                   POWEK.                  (See           EQUIPMENT.)
                                                                                                                                                                                 PHII..\DELI’HIA               EKIE R. R. DIVISION.
                                                                                                                                                                                                               AND

RfOUNT               I~OI,I,Y,          I,ITMBEKTON                        AND          lIEDFORD                   R.          R.Co.,                        17, 42                     Branch lines, earnings and espenses,                &c., . . .        42
                                                                                                                                                                                        Earnings, expenses, kc.,         . . , . . . . 4, S, 9, 42, 60
mSKEGON,                        GK)\ND                RAPIDS            AND            INDIANAPOLIS                            R. R. Co., 44
                                                                                                                                                                                        Equipment,        . . . D.     . . , . .          .       . . . 63-65
NESCOPI~C I<. R. Co.,                                         . . . .                   . . . . . .                                 . . .                           32                  I;rci:glit statistics ~ . . . ~
                                                                                                                                                                                                         I                  .      . .             s, 9, 51, 53
NE\\’          CASTLE               AND           IjE.\\‘EK                VALLEy                  R.        R. CO.,                         . .                    44                  Income :I(‘C~~llllt,     .          .      . . .        . . . .        4
                                                                                                                                                                                        .1Iileage ( . .        . .            “........                    I, 47
?rTE\\‘I’OKT               A\NI)        CINCINNATI                         RKIDGE                  Co.,                    .        .        .       .              11
                                                                                                                                                                                        I’a.s.sen;qer statistic\ , . . a    . .         . .     . . 9, 10, 52
Nr<w           UOKK,             PHILADELPHIA                              ANO           XOKFOLK                           R. R, CO.
                                                                                                                                                                                 PHIL~ID~LI~~~I~~              AND         I,ONG            I:lz,\~uclr        1<    I<.     Co.,               .     .           42
           Equipment,                     payments                    for,         .........                                                                          7
                                                                                                                                                                                 I’HILADELIWIA,                 GEK;~I,INTO\\.X                       \SI~    C’III.;S,INUT            I-IILL
Xoli-rii             ~\ND        \\7m-r               BKANCH                 RY.            Co.,        .......                                                     -12
                                                                                                                                                                                     R. R.Co.,                ..................                                                                                  42
NOKTIIEKN                       CXNTKAL                      RY.       CO.                                                                                                       PIIrr~Ar~Er,PHI.\, WILNINGT~N                                     .ZNI)    I~.~LTIMOKE            R. Ii.             Co.
           I<cIuipnient,                  payments                    for,         ...........                                                                        7
                                                                                                                                                                                      Inconitb account,                                     . . . . .    . . . . . .   15, 43
            Illc~ollle          XCOllllt,                          .............                                                                             1.5,   43                Stock-trust   certificaks,                             sinking fund for, . . . .      6
           Operations                    of, .................                                                                                               15, 43
                                                                                                                                                                                 PITTSBL’KGH,    CITY OF.
OHIO             CONNECTING                            RY.         Co.,            .    .      .    .   .     .        .       .        .    .       .              44                  New passenger station,                                     . . . . . . . . . . . .                                        rS
OFFICEKS                   OF        -rI-IE           PENNSYLVANIA                             RAILRO.\D                           COMPAXY.                                  / PITTSBUKGH.                   CHARTIBKS                  8r YOUGHIOGHENY                           Ry. Co., ,                      44
            Board’s             aclillomledglneilts                           of fidelity and efficiency,                                                           2I       :
                                                                                                                                                                                 PITTSBUKGH,                 CINCINNATI,                    CHICAGO             AND         ST. LOUIS
            List        of, April,               1900,             . . . . . . . . . . . . . .                                                                    .”
                                                                                                                                                                Vlll
                                                                                                                                                                             j       RY.      Co.
PXSSENGEK                       TI~AFFIC                     STXTIs’rIcs,                   . . . .                    9, IO, 16, 50, 52                                                Consolidated    mortgage l~ontls issued to take up
                                                                                                                                                                                          maturing bonds of Pittsburgh,                         Cincinnati and
PENNSPLVANIA                              ANNEX,                   ..............                                                                                   42
                                                                                                                                                                                          St. I,ouis Ry. Co.,             .............                                                                            13
PENNSYLVANIA                              CANAL                Co.,          ............                                                                           43
                                                                                                                                                                                        Earnings,   expenses,         &c.,          ...........                12,                                                44
PIXNNSYI,~ANIA                            CAK           TKusr,               ............                                                                             7                 Funded tlebt,    ................                                                                                         13
                                                                                                                                                                                        General baiance-sheet,                 ...........                     3S,                                                39
PENNSYI,~ANIA                            COMI~ANY.
                                                                                                                                                                                           Income          XCOLlllt,               .............                                                    12,     15, 44
            Capital expeuditures,               .............                                                                                                    13
                                                                                                                                                                                          O~~~rZlti~llS       Of, .................                                                                         12, 44
            Kariiings,  expenses,           &c.,          ...........                                                                                        II, 44
                                                                                                                                                                                          Sinkillg         funds of, ...............                                                                               14
            General hlance-sheet,               .............                                                                                                36, 37
            Income account, ..............                            I I,                                                                                   15, 44               PITTSBUKGH,                FoK-r        \~‘AYNE                  AND      CHICAGO              RY.           Co.
            Ol)erations   of, .................                                                                                                              II, 44                        Capital account expenditures,         .........                                                                         13
            Sinking funds of mortgages on lines west of Pitts-                                                                                                                             Earnings, expenses, &c., ............                                                                                   44
               bur&b,   ...................                                                                                                                          14                    Sinking funds of, ...............                                                                                       14

 PENNSYLVANIA             R. R. I>IVISION.                                                                                                                                        PITTSBUKGH,                OHIO        VALLEY               AND          CINCINNATI             R.       R. CO.,                 44

            Branch lines, earnings,                  expenses,                                          &c.,           .....                                        42            PITTSBUKGH,                VIRGINIA                AND           CHAKLESTON                    RY.           Co.,         18,    42
            Coal and coke tonnage,                     ............                                                                                                  8
                                                                                                                                                                                  PI~r*rsBuIIGII,            ~I’HEELING                  AND         I<ENTUCKY              R. R. Co.,                             44
            Earnings, expenses,              &c.,           .......                                                                2,       S, g, 42,                54
            Equipment,      ..................                                                                                                                63-65               PITTSBUKGH,                YouNGsTowN                       AND          ASHTABULA               R. Ii. Co , 44
            Freight statistics,           ............                                                                                      8, 9, 51,                53           POXEROY              AND       NE\VARK                 R. R. Co.,              ........                                          42
             111c0111e          ~lCCOLlllt,             ................                                                                                              2
                                                                                                                                                                                  I’REsIDE?;T.
             r\hin line, straightening              and improvement                                                            of,               . . 17, IS
                                                                                                                                                                                       Thomson,   Frank, death of,            ......                                                       .        xi,     20,    22
                     ,,)
             ;1Iileao-e    ...................                                                                                                                 1, 45
                                                                                                                                                                                       Cassatt, A. J., elected, .............                                                                                      21
             Passenger statistics,             ............                                                                                          g,       IO, 52
             I’ittshurgli, new passenger station,               .......                                                                                               rS          PROFIT             AND     Loss.
                                                                                                                                                                                           Amount            transferred  to credit of, .......                                                                  5
 PENNSYLVANIA                              ROLLING                     STOCK                TKUST.                     (See                 0~                                             Balance          to credit of,    .............                                                                   5, 25
     ‘~KUSTS),                     ....................                                                                                                                  7        PULLMAN’S                 PALACE           CAK Co.
 P’ENNSYLVANI.~                            SCHIJ~~,KJLL                       VALJ,EY                   R.        R.       Co.,                  .       .            42                   New agreement,                      ...............                                                                     Ig
                                                                                                          P.&GE                                                                                                                                                       PALE


QUEEN      ANNE’S         I\~~ KENT            R.    R. Co.,                . . . . . .                       43    THA~EK, JOHN B., JK.
                                                                                                                        Appointed General                              Freight         Agent,                 . . . . . . .                                               21
RAILS,      . . .         . . . . , . . . . . . . . . . . . .                                                 66
                                                                                                                    THOMSON,           FRANK,              President,                 death of,                   . . . . . xi,                                     20,   22
REA, SMIUKI..
    Elected Fourth              \‘ice-I’resident              and Director,                     . ,           21    TIES,     .   .    .    .     .   .    .   .   .    .   .     .    .     .    .   .       .     .       .       .       .       .       .             66

                                                                                                                    TIPTON        R.       R. Co.,             . . . . . . . . . . . . . . . .                                                                            42
RE :LIEF DEPAKTRIENT.
    Anderson,    J. A., Superintendent,    retired, . .                                                       20    TOLEDO,           PEORIA              AND      ~~~~~~~~~~ RY. Co.,                                              . . . . 13, 44
    Conlpany relief, discontinuance     of, . . . . , . .                                                     20    TOLEDO,           ~VALHONDING                       VALLEY               ANI> OHIO                              R. R., .                              44
    Ely, Holmes I)., appointed Superintendent,         . . .                                                  20    TONNAGE.
    Homer, hlatthias, appointed Ass’t Superintendent,                                                         20        Lines east of Pittsburgh and Erie, . S, g, 16, 18, qg, 51
    Statement of, . . . . . . . . . . . . , . . . . 17, 34                                                              Lines east and west of Pittsburgh and Erie, . . .      16
REL~ISION OF LINES AND                    GRADES,               . . . . . . . 5, 17, IS                             TONNAGE    hfILEAGE.
                                                                                                                        Lines east of Pittsburgh                                and Erie,                     . p . .                           S, g, 49, 51
RIDGWAY        ANI) CLEARFIELD                 R. R. Co.,                   . . . . .                         42
                                                                                                                    TF.ACK.
ROCHESTER,            Ib:.\vm F.YLLS AND \VESTERN                                    RE’. Co.,                44
                                                                                                                        Additional                on hlain Line and Branch Roads,                                                                   .   17, 18
ROCKY      HII,L      R. R. AND TKXNSI’OKTATION                                 Co.,            . .           42        Mileage,                  . . . . . . . . . . . . . . . .                                                                   . .     66

i<OLLING l’hr,r, R.             R. Co.,    . . . . . . . . . . . . .                                          44    TKAFFIC STATISTICS. (See                                     FREIGHT                      TRAFFIC                           i\~~)
                                                                                                                      PMSENGEK   TRAFFIC.)
SAVING      Fv~n.          (See    EMPLOYES'                  SAVING FUND.)
                                                                                                                    TR‘Z~ERSE              CITY           RAILROAD,               . . . . . . . . . . . .                                                                 44
SCALP I,EVEL R. R. Co.,                    . . . . . . . . . . . . .                                          42
                                                                                                                    TRUST FUND CREATED OCTOBER        gTH, 1878.
SECURITIES.                                                                                                             Appropriation for 1899, . . . . . . . . . . . . 5, 17
    Costof,.    . . . .   . . . . . . . . . . . . , .                                                    6,27           Report of managers,    . . . . . . . . . . . . , 17, 29
    Income received from,     . . . . . , . . . . . .                                                    6, 28      TYRONE            AND         CLEARFIELD                    RY.        Co.,       .       .     .       .       .       .       .       .             42
    Lists of bonds and stocks owned by Company,     .                                                   26,   27
                                                                                                                    UNITED        NEW           JERSEY R. R. AND CANAI.                                           Co.,               . .            .       ,             42
SHAMOKIN           ~~~~~~~~ mu           POTTS~ILLE                 R. R. Co.,                  . .           43
                                                                                                                    UNITED RAILKOAD~         OF NEW JERSEY DIVISION.
SINKJNG FLJNIX                                                                                                           Branch lines, earnings and expenses,      &c.,   . . ,    42
    Collateral    Trust Loan,   . . . . .                               , . .         .     . . .      6                Desbrosses    Street Ferry, improvements,       . . . ~    IS
    Consolidated     Mortgage,  . . . . .                                 . ,         .     . . 5, 6, 32                 Earnings, expenses, &c.,       . . . . . . . 3, 8, g, 42, 56
    Equipment      Trust Gold I,oan,  . .                               , . ,         .     . . .      6                Equipment,      . . . . . . . . . . . . . . . . . . 63-65
    Pl~ilaclelpl~ia, 1Vilm. and Baltimore                                 R.          R.      Co.                       Freight statistics,    . . . . . .    .   . . . S, 9, 51, 53
      stock-trust certificates, . . . . .                               . . .         .     . . .      6                Improvements       on line, . . . . . . . . . . . . ,      18
    Western     Lines,  . _ . . . . . . .                               . . ,         .     . . _     14                Income account, . . . . . . . . .          . . . . . ,
                                                                                                                        Jersey City Station, completion of, . . . . . . .          1:
SOUTH      CHICAGO          AND     SoU,rHERN                 R. R. Co.,              . . . . 13, 44 I
                                                                                                                            hIileage,            . . . . . . . . . . . . . .       . . . . I, 46
SOUTHERN            PENNSYLVANIA           RY. AND hIINIKc                           Co.,       . .           43            Passenger             statistics, . . . . . . . . . . . . . g, IO, 52
SOUTH FOKK               R. R. Co.                                                                                          Terminal            facilities, improvement    of, . . . . . .     18
    Earnings,            expenses, &c.,              . . . . . . . . . . .                                    42 ~ VINCENTO\VN                    BRANCH               R. Ii. Co.,                . . . . . . . . .                                                       42

SOUTH-\NEsT              PENNSTLX’ANIA              Ry. Co., . . . . , . . 18, 42                                   VOLUNTARY    RELIEI: DEIJAKTMENT.                                                         (See RELIEF
                                                                                                                      DEPARTMENT.)
ST. LOUIS,VANDAI,IA                ANDTERKE                   HAUTE             R. R. Co.,                    44
                                                                                                                   i WAGNER,   LOUIS.
STATE      LINE AND             INDIANA        CITY           RY. Co.,           . . . . .                    44         Chairman of annual                              meeting,                 . . . . . . . . .                                                        ix
STATIONS.                                                                                                           WALHONDINGCOAL                             CO., . . . . . . . . . . . . . .                                                                           44
    Jersey City, completion of, . . . . . . . . . . .                                                         I8    WALKER,   GEORGE   A.
    Pittsburgh,   . . . . . . . . . . . . . . . . . .                                                         IS
                                                                                                                        Appointed Assistant                             to Treasurer,                             . .                   . .                     .          21

STOCKS.            (See SECURITIES.)                                                                                ~VASHINGTON                   SOUTHERN                  RY.            Co.,           .             .       .       .       .       .       .         43

STOCKTON, E. A.                                                                                                     WAYKESBURGAND~VASHINGTON                                                     R. R.Co.,                              , . . ,                           44
    Appointed Assistant                  Auditor          of Disbursements,                         .         21    WESTCHESTER                       R. ii. Co.,                     . . . . . . . . . . . .                                                             42
SUMMIT       BRANCH         COAL     Co., . . . . . . . . . . . .                                             43    WESTERN                PENNSE'L~ANIA                    R. R. Co.,                            . . . . . . .                                           42

SUNBUKY            AND   LIX\\YSTO\YN RY.                Co.,       . .     .    .    .     .   .   .         42    WEST JERSEY FERRY Co.
                                                                                                                        hlerged into Philadelphia                                     and Camden                            Ferry Co.,                                     rg
SUNBUKY,           Hh%t,F)TON      ANU     \VILKESI~,\KKE Rv. Co.,                                  .         42
                                                                                                                    WEST JERSEY AND SEASHORE      R. R. Co.
S~SQUEHANNA               AND     CLEAKI-YELD                 R. R. Co.,              . . . .                 42        Income account, . . . . . . . . . . . . . . . . 15, 43
SUSQUEHANNA              COAL     Co.,     .    .    .    .     .   .   .   .    .    .     .   .   .         43            Track          improvements,                        . . . . . . . ~ _ . . . .                                                                  IS
TERRE       HAUTE         AND     I,OGANSPOKT                   RY. Co.,              . . . . 13,44                  YORK,        HANOVER                 ANU FKEDEKICK                           R. R. Co., . . . .                                                       42
                                                                 FOR        THE




                                               YEAR                  I()OO--1c)OI.




        ALEXANDER                 J. CASSATT,                                     C. STUART                PATTERSON,
        ALEXANDER                  M. FOX,                                        EFFINGHAM                   H. MORRIS,
        N. Pi-1RKER             SHORTRIDGE,                                       T. DEVVITT              CUYLER,
        IV1 LLIAM          L.    ELK1 SS,                                         JAMES           McCREA,
        CLEMENT            A. GRISCOX,                                            LINCOLN             GODFREY,*
        AMOS       R.     LITTLE,                                                 JOHN         I’. GREEN,
        WILI,IAM           I-I. BARNES,                                           CHARLES               E. PUGH,
        GEORGE          WOOD,                                                     SUTHERLAND                     M. PREVOST,
                                                         SAMUEL                  REA.

                  [* Mr. Godfrey was elected {IIIApril 11th. rgoo, to succeed Mr. R. B. Come~ys, nho died on March 29th. Igoo.]




                                                                         t,
                                                                 P?~CSidCll

                                            ,%LEXANDER                      J.    CASSATT.




   sCC?~ctCZ:y,                                                                                                                   T~~easzww,
JOHN   C. SIMS.                                                                                                   ROBERT            W.   SMITH.




                                                                   (L’ll)
OFFICERS                               OF THE                                   PENNSYLVANIA                                                              RAILROAI)                                      COMPAKY.

                                                                                                       APRII~,                      Igoo.




PREsIDKNr,              ...............................                                                                                                              .\i,ES             \Xil)I-l<                 I.     (‘.\‘75   11‘1‘.

FIKS~        VICIVPRHSID~NT,                              .........................                                                                                  JOHN                P.     (;KE6N.

SwoNn          VI~I~.-PRI~IDI~.ST,                             ........................                                                                              CH.iK1,b.S                          I:.     I’(‘GIl.

1‘HIR:)      VICl<Z-PRKSIDhNT,                            .........................                                                                                  ~UI‘III<RLASI)                                    11. i’Kf-\‘()?‘I      .

i’<JI~KI     II \‘Ir.Ii-PK~SIDIrN,r,                           ........................                                                                               S.jiLll;EIx                  KIf.1.

AsSIsrANr             10        ~-III.. I’RI<SII~I..XT,                         .....................                                                                 ~z’ILLI.~11                        A.      F’.1.~.1.(~S.

As5151      racy’     TO        TIII .. PRI+.SII)ENT,                         .....................                                                                   E.     ‘I .. ~‘os’I‘LI’~~-I\\‘x1’1                             i ...

I<N(,INhb,R           ot’      BK\NcH               LINES,              ......................                                                                       JOSEPI                     U.        CRI-~\VI‘()I:I).

SI+.CKI’.T.~R\.,            ANI)       Surtd:RiNTItxr)I<NT                               ExIpI+owIs’                   SAVING               FUND,             ...   .JOHN               C.      SILIS.

ASSIS      I ANT      SXRI~:TAR~,                         .........................                                                                                  I,E\i’IS                NISlI.SOS.

‘~KISASI~RHR,                 ...............................                                                                                                        ROBEK’L‘                   1’1’. SMI’rH.

IiS5IS     I-ANT      ?‘R1’14SUKI’R,                      .........................                                                                                   P. FRANK                           IIITN.I‘ER.

AssIsIawr              ‘1‘1~1. \\ITKIIR.              ........................                                                                                       H.      1’.       CONNfif:.

A‘3>15 I A\ I           1’)      ‘I‘KI~ \‘3l~l:I.K,               ......................                                                                             GEORGE                        A.          \~.~l.E:ISI<.

C’ASHII~K,          .......                                   ........................                                                                               BENJAhlIN                           F. CRALVFOKI>.

COMPTROI.I.RR,                     ....................                                                                            .........                         ROBERT                     W.             IlOWKING.

ASSISTANT             CoMprRor,r.eR,                          ........................                                                                               M.       RIEBENACK.

FREIGHT            ‘~RAIVIC               MANAGI.:R,                   ......................                                                                        W.          H.     JOYCE.

GPZNI’:KAI.         FREIGHT                AGENT,                 ......................                                                                             J.     13. THAX’ICR,                          Jr.

A55rsIANr             GENERAL                  FRmc.Hr                   AGENT,                  .................                                                   GI<OIZGI<                     D.          1)1.X0X.

COAI-      FRKIGHT                 AGENT,                 .........................                                                                                  J.     G.        SE.\RLES.

F;KI*.IGHT         CI~~I>I           AGENT,               .........................                                                                                  FK.lNK                   I).         IIO\VEI,Id

MAXAGPZR            017 E~IPIRF:                  LINE,           .......................                                                                            GEORGE                        ht.         BAI.1,.

MANAGI~R            OF        UNION            LINE,              .......................                                                                            E.     A.        D.l\VSON.

GKNKRAI.            PASSENGI~R                   AGENT,                ......................                                                                        JAMES                 R.        b$‘OOD.

ASSISTANT             GENERAL                   PASSENGER                        AGENT,                ................                                              GEORGE                     W.              BOY13.

CHIEF        ENGINEER,                         ...........................                                                                                           \h’.     H.        BROWN.

CHII+:F      OF     MOTIVE                 Powm,                  .......................                                                                            THEO.                N.         E1.Y.

GhNl..R41.          hlANAGtSR,                 ...........................                                                                                           J.     B.        HU’I-C~~IESOLN.

GENERAL             SCJPKRINTRNDICNT                             OK        TRANSPORTATION,                                    ...........                            M.      TRU.111’.

GENERAL             Supb,RINTHNDI.2NT                            OF        MOTIVB                 POWER,                  ............                               F.      D.        CAS~~NAVE.

ENGINIYEK             01: hIAINTHNANCE                                OF         WA\‘,           .................                                                  JOSEPH                    ‘1‘.        RICHARDS.

SLTPERINTKNI)ENT                         OF      ‘I‘IILEGKAPH,                           ..................                                                          ARTHUR                        HALE.

GKNERAL             SUPERINTENDENT                               P.      R.        R.       DIVISION,                     ...........                               JOHN                111. LVALLIS.

GENERAL             SUPERINTENDENT                               U.        R.        RDS.        OF       N.      J.      DIVISION,                  ......          FRANK                    L.         SHEPPARD.

GENERAL             SUPI~RINTENDENT                              P. &            E.        R.     R.      DIVISION,                      .........                   GEORGE                     \V.            CRI<IGH.l-ON.

RI<SIDIZNT           h’IAN.\GEK                ON         THE         U.        K.       RDS.          OF      N.      J.     DIVISION,                 .....        F.     WOLCOTT                              JACKSON.

GENERAL             AGI%NT,              PITTSBURGH,                         .....................                                                                    ROBERT                       PITCAIRX.

GI+;NER.~L          AGENT,              NICW YORK,                      ......................                                                                        0.     J.       GEER.

ASSISTANI‘            GI?YI.I(.~I.              AGI.XXT,              NE\V            YORK,               ...............                                            S.     1’.       IIU.[(.III~S()s.

PI7RCHASING                 AGENT,             ...........................                                                                                           D.      S.        NE\YI3.11,1,.

ASSISTANT             PURCHASING                      AGENT,.                     ....................                                                               SAMUEL                        PORCHER.

RHAI.       ESTATI?        AGBNT,  .........................                                                                                                        JOHN                C.      \YII,SOu                ..

ASSISTANT             Rmr.  E\ I‘A I E Xc,I:sr,            ...................                                                                                       BEXJ,\hlIN                          \V.       C.~I<SIirll)~i()N.

GI.:NI’RAL          SOLICITOR,                     ..........................                                                                                       JAMES                 A.         LOGAN.

Assrsrmr              GICNERAL                 Sor ICITOK,                        ...................                                                                GEORGE                     V.             MrlSSp-yd.
                                                                                                                                                                                                                   .
SI~PERINTENDENT                         INS~TRANCK                    DI>P.%IITRIKNT,                          ..............                                       HUGH                 R.        E[,y.

SrpIIRINTENI)I..N                   I. ~~OLLTSTARY                       REI.I~*:F              DkcpAKrhIE:IUr,                         .........                    H()I,hlES                     I).         EI,y,




                                                                                                                (viii)
                             FIFTY-THIRD ANNUAL MEETING.




     The annual meetin g of the stockholders              of thz Pennsylvania      Railroad     Company was held this day
at I I o’clock,      A. M., at Horticultural     Hall.

     On motion         of    IIon.   Samuel   Gustine    Thompson,     General     Louis      Wagner        \vas called     to the
chair, and              in
               Mr. J 0 1 C. Sims chosen         Secretary.

     The Secrctar)?         read the call for the meeting,      as follows :-



                                        THE PENNSVLVANIA         RAILROAD       COMPANY,


                                                                             GENERAL OFFICE,




     The annual meeting of the stockholders              of this Company will be held on Tuesday,                 the thirteenth
day of March, 1900, at I I o’clock,           A. M., at Horticultural        Hall, Broad       Street, belolv    Locust     Street,
Pl~ilatlell~l~ia.
      Stockholders      can obtain copies of the annual report of the               Company,      and the necessary         tickets
of admission        to the meeting, on and after March          6th next, by personal         application    or by letter to the
Secretary’s    office, room 271, I3road Street          Station, Philadelphia.




      Mr. T. DeWitt          Cuyler offered the following      resolution,   which was, on motion,            adol’tcd :-

     Rt*soZ~rl’, That       the annual report havin,m been published             in pamphlet      form      for the   information
of the stockholders         on 1Iarch   6th, and a comprehensive        synopsis thereof advertised           in tile newspapers
on that date, its reading be dispensed           with.

      illr. Chnrlcs IV. Hcnr-y offered the followinbc resolution,               which was, on motion,          adopted :-

               That
     JI~soZz~crl7,          the report of the President      and Board of Directors        for the year ~Sgc), be and the
same is hereby approved and adopted, and that the thanks of the stockholders                       be tendered to the Presi-
dent and Board of Directors          for their faithful and able management         of the affairs of the Company during
the past year.

                                                                ox>
X              Fz&y-third AnnuaZ Mc~ting, Stockholdws of The Pemsydvania Railvoad Company.                                      [ [6991




     Col. R. Dale Benson         offered the following          resolution,    which was, on motion,        adopted :-

     Resodved, That the chairman of this meeting                 be requested     to appoint a committee        of seven stock-
holders   of this Company, to recommend,              after conferring with the President, a ticket            for Directors,      to
be voted by the stockholders           at the next annual election.


     The Chairman         named the following         gentlemen     as such committee :-


     Messrs.    R. Dale Benson,        Josiah     III. Bacon,    John    H. Converse,       John    B. Gest, Lincoln       Godfrey,
Samuel      F. Houston,    and Wm.          S. Stokley.


     Mr. John       P. Green, First     Vice-President      of the Company,         offered the following       resolutions, and
explained     the   necessity   for the action        of the    stockholders     thereon:


     Whereupon        each resolution        was read, and, on motion,          adopted.


     Resolved, First.- That the action of the Board of Directors, taken on the thirteenth day of
December, 1899, increasing the capital stock of the Company by an amount equal to IO per centurn
of the then outstanding capital stock, namely, 258,61 I shares, for the purpose of providing a portion
of the necessary capital for construction and equipment expenditures     during the year Igoo, on the
main and leased lines and branches, and for other corporate purposes, and giving to the stockholdersr
the privilege of subscribing therefor at par, between the twenty-seventh day of December, 1899, and
the twentieth day of January, 1900, #TO mta, according to their respective holdings thereof, be and
the same is hereby ratified and approved ; and that the Directors be and they are hereby authorized
to sell, at such price as may be satisfactory to them, such amount of said increased capital stock as
may not have been taken by the stockholders under the privilege thus given to them.
      SPcolztE.-That the action of the Board of Directors at their meeting February 28th, 1900, in
directing the issue of 53,462 shares of increased capital stock of this Company, additional to the
258,61 I shares of increased capital stock authorized by the action of said Board at their meeting
on the thirteenth day of December, I Sgg, and the salt of the said 53,462 shares at and for the
price of sixty-five dollars per share, be and the same is hereby ratified and approved.
     Resolved, That the action of the Board of Directors taken February 28th, Igoo, directing the
investment of funds of this Company in capital stock of the Eric and Western Transportation  Com-
pany at par, amounting to $3,000,000, and in other securities of said Company amounting to
$475,000, be and the same is hereby ratified and approved.
     Resolved, That the Board of Directors be and they are hereby authorized to issue at such time
or times, in such amount or amounts, for such proper corporate purposes, and on such terms as in
their judgment may be wise, all the unissued capital stock which this Company, under its charter
and other Acts of the General Assembly of the State of Pennsylvania, is now authorized to issue.


     Mr. Green       also offered     the     following   resolutions,   in connection       with    the   establishment     of the
Pension     Department     of the Company,          which were, on motion,         adopted :-


     Resolved, That the stockholders do hereby approve of an annual expenditure by the Board of
                                                                        7
Directors, in such manner as it may prescribe, of a sum not exceeding $-,,7~ ,000 during any calendar
year, from and after January ~st, Igoo, for the payment of pension allowances to employ&s.
     Resolveri, That the stockholders do hereby approve of the action of the Board of Directors in
adopting the general policy that on and after January ~st, 1900, no person over the age of thirty-
five years shall be received into the service of the Company.
     The following         resolution    was offered by Mr. C. Stuart     Patterson :-

     Rc.solz&, That the minute adopted by the Board of Directors on June 7th, 18gg, on the death
of Mr. Frank Thomson, late President of the Company, be and the same is hereby adopted as
expressing the feelings of the shareholders.


     The Secretary          then read the     minute    of the Board   of Directors,     which is printed   on    page 23
of the report.


         Mr. Patterson,     in movin, ~7 the resolution    in regard to Mr. Thomson,        said :-

     At the annual meetin g of 1Sg7, Mr. Thomson, in a few earnest words, expressed his sense of
the great loss which the shareholders of this Company had sustained in the death of Mr. Roberts.
Three brief years have gone, and to-day I have been asked by Mr. Cassatt to move the adoption,
by this meeting, of the minute adopted by the Board of Directors last June with regard to Mr.
  Thomson.
        It is not necessary, in the presence of the officers and shareholders of this Company, to dwell
  upon Mr. Thomson’s        ability, or upon his unselfish devotion to your interests.     His possession of
  these high qualifications     is comprehended in the statement that, as President of the Pennsylvania
  Railroad Company, he was universally conceded to be a worthy successor of John Edgar Thomson,
  of Thomas A. Scott, and of George B. Roberts.          Nevertheless, emphasis may properly be laid upon
  the fact that fi’Ir. Thomson was one of a remarkable         body of officers of this Company, most of
  whom arc now dead, but a few of whom are yet living.          The combined efforts of these men brought
  your property to its present condition of unrivaled earning capacity.        In so doing they established
. for the world new standards of railroad efficiency, and, greatest of all their triumphs, they overcame,
  in so far as human institutions can, the accidents of mortality, fol they created a service whose
  traditions, whose loyalty, and whose education and training of its officers and men assure its per-
  manence.      In that great work of organization Mr. Thomson         did his full share.    This, too, may
  properly be said.      There are here to-day some men who, apart from any official relationship, were
  proud to be friends of Mr. Thomson.           For us are the memories of happy hours \vith him, the
  memories of his countless acts of thoughtful kindness for us and for others, and the memories of
  the splendid courage with which he bore the heavy burden of the cares and anxieties which were
  laid upon him.
        I move, sir, the adoption of the minute which the Secretary has read.

         1Vhcreupon       the   resolution   and the   minute    were, on motion,   unanimously       adopted by a rising
 vote,

         On motion,       the thanks     of the   stockholders   were tendered   to the    Chairman     for the   able   and
 impartial     manner in which he had presided             over the meeting.



                                        The stockholders    then, on motion, adjourned.



                                                                                            LOUIS      WAGNER,
                                                                                                             Chairwn~c
         J. C. SIMS,
                  Secvetavy.
                                                                                     1899




                                FIFTY-TW                              IlCLl ANNUAL                                     REPORT.




To the Stockholders                         of
                           ‘The Pennsylvania                Railroad              Company.

          The 13oal-d of Directors                      here\\Tith submit their rel)ort for the yea1 I 899, \vitll such data relating
to tlie lines and other corporations                                  embraced         in yo~Ir System              ns will give a clcai- understanding                     of
their physical              and financial condition.
          Tile statements                   immcdiatel>~ followin=                  show the Income             Accounts           of the three Grand Divisions
:LIld the General                  Incotnc          Account          of the          Cornpny,      and cover- all of the lines East                      of Pittsburgh
and Erie              operated        directly       by the CoInpan~~, viz. :-

The        Pennsylvania              Railroad          I)i\Tision, . . .             . . . . .       . . . . .          . ,        , .   . . . . . 1,745.16          miles.
                                                                                            Railroads    and ferries, . . , 470.13                miles.
The United Railroads                         ok Nenr JcrseJr Division,                      Delaware and Raritan Canal 66.00                        “
                                                                                       i                                                                   536.13      “
The        l’l~ilncl~lpl~ia and Eric Railroad                         Division,        . . .     . . . . . . . . . . . .                      . . .        566.15      “

           Total,       . . . . . , L . . . . . .                                  = ” . . ,     . ” . . . . . . . . . . .                        . . 25547.44         ‘(

           Of     tilcse    2547.44              miles, 539.S~         are o\vned and the remaining                       23 17.60       are operated       under lease
or    as     agent.

           Tllc       statements            presented       in the           ;tilpclldis,    co\-er traffic and other                statistics   for the lines East
of Pittsburgh              ;und Erie olxratecl              directly, and sho~v the financial results of all railway, ferry, canal, and
otl1L’r      corpoi-ations              East        and    \Vcst          of Pittsburgh          and Eric           ojvned, operated, or controlled                  by, 01
affiliated          in interest              with, The         I’ennsJ-lvania           Railroad        Syhtern, said railway, ferry, and                    canal    lines
h;Lving an agqi-egate
             ‘                               mileage      as follo\\5 :---

East        of Pittsburgh              and Erie,           ....................                                                          ,    . , . 4,847.oS         miles.
\/Vest of L’ittsburgh and Erie, ...............                                                                      , .........                        4390.24        “

           Total,       .................                                                        , ..............                                       g,217.32       “
                                                                                                                                                        -__---_ -
                                                      PENNSYLVANIA                                RAILROAD                                      DIVISION.

                                       Mxrx           LINE, PHILAI)ELPIIIA                         TO PITTSBUKGII,                                              ASD            RR.\NCIIES.


                            INCOME              ACCOUNT                      FOR     THE         YEAR          ENDING                               DECEMBER                             3rst,       1899,
                                                          AND            COMPARISON                  1VITH           THE                        YEAR                       1S98.


                                                                                                                                                                                                                                        hCKE.-\SE.




E,\l<NINCrs.-From       freight traffic,         _ . .          . . . . . . .                 #33,223,6oS.6j         ) .......                                             ‘$29,651,948.50            1$3,571,660.15
                 From   passenger          traffic,       . .                                  S,247,581.60               .......                                                7,290,245.95                STJ33j         . 6.~
                 From express        traffic,         . . . , .                    . . .         822,632.06               .......                                                  753,6@.27                   68,983. i9
                 From transportation             of mails,                         . . .         gS3,26o.61          / .        .       .       .       .             . I          971,439.78,                    11,820.83         I
                                                                                                                     I                                                                                                              1
                 From miscellaneous              sources,            . ,            . .          3o4j819.29                     . . . . . .                                        255192.67           ~          21,626.62
                 From   rents,        . .        . . . . .                    . .        .       325,48o.33                     . . . . . .t                                       \326,3Tg.@ , .                  . . . .                   $839.14

                        Total     Earnings,           . .        . ,                 . .                             la.
                                                                                                                      43,907,382.54                                        ,$39,276,794.64             $4,630,587.90
                                                                                                                                                                           I
EXrkNsr<S.-For        maintenance           of way and          StruCtUreS,          .        $5,573,Wa72                       .       .       .       .        .    .    1 $3,852,245.33             ; $721~654.39
                 For maintenance            of equipment,.               .     . . . .         7,6oo,962.37                     . . . . . .                                      6,OS9,622.45          1 1, jII,339.92
                 For conducting            transportation,           .             . . .      15,288,09~       .84              .       .       .       .        .             13,735,830.50           i 1,552,261.34
                 For general       expenses,          . . . . . . . . . .                      I,Io3,179.38                     .       .       .                .         ~     1,066,S65.15          :       363T4.23
                                                                                                                                                                                                              ~.

                        Total     Expenses,           .      . .              . . . .                                      29,566,133.31                                   ,$25,743,563.43                 %31821,569.$8

                                                                                                                                                                           I
Set   Earnings     from operation,          Main Line and branches,                                                            14>341,249.23                               1$13,532,231.27                  $809,018.02

      To   which add :                                                                                                                                                     I

Interest   from investments         (in cash),        . . . . . . . . . .                                                                                                  i     4,636,056.71                1031449.44
Interest    front branch   and other roads                  for use of equip-
  ment,     . . . . . . . . . . . . . . . . .                                 . . . .            384,034 *40                                                                        3W332.77                      439701.63
Tnterest general    account,       . . . . . . .                 .                 . . .           87J538.59                                                                        ro5,665.93              . . . . . .                  $18,127.34
Profits    from sundry accounts,              . . . .                                              64,320. I4                   . . . . . .                                                                       5’,414.51

                                                                                                                                5,275,399.28                                                                $180,438.24

      (Gross 1ncome,       . . . . .             . . . .             . . .                    . . . . . . . 9;19,616,648.51                                                ;$1S,627,192.25
                                                                                                                     -1
I)El>~T(:T PAv~r~rPu”rs.-Rentals              paid branch            roads,          . .      $3,061,37x .93               .        .       .       .       .     .   .        $2,9jo,267.06                $11r,104.87
                                Interest     on futlded debt,                 . . . .          4,265,505 *39               .     .          .       .       .    .               4,263,458        - 74 j           2,046.65
                            Interest        on mortgages             and ground-                                                                                                                       ,

                                  rents , . . f . . . . . . . * *                                 131,558.49               .......                                                  133,604.23         ~.     .     .   .   .   .          821045.74
                                Interest Car Trusts,  . . . . . .                                 64oj387.23               .......                                                  4x,827.64          I
                                                                                                                                                                                                       ,      2o2j559.59
                            Sinking           Fluid,      Equipment             Trust
                                   Gold Loan,             . . . . . . . . .                       136,400.      oo         .......                                                  136,40o.o0
                            Taxes,          Pennsylvania             Railroad,            ,       98x,637.29               .......                                                  902,162.46,                   791474.83
                                Payments on accountjoint   guaran-
                                  ty with Northern    Central Ry.
                                  Co., on lines north of Elmira,
                                  and miscellaneous    accounts,   .                              144,226.67               .        .       .               .     .   .I            142,4~3.06                     1,813.61


                                                                                                                                9,361,o87.oo                                i @,g%w.I9                      $x%953.81

      Net Income     Pennsylvania           Railroad Division,                     . . .      . . . . . . .                    10,255,561.51                                   $9,66r,o59.06                $5949502.45
                                              ~~ .~___
118991




                                 UNITED                         RAILROADS                                OF       NEW          JERSEY                    DIVISION.

                       PHILADELPHIA                      TO       NEW YOM,                           CAMDEN TO Soumr                             AMBOY,            AND      BRANCHES.

                                 INCOME               ACCOUNT   FOR THE                                        YEAR          ENDING  DECEMBER                            3Ist,   1899,
                                                         AND COIMPARTSON                                        WITH          THE YEAR 1S9S.


                                                                                                                1899.                      1899.                      1898.          ,   INCREASE.      DECREASL



EAKNINGS.-From         freight traffic,            ..........                                        $II,903,27t-33             .    .       .   .   .   .   $ro,Sr4,963.26 ,$I,oS8,30S.o7

                From passenger            traffic,          .........                                        7,So6,Soo.S2       .                .       .        7,I96,359.80 1          6I~44I.02

                From express        traffic,        ...........                                               763-104.64        .          . . . . .               704,998.45              5S,106.19

                From transportation                of mails,                ......                   ~        421,1SS.4.8       ..,.                 . .           4139955.25               7,203.23

                From   miscellaneous               sources,             .......                                208,751.56       . . . . . . .                       198,201.92             Io,549.64

                From rents,      ...............                                                               272,324.89       . . . . . . .                       228,574.66             43,750.23

                From Delaware            and Raritan                Canal,            ....                     2S5,068.21       .    .       .   .   .   .          259pI4I.56             25,926.Q



                     Total    Earnings,            . . . . . . .                         . . .           . . . .            . . $21,660,509.93 $19,516,224.90                        ~$1.844,285.03


EXPENSES-       For maintenance             of way and structures,                           . .         82,555,484-63           . . . . .               .   ' $2,297,82I.54 ~ 6257,663.09

                For maintenance            of equipment,                    . . . _              .           2,168,712.67        . . . . . . .                    1,799,726.48 ~          368,986.IS

                For conducting          transportation,                     . . . . . .                  I0,524,7II.75           . . . . . . .                    9,725,160.20            7999551.55

                For general      expenses,              . . .                . . . . . .                       257,225 *99       . . . . . . .                      247,982.80              9,243.IS

                For Delaware          and Raritan                 Canal,              . . . .                  343,5OI.23        . . . . . . .,                     297Y719.86             45j78I.37
                                                                                                                                                             I-

                     Total    Expenses,             . . . . .                                    .       . . . . . . .              I&849,636.27 ,$14,368,410.88 $x,481,225.35
                                                                                                                                    -___~                    I

Net Earnittgs    front operation,          . . .            . .                   .          . .         . . . . . . .              P;5,SI“,873.66,$5,447,8I4.02                         $363~59.64

Add interest    from investments             and other income,                               . .         .         . . . .               253,SS4.29'                225,630.65             28,253.64
                                                                                                                                                                                 -

    Gross    Income,         . . . . . . . . . .                            . . . . . .                  . . . . . . .

DEDUCT      PAYMENTS.-Rentals,                  interest,    dividends,
                                 taxes,       &c.,    . . . . . . , . .                                  $4,805,466-52              . . . . . . .                $4,634,37I.72           $I74,094.80

                              Right       of way and real estate,                                .             100,125.33                                            35j92I.64             64,203.70


                              Extraordinary     expenditures   on
                                lines in United      New Jersey
                                Railroad and Canal Company
                                System,including    improvement
                                of Jersey City Passenger     Sta-
                                tion,   Harsimus     Piers,  Des-
                                brosses Street Ferry, Floating
                                Equipment,     &c., . . . . . . .                                              906,205. 75'. . . . . . .                            392j9I3.02            5I3,292.73,

                              Advances             to affiliated             companies,                         95,999.93           * * * * * . *                     977426.37          . . . . . .     $1,426.44


                                                                                                                                     5,910,797.54            ~   $5,160,632.75           $750,164.7s



Net profit United Railroads           of New jersey                       Division,          .                                           $153,960.41         :     $512,811.92
                                                                                                  SUSCUKY TO EIIIE,                                AXI) I~IIASCHES.




I~.II:N~~c;~. --l’rotn                    fi-eigllt traflic-,                     . .                           .           $6,268,853.              IS        . . . . . .                 $5,JT2,SGI       .72   $9j,Q9      1 .A6

                            l;roni        lx~ssengyx traffic,                          . .                              .         872,609.03                  ~.           . . . _            ~24,253~77 4S,3,jj. 26
                            From express                      traffic,            . . .                                 .          73,008.25 . . . . .                             .                  $3
                                                                                                                                                                                                67.365.                  5,64*.16
                            l;rolii       transportatioli                    of mails,                              . .            +I,355.52 ~. . . .                            . .            69,379.;2         . . . , . . ’          524.20


                            I;rom niiscellaueous                            sources,          .                         .           28,661.66                 ~. . . .                          35,428.6~         .          . . . 1   6,766.98
                                                                                                                                                              I
                            I~roni rents,                   . . .            .           .                          . ’ I          3q604.84                   /.   .   . . .                    31,428.77                I, 176.07



                                   ‘l‘otal          i’:;lrning~,             .




I:Sl’E.uSE-;.--!;c,r-                 Ill;li!ltt~ll;lllC~                    :Uld .,t~~l~~tl~I’tX, . ~
                                                                      0f \%.a>’                                                 $999,971            .79

                            l:or      ill~titltc~n~tnCe               of equipment,                     .           . .         I, r7r,779.48

                            Icor      co~lduc~ting                 tl-~lnsportation,              .     .   .                   2,652,901.6.5

                            I;01 general                e.xpeuses,                . .         .         . . .                     104,2II.I4




1 )l;I)U<‘T        I“~~.\lt~NTS.---()II                     :lCCOllllt       0f     IWltdS,                             .                      .    .     ,        2,#8,279.3j              2,O,j8,819.sj             LS9,459.Lj0
                                                                                                                                                                                                                                ~




I‘rofii      011 i’lliln~lell)lli;i            md l<rie Railroad                        Di\.ision, inclucl-
          itlx   l~r;tii~   iles      Oi)~Glted              ill   ~~onllec‘tiotl        tliere\vith,               .   .   .                  .          .          $77,939.07        I      $jJ,Sj;.O2              $2\3,092.05
     GI~:NI1:KAI,                              IXCOMI’                              ,ZCCOUNT        P’Ol< THE   1’l~:,ZIi liSI)IXG                                                                                                                                   I>IiCIi,1Il~E:K                        just,        IS)~,
                                                                                   ANI,, CO;\II’,IlCl.SC>N \VITI I THIi: YII’,Zl<                                                                                                                                 I SgS.
                                                                                                                                                                                l”)‘,.                                        18~~~y.                             ryi.                         \Sls.. / I)lc<~l:l’
                                                                                                                                                                                                                                                                                         I\Cl<I~.                \\I...

17.1~~ I XC;S.                  Frot11 frei:llt    traffic, .    . . . . .                                                                                    . $5T,395,733. 16                                                                $45,93Yyii3.-lS                      ~5~455,95Y.6~ :
                                1“101tt ~‘;th~e~Tgertratlic,     . . . . .                                                                                    . t6,926,99T .4j i . .                                   : :         : I     .           I~j,,~1(l,Sjc).Lj2                      .q.; I
                                                                                                                                                                                                                                                                                     1,616, I\<1
                                I;rotit esl)ress traffic-,       . . . . .                                                                                    .   r,65$744.95,    . .                                  ,             .     .             t,j26,clt2.>jt                  132,732.u
                                I”ro11i trmi~mTation        of niailb, .                                                                                      .   1,473,So4.61      .                                  .             .     .             ~,-!5-l,S()4.75                   IS,gyg.S6
                                I~rotii tiiiscellatiwris    sources,                                                                                                jq2,232.51  1. .                                     .         . .     .                516,s2\3.2<;                   2,j,,JOy. 25 ’
                                I;roni twits,       . D. . . . .                                                                                                    640,4ro.o6      .                                    .         . .     .                596.322          .9()         q,os;.     I6 ~
                                ITl-oiii I)el,t\\,are ant1 Raritan C;inil;                                                                                           2Qj,06S.21   . .                                  . .         . .                      259,       I.1 r .56          2,5,926.65    ~

             (;I<OSS ~‘:Al<SIN(iS,                                         .               . . .                            . . . . .                                     . . . . . . @72,922,9sA.95                                           $fiLj,603,737.9,j                    ,$7,S~19,2.~7.00 1

l<sl’tiNst<:s.m- ~~orlni~iti~etlatlceofw,l~atlcls~ruc~~urc~s                                                                                                          $9,129,356.    14 ~       . .                                    . .         $3,o~~~,\$lS..$’ $1,09’,9Sj.73
                 For riiait~tet~atice of ecluipnient,     .                                                                                                           t",93J,fqjJ.52    ~. . . . .                                                  s,s $3, 175. $2 2,09S,27y. IO
                 l’or cotldttctin:_: tr;lti~l)c~rtatioti, . .                                                                                                         2S,465,70tj.24      .   . . .                                    . .         2Cj,9t~,L~~~.~~ 2,~1S,360.90
                 ITor gviierdl ex[)etis;t-s, . . . .                                                                                                                   T,f64,616.51     1, . . .                                       .            I, ~1.~,.p17.S2      jO,2OS.  69 ~
                 ITor Ihzl;twak and Raritati Canal, I                                                                                                                    343,5oI.23       . .   . .                                    . .             297.7r9.S6,       45,7Sr .37
                                                                                                                                                                                                                                                                                     ~~-_




                                                                                                                                                                           253,SS4.29                 ’ ......                                              22j,6,T0.ALj                  2S,253.64,
~11tCTeSt            fl~Otll    ~JlXtlCll                :ltl(\        Ethel=                  luatk                    for             l,Se             of       ’
    ecl”i~“ll”llt,                                                                                                          .........                                     3s_l,o34.40                   .......
Illtelx5t         Getw;;l                ;\c:uGlt;                         :       :       ..               :       :                                                      s7,53s.59                    .......
I’rolits       frotii sutlclt-p                aCCOUlltS,                          .........                                                                                   64,320.74                .......




             (;KOSS             INCONE,                      .     .       ,       .       .        _       .       .               .        .       .        .       . . . . . . . ‘&,                               ro7,63~.SS


                                                                                                                                                                  $11,~320,44S.S2                     1. . . . . . .
                                                           Interest on fiintl~tl he&,’ I                                                                          ~ 4,265,505.39                         . . . . . .
                                                           Iiiterest on inot-tgages mid
                                                               gtwuntl-twits,                                                                                     ,        T31,55$.49                 ’. .   . . . .
                                                           Interest Car ‘l’rusk,             I I *                                                                I        640,3S7.23                  . . . . . . .
                                                           Sinking I~und, IGluipnietit
                                                               ‘I‘ru5t (;oltl I,onti~ . . .                                                                                   r;6,4oo.o0              I .     .       ,            .   .
                                                           ‘I‘,*ses, I’enns) l~a~iia Rail-                                                                                                                                                     ,
                                                               ro;i(l,                                                                                            1       9ST,637.29                  ~.                           . . .                    902,162 .q6                   70,474.~~3
                                                           I’,L) rtienti ,i~‘;,,‘c;,;,t’i,it~;
                                                               ~u;l*atit)~ \vith Nortjiern
                                                               Central      Iiailway        Coni-
                                                               ~x*iiv on lines iiortli of
                                                               Hn;ira,     and tiiiscellatie-
                                                                  0115         ;lCC(~lllltS,                                ,       .        .       .        .            14q,226.67                   .                      . . . .

                                                                                                                                                                  I                                         17,620,163.Sg

             NIX          INCO.\lli,                 .       .    .        .       .                .       .       .       .       .                .                . . .                    . I $ro,4S7,470.99

1;ronl this Ntat Itlcottte for tlte year,       . . . . . . . . . . .         . . . . . . . . .                                                                                                                                                          _ .             . _        . . . . . . $to,qS7,47o.99
   tlie followiti~ ;llllO,lllt~ 11avc l)ret, decl11c-tecl :-
l’AYMb:NT TO ‘I-HE ‘l’l<tIS-l- ()I? (kTOl:t31:,   ts,s, b-OK TfIP: I’I’I:cII \SE 01; sIscul<I’rII~s                                                                                                                                                      (~UAI<‘1NTEI*-I)
   I:Y TIIIS I’ISNNSYI,YANI.\ I~.\~r~tco,\nCOIIP.INY, . .                  . . . . . . . . .                                                                                                                                                            . . .     . . . $91,~1.i7.62
I’LNNS\~I,V.~NIAI<AII,I:OAI> CO~II~.INY’S CONSOI,I I) \TI~:I)JIot<,r(;.\(;t< 1%    )NI)S, >i11l;itlg                                                                                                                                                    futld a(:couut, ,?,j-$,~S~~.oO
        Es-rli,\(~l;l,tN.\I;~                             ~~Sl’I~S,)I                      I‘~I:KS.
Atiiouiit            espt2tided                in revisin g :gatles                                                     and ali~nti~eiit,                                     and other                 improvements,                                  _ . . . . . .                    9s9,22s.           -1t
                                                                                                                                                                                                                                                                                 *,/135,1~6.o.i
        I~almx,                  .   .     .                           .       .       .        .       .       .       .       .        .       .        .       .   .   .     .          .      .      .        .       .    .   .   .   .       .          .    .        .-- $9,052,32-t. 96
                                                                                                                                                                                                                                                                                .   .      .    .      .    .
Out of \vliich \vas paid a casll                                                           divitleutl                           of five per cent.,                                             . . . . . . . . .                                   . . . . . . . . . . . . .     6,&,266.25
                                                                                                                                                                                                                                                                                                                 $2,jS7,OjS.71
I>ecluct ~~tnount tratis~~rretl to lSxtr;~ot-diii;it-y IIup~~tiditure Fund to complete                                                                                                                                                             M’Orli alrvatly :iutl~orizcd
  iti revisiti;; ~r:ltles allcl ;iligtiiili~tit, atl(l otller itnprovenlcttts;, . . _ . .                                                                                                                                                          .      .    . . . . . . . .                                      I ( po, 000 . 00
~~1110,111t              to Ct-e(lit of I’rofit anti I,oss
                     ~1~~111SfetTed                                                                                                                               for tlic ye<tr 1s99,      . . ~ . . .        . . . . . , . . . . .                                                                              #Ilos7,(~js.71
Atnount to credit of I’rolit ant1 I ,oss I >ecetnl)er                                                                                                             Jrst, IS$,     . . .      .     . . . . . . . . . $22,~ 1~~996.62
Keductioil iti valu,ktioti of swurities,     atid amounts                                                                                                         cli,lr~ecl oti iti adjusttnctlt   of oltl XCuUIltS,   I, 1 j2,32 I. 73
                                                                                                                                                                                                                                                                                                                  2r,293,674.S9
        IMance                 to credit                  of Prolit                        a11cj jL,oss Dec~tlllm                                                         3t \t, ~Syy,                        . .                  . . . . . . . . . . . . . . . .                                               $22,3So,733.60
                                                     CAPITAL      STOCK.




sjoo,      tlrle to the conversion   of that amount of the scrip dividciid clccl;~recl in ,21,1!-, ISy3.




                                                      FUNDED         DEBT.




                                                     SINKING      I;UNl)S.


          LT~ldcrtllc l)ro\isions of the Consolidated Mortgqc                          tllc
                                                                  of the CUII~~);~II)T, al111u;~l;Lnlollnt set ;llxu-t
alit of tllc net incolllc for the rcdcmption of the outstmdin, (r 1,011tls sKurc(l            l)L7 lIl,lt nlol-t~~qc
                                                                                                2                        \\.;15

Sjj-j.gkl         Of these securities S2cj,000    \vere purcli~wxl alld cnnccllccl. ;~11~1  tlii5 i-~~cl~lctionill )‘O~II
f~~lltlctl   dcl,t q’~‘“;“s     in the Ilalmce-Sheet.    The reniai~idei of tllc sun1 \\‘<Is      l)l,~c.ctl to tllc crctlit
of the trustws for invcstnleiit uiickr the tcrriis of the tnortpgc.              ‘l‘licir rc1)01t is ~ittxcllccl     lwcto,
slio\viiig     the miouiit of $6,407,744.9 I, in securities and cash, in the fulicl for tlic: rc~tl~:nil)tion of the
l,o11ds.
        ‘Tllc trustees of the Sinking Fund for the redeniption of the Trust Cei-tific<ltcs issllctl for the ~~~~rcl~asc
of tlic sliarcs of the cal)ital stock of the l’liiladell~liin, Wilniington and IL~ltiiilorc Railrontl Conilx~ny
\vcrc not ~1~1~to 1)urchasc any of these certificates during the ~rcar. ‘rile                         ;1tllc)llllt
                                                                                                   total             p111-“llasctl
;md c~uiccllccl to Ikcernber        3 xst, 1899, was, therefore, $2,2g,9,000, lca\in g outstmclin~ s7,703,000.
        ‘I’lle tru\tces of the Sinking Fund      for the redemption of tllc follr and ollc-half lxr cont. C,,ilatcr;ll
Ti-list Lam ivere not able to obtain any of these securities during tlie i\‘c;~lat tllc liliiit fisctl in tlic
,qrcwlcllt.        The miouut of this loan outstanding I)cccniher         3 I St, I sgg, \\‘XS~~,~00,000.
        U~ldcr tllc provisions of the four per cent. E(luipment Trust Gold I,o;l!l, thcrc J~‘ZLS                   lmitl to tile
tru5ta clrlring the yc,Lt-, for the Sinking Fund, the sum of s 136,Joo.            ‘l‘llc trLlst(‘c \\Yc15un,lblc to ol)tnin
ati) of tlic bonds at the price fixed in the lease, and, in ;1ccord;mx \vitli the torriis tliei-cof, the
w11olc anlount has been invcstcd in additional equil)nlent.




                                      SECURITIES       OF   OTI1ER     COICPOIZATlONS.


      The cntirc cost of the securities of other corporations held by ~wur Conlpany I )BLccrlllxr 3 I st, I ~99,
was   $ I 20,362,425.97.                                                             5,+739,506. I 5, \rhich
                          The direct revenue received therefrom during the JWU- I\Y~C;
aniolintcd to nc;u-ly four pa- cent. upon the cost thereof, and more than l)ro\ritlctl for the interest
on your     funded debt.
P~tylll”“ts         IlKlcle       011   :wcoilnt      of tlie prillciptl       of tlleic   certilic-dtes       prior        to J;uilI;lry         lst,        ~Sc)c), 4,5(X ),I.3 . ( JO
                                                                                                                                                                                 NJ

Total         pynieiits           m;de     on ;m3)unt            of the prilicilul   of existing      Car Trusts,                     . . . , . . . . . . . .                              . . ~~~,~oc~,o~~o.oo

Aniount           of Car ‘Trllrt ccrtiliwtes                     outstanding    Ikcenher      jlst,    ~Scjg,       . . . . .                 . . . . . . . . . _ . . .                        $9,22~3,~~~0.00

        ISSLlED           l’OI<   C.ZI<S   AS      l~OI~I,O\~S      :                                                                                                                               cos   1..

l’ennsylmnia       Railroxl     Compnny, . . . . . . .    . , . _ .   .                                         . . . .               . .             . .           I 6,995 cars,              $7,274,291 a25
          Assigned and sul~leasetl.
Northern Central R;lil\vay Company,           . . . . . . . . ,   .   .                                    _ .   . . . . . . . . . .                                      27CJ       "              1 Q2,7~O.OU
                                                                                                                                                                          ,j’ 10     <&               26,~S2.56
I’llilxlelpliia,   \Vilmington a!ld lkdtimore Railroatl Co~iipany, .                                       . . . . . . . . . . . . .
:\llegheny Valley Railuxy Company,            . .     . . . . . . . . .                                    . . . . . . . . . .     .                                      rp         ‘(              96,07.3.75
I’~~lllkii\‘lv;mia Colllp;lily,   . . . . . . . .     . . . . .   , . .                                    .    .   .   .     .   ,   .   .   .   .   .   .     .    1,600           “             577,217-M
Pittsl)urgll, Cinciiiiiati, Chicago arid St. Louis Iiailway Comlxtny,                                        . . .                    . . . . . .                    x.510           ”             ssj, 295. O(J
Toledo, l’eoria aid \\7estern Railnxy Conipanp,           . . . . . . .                                    . . . .                . . . .   . . .                      326           “              I so, sgo. (xl
                                                                                                                                                                    _~-
       Total,        . . . . . . . . . . . . . ~ . . . .                              . . .           . . . . . . .                           . . . . .             2 1,351        Cal-b       $~9,223,000.00
                                          rERCISNT,‘lGE                       01;       OPER.\TING                          ISXI’ENSI3                  TO      GROSS             EARNINGS.



                                                                                                                                                                        I$‘)‘).




I’etmsylvnnia           Railroad              IX&ion,                . . .              . . . . . . . . . . . . . .                                                    67 *33

United     R;tilroads             of New Jersey                 I>ivi\iott, escluditt~                         D&t\\ are and Raritan
   Cmxl,      .    .    .    .    .   .   .    .   .   .    .   .    .    .   .    .    .   .    .    .    .   .    .   .    .   .      .   .   .   .   .   .          72.54

Delaware          and Raritan                 Canal,        . . . . . . _ . . .                                . .           . . . . . . . .                          120.50                   5.6

I’l~ilntlell~lii~t aid            Erie R;tilrontl               T)ivisiott,                 . .        l   . .          . . . . . . . . .                              67.01              . . . . . . .      0.53
                                                                                                                                                                                                 .

      I,ittcs East of Pittsl)ttr:li                        and Erie operated                         tlirectly,         . . . . .                   . . .              69. “4                  I. 19




                                                                                                                   TONNA(;Ii.




                                                                                                                                                                I ----- ~---
l’etmsylv~unia Railro;td                      IXvidott,              . . . . . . . . . . . . . . . . . . .                                                            61,,526,1y6            9,975,537

Uttitccl Railroatls of Sew Jersey Division, exclttdin::: I~ehnxre and Raritan
  Cnt1d, ~ . . . . . . . . . . . . , . . . . . . . . . . . . . . . . . .                                                                                            2~574,336                2,943,630       16.70

Iklawnre          and Raritan                 Canal,        . .           . . . . .                   . . . . . . . . . . . . .                                         6~5,Sr I                 64,753      II.14

I’ltiladelpltia        and Erie Railroad                        IXvisiott,              . . . . .                   . . . . . . . . . .                             17,953,703                               19.3s


      Lines       East of Pittsl)ur~li                     and Erie operatecl                        directly,          . . . . .                   , . .          100,700,037                               IS.75




                                                                                                     TONNAGE                     I1IILEAGE.




I’ettttsylvattia            Railroad           I)ivisivtt,           . .            . . .                      . .           .          . . . . . . / 8, Iog,57t,515                      r,275,933,‘95      rS.67

Ultited R,lilroatls of New Jersey                                IAvisiotl,             esclutlittx            I>ela\\~,~c ;ut(l li,tritan
  Cmtl, ................................                                                                                                                          I, r6S,6Sg,gqz            16 I, 29.1, $3   16.0~

Delaware          mtl        Rx-itnti          Catal,            ....................                                                                                20, ‘fys,     1I I        1,“77,24S      5.56

I’ltil~tclcll~ltia ;utd Erie                  Railrcwl              IXvisiott,          ................                                                          [,596,Srj,       I IO     223,2s3,323      16.26


      Liticls Ikt                of I’ittshur;li            ant1 Erie              01X!-:ltecl             tlirerTly,        ........                           10,S95,   jI2,jOS                            17.99
I’ennsylvmia              Railroxl    Division,       . . . . . . . . . . . . .                                     17,‘$q,5S9                                       r,g6’;,g43                                          . . . . . .                                                              12.6s
                                                                                                            I
United      R;liIroatls        of New Jersey         Division,                 . .                  . . .               2,S53,I17                  .       .           .         .        .   .       . ’                                           2,035                                              0.07

l’hil;~delpliia       ant1 Erie       R;~ilroatl    IXvision,           . . . . . . . . .                               2,SoG,276                                               229,126                      .           .        .           .     .   .   .                                          8.S9
                                                                                                                                                                           ___-                             -~




      I,ines       ICst     of I’ittsl)ur~li     and Erie       operated             directly,           . ~        23, T47,9S2                                      2,195,034                                   .       .                    .     .   .   .                                     ro.qS




                                 AVERAGE            EARNINGS,                    EXPENSES,                      ASD           NET            EARNINGS                                             PER                    RIII,E.


                                                                                                                                                                                                                                                                (‘lJall’\I:I‘d)N                                  \\ ,I        I,
                                                                                                                                                                                                                                                                                                  1Sg8.




                                                                                                                                                                                              Cl‘.>       IS.                         CENIS.                        ChNl                     s.               CliN      1 S.
                                                                                                                                                                                                                                                                                                        1
                                                                                        f Earnings,             .   .                                                                             0.024                                190.0                    .           .            .        .,    ’         1.1

Pennsylvania              Railroad    Division,      . . .            . . . .             Espens~~s, . . .                                                                                        0.007                                135.4                                3.6                         /
                                                                                        i Net earnings,  .                                                                                        0.017                      ~          53.6                    . . . .                                           4.7
                                                                                             Ihrnings,          .   .     .         I .or9             . . . .                                    0.055                                4r7.I                            38.4
United Railronds    of New Jersey    Division,   t‘s-                                    Fxl,enses
  clutling Iklaware   ant1 Raritan Canal,    . . . .                                      d      . I’ * * .                         o.Srj                                                         0.03s                                332.8                            32a.Y
                                                                                       1 Net eariiiligs,  .                                                                                       0.017
                                                                                                                                    0.206                                                                                               s4.3                             5.9



                                                                                       1
                                                                                             Earnings,   .   .                      0.393              .   8.                                                                          223*4                            11.0                            I
I’l~ilatlelphia       and Erie        Railroad      Division,         . . , .                Expenses,   . . .                                         . .  .
                                                                                                                                    0.263
                                                                                                                                                                                                                                        149.5                                   5.4
                                                                                             Net earriin”.s
                                                                                                         3,                         0.      TX?”               0.002
                                                                                                                                                                                                                                         73.9                                   5.6

                                                       Earnings,       . . .                                                        0.473              . . . .                                    0.026                                222.1                                    2.s

      I.ines East of Pittsburgh   and Erie operatetl ( Esljellseq
                                                                  1,.     ~.                                                        o.,TJq             .   . .                                                                          161.5                                   5.2
         directly, . .   . . . . . . . . . . . . . . (
                                                                                                                                                                                                  0.01               I



                                                       Net enrnin~)~s *
                                                                      .>.,                                                          0.129              .         .          .                     0.015                                  60.6                       .             . .                   i         2.4




                                                                                              I’ASSI’SGERS.

                                                                                                                                                                                                                             Cohll’.\llISoN                                           \VITII                  rS9S.




I’ennsylvania             Railroad    I Xvision,        ....................                                                                                         rg,SS7,7o3                                                       1,612,13q                         ~                              s.s2

                                                                                                                                                                                                                                                                        I

United      Railroads          of New Jersey         Di\rision,           ...............                                                                            T6,281,355                             ~                                 351,466                   ~                              2.23
                                                                                                                                                                                                            I
                                                                                                                                                                                                                                                                        ~
Pliil,lclelpltia      and Erie        Railroatl     Division,             ................                                                                                 T,SGO,S6~~                                                             I OC), 756                                           5.72


      Lines        East     of Pittsl)nrgh       ant1 Erie       olwratetl            tlirecdy,          . . . . . . . . .                                           3%?A922                                                          2,~67,356                                                        5.75
IO




I’t:tlnsylv;mi;~      R;lilro:~tl   I)ivision,        . .          .          .

linitcd      I<ailroads     of Ne\v Jersey           ISvision,

Pl~il;~d~ll~l~i;~ant1 Erie          Railroad        IX\ ibion,         .


                                                                                  I clirc.c.tl).,          .     . . . . . .




I’rlin5~~lv;u~i:~ R;~ilroacl        I )ivisic)il,      .     . . .                      .           . .               . . . . .           s, J6,i,\$2

United       R;lilroacls    of New      Jerry        IXvisiml.         .            . . . . .                  . . .                j     S,57 1,9J’)

l’tiil;ttlelf~lii;t   alld Erie     R;~ilro:ld      I>ivihiotl,        . . . .                  . . . . . . . . . . . I                   ‘,‘c)3,02’
                                                                                                                      1
                                                                                                                                    I
                                                                                                                                                                                      3.23




                                                                                                Ihrllili~~s
                                                                                                          h,      . .     1 . so;        O.C)l,j       , . . .          ' 17.7
                                                                                            f
 United       Railroads      of Xyw Jersey           IXvision,             . . .                Iispc1ws,         .        I.392         0.006         .    .   .   .     c)2.2
                                                                                            ( Nvt         c-~riiili~~5
                                                                                                            ‘      h,     O.L$jj         O.C)O~ .               . .      55 .5

                                                                                      l<arniiigs, . .                     2.2jj          O.(ll\~       . .   .           5
                                                                                                                                                                          )*

                                                                                    f                                                    0.0\37        . . . .
 l’llil;~clelf~lli~~ arid Erie      Railroad         I)ivisioll.           . . . . - Espe~ls;es, . .                       1.915                                         G:       5
                                                                                    1 Set earnings,                       u.;60         . . . .            0.023         25       7

                                                                              Earnings,    . .                             J .915        o.or3              . . .       12s
        I,incs East        of Pittsburgh  and               Eric olwr;Ltvtl 1 141ul~e,,hes                                 1.42s        . . ” .            0 . c)C),j    77
           tliwctly,       . . . . . . . . .                . . . . . . . ( _A           ’ ’ ’
                                                                              bet earnings,                               0.5’7          0.01s              . . ,        sr
                                                         WXXSYLVANIA                                                                             COMPANY.




l:.lI<NIN(~S. - I~~ron~ frei:<ltt tmllic,   ......                                                  . $17,23S,S67.97                        .......                            $rq,226,967.6S                    $~%;;1.9(~0.20
                1~‘rotti ~xlshctt~vt- Irallic-,                              .....                      3,7~9,62~.36                        .......                                 3,3S,j,S5S.             63          .) ).i,;O.i. <j,i
                    i-l-0111 t’spl-es                tl-‘lllic-, .......                                   ~67,267.~6                       .......                                      421,240.95                       .$6,026.5 t
                    lcio:~i      ti-,ttl~l)orl~~tit)tl oi ni;tils,                       ..                6&767.00                         .......                                      5729461.96                       6s. ,{“,j . (“1
                    I’I (PI11 t’t’llts. ...........                                                                so5,;47.22               .......                                      S6o.h6S.63                   ......                      3‘55, I2 I .-I1

                    [“I, ,111 tlll~c~c’ll.ltlt’Ot,~ SC )llr(‘c’s;,                       ...                        Sq,S5,1,30               .......                                      9_~,w2.06                   ......                          9,‘1 &Y.;h

        GKOSS        I~IICNIS~.S,               .        .................                                                                  $22,9S6,S27.31                      $Ig,s6l,q)o.1                I   $3,425,42;.20

17Slll. ‘vSl*S,     I“ot.tll,titltt.tt;tttc (‘ofLv;t).;ttt(l ~t~-~lc-t~tre~ $~;,027,027.60                                                   .......                               $2,3j7,WLj.2j                   $6jt),(j()2.        <;,j
                    IToi- tii.tititcti;ttt(-c’ 01‘ CTII~I~,I~~( tit, ..      ,i,&)7,“61   .;;                                                .......                                2,$$,Shc).6r                   1,027.        I()Z. IO

                      I
                    11 )I vot1Ott( tit); lt.~ttl~l)ot.f~ttiotl                              Y
                                                                             ~h,l$J~~.2,~.i.~7                                               .......                                7,440, ’ ss. 5.5                    ;53,“~7.3’
                    t’or :;(.l:~i ,I1 (‘\j)t:tl-t”,, .....                      ,~7~~,ic)().Ol                                               .......                                   393,$$.S9                      ......                      $l,j,S(j1~.7S
                     I’ol- l.l\.(.~.            .......                                                            SG~.Zhh..z          c)    ......                                    S-l”,533 .3 1                      23, 752.     ‘)5

         ()I’I;I:.\,IIh(f        IT\Ibl       YSbS,,        ...............                                                                     rtj,vs9,21            1.14      $13,5o1,106.6.~                  $2,LjcjS, IO-1.50


         NI~-I     I<\I;NIY(,\            Itotlt       t,Iwt..tliotl.        ..........                                                         ,$7,027,616.17                     $6,oh4293.47                    $vhy,<;2’.;”




                                                                                                                                                .......                            $5,600,144.02                      $1,jS,.j24,.LJ~)
                                                                                                                                                .......                             I,O6~,125.OC)                                          1
                                                                                                                                                                                                                               6, I 25 .( I(




                                                                                                                                                .......                                      39?5.55.53               ......                       $l.;.(~~*;.oy
                                                                                                                                                .......                                       2,422.36                           6 i3 ’ 30




                                                                                                                                                . . . . . . .                            1or,991.r6                   .   .          . . .           13,c’20.1,;



                                                                                                                                                  6,9S7,136.75                     $6,82~~342-6~                      $I,;,,;‘){.       IO
                                                                                                                                                                          --        --       --~~

         NIiT     I SC‘011 Ii,        .   .     .               .   .    .   .       .   .     .     .     .   .     .    .   .    . .          $2,~46,931-22                           $65S,5;4.jS              $I   ,~SS,356.0-~

                             for      J
Ft-otll tliis N:et 111ro111(3 111~~(hit-,                 ................................                                                                                                                                                     $2,146,()31      12

I)r~luc‘t ;~niotitit 1txt:slirrc~cl 10 I’\ttt-;Lot.(liti;1~!. Espencliturc                                                             Fund           for renewal                  of equipment                    :1n(l ollivt
   c~~traorc!itt:irv eulwticlittites,  ...........................                                                                                                                         r ........                                            I ,ooo,ooo     00


Amount transferml     to crc*(lit of Profit ant1 IAM for the year TSgg,         ..................                                                                                                                                             $1, ~qt,c).lt    22

Adtl ;\nlc)unt to mdit of l’rotit atltl I.o~s;, Ikcenlbvr Arst, rS9S, .....................                                                                                                                                                     3,SSS,J92       6.5




            rontls fol- t\\c~lv~ ttlot1~11s, . . . . . . . . . . . . . . . . . . . . .
  lc~;ls;c’(l                                                                                                                                                                  $244,662.S4
1~~s p;l!~tiieti(s ;tcc‘ot~iit of Sittkiti~ Funds Pittshurgll, Fort \Vayne and Chicago
  l<;ril\vay CotnIxttl!~ first a11d s~~-oncl tnortga~e hnds,      included in ” Rentals,
  leased and olwr,~led muds;,”                   . .      . . . . . . . . . . . . . . .                                                                                            29,992.84
                                                                                                                                                                          _-
                                                                                                                                                                                                                 $214,670.~
Atiiount         charged         01’1 in reduction                      of \diie               of securities,                     and       adjustment                    of sundry old
   X’ColltltS,       .   .   .    .   .    .         .      .   .   .    .    .      ,    .    .     .     .        .     .   .    .    .   .     .       .   .   *   .   .    .    .    .    *     .   .         S76,731.43
                                                                                                                                                                                                                                                 J,091,   101   33

ILll:lnce to cwdit of l’rolit                       ;tiici I,oss    ikccmlwr                       Jrst,       1S99, . . . . . . .                                    . . . . . . . . . . . .                                    .                              4-l


                                                                                                         rep01 tct1 fo!-
                                                                                                           whlcll        \vere
                                        LINES              WEST              OF        PITTSBURGH                   AND        1SRIL~--(Continued).



      Ttlc following stnteinent shows the amounts espctndocl duril1l_: the past                                                                                year for construction,
ccluil~incnt, and real estate, on tlie I,incs \Vcst of I’ittsburgli :-
I’ennsylv;lilia           Conipm~y :-
                       I;or equipnielit, ......................
                       For real est;ite . .. ...                ................                                    s’73.
                                                                                                                $TO<S, sg
                                      Credit       ijy real cdate              sold,                                 spj .oo      107,97S.S,j
                                                                                                                                                             #19j,Jl'i.       IO
 I’ittshurgh,   Fort IVayne and Chicago R:~il\vay,                                        .............                           . . . . .                   ygs, 9 14. ,is
 I<t.ic and I’itt~l)~lr~h Railroxd,           ......................                                                                . . .                       s. 36s. S<J
Cleveland and l’ittslxir$          Railroad,                ...................                                                     . . . .                   jog,   2S3,qG

SouLl~ Chicqo        and Southern           Railroad,                .................                                            .       .   .       .         28, 1UC). 'it5

Cxlumet \Veiterri Railway,               .......................                                                                  .   .   .   .       .         13,('9' * 11
I,ittle Rliami Railroad,       .........................                                                                          . .     .                     60, 3<iLj.27
Clcvcla~~cl md Jlarietta       Railway,                ....................                                                         . . .                       1<3,262.73

‘I‘oletlo, l’corkt ant1 IVestern Railway,                            ................                                                 .   .   .       .           ~,100.00

Terre I I;kute x11(1 I,o~msport              Railway,                .................                                            .   .       .                 97,75 1 .56
Clcvcl;~lltl, Al<roll ~111~1 CU~UIU~IUSRailway,                                 ...............                                   .           .       .        115~926.67
Suntlry cxp~wclitures on various 1)rmicli lines, ..............                                                                   . . .               .          1&9.96

       Total      :inio\lnt expended                 for construction,             ecjuipment,            mcl 1-d e5tdtr cluring 1S99,            .       . . . .         .        432,w5,49~.35




                                                                                               FUNDED           DEBT.

       The outstanding 7 per cent. Equipment         Bonds of the Eric and Pittsburgh R;~ilrond Conlpat~y
\vhich \vould have matured October I st, 1900, having been ~~urclmsed ~~IlCl cn11cellcd,                     the C;clleral
Mort~<l~L’      TZ xr cent. bonds of that Compmy bearing date July rst, I Sgo,
              3/ 1                                                                            no\\’ collstitutc the only
lien ~11011 its property.
  du$jUnder the terms of the General Mort~q:”          of the Cleveland and I’ittsbur~h Railroad Cotnlx~ny,
a ne\v series of $~,ooo,ooo will be issued by the Company, bcnrin~ interest at 3’4 per cent., l-1111-
ning fifty ywars from Aq-ust          I st, 1900, and desi~nati~d Scrics “ D,” to lx used in paylllerlt for
lwttermcnts      to its road and in the redemption of prior lien bonds.              As the I,tst of tlicse l)rior lien
securities tllaturc Novernbcr Ist, rgoo, the General Mortgage bonds \vill then becolllc the onlj~ lion
 upon this property.
       As $G,SG~,OOO     of the Consolidated Mortgage      bonds issued by tllc l’ittsbur~h, Cincinnati and
St. Louis Kailwny Company will mature August Ist, I~OO, it \\~a\ tlw!llecl wise to till<e a~l~~antq-:e
of the condition of the inarket and provide for their payment tllrou~li the issue of a 3% lxr cent.
bond under the Consolidated Mortpge             of the Pittsburgh, Citlcinllati, Chicago and St. Lollis Rail-
way Colnl’ally.       These bonds at-e part of a scrics of $ I 3,000,030,       clesi~nated Scrics “ I<,” and run-
ning fifty years from Aup<t           Ist, ISgg.    Of the bonds mnturi~l~           ,Iug:Ust   1 st, S;,S41,000     IVCW
outstanding at the close of the year.
       Various surrenders and conversions of the bonds issued under the Consoliclatctl h4ortgage of the
l’ittsburgh, Cincinnati, Chicago and St. Louis Railway Company h,~vin~ been nm(lc, it will lx seen
by reference to the General Balance-Sheet         that the total amount of the securities outstnnclin~ uncle1
that nxortpgc December 3 Ist, I Sgg, was $3o,SSs ,000.
       The outstanding first mortgage 7 per cent. bonds of the Grand Rapids and Indiana Railway
Conipany, nrnountin~ to $g20,030, havin< m,atured October                 I st, 1Sgg, \vcre, in pursuance of the
agreements heretofore made with that Company , pmrantccd princilml and interest by your Company
nncl cstcncletl at 3% per cent. until July Ist, 1941.
         The        Clcvelancl,         Akron       and          Col~irr~t~us Kailn2)-,                                   which           forms a comxxtion                                 between                I Iudson,
on yollr Cleveland and I’ittsbl~r~h Rniiroad, a11d Columbus, Ohio, on the Pan Handle Road, and also
through its Dresden 13ranch \vith the latter road at Trinway, was purchased in lrour inter&                dur-
ing the past yew. The traffic of this line being naturally tributary to your system, and its construction
having for that reason been originall\- promoted in your interest, it leas thought advisable \vhcn an
                                           ,
ol)lx~rttlnity offcrcd to acquire tllc control of this line at a reasonable price, to do so.       In order to
l)rinx its clcbt witllin tllc earnin, 0 capacit\- of the property, and l)ut it in condition to niovc its traffic
c&cti\-ely aiitl ccononiically, a plan of reoi‘(wlization has been prepared in which the co-operation of all
                                                hc
the sl~arclloltlers has been invitetl.

      liy I-irtuc of a11 a~rccr~lcnt under clatc May Ist, I 8gg, certain amendments liar-c l~cii maclc
in the lc~~se of tile I,ittle hIiami Railroad to the Pittsburgh, Cincinnati, and .St. I,ouis Rnil\\xy
(‘onilxtii!~ whicli I\*c:I-ctlcenicd to tlie intcrcst of all parties.        These amcntlmcnts mainly co\ ere(l the
rctirc~rilciit of sectioiinl 1)onds tllat li:td nlaturccl, an(1 the acceptance, iTi lxt)~mcnt for bcttcrmcnts and
iri~~)i-ovcrllc,llts lll;t(lc by              of
                                 the lCSSCX~, .; ‘i 1,cr cent.       Ilon-cou\rertil,le boncls in the l)lnce of 7 pel
ccmt. l)~n(ls con\r~~rtil)l~~    itIt tlich ~focl, of tlic I ,ittlcb 14i;tmi Railro;~cl Coriipnn)~.




                                                                                      SlNlilN(;               FIJNI)S.



        1Nl0furtlicr rctlcml~tioils coul(1 b,e nintlc Of tile          fOtll- X11(1 OIl~-ll~1lf    1X” Wilt.  bOlltlS ScCLll-Ctl LiiidCr

tllc $~o,ooo,ooo n1ort~qc               of tlie I’cnlisq~l\xiiia Coiiilxiiiy, so that the amount outstanding at the
close of tl1c ~‘“;tl- \\-as 5 1(9,467,000. Nollc: of tllc tllrec            al)tl  olle-llalf per cctlt. ‘I‘rti\t Certificates isslled
by that    collq’u’y,       \vith tlic I’ittsl)tir~li, I;oi-t \\T;i)Vncant1 Cliicago Rail\v;tJ’ Coiiilxu~y (;uaratlteecl St(jcl;
;ts ccjllatcral, coultl bc secur~cl tlllcler the terms of tllc ‘l‘rust.                         The anloullt tllcrcof- otltstatlclill~
;tt tl1e   close      of tl1c yt:;1l- was $L&,cj~0,000.
        The rcl)ort nladc 1)~ the Trustees of the Sinking- I;untls of the I;irst an(1 Scconcl Mortgages of t]lc
I’ittsbiir~ll, I;ort \V;t)Tne ailtl Cllic;txo ktil\\xy Conllxtl1~’ sllo\vs that tliey recleemed (luring the ~~e;tr
$)j,ooo      of tl1c first nloI-t~n~:c anal SJS,OOO of tile secolld mort~;tge bonds, niakin~ the total amount
redccmcd to Ikcc~rnbcr 3 I ht, I Sgc) :-


                                                                                                                                                                  . . . . .                  . . . . $2,7s5,500.00
                                                                                                                                                                  . . . .                    . . . . 3,065,000.00


         1Vith ;t hlnncc            of cash in tllc lnnds of the trustees, uninvested, December                                                                               3 rst,        1899       :--

011   account       of   first n~ortg~gesinking fund,                     .                .      .   .   .       .   .   .   .           .   .   .   .       .   .   .   .         .   .    .         .       $1,277,96S.62
0~    n(:cc)rlrlt   of   seco~~clmortgage sinking funcl,                          .        ”                  .   .   .           .   .   .   .       .   .                             .    .         .   .    r,400,310.33


          Total,             .      .   .   .   .    .   .   .    .   .       .        .   .      .   .       .   .   .   .   .   .   .   .       .   .       .   .   .   .     .   .   .          .   .   . $2,6iS,~;S.96



     The further amount of Sz4?,553. Ig was added to the sinking fund provided for the retleml)tion
of the bonds issued under the Consolidated    Mortgage of the Cleveland and Pittsburgh    Railroad
Company, in addition to the amounts contributed directly to other sinking funds bJ7 the individual
companies.
       Under the provisions of the sinkin, (r fund established for the redemption of the First Mortgage
sewn per cent. bonds of the Jeffersonville, Madison and Indianapolis Railroad CompallJv, one of the
constituent organizations   of the Pittsburgh, Cincinnati, Chicago and St. Louis Railn-ny Conlpan)T,
,$1,5 27,000 of those securities ha\ye been redeemed and cancellcd to December        3 Ist, 1899, leavillg
$1,416,000   outstandin:;. No further redemptions were made of the Consolidated Mortgage bonds of
the Pittsburgh, Cincinnati, Chicago and St. Louis Railway Company.
                                                                                                                                                                                                                                                                                                              I.5




                                                                                                                                             INCOME                 ACCOUNTS.


                                      c-c,nip;1tiies E:t\t :ttltl
              All it-;1ti~~~ot~t;ttii~n                                                                  \\‘c5t      of      T’ittsbur~h          and      Et-ie,     owned,          oper:lted        or   controlled           hy   or      affiliated          in     ititct-cst       with       the
                                                                                                                                    Penrisylvania              Railroad           System.




I’c~iiti~~l~;uti,t             I<.Lilt-0;ttl              Cot11
    1K1114’,         .              .                .    .      .     .




Not-tltertt              C‘c*tttt..tl              I<.til\\:t)
    C’ot11]~;llt!~,                                  .    .      .


~‘t1ttil~~~t-1;itt~1         \‘.111~.\            li.~ilt-ocrtl
    c‘olll~‘;ltl\~,                 .   .            .    .      .




              Itl(‘I-~‘~l~~’
                     c    ,             ,     .      .    .      .     .




                                                                                                                                                                                                                         I
CORII’AN            I rrs \v1;s*I‘           01;         I’1 TTS-
            1:111;(:11 ,\Nl)                I<l<ltC.


I’t~ntisylv;itii~t            (‘ottt~~;~tt~~,                     .        .    $22,$6,S27.31            $rg,gj9,2~1            .I-$       $7.027,616.T7              $2,076,45T.So                $9,TO4,067.97              $7,957,T36.75                isr~r16,931         .22    ’   1. $3%,356.64
                                                          I
I’itt~l)ttr~lt,        (‘ittc~;titi;iti,                      (‘Iti-
     r,1,551) .111(1 St. I .i)ttis 1:~.                       (‘(I.,              21,1gh,Srh.76             J,i,236,‘%.57                   5,96”,5q7.19                       rr56S4.72             6,076,23T     .91          5,‘59,T47*60                    917.OS4.3T                1.      91.320.86
                                                                                                                                                                                                                                                                                      I
(;rxti~l          I<;Ll)itls      ;1tt(l            Itt~li.tti~t
     I<,kil\\;t\.       Cottt1~ttt!~,                . . . .                       3, I 16, I h<j .27        2t3XS1l.97                        797,350.30             .    .      ,   .   .   .        797,350.30                 615j423.67                    1753925.63                I.       63,004.86

Itt(l~.j~c.ttclk~ttt        c-otttlxlriie~,                   \\‘ebt               6,59,i,Cl2S.    57        4,jJO,I20.j,j                   r,S5-1,90S.22                      31,S6r .23           1, SS6j769.45              I,j76,346.SS                    310,422.57                1).    12j,IjO.24




C‘ottllxlttic-s           \\‘c~t,           total          1~09,                $,53,92A,S37.9r          $3S,290,416.03                $Ij,634,42I.SS                 $2,22;,99?.7j               $17,SjS,419.63             $J5V30S,~55.9~>               $2,550,363.73                  I. $517,532.12


cotltp;lttic~~            \\‘wt,            total          rS9S,                  qj,36Jt;6S.6~            33,fQ3,270.19                   13,721,49S.IS                  Iv544p215.37             15,265,713.55              13,232,SS1.94                  2,032,S31.61
                                                                                                                                                                                                            __-               -

                     <
              111(~1-c’I~(’ (           .     .      .           .     .          $6. sjhO,thc).   24      $-Lbi,         r-E.54           $rj912,923.70                  $679,7S2.3S              $2,592,~6.oS               $2,075,173.96                   $517,532.12
                                                                                                                                                                                                  -

         Fraud            tot;tl,           rS99,                .     .       ,$rg2,22o,roj.So         $~06,5~7,1~-9.61               $45,672,         6-6.19
                                                                                                                                                         3            $S,797,406.71               $53,470,062.90             $50,372,594.32                $3,097,36S.gS                  I.    @20,sss.2j


         C;r;lttd        total,             rsgs,         .            .        I;h,ljO,2~J.S1             91,6io,Sj6.63                   41,459,4Ij.JS                  7,S35,S34.11             49,29j,2@.29               46,018,668.96                  3,276,<jso.j3

                                                                                                                                                                                              -

              Itlcre;w~L )                                . . .                 $16,oSg,S33.99           $rr,ST6,j92.9S                    $&213,231.01                   $961,572.60              $5,174,S13.61              $3,353,925.36                   @20,SSS.25              1
                                                                                                                                                                                                                                                                                      I
                                                                                                                          FREIGJ             IT.




                                                                                                                                   1 s’,y.                                 ‘SY9.




                                                                                                                                                   22,5So,3S j                            1,937,S9s,903

                                                                                                                              73>24Qo2             I I,9,jLjt   ShO                       J,347,753,463


          Tot;tl,       .    .    .    .   .      .   .    .      .   .      .     .   .     .    .   .   .   .   .   .                                                                   3,2S5,650,366




                                                                                                                                                                                        ~OAlP     \RJSON   U’l?‘lJ


                                                                                                                                                                           lP99.                    JSgi

                                                                                                                                                                                                INCKI. ASI'.




I,incas       East     of    J’ittsl~nr~h                 ant1        I-Cc>,           ........                               5S,or4,192                              1,273, ILp,cjos           112,r2S,S24

1,ities       \\:est    of       I’itt5l)~ir~;h            anti           J’rie,       ........                               TS,753,SSS                                52%456,1 w               46,753,1Sr
                                                        GI<NI<RAI,                            RI~MARKS.
       The report of the Managers                  of the Trust                     created            October         gth,        1878,     hereto    appended,           shows
that there has been paid by the Company to December       3 IS~, 1899, the sum of $q,Sq1,5%7.S7, that on
that date securities amounting at par to $9,/“92,300    were held in the Trust, and that tllc total
income therefrom has been $7,497,SO7.60.     There was appropriated to the Trust for the year ~Sgg
the sun1 of $91,437.62, and the interei;t received on securities held in the Trust during the yea1
avcrn~ctl nl)out 5Tta per cent. on their cost.
     The bonds of the Mount I Iolly, 1,umberton and Meclford Railroad Company, amo~~ntin~ to
$75,000, matured Rl)ril I St, I S99. As your Companq \\*a~,under the terms of the lcasc of the
United Railroads of New Jcrsq~, responsible for their payment, and as the revcnucs of the road <arc’
not even sufficient to nlect its operating cxl)enscs, these botlds were paid out of the Trust Funcl
and delivcrcd to your Company.
       The statement of the Insurance Fund hereto appended shows assets on hand at the end of the
year of .$4,345,5 I r.S5, being an increase, as compared with I SgS, of $275,676.75,
                                                                                                   -?st
       The membership of the I~mplo~~~s Voluntary Relief Fund of the TJincs E,,,. of I’ittsbur~h and I<ric
continues to increase, and a,,    crw-egatcd 45,529 at the close of the year, bcillg an increase of 3,3SS n~enlbcrs
as compared with the previous >wr.                The statement of the operations of the Fund hereto alqxmdcd
shows that during tllc year the members contributed X797,246.25, \\-hilt your Coml)any alld its af%li-
:Lted   lines,   in additioll  to the lxLyIllcllt of $1 Id,81 7.3 I for OlXratillg     e,Y~XllSCs,      contrib~ltcc~ $54,353.90
for cstra benefits to members whose disability had continued for over fifty-two wecl~s, and lvho
xvere, therefore, no longer entitled to regular benefits from the Fund.                         The total receipts of the
 Fund,      including interest    and other items, \vere $9So,g97.54,             which, \vith ,$3SS,257.6S, the balance
 on hand at the be~innin, u of the year, made an q@gate                  of $1,369,255         22, out of which $350,227.S9
 were distributed as death benefits (being an average in each case of about $5S6.65), and ,$479,274.96
in cases of disability arisin, ~7 from sickness and accident.           After meeting its obligations for the year,
a balance of $37 1,272.93         remained to the CrCclit of the Fund,          out of which must be paid unadjusted
claims for benefits growing out of sickness or accident durin g the year 1899 and previous years.
In addition to this balance there is a surplus which has accumulated                         during the life of the I;und,
anlounting       to $664,4S I .90.
       The    statement   of the Emplo>-6s’ Saving Fund shows that the number of cmploy~s who availed
themselves of its benefits also continued to increase, there being 6670 at the end of the year, an increase
of I I 27 over the preceding year.            The amount received from dcllositors during 1899 ~vas $786,147,
and the balance in the Fund, at the close of the year, was $2,717,70~.0~.                  Of this amount, $2,716,356.6S
has been invested in securities, bearing interest at an avcrqe                rate of nearly          f(JUr per cent.     In con-
sequence, ho\vcvcr, of the steady tlcclinc              in the rates of interest      on  first-class      securities, it \vill be

 JlcccsSary   to   rcducc  the rate of intcrcst    l)aid to the dcl,ositors in this Fund from 4 to 3% lwr cent.,
taking effect July rst, 1900, ant1 notice thcrcof has been given.
        It will be seen 1~~7    reference to the income account that the revenues, after paJ.iiig the reg-ulai
 dividends, providing for tllc Sillliillg       F1ind, tlefrayiii g cstraorxlinary expenditures of ncnr1~’ ;I nlillion
of dollars, and setting aside $1,5oo,ooo to bc used for similar ~~~~r~~osc‘s tluring the current year, were
suficicnt    to lcavc a surplus       of more than a million of dollars to bc carried to the credit of your
l,rofit and loss account.
        The Charles to callital accoutlt clurin I:‘ the year anloLlntcc1    to $ J ,74s,25 5.12, as follows :-


                          Atltlitional   tracks,   . . . . .    .    .    .    .    .    .    .    . . . .    .    . . . .    .    .    . . #3.16,977. IO
                          Real estate,       . . . . . . . .    .    .    .    .    .    .    .    .    . .   .    . . . .    .    .    .    3$2,@.02
                          J,oconlotives,     . . . . . . . .    .    .    .    .    .    .    .    . . . .    .    . . . .    .    .    . .  67S, Soo. oo
                          CM Trust Ecluipment,          . . .    .    .    .    .    .    .    .    . . . .    .   .    . .    .    .    . . 350,000.00

       Tlic   first item represents the eslxnditure                        upon additional third and fourtll tMCliS                                    lxt\vcen        tlic    Gal’

;Lnd  Gordonville, Sang               r-Tallow   and    Concm;~Llgll,          Manot    and ShaftOn,  Ltll(l Xt SOLIt                                       1’01.li,   ;:lld    tllc

practical conil)lction Of tllc fOLll*-tl.FLCli SJiStetll OVCr tllc AllC~llClly lbTo~~ntaii1.

      The Real Estate charges represent the cost of additional property purchased                                                                     mainly at terminal
points.
          The charges to Motive I’owcr and E(1uipnlcnt rc1)rescnt the cost of adclitional locomotives
   ncetlccl to move your traffic, and the usual charges on account of Car Trust cclui1)nient.
          Tlirough     the special a1q)ropriations made for cxtraordiiiar~~ cs1wncliturcs, tlic \\-orl; of revising
   the alipriicnt      at I<liznbctlitown on the I’liiladell~hia I>i\rision, S1)ruce Ci-ccl\- on tlic ;\Iitldle l)ivision,
   and Irn.in on the I’ittsbui-g-h Division, the three points referred to in tlic last rqmrt as tllose \vlicre
   the hcavicst olltlay would be required, \vas steadily pushed for\vartl, and [vi11 bc coni1)lctc(l during the
   prcscnt Irear.       Tllc pncunlatic automatic signals \vere also extended front I\Iot1nlc)utll Junction to
   I<ah\vny, thus coiiq~lctin~ that additional safeguard on tlic Xc\\? l-01-k Di\-ision.                     Atltlitional pier
                                                                                                     and
  and otllcr tcrniim~l facilities lvcre also 1~rovicled at I3rool;l~-i1 anal ~\.~illi;~lii~l)~~r~~l~, further- cspcii(li-
  tut-e iiixle iii cc1uipping your freight cars lvitli air brakes and automatic co~l1)lers in p~~rsu;tnce of tlic
  rccluircmcnts of the Interstate Commerce legislation.
          Further     revisions   of alignment      \vcre made, additionA y:u-d and 5torag:‘e tracks l)r0~ idccl,
  incrc;wxl filcilitics f~~rnishcd at your piers and \vharves in I’l~ilndcl1~hia ant1 NC\\-York 1larl~or, nllcl
  otlicr cstt-aorclinary cqxiiditures         made in irnl)ro\ring ~rour ec1ui1)nleiit 2nd othc~i-\\.isc,       rcclriiring, in
  ad~lition to the fund set aside in ISgS, m outlay of $gSg ,22S.41, as heretofore stxtccl in your inconic
  accc~~lllt.
          Tlic l;kt.gei- portioli of the funds rtx1uired for this class of \vork on the Unit4           Iiailrontls of NC\\-
  Jct-sci\~ Di\rision, inclucling the completion of tllc 1xweng:“r st;ltion at Jet-sq~ Cit)r, the il~i1)i.o\‘~tlletlt~
  ;it 1 i;lrsiriilis a1lt1 l)csbrc~sscs Street I;erry, and the additions to yolir floatiiig cclui1)niciit in Nc\v
  ~‘01-1; I l;~rbor, \\‘a~su1,1)licd out of its o\vn income.           It \\,ill bc xx31 1~~7rc~fcrciicc to the illcr)illc
  ;lccotint of tlint I)i\rision that the ag~grcgxte of these cliarges csccctlccl the sll~ll so cllnrtg:ctl iii i ,S(jS
 by over li;tlf a niillion of dollars.        It is sxtisfxtory     to find tlic rc\wiuc of this 1)rq)erty sllfficicilt to
  not oiili\~rncet all its liabilities hut provide, to a great cxtcnt, for tlic rcc1uircnicnts of its increasing
 traffic.
         There \vcrc 1)rxtically no clial-g:es to capital account on hrxncli :lncl ausiliar\~ lines, \vitli tlic
                                                                                                          r
 csccLl)tioll of tllc suiiis investecl in tlic 1~~1rclixe of additioll;tl i-e;11 estate.          The c\-tt-~lol.~lill;li.~’ cs-
 1xn~litrlrc \\‘a5nixinly iii tllc construction           of brmchcs     oil tlic C:lnibri;L :ln(l Clc;irficltl, 1Z;~ltl Iq:;lglc
 Valley, itiitl Soutli IVest I’cniis~~l\~niiia Knill-oads, the cstcnsioii            of second track, >7lr-d tracks, ~11~1
 sicliligs on tlic Pittsburgh, Virginia and Charleston                 K;lil\\x)~, and the iliipro\~c111eiit of tllc j\‘c.5t
 Jcrse!7 and .Scxl~orc Railroacl by inau,ml-nting the Ivork of stone l)all,~stiii~_:tllc trxcl; of tllc AtlCulfic
 City 1)ivisioil 2ntl ec1uip1)ing it with pneumatic automatic signals.
         .I cc~nsidcrablc otttlay will be necessary durin g the clIrrent I-c;ir to pro\4clc for JTour growing
 traffic, tlirough the cstension          of third and fourth tracks, the iticrc;~           of yxi-d 21id other fi-ciglit
 facilities, tlic estal~lishnicnt of pneumatic automatic signals, 2nd additions to your 1)olver and eclui1)-
 mcnt. Tile bt-itlgc o\‘t‘r the Susquehanna River at Rockvillc ncccls rcconstt-uctiotl , :irld tllc rebtliltliiig
 of the I’ittsburgh I’asscnger Station and the elevation of the tracks anal rencljkrstllicut of facilities at
 that point liTill invol\re a hcnv~~ expenditure.             The neccssar~~ lq-islation      lln\+ng bllt rccci~tly lxxn
obtninc<l froiii the municipal           authorities of that city, it \vas irnl~racticnblc to take 111)tliis (Illcstioli
 cltiriiig the lxlst J’ear. 011 the United Railroads of New Jersey Dilyision, further rc\ision of the line
\vill be necessary, and the coniplction of the ferry liousc and stone bulkhead at I>csbrosscs Stt-ct(:t,
aclditional tracks at TInrsirnus, new passenger tracks at Hacl;en~acl~, and tllc inl1)ro\~crncnt of the
 xhtiOws         Yard Ivill also require large disbursements, while further additions arc ncccssary to ~~0ur
 floating cquipnicnt.
        Your attention is particularly directed to the very lat-ge increase in tllc tonnage over th;Lt of
the l)revious year. The increase on >‘oul three grand divisions Iixt of l’ittsburgh and I<ric \\‘a,~
nearly IG,ooo,oOo          tons, an amount p-enter tlian the jvhole tonnage riiovctl o\w- the same lines iI1
 1875, or in any year pm-ious thereto.               It is gratifying- to be able to state that tllc traffic \vas mo\~ctl
jvith csccptional regularity and dispatch, and without serious blockades either on the lines or at the
terniinals.        But for the liberal and judicious expcnclitures            made in recent years for extensions of
thirtl and fourth tracks, freight yards, and terminal fkilities, as \vcll as for addition:11 loconioti\-es of
greatly increased po\\rcr and freight cars of enlar~ctl capacity, it \voultl lia\rc been ini1mssiblc to
move the volunlc of traffic suddenly throIvn upon your lines.
      The gcncrnl business of the country may be csl)ccted to incrcasc in the fut(lrc as in tllc past,
as the steel, iron, and coal industl-its lvhicli furnish sllcll a large proportion of J-our tonnage are
entering capon ;I new era, being no longer restrictctl to sulq31)4ng the 11on1c tlcrllalld,                  but   able   to

cotnpctc successfully in tlic trlarkcts of the \vorld. In oi-clcr that your Con1l~ny rn;l)~ l)crfornl its
tluty to tllc p~Iblic and scc11re its share of the g-roli.ill;q traffic, it l\rill 1~ neccss;~ry to continue to
irnl)rove and add to your prolwty.           Follo\ving the cotiser\3ti\Fc l)olic\T llcrctoforc p~~rsuc~l,anal Jvliich
has ]‘lwXl \mut Cornlm~y in its present strong lmsition, a part of tl ie money for 511~11cspcnditurcs
sho~11(1 be taken from current income, hut ;L portion nlust conic’ tliro~l~h 2ii incrcaw of cal)ital.
Your 13oard are of the opinion that I\-ithin iutliciolls litilitatiotis, ihe \\        i.wr policy -\vill 1~ to do tllis
tllro~l~ll ~11 ihsuc of shares rather than bJ acldiiix to tllc fuiitlctl clcfjt, and ;ls thcrc arc only :lhout
                                                                                                              11;~srecently
ciglit tiiillioiis of stock a\-ailablc after l)ro\~iclili~ for tlic allotnlcnt of ten l)cr ccllt1lnl -\\Tllicli
l~~li iii;~tlc, it lvill 1~2ncccssary to increase tllc anlo~~nt of )‘ollr :iutllorizcd c:tpital StOCli.                        The llcccss~ll-)
action for that l~url~osc will be submitted at the annl~al nlectin:q in March, 100~.
        While tlic gro1vth of your traffic and its successful inovemcnt arc sul)jccts for con~ratulntion,
your Ihar(l linvc to report a furtlicr reduction ii1 the a\-eragc ton-mile rate.                               1;or \~cal-s tl1c coInp”ll-
wtion of tile tr~lnl; lines for nio~-ing freight traffic lins stcnclil~~ clccrenscd.                                   On >vour road it
alq)c;lrs that \\ritlll,llt one csccl~tio11 tlicrc lias becil iii each }~cai siiicc 1SSg ;I clccrcasc iii tlic I-;Ltc
 from tliat of tlic l)rcccclitig J-car, so that from ;~ii a\.cr,qc l)ci- ton milt of 0.6S6 cents ill I SSo, tllc
 I-;ttc fell to o.dgo cents in 1SgS, and last year to o.qT.3, tlic lo\\.cst lmint cvcr rc~iclictl. Lls rll:LJ- 1X
s~~l)l~)sc(l, i-;lil\va)T       iii;iiqc~-h 112~~ not sccii tliis coiiit<\ilt rccl~~ction \\~itlioutset-ious conccrii, or \vitliollt
 1il~lliin~ strc~iiuous cffi)rts to cllcck tllo tlown\varcl nlo\-enlent. ‘fllew cffc)rts lI;i\Sc‘lllct \\pitl1                         l)llt little
~lICCCS~‘,     ;t11(1~~ltlio~~li 110 colilnlcrci:kl iiccessit~~ has rcccfitl~~ csistctl for sucli            rcclrlc-tions,     ;tiicl ccrt<iinly

 not tluriii~ tlic least ywr, \vlien the illdllstrics of tlic couiitq- ciij~,\~ctl a l~ro~l)crity :lliiiost i~iil)rcc:“-
 clelitctl, alit1 \vllen tllc filcilitics of tllc railn3ys \\‘crc tasccl to the iltnlo5t, the fill1 in rates has still
contin~led.            I Iacl the r,lilwaJ- coiiilmiies            not been able to nicct the cliniiiiutic~ii iii tile ton-inile rate
l)}r ;I corrc5l)oii(liii~             i-ccliictioii ill cspcnses, clisastrous results must lin\.c follo\vctl. 11ut tilerc is ;I
 lirnit, and it canilot be fill- off, to the possil~le lesscniii~ of tlic cost of inovcn1ciit.                           The only altcl-na-
ti\ru is to arrest the reduction in revenue, \\.llicll has been largely brollgllt about                                 by appmntly             ull-

 coiltt-01 lnl)lc conflicts bct\vccii the rnil\\.aJ- companies, and betlvcen rival communities.                                     It  must      1X
ntlrnittctl tll;it the situation is conil)licatecl.                   The l)roblcnls in\-ol\Tetlin dealin 2 ivitli traffic questions
co\ycl-iiig so vast a territory, ant1 affcctiii g so ninny diversifiecl interests, arc troul~lcsonlc alit1 intricate, but
tlicjr arc not iiicapat>lc of solution, aiicl it is bciimwl that hi\7earnest an(l unitctl effort the clifficultics
ii1 t!lc \v;Ly nl:ly bc met                    and  o\‘crcoIllC.    \Vitli this end in view, and to csthlisli               closer i-olatioiis
I)ut\\rccntllc n~~tnn~crs of the trtlnl; lines, it Iins sccined \ri.se to your                          13oard to accluii-e ati jiitcrcst
ill sonic of the rail\vays rcacliing the seaboard, and to unite mritli the other sliarcliolclcrs \i-ho control
tliosc l)i-opcrtiw in sul~l)ortiii~ a coiiservati\re 1)olicy.                          This lvill, it is llol~cl, result in sccuring
I.c;lscm;\l~lc       and    stable rates and do alvay with unjust cliscritniil~~tions tliat arc tlic inevitable results
of tlic course             that has been heretofore pursued.                  Aside from tlic indirect benefits tl)Lls sought to
be h  (rained, it is bclievcd that these                   lloldin~s will as itl\~estmcnts   be directly 1)rofital)Ic.
        The contract with the Pullman’s Palace Car Company, under -\vhicll its ccluipn~ent \v;~s 1~111 011
your     lessen,      wr     trains, being about to expire, a new and sati,factoq                    a~recnlent \vas concluded with
that    c,olllp;?llJ~,      taking effect January Ist, Igoo, and running for fifteen years, under \vliicli ;L niatcrial
savin:< in cspcnses will inure to your benefit.
        Tlic two ferry companies operating between I’hilndell~l~in and Camclcn ~VCI’C                                consoliclatetl during
the past year into the I’l~iladell~l~i;~ and Cnnlclcn Fcrq- Company, thus securing a more econoniic;~l
and cffccti\rc service, and further stren@hcnin~                          the financial condition of tlie propert>~.
        After careful consitlcration                   for a number of yeal-s, a I’cnsion I)el)nrtnlent                 has been created,
hvin~ for its object the retirement from service of all officers and cnll~loyds Iv110 have ~attainccl the
age of seventy years, or who, being between the aces of sixty-five and se\wt~r years, shall hnve
been thirty years in service and be physically disqualifiecl.                               The l)cnsion allo\vancc is based upon
lcngtli of service and average pay during the ten years prcccdin~ rctirennent, and the sum of
$230,000 per annum is fixed as the maximum amount of the Compan~~‘s annual liability.
       In connection with the establishment of this department, the Relief Fund assumes the pnJ-mcnt
of a11 bctlefits to its members, and thus relieves the Company from the annual disburscmcnt of a
cc~nsitlcrxl~lc SLIII~IicI~ctofoI-e paid out of its treasury to employ& who, having received hen&its from
the I~uiicl for OLTCI- fift!T-t\\*o\vccks, had ii0 longer any claim thereupon.
       111 orclcr to insure as fill- xs l)racticxble that cn~ploy@s shall possess the physical quxlificntions
11eccssnry    for the pcrfol-ma11cc    of their duties, it has also been determined that, csccpt ill ccrtxin
                                                                                                       tliirty-
slwcifiecl cases \\rlicre the intcrchts 0 f tllc Company clearly require it, no ~~I-SOII ~~110 is OX~CI-
five ycnrs of age shall 1x2 taken into the service.                Resolutions    covering the action of the 13oard
concerning tlicsc niatters \vill bc 1)rcscnted with this report for the action of the sharcholders.
       Tn coIiscq~~cI~cc of the adoption of the pension schedule, Mr. George W. I. lZal1, Chief Con-
vc)‘;II1ccI’, mtl ;14r. J. 11. iZndcr.son, Sulxrintendent       of the Relief Department, both long anal 1101lc~r-
ably contlcctctl ivitli the lines of ~.our sjrstcni, were placed on the retired list, January Ist, 1900.
Ms. Ikill ll;Kl Ixe11       associated \vith the Transport~ltiorl, Traffic, Legal, and Real Estate Departments
of tlic Coml)any fi)r over thirty-ciglit         years, and in his position especially as Chief C01ivcy;~iiccr   h;tcl
rcnclcrctl ill\xluable xl-\-ice in sol\4ng        tlic many complicated      questions affecting tlic titles to J~OLII-
ps”p”‘ty.       h4s. Anclc!-son had been o\rcI- fifty years in service, from his eIiiployIiieIit iii I S.qS as a
rc~clninn in tlic 1oc:ttion of the 13el~~iclere Delaware Railroad, to his promotion in IS72 to be Sulxr-
intcndent of tliat Division, his appointment as Superiutciideiit               of the Voluntary Relief Dclxu-tmcnt
                  I
ill J<IIILI;LL.Y, SSG, a11d his service xs such until his retirement.             He had had practical charge of
tlic acltllitlistl-~~tioI1 of that department during that ljeriod, and had lxx-formed the exacting duties
grooving out of the disbursement of a sum now amounting y early to nearly a million of dollars, with
sigti;kl ability and success.
       Mr. Holmes D. Ely was promoted to be SuI)crintetlclent                  of the Relief Depxrtment, and MI-.
Mxtthins Homer Assistant             Sulxxintendr:nt   thereof.   The office of Chief Convcyxlcer       having been
abolisllecl, xld tllc l)ositiotl of Assistant Real Estate Agent created, MI-. Iknjamin \I/‘. Carsl~~ldo~~
was ~~ppoiiitctl to the latter position.
       The T3o;trd have to record the death of one of their oldest and most honored members, Mr.
Alcsnnclcr 13itltllc, on May 2c1, 1Sgc). >lr. Biddlc had been a Director of the Coml)any since March
aqth, IS74, ant1 durin,(r his lotlg collncction therewith had given it the benefit of his wise counsel,
rile juclgmcnt, and long experience.               His stainless integrity, conscientious   discharge of duty, and
hi:;11 courage won for him the warm regxd of his associates, who lost a valued colleague and true

       Mr. T. DeWitt Cuyler was elected a member of the Board May Ioth, 1899, to fill the vacancy
c~tuscd by Mr. 13iclclle’s death.
       (111 the 5th of June the Company also lost by death its President, MI-. Frank Thomson, in
tllc 5stli ywr of liis age.          All-. Thomson’s illness, which W;LS contracted while inspecting the lines
of ~wur Wcstcrn System, may thus sccIn to have fittingly closed a career devoted to your scrvicc.
 I In\Ting cntcrecl the shops at Altoona as an apl)rcntice when but seventeen years old, lie had, \vitll the
csccl)tion of the period slxnt in the nlilitxrJ7 Ti-ansl)ortation Department of the Government during-
tlic civil \var, L yivcn his ‘active life to the Coml)any. Appointed as Superintendent of the Eastern Di\G-
sion of tlic I’liil~tdel~~liia and I’rie R;~ilroxd in I 864, he \vas successively Sulxrintcllclent    of Motive
T’ower- of your Cornlx~ny, its Gcncr~~l i\lanng-er, Second and First Vice-Presidelit         until February 3d,
 I s97, 1v11c11  lie JV;~S elected Prcsitlciit.      IIis connection with the Transportation   Department WIS
I~XI-kcd by a mastery of the problems connected with the improvement of the motive power, and the
cstablishmcnt of a high standarcl for the construction and maintenance of track ; while his duties as
Cllicf of the Traffic Department, and in direct charge of the relations with connecting                lines, had
espccixlly fittctl him to meet the complicated questions growing out of the competition of rival and
conflictln:g- nitcrests.    Mr. Thomson was untiring in the performance of duty, and in placing on record
tllcir al)l)rcciation of tllc cscel)tional      ability, sound judgment, and fidelity with which he performed
tllc trlists confided to him, the Board desire also to pay a deserved tribute to the charming personal
traits tllat \von tllc affection and esteem of his associates, and to submit herewith the minute
;t.doptd by them upon his sudden and uncxpccted death.
      filr. Alesandcr J. Cassatt, a member of ~vour Ihrtl,           ~vas, 011 the c)th of June, clcctcd I’rcsiclent
to succcccl htr. Thomson, and 1\4r. J;tmes ;\IcCrea ~-as electccl to fill the ~wx~cy in the kard.
      111 ;~CCOI.~;IIICC’  \\-ithtile revised organization adoI)ted June rdth, the c~fficc of T;irst Assistant to
the President leaving ken al~oli~hed, 1Er. Samuel Rw ~\xs elected an arlclition;~l mcrllbcr of the Board
to act as Fourth \‘icc-President.
      i14r. Cli;11-les A. Cliiplcy having, on the 1st of YIay, after ilc;~rly t\venty years of fititliful and exacting
service in the Traffic DcIx~rtment of the Company, resigned his 1)osition as Gcncral Freight Agent in
charg-c of 10~~~1    traffic, and the organization having been further amcndcd, 34r. John 13. ThaJ-er, Jr,,
\vas a!)poilitcd Gctieral Freight Agent and 111r. George I>.. Dixon Assistant General Freigllt Agent.
       hlr. \1’illiam J. I,atta, who had been connected        \vith the T1-allsl,ortation   I-Iqnrtrnent  of the
Compaii~~ for nearly tliirty smears, and had filled the responsible position of General Agent at l’hila-
clclphi;~ since Jul\r 1st, I SS>;, lvitli signal ability anal xtlvantage to the service, having rc~signcd
fhgllst     j Ist, ISgg, to cngag:” in other pursuits, that position \vas abol islied, and the juristliction of
Mr. D. 11. I,ovcll, Superintendent       of the Pl~ilndell~hi~~ Terminal I)i\-ision, este11t1cd to enll~l-ncc the
clilties formerly devolving upon the General Agent.
       h4r. A. J. Gillingllam uxs also appointed Audito       of Passenger Rcccipts, vice hl r. 111.Richenxl~,
relieved at. his onw quest,        November 1st ; III-. Sanillel Anderson, Assistant Auditor of Passenger
Receipts : 11Ir. Henry C. h4cKee\-cl-, Assistant Auclitor of Freight         Receipts;     and Mr. I<(l~varcI A.
Stocl&~n, Assist;lnt :1utlitor of Disbursements.
        Fro\-ision llxving been nladc for t\vo Assistant Trcas~~rcrs and an Assistant to Trc;xsuxr,          ;\‘Ir.
H. P, Conner \vas appointed an addition~~l Assistant ‘rrexurer, xld AIt-. George A. 1~‘alker, Assistant         to

Treasl!rct-,    taking effect January I st, I 900.
        The Gcncr-21 Ralancc-Sheet    is hercto appided,                                                      b!-
                                                           tol,l’ether u4tli a list of the securities o~~~iiccl
the Conipan~~, an(l a statement of the income therefrom.
                                                    to
        The Board renew their ackno~~~lc~l~t~lct~ts the officers and employ&s for the fidelity and efIicicncy
\vitli wliich tlicJr have discharged their duties during the past year.
             At a special         Ineeting          of the I3oard of               D isec toss of The    PennsJ-I\-ania Railroad          C‘OIII~IIIJ~,       held
this day at the office of the Co~iip;my,                                    in the cit)r of l’hiladelpliin,       the Clinirman       n~lnouncecl to tlie
ISoartl the death, after a brief illness,                                 of President     Thomson,     at his resi(lcnce,       Mc~l-i()n, at 7.30 I’. PI.,
on June              5th.

             IVlict-eupon                                                  ordcrecl to lx entered in full upon the minutes :-
                                                          takcii, and \\‘;is
                                the follo\ving action \\.as

             Ollly     t\\-0   \\re~lisago          SIl-.    Tllonlso~~      returned     from a trip over the lines of the Cornpan)-, during
which the needs of the s\*stenl, in the \vay of further revision of gr:icles and alignment, additional
                            i
tracks and other facilities, and tllct general questions affectin g the \\.clfare of the Cr)mlxmy, had been
fully and carefully                 con.sidcrcc! ; and it was on the last da17 of this trip that the s~7nl~tonis de~~clopcd
which culminated                   in his dtxth.
             Mr. Thonlso~l          \vas born at Chambersburg,                          on the St11 of July*, I SGI,       and     1)ractically      his \vholc
life was spent in the scr\.ice of the I’cnnsylvania                                       Railroad    Compan~~,     from     the time \i.hcn, a boy of
seventeen,             he entcrcd       tlie        machine         shops as an apprentice            at ,1ltoona    until     the close of his career.
I>t~rinzg tliis ljeriocl of             more           than forty ~rcnrs he had, ivith the cscel)tion                of tlic three \~cars spent in the
military             tr~insl)oi-t~itic,n service             of the Go\‘ernnient, at the tinie of tlic Civil 1V;ir, risen stcndily from
one 1)osition to aiiothcr,                     until frcjm .SLll’ei-iiiteiitlcnt of tlie I<astcrn Di\Fision of the I’l;iiatlclphin                             and

I’ric         Railroad         in 1964, lie became                Siilwrintcntlcnt        of the ;\loti\-c I’o\vc7 of the I’cnns~-l\7ania Railroad
in 1S73 ; its Gclleral                 Manager               in 1S74 ; its Second            Vice-President      in I SS2 ; its First        i’icc-President
in I SSS,            anal    its President          on Februarlr             3d, 1Sy7.
             1 Iaving       familiarized      himself during the early period of’ his career lvitli thu cluestions                                   connected
ivith tlic iniprovement                    of the motive po\~‘er and equipment,                         and the      ustablisllment       of standards           of
construction,                he after\vards gave                special      attention     llot   only to thc5c but to the str11cturc and main-
tenance of track, and attained a thorough                                    mastery of the problem\ conncctcd             thercivith.       To him more
than to any other one                        tiim       is clue, not only the excellence                to which the Conilxuiy             has attained in
tliis respect               on its o\\‘n system,               but the high standar(1             prevailing    ulmn the main lines of ixilwa~~ in
the United States.
             \i%ilc occupying           the Vice-Presidential                   positions, he had charge          of the tl-aiisl)oi-tatioli        and traffic
dcpnrtments, and the direct supervision                                    of the relations \\-itliconnecting       lines ; and during the last year
of Mr. Roberts                   life, had ntxessarily                    thrown    upon him the \vciglit)r rcsl~on.~ibilities           gron-ing          out of
strong competition,                and the endeavor to adjust the conflictin g ckainic: of riI7al rai11va\7sand of shippers
                                                                                                         d
with the interests                of the Comlxuiy.  LVhen he lxxmic     Prcsidcnt he \ras thus admirably- cquiplxd for
tlic ;IcliiiiiiistratioI1          of the various                 departments         of the service,     and :g:a\Teto tinanci,il        and accounting
cluchtions the same careful and intelligent                                  o\-ersight that he bestc)\\.etl upon the problems                  growing        out
of traffic and transportation.                              Not oni)- this, but \vith a system            of railival-s as cstcndecl          as that under
his charge, he \vas compelled to be in close touch \\riththe economical                                            questions     affecting     our National
p’-“sp”l’l       ty,    and in the solution of which the lines of transportation                               llavc become      SO important             a factor.
This brought him in contact with the leading men in all sections                                              of the country, and thrc\v the weight
of his strong personality                     into the decision of many matters of grave importance.
     His home thus became the cc‘ntre of a gacious                   hospitality,      \vhich lightcncd        the burden of business
cares, while in his official          relations     he \\‘a~above       all    watchful   of the      trusts    confided     to him, and
unslx~ring in his lnbors.          To us who are left behind, 50 short a tenure of the higllest                      office in the gift of
the Compan~~ scenis hut ;I brief return for near1~7t\vO-score years of faithful scrvicc ; but the doing of a
duty is after all its o\vn best re~vard, and the faith in which he was bred has;, h,appilqr for us all, among its
stern consolations,         ;tn abicling trust in the inscrutable       decrees     of Proviclcnce.
     rIl    l)lxing    this minute of 11r. Thom~~n’~              death on the rccorrls         of tllc Company,             the Boarcl is
but attempting         to    do justice    to thcx escq)tion;tl         ability,    cle\-otion to duty, keen         perception,      sound
judgment,      and     1)rompt csecution,         I\-hich made     him        so   importnnt   a fktor,        not   only    in our    own
councils,     but in the dclibcratic,ns           of tllc trunk    lines      and other    important      railway assenlhlages         ; as
well as to the charmin, (7 traits of personal               character         that Ivan for him the affection               and esteem   of
his associates,       and make his loss one to be cteey~ly and sviclclJ- deplored.
Stocks            of railroad                     :~ttcl otlter                corporations,                               .    .                           .     .   .       #S3,99S,6;4.~0                      .     .   .            .   .    2,i,j3,2S3.   I<j
1~01tcls         of r;tilt-oal                   a11(1 otllet-                c.orporations.                                                    .   .       .     .   .        36,36.3,751               .27                       .     .   .        370,2 57.03

                                                                                                                                                                                                                      12(),362,32j.97            $3,123,540.IS
RIOI-tg:;;gcs              md        ~routitl-rents                           receival)le,                        .                     .       .




I)t~v     l‘t-0111 c01it1-011~~1                      wnipatiies,                       for       advance5                     for      constructic)ti,
    ;111cl      otll~l’         1)111’~~0s~‘$,              .           .      .    .         .   .     .     .   .             .       .       .   .       .     .   .   .    $3,;02,09S.o2                                                                              $995,$9S. 41
 l’,ills  t-ix:ei\ <
                   ,tl>lc (......................                                                                                                                                             SJ
                                                                                                                                                                                          3jo,gS2.                                                       . . . .            2j,S62.52
I>ttc. ft-0111 ;q,rc~~tts mtl                 sttl)ct                       ititctidelit5,                    .   .        .     .      .       .   I       .     .                -F.2@,s33. SJ                                                     272,Sth. 16
Rliwzllatlvotts          ;Is,cts,          . . .                        .        . .                          .                         .       .   .       .         .            4,62wsS.32                                                     2,567,604.So
hlat~l-ials               011    Il~lll~l,             .    .           .      .    .         .   .     .     .   .                                 .                 .   .        3,~47,9~)5.6~                                                  J,527,3s2.57
ChSll         : ~-
     I’,;tl;~~ic~~h     \vitli      IA~IIJOI~   !oitit     Stock                                       lktnl~             atic
          cjt1tc.1~    fat. I);Ll‘tttetlt      of itttcrest,                                            .                  . .          st,,jJ6,9,~6.91
    Ill       il,rlltls of     ‘ft-~~<Lst:rcT,         . .                                                            .             .     9,02S,303.S6
                                                                                                                                                                                IV,       j7T5,240.Xk)                                                                    3,195,2I2.29

                                                                                                                                                                                                                                                                          cok969.69


I’etitl5ylv;ltiia               Railt oxcl            Cotisolid:~ted           Jlortgage
     Sitllcittx            l~‘u11~1. . _ .            . . . . . . . . . . .                                                      ,          $6,69S,620.00
          l.L<S       lh,ll(iS           tYtlcet11eil      alld     cx1cdlec1,         1 .                                       .            I ,S\?O,9so. 00
                                                                                                                                            ~~-                                $3,S67,640.00                        . . .          . .                 32,j,48V.O0

3I~ltlCt~C’i~S            Of ‘1‘t-t1‘71 Cl-t:atCtl                          ()C!Ol)cr                 9tl1,       ISiS,                 .       .           .     .   .   .     4,S4r,S67.S7                      . . .            . .                  92) ( )Lw. 9’ J

                                                                                                                                                                                                                         9.iOg,sO7.S7              .$$17,4SV.<,()

1115111~;111~‘~’
               l~-ulul,                   .       .                 .   .      .    .         .   .     .     .            .     .      .       .   .       .     .   .   .    1      .    .         .                      $10,000.00




          ‘I’oLtl,          .    .   .       .          ,       .   .   .       .   .         .   .     .     .    .       .     .          .           .       ( .   .   .    .      .     .   .    .   .     . $2S.i,iLj6,979..T7              $j*           1
                                                                                                                                                                                                                                                       ~-14~,306.5
Capital           stock,                                                                    . . . . . .                           . . .                .        .                   $129,;jC)5,        jOO.OC'                       $500. 00

         Funded             debt :-                                                             IhIt?.

(;etteral  tiiort~age                          lmttds,      6 pet- ct.,                         1910, .          . . . . . $rg,ggy,s2o.(,o
Cottsolidatetl    mot-t.                        l)ott(is,   6 per ct.,                          1905,      ~27,&,020.0c)
Consolitlateti    tiiort.                       lm~~ds,     5 1w- ct.,                          ‘9’9,        ~,ggs,(ooo.oo
Cottsolidated     mot-t.                        lwti(ls,    -1 I)er ct.,                        J9-13,       z,c)~r,ooo.oo   . . . . .                                                                 . . .
Cottsolidatecl    11101 t.                      l)otlds,    3 I2 lwr ct.,                       19-15,       4,s jO,OOU. 00
                                                                                                                           -  qo,26g,cm>.w
X’nVy           Yal-(l     tllOl-t. l)Oll~iS,                   j       I)etm Ct.,              I c)OI ) .          . *        r,ooo,ooo.uo
Collateral    tt-wit loan,       AI1 per ct.,                                                   1913,                                                 9) goo,       000   . CK)
Eclttiptiietit ti-ttht loan, . . 4 per ct..                                                     1914,                                                 2,~2s,ooo.oo
I’., 1\‘. & 13. 1:. Ii. Co.
     stock         trust          cet-tilic,Ltes,           -i          l’rl-   (‘t.,           Icj21,       .   .                                    7,702,c’0c1.00
l;irst tiiot-tg‘tg:e t-cal c.bt,ttr
   bonds, . . . . . . . . . 1 lxt- ct.,                                                         l’)“3,       .   .                                    2 iOOC) ,dJLl           C)C

Rlortgages     attcl x1-olllld-wts  p;‘! ztlh,                                                                       .   .    .   .   .   t           4,61S,qc1.;2                                             . .

(~uxinteetl    stcuritie\    ttttdt’r Iwse I I,trrisl)ttt-g:., Pot-tstiioutlt,                                                                                                           bS,2rkt,gro.:2
  Rlt. Joy ml(i I,a~lc<lster      l:;~ilro:ttl :--
     Capital stock,     .        . . .          .   . . , . , . . . . .                                                                         $ I,       152, j,jO.OO
     Fiht tiiortpgc       4 pet- cent. lwncis, . . . . . . . . .                                                                                           ‘i00 )cKvJ. 00
                                                                                                                                                                                          J,SS2,5jO.O0
Al,pt-aisccl value  of secut-ities not tiis~wied of, received                                                                \\.itli the
  lease of littitetl New Jet-w). fi:tilroad and Canal,      .                                                            .    .   .   .         .      .        .         .               3,2S3,462.25

I<xtraorditi;tr~                   l<spenditure                 I~uiid,             .             .      .   .       .   .    .   .                    .              .   .                   -
                                                                                                                                                                                          I ,,-)oo,ooo.            00                      .       .   \~“O.OOO. co




Pay rolls atid vottclit’rs,                                   . .       . . . . . . .                                    . . .             .    $6,hLj6,066.02                                     .           . .
Net traftic I~Attws                       due ;tl;er         1oac1;               . . .         .                        .    .           .           2,12~,600.36 .                      .        .       .   .    .
I)tie controllctl                cotnpatiies,           otlier tiA           t t-aftic hlaiices,                                  .                 Izf$k,2ro.62                     .    .    .               .    .
Due         I~lii:~l~~y~~’        S;iviti:       l;tttid,     . .             . . . . . .                                . .                              160,225.yA
Ike         Relief I’utid, c-Lit-rctit and sttrplri~ accounts,                                                           .   . . .                         -lj5,;5-F.S3              : : : : : : :
Ihie Itisttr;tttce I;un(l,                      . . . , . . . .                        . , .                             . . . . .                             _,
                                                                                                                                                           1u2 916.62                .    .    .   .       .   .    .
Ititvt-<Jst :tcx.t-tied oti I’etitts~‘lvntiia Railroad Coill~~ily                                                             1~011&,                 I,h.$~,h~3.52                  .    .    1   .           .    .   ,   .    .   .     .                iO3.34
Illtel-t-st         011 I)otltls      lllatrlrcd         ant1 utlcollectetl,           . ,                               .    .   .   .   .                 -19,9’5.95               .     .   . .                                       662   : 0.3
Ihvitleiitls           uticollrctctl            1)~ sliarel~oldt~t-~, . . . . .                                                       . .                 ‘9,1.‘3.25                 . . .     . .                        . . .                          ,is iOS.75
IUiscellatieous              li;ii)ilititTs,           .      . . .                         .                                 .       . .             I,~-1.5,574.2’:                      . . . .                      . . I . .                       ~~),.POh.GO
                                                                                                                                                                                                                                                        \~

                                                                                                                                                                                         25,,;02,31            I ..I!, $ {,.lLI,ISI.            10

                .SlNI<IN(;           k-USIS.

Sittkitlg Futttl CotlsolicLtted Alot-tg‘t:e bonds, contrihutiotls                    to
    lkceiiihet-       Trht, rSyg,        . . . . . . . . . . . . .           . . .                                                              $6,6gS,Gzo.oo                        .
I;ttntl for pttt c7~t\e of secltrities r-,     cytt;tt-anteed by the Petitis\-lvattia
    I<;tilro;itl Cotnlhttiy, 1111cIc’r      ‘I‘rust created October gtl;. rh:S,                                                                       4,93,3,3o5.49                  *
I’ei~iisylv;mi;~ Cotn~xiri~~, l);i\‘tiletit\ for lea-;etl eclitiptiietit utitler
    I’vtiiisylv:ttiia     I<:iiit-c,:ttl C;oml);Ltiy 1 per       cetit. I~~lttipiitet~t
     ‘L’l-u~t      qoltl         IO<lll,         ,     .    .       .               .   .   .            .   .   .   .   .    .   .   .    .               so5,ooo.           CKI    .
TI    ustees”   Si tikiii: l~‘tiii~lC~~itsoiicl~itc~dhIort;:,t~e,                                                I’etiti~ylv;itii:i
     l~~;tiltmtl Cotii1mtiy,       . . . . . . . . .                                                             . , . .                                   qL50,5Stj.         S2     .

                                                                                                                                                                                         l2,ss~,~~II.,jI                    ~,;c,.stss.‘~\;
Ildlaiic~          to ci’czclit of I’t 0Lit ;ttid I,oss,                                    .........                                      ........                                      22,3So, ;r33.i:0               ......                          :,: ,,e’:;~?,.<r2



         ‘l’okll,          . .             ~                        .               . . . . .                    , . .            . .           . . .                               $2'1,7jG,g79.37                     $5,r+$3(,/,.5r
   .$.        ...........................              _.
   .i-‘.                                          .o        ...
      c:
   ..a..           ............                   .v        . .
   .G
7;.r;    ..............                           .oL’g.
 L L. ...............
 tid
         . , . . . - . .......                   .cP          :
                                                                                 . .          . . . . .
                                                                                              . . . . .
                                            . . . . .             .     . . . . . . . . -             .
                                                                  * .   *   -    *   *‘uG*    .   .   *
                                                                  . .   .   .    .   ..c .    .   .   .
                                                                  . -   .   *    *   *. cc
                                                                                        *-
                                                                                         *    .   .   .
                                                                    .   .   .    ,   .  4-J
                                                                                      .L..    .   .
                                                                  g .   .   ^.       ..g -.       .   .
. . . . ^           . .   . _
        3                  T
.   . ‘2     ‘;J;   . .   .m
.   . . i .i
                r   .     .c2
        5
                                                                                                                C’8991
.   .   .   .   .   .   .   .   .   .   .   .   .   . .    . . .   .   .   .                  .   .
                                                      tc     2               r:   . ;r-
.   .   .                   .       .   .       .   .u
                                                      k
                                                           .-
                                                             y
                                                                   .   .   .c     .z              .   .   : i
.   .           .   .       .   .   .   .   .   .   .      .d.,        .   .g       s
                                                                                  ‘c..            .
..a..               .   .   .   .   .   ~   .   .   .z     .z.,            .3     .s..            .
    21
. .=.           .       .           .       .   .   . 5    .c..        .    =     .‘=     .
                                                      ”                     0       ti
178991




                                                                                                 DECENUEK                       3 I St,      4899.




         The          Allx~tgers of the ‘I‘rust created                                            by The                     Penns)~lvania Railroad                             Company              Oc oh-   gth,      rS7S,
present             the follo\ving report to the 13oard of Directors :-


                                                                                                                  RECEIPTS.

Cali        received          ti-0111 ‘I’lle               Penns)-lvania               Rnilroad          Company,                   from         tlie       c‘i-e-
   :ttion of tlie ‘l’rust                    to I>ecemlm                  ‘jrst,    rSgS,       . . .              . . . . . . . .                                   $J,:qg,S66.9;
And tlui-iilK tlie year 1399, Ikin g tlie appropl’iation                                                from earnings                 of ISIS,                  .        g2,ovo. go
                                                                                                                                                                                       ~     $4,S41,S6j

Interest       received            111~011
                                         dc~pusits to I>ecelnlkr                                zrst,        rSgX, . . . . .                            .                 $4,61S.92
And tluring             tile year             ending          Ikceml~er             3Ist,       rSgg,        . . . . . .                     .                                162.3s

                                                                                                                                                                                                    4,7Sr
Illterest           received            upon           securities            purchased             to        Deceinlxr
   3rst,     IS~Y,        .    .   .     .    .   .    .       .             .                           .    .    .                 $7,009,1S2.30

1,ess       prolit      from            sale          of    securities             credited        to        ” Cost            of
   securities,”                          . . . . . . . . . . . .                                         . . .                                   1,.567.10
                                                                                                                                              - ~~ $7,007,615.x1
Interest        received               tluring         the         year      ending           December                 3rst,        ISgg, upon se-
   curities         purdiased,                . . . . . . . . . . .                                .                     .           . . . . . . .                      490,192.q~
                                                                                                                                                                                              7,497,w




Casli       paid      for securities                   purcliased                and     held     iii the ‘l‘rust,
   a~(1 for           securities             paid at          maturity             and       delivered             to The
   I’ennsylvanix              Railroad                Co~~lpany,             to     11ecenllxr           3 rst,         rSgS, $1 I ,7&hg,2Jj. 76
Ixss     proiit       from sale of securities                             credited           to this ;~ccouiit,                               r,567. IO
                                                                                                                                             ~- ~~ ~~ $rr,747,67S.66
Paid for securities                    purclmxcl               during            tile year ending                 Ikcenl-
  lxr       jrst,      ISgg,           including             securities            paid at         maturity                  ant1
  delivered            to The           I’ennsylvalia                Railroad          Compan)~,             . . . . .                    .$joj,j56.d3
Less amount             received             from securities                sold during the ).ear 1S99,                                    124,300.00

                                                                                                                                                                        #r,2j6.&5
                                                                                                                                                                                            $12,32%934.7-l
Expenses            to December                   3Ist,       ISgS,         .            .                                                        . . . .
And durins             the year              ending          Ikcenihei~             AIht, ISg9,                    . .                            .


        Cash bdance                011 deposit               December               3Ist,      IS99 :-
\Vitli I’ennsylvmir~                    Company               for Insurmces                   on Lives,                kc,. , . . . . . .                       .        #r,Qr       .51

\Vitli Provident               I>ife and               Trust        Conlpany             .         .               . .                      . .                 .            &       . 00
                                                                                                                                                                                                                      2 ~12 I . ,jI
                                                                                                                                                                                                            GUSTING.


Amoullt           of securities       held in the Trust                 December          3Ist,     1S9S,           .   .        .               .            .   $9,276,550.00                      89,3s7>941.99

Additioiini           seclirlties     purchnsed         during          1S99,             .                                                                            6s4,750.00                           7L)<j, .08
                                                                                                                                                                                                                556


                                                                                                                                                                  $9 $961 ) ,?$C’ . u   )           $~(-bO93,39S.~7
I>etlnc t sectlrities           sold during         the )-ear rS99, iri accordmce                      with the terms of the ‘I’rllsl,

   of ;I lxu          value of . . . . . . .                        .                               . .         .                   . .                                  94,ooo.oo                           123,615.OO
                                                                                                                                                                                                      --

                                                                                                                                                                                                      $9,96S,S~3.07

I )etinc?         nlatllrc*tl   securities        lmrch;~sed            or       paid    1,~ the     Trust          and      delivered               to the
  ‘I’nxsurcr           of ‘I’hc l’cnnsylvmia             Railroad            Company          durin, (r the year ending                   December
   Jrst,       iSgc), iii ,~ccoi-dance            with the ttmns                 of the Trust,      of a par value              of, .                                    75,WXJ.OO


                      of
l,e<tve< the ;\1110\11lt securities                   held in the Trust                 I)ecemkr        3Ist,       rS99, of    3    par       \‘:liUe    of      $9,792,300.00




Costing,                                                                                                                                   .




                                                                                                                                                N. P. SHORTRII>GE,
                                                                                                                                                IV. H. BARNES,
                                                                                                                                                JNO. P. GREEN,
                                                                                                                                                A. J. CASSA’I‘T,
                                                                                                                                                 13. B. CORIEGYS,




           The auditors                al)pointccl          by the Ijoard                     of Directors                  of The             l’cnnsyl~~ania Railroad                              Conlp;~ny to

audit tllc accounts                     of the ~I;m;~g:crs of the Trust                                     created         October              gth,      I S78,      and        11lal;e          actual       inspec-
tioll of the securities                      held in and for the Trust, hereby certify that the), Ila\re examined                                                                                   the accounts
of the hh:~gtm                        of the Trust                 for the ~c’;u ending                      December                3 I st,                                        correct ;
                                                                                                                                                      ISC)C),and fiiicl tlic SC’LIIIC
that thy               also         fkid that        during             the year              ending         December                3 Ist,           I s99, there           have           lxen           p”““llnsed
            . .
.secur1t1c.s            ;~tnouiltin$r, at lxlr, to SGSq,7;0,                                  costing,        as evidenced                      by the              original          bills          of purchase

csliibitcd             tc, the auditors,              570; ,j jG.OS ; that they llavc made xtual                                                         inspection          of the securities                      held
ill the ‘Yrust, at date                      of     11ccer?lb~1-             3    Ist, IS99        (with the esce~~tion.5 of the cou~~ol~s l~urchscd,                                                            which
lia\ e lxeli             csalnined           for each l-ear                      by persons           duly appointed                      for that purpose                        by the auditors                         for

tllc tinlc being),                   and find the total par due                                   thereof to be X9,792,300.
   &fte to Iw of               .                      .     . . . .             . . . . . . . .        . . . . . . . . . . . . $g,2;6,<j,o.uo

Ant1 to I1:1ve C‘rht               . . .              . . .                                                  . .             . .                          .    .   d‘9~3S7,cJ-l’ .99
I hirinK the year entlin, 0 Ikccn~lxr                       jist,   ~Sgc), tlivre u ere ~01~1,in ;~(~curd;tn(~e \vitli tllc ternns
   of tllc ‘I‘rust,         secrlritie       .        .                   . . . . .       . . . . . . . . . . . . . . . . .                    g ~,~kN.OO

cosilllg             . . . . .                                                             .     . . .     . . . . . . . . . . . . . . . . .                           12 l,f,Isj.tK)

I .caviii:,:    lxllallc~    of p1r \3111e, . .                                   .   . . I . .        . . . . . . . . .                  $9,152,,~,jO.OCJ

Costin;.          . . .                  .                . .             . .     . . .        . . . . . . .       . . . . .          .                            _Z(),2(l,J,,-@).()i)

‘I’here        tz’c’re ~~f~rcl~asetl driritlg             the   i.ear   c*rldin~ Ikctml~et~    jlst,   rSgg, as lxfo~x    stat<,tl,
   5vcurities        of a l)ar value             of                                                                                          6sL~,~tjt,.(ICJ
                                                                                                                                                                RECEIP’I‘S,

Cash recei\.ecl front ‘L’lle Pennsylvania   Railroad Compall!~ (annual corltl-il)utio1ls~, fro111 tile
   creation of the Sinking Fund to December 31st, xS99, . . . . . .              . . .     .    . . .                                                                                                                                                                                  $6,69S, 620. UC)
Interest received (011 l~ontls and mortgages),        . . . . . . .   . .     .                 . .                                                                                                                                                                                     I,.jSj, 571.25
Interest receivecl (on conmlidated     mortgage and other loans),                            .                                                                                                                                                                                             153,313.66
Protit on sale of securities,   . . . . . . .      . . . . . .    .                            . . .                                                                                                                                                                                          1,220.00
                                                                                                                                                                                                                                                                                                          $S,2$3,724.9I

                                                                                                                                                I>ISBI;RSE.\IENTS.
Ca-;!1 ixtid for Pennsylvar1ia                                          Railroad                            Cotnl)an]                       Conwlicl,~tecl                               ~Iortga~e                                    I:onds,              redeel11ed
   ant1    callcelletl,           as f-allows                  :-
Currency, six lxr cent. coupon, maturing June 1jtl1, 1905, . .                                                                                                                      .                                                                     $2&J ouo . vu
Curreiicy, siu 1)“” cent registered,    maturing June I jtll, 19Oj,                                                                                                                  .       .        .               .       .       .       .               39,ouo.oo
Sterling, hix per cent. coupon, maturing July 1st, 1905, . . .                                                                                                                        . .   . . . .                                                       I )$4;) $k) 00
(‘ui-reiicy, five 1wr cent. registered,  maturing Septenll:er    1st,                                                                                                               1919,      . .                                                              2,CuJ.(JO
C~lrreucp, four per cent. coupon, registered,       maturing Ala!.                                                                                                                   Ist, ICJ~3,                                                              ,j9,VOi~.VO
                                                                                                                                                                                                                                                                              ~~       ;?r,S30,9So.oo
C;A invested iri bonds and iiiortgagus,            secured   l)jr real estate,   . . .      . .                                                                                                                                                       $,7>03S.3;5.+
I’ent1sylvaiiin    Raili-ox1    Compmy      cc)ns( )lidatcd mortgage       four per c.e11t.
   c’oupon 1~01~1s;,issue of llIay 1st, tS93, held iii trust uiicancelled,          . .                                                                                                                                                                        3.; I ,vu I. 1K)
City of I’liiladc~ll~liia tliree per celit. loan, Series tI ($40,200),       due I>ecunil)t~r
   ;1st, r(j12, . . . . . . . . . . .          . . . .      . .          . . . . . . . . ,                                                                                                                                                                       .~‘~,2~)V.OV
City of Pliiladel~~lii~t tli:-cae ~wr celit. loan, Series       I ($2_1,Lj~o), clued ljL~c(.lll-
  hel-    jISt,     ‘9’3,                      .           .                                        .               .           .   .       .       .       .       ,       .   .    .       .        .       .       .       .       .       .                 2 4, jVV . 00
City of l’liilad~ll~liia tliree arid one-llalf                                                                      per         celit.          loall, Series IX ($roo,ooo),
   clue Ikcciiitm-     3Ist, rgoS, . . . . . .                                                                       . .         . . .            . . . . . . .     . . .     .                                                                                102,990.v0
City of I’liila~lelpllia    three and one-half                                                                      per         wilt.            loan, Series 1; ($IOO,OW,   1,

   tlue l)ec~nil)er ,~I’;t, 1909, . . . . . .                                                                       .               . .              . . . . . . . . . . . .                                                                                   I ( ‘.3)I 90 . vu
City of I’liil;ldt:ll~l~ia tlirw alit1 one-llalf                                                                     per         cent.              loan, Series  1, ($TO,OUO),
   the I>eceinl)er .Trst, 1915, . . . . . .                                                                                                                                                                                                                     “9
                                                                                                                    . . . . . . . . . . . . .                                                                         . .             .                         rs>1255.(Ju
City of Pliiladell~liia tliree ant1 oiie-h,llf                                                                  per cent. 10;in, Series  Q ($.~o,oo~~ ,J
   due Ikcenil~er 31st, 1921, . . . . . .                                                                        . . . . .       . . . . . . . . . . .
City of I’liil;~clcll~liia three xicl one-half                                                                    per cent. lmii, Series S ( ~‘~o,(w),
  due      IkcenllK~r             .3rst,       1923,                .       .       .       .       .       .       .       .   .   .       .       .               .       .   .   .        .        .                       .       .       ,

City of Pliilxl~ll~lii;i    three mid one-half per cent. loan, Series ‘1‘ ~$ZO,OO~   J),
   tl11e I hm311he1-  srst,  ‘924,   . . . . . . . . . . . . . . . . . . . . . . .
Columl~i,t    ant1 Port Ikq)osit   Railway Coiiilx~tiy, four per cent. wrlpoli I)c,tltl5




(‘,~hii 011 deposit               \vitli ‘Tlie I’eiiiis~~lvani;i                                                    Railroad                    Conilmiy,                           as           1,er         ~~‘-‘llcrdl                     Iwlallce               shrc-t       of

  tltis    tlatc,         .   .        .   .       .   .        .       .       .       .       .       .       .       ,               .       .       .       .       .                .        .       .       .       .       .       .       .   .    .     .    .   .   .                            5 /,j0,k5SL5.
                                                                                                                                                                                                                                                                                                                      S2



‘I’lic: st>curities ;ilmve named are all in my pob~es~ioii.
                                                      STfTI;,?JENT                                        OF          TIIE          INSURANCE                  FUND




                                                                                                                    RECEIPTS.

Cash balance 1)ecemkr     3Ist, rSgS, ..................                                                                                              .        .    .   .   .   .   .    $2j,83j.10

Amounts received from securities nlnturcd or sol(1, ...........                                                                                   .   .   .    .    .   .   .   .   .    36S,ooo. oo
Contributions to fimd, cliarg:cal~le to operatiilg c.spellsei,  ........                                                                          . . . $436,959. S_F
Interest from securities,  ........................                                                                                                 . . 773,639. ~7
                                                                                                                                                                   ~~                   6il,j99.01

Mance             Decemlxr        3 1st, rS99,          .                  . . . .                                      .                    .    . . . . .       . .                      31,635.Tj
                                                                                                                                                                                                       ---~     $1,137,072.26

                                                                                                          1)ISl~UI:SERI             ENTS.

Amount             paid for fire, marine, and other insurance,  . .     .                                                                   . . . . . .             $8,436.63
Rmoriiit           rc~imbursed operating tlepartment,   . . , . .   , .                                                                     .92
                                                                                                                                            . . . . . .            3rS,r4r
                                                                                                                                           ~~~~ $326,628.55
Sundry expetises,  . . . .                                    .        .                        .   . . . . . . . . . . . . . . .   . . . . .      9j293.7’
Purchaw of securities,   .                               .                            .           .         . . . . . . . .   . . . . . . . . . QOI,T 50.00
                                                                                                                                                                                                                $I, r37,072.26




Uliiteil States (;overliintwt        four per ccwt. 1~01~&i, . .                  .      . .        .                                                                                   ~100,000.00
City of I’liil;~tl~ll~lii;~ tllree per cent. lmnd~,             . . .      . . .            . . . .                                                            . .                       2jO,OOO.O0

Pliil,~clel~~iii;~, lVilniiii~:toli ;~iid lhltiinc~w      Railrwcl Coml)a~i!~ four lxr cxnt h,)ntls,                                                           .                . .      200,000.00
Pl~il~~dell~l~i;ialit1 Erie R:tilro;~cl Company four per cent. l~onds, . . . .                                                                                                          450,000.00
Erie and I’itt\i)urKli k~ilrond Coinp~my three aiid one-half per cent. I~onds,                                                                                                          JOCJ,OOO.OO
Pittsl)l1rgll, Youti,q~to\vli ;~llri Astltal~lll;l Rdilro3d Coini)ziiy five per cent. lx~iicls,                                                                . .                      3Lj0,000.CJ0
I’iiilatlelplii~~ aiid I3~dtitiiore   Central      li~~ilrddcl Company four alid oiii.-lialf per cent.                                                        l~oiitls.                 27Lj,000.00
I’enllsylvania      Roliin: Stock ‘Trust four pet- cent. certificates.                          . . . .                                                                             .    225,cx~o.oc~
                                                                                                                                                                                            L

Peiilisylvarlia     Ecluipment ‘I‘rust four per cent. stock,               . . .                .                                                                                                      .
                                                                                                                                                                                           7 C)) ( )C)CJ 00

Ridgway :~lid Clearfiel~l Railroad Coiiil~~~iiy fi\-e per cvlit. l~onds,                                                                                                                 -19 I ,000.     Of J

Cambria and Cle;~rfiel~i R:lilroacl Conll~~li~!~five pc^r cellt l~~iitls,                           .                                                                           .        JOO.OOO.C)O

Pittsburgli, Cincinnati, Chicqo           ;11i(i St. I,ouis Railway Co. four ;~rid olio-lialf per cent. l)onds,    .                                                                     J~j<~.OOO.OO

Nortllerii Cwtral liail\va)- C~Jiiil~diiy five per cent. boncls,                         .                .      .                                                                       10~j,000.       ()I)

I’elirl~ylv;mi,t C~)mp;my giidraiiteetl three x1(1 oiie-half per cent. trust certificates,                         .                                                                             .
                                                                                                                                                                                         600,C)<XJ00
Columlk~ ant1 Port Ikposit            Railway Coniln11y four per cent. l~~ntls, . . . .              .    .        .                                                                     420,000.00
Fi-eelioltl x11(1J;i~ncsburg ~\giculturdl            R,tilro,lcl Comp~iiy six per cent. l~oiids,                 . .                                                                     ISO,I jO.00
Suiil)ury,   I I,k/,lctoli aiitl \Vilkeslxli-t-e R;til\vay Comlxiny five per cent. IJoncls,          .                                                                                    96,000.00
i\ll~~~l~ei~ylT;~ll(hp R;til\vay Coiiilxiiiy four per cent. boi~ds, . . . _ . . . .                        .        .                                                                         ),
                                                                                                                                                                                           6~ ooo . oo
El)erisl)rirg alld 131;1<‘li I,iCli R,~ili~o;~d Collll);1!1)’ live pel- cellt. l~oIlClS,          . . . .           .                                                                     .j.j,ooo.oo
Grand Rapids alld Indiand Railro,id Coiiilxl~iy tliree ;tiid one-lialf per cent. l)onds,                       . . .                                                                     2ou, 000. 011
                                                                                                                                                                                                                $4,377,IP.oo
Excess            of disl~urswirnts          over           ret-eiljts           I)ecc~liil)er 3 1st, 1S99,                                                                                                          31,63S. rg

\TClllleOf tile 1nsur;inw               I’lllld      I)~~C~llll~t!l~             jl       it,   lSc)c).    ......................                                                                               $X4,34 j,,jJ   J .Sg

\‘alrie of tlie Itisurmce              I;untl I>ecenilJcr                        c;t\t, rSgS, ........................                                                                                           q,Oh9,cq’j <I j.   JO



           1 m-east,     J 899,       ........................................                                                                                                                                     $275,676.75
\\‘est   Jcrs;:y   m1tl   SG~‘-lllol-c~   It;tilrmtl,   Ikcwiilwr    %:rst, rh95.     ..........

         'fc,Ld,    Ikc~llll,er       \;lst. 139,        ................

         'l‘ot;~l,1kcc1111,c1- J";t%         1X$,                              .............


                   1iic‘rc’dst’,                                                          ........
13alance oil hand Ikceniher         3tst, rS9S, . . . . .        . . . .         . . 1 . . . .     . . . $2,292,S6y .48
f~niouiit rca:iveti  from depositors,        .    . .  . . .    . . .               . .      .   . . .       ~S6,1~~~.0’
Interest nllo\~etl 011 deposits,       . . . . . . . . .          . . . . . . .     . . . .    . . . .        96.9 12.75
Amount coiitril)utt‘(l   fill- operatiil, (I- eqxnses, paid 1)~ The Penns).Ivaiiia Railroad Company,           4,7ss.37
                                                                                                                                                                                          -            $3,1 So,747.60
                                                                                               I>ISIZUIISE~lISNTS.
\Vitl~tlrnnxl         orders issued,                                  .       . . . . . . . .   , . . , . .                                            .         .       $-$5S, 250.20
Operating           espenscs,  as abo\,e,                 . . . . . . . . . . . . . . . . . . . . . . . . .                                                                     4. ;ss.           37
                                                                                                                                                                                                          463,038.57

      13dance         due       depositors,           . i ,       . . . . . .              . . . . .          . . .        . . .   . . . .   . .   .                 .   . . .                     .   -$2.717,&9.03


        To meet this balance                              the         Fund         has the follo\\.ing assets :-
City of l’liilaclelpl~i;~ three and one-half per cent. serid loan certificate,           Series I), due Iken-
       1)c.r 3Tst. 1907,. . . . . .       . . . . . . . . . . .                .     . . . . . . . . . . . . .                                                           $1 GO, ow 1 ( K)
City of I’liil;~tlelpl~ia tlirce aiitl one-ll:tlf per cult. s;1-rial loan c,crtificatv, Series (;, d11e I >ec~ni-
       lwr 31st, 1910,.     . . . . . .            . .         . . .     . . . . . . . . . . . . . . . . .
City of I’tiilndt~l1~l~ia tllrt-e arld ollc-llalf per ccllt. 5crial loan certificate,    Series R, due 1kwn-
       bcr 31st, 1910, .                .        .     .             . .       .       .           . .      .
City of I’liilatlt~lpllia three per cYnt. trial          loan of Tulle 17tll, rS9S. 51 ies J, tlue I)~cwn-
       ber.jrst,   1917,    .    .         . .     . . . .     . .       ,         . . , . . . .     . I . . . .
I~l~il;~~lelpl~iaand Erie Railroad c‘o~lll>~Il!’ g~nc-ral niort:g:;rgc: four per cent. registered lmiids,
Pennsylvania        Railroad Conipany four per cent. I<c1liipnient ‘I’rllst coupon lmntls,             . . . . .
I’liilatlelpliia,   \\‘ilmington and 13altiinore Railroad Colllpnny four per cent. i-e:qistered tlelzii-
      ture l~o~ids, . . . . . . . . .       . . . . . _ . . . . . . . . . . . . . . . . .                                                          .         . .          4 50, 000 .00

Columl)ia and I’ort Deposit Railway Company four per cent. mart, o;ige cou1~oii lmids,                                                                     . .            200.000.00

Belvidere I)elnm~ai-e Railroad Company consoliclatecl n~ortgq~ four 1wr c,elit. registered                                                             lmn(ls,            200,0c)0.00
Caindcii and 13urlillgton County Railrond Conl1mny first mortgage four per cent. mupc~n                                                                l)oi~ds,           ~~~j(>,OOO.OO

I’cnnsylvaiiia    Rolling Stock Trust four per cent. certificates,     . .         . . .  . .                                                             . . .           25c~,000.00
Peiiiisylvania Company three and one-half per cent. h      ouaranteecl trust certitimtvs,                                                                 . .              10(~,000.00
Real estate mortgage 011 Indi;ti~apolis, Ind., prolwrty four aiid one-llalf p:r 03it.,                                                                       .             100,000.0~~
C‘;tsli 011 deposit with Treasurer   of I‘lle Pennsyl\~miia liailroacl Comply,            .                                                        , .           .         lh(3225.94
Due 11). <l~ents, . . .        , . . .           .     . .              .                  . .                                                                                   6,,jj7.00

Accrued interest..      . . . . . . . . . . .               .                                                                                          . . . .                  Ij,‘791.67



Less outstnncliiig              orders on Treasurer,                           . .          . . .                  . .      .



       n;11;mce,.           .   .   .    .        .   .   .   .   .    .   .   .   .   .   .   .    * .   .    .   .   .    .   . .    .       ‘   .         .   .          .     .   .            .        $113j2.3S


Amount          in the S;lving               Fnnd, I)ecemher                ;;Ist, rS99,             .   . . . .                . . . . . .        .         .                    .           .        $2,7 16,356.6S
Amount          in the Saving                Funcl, Ike-etnbeY             ;rst, IhqS,             . . . . . .                  . . . . .          . . . . . . . .                            .         2,,jOtJ,.T2S. 15

       1ncwase,        1S99,            . . . . . . . . . . .                          . . . . . . . . . . . . . . . . . . . .                                   . . . , . . .                           ~41~3~02S.5~~
                                                                             PENNSYLVANIA                                  COMPANY.




Securities    ,     .“‘.                    .“‘.                         .       .                                   $4(sf%2,996.51

EquipmeW,              . . .           .        . .         . . . . .                                                  3,o7S,SaS.oS


                                                                                                                       I, lOj,gSg.*S                                  I I 3,600. c)j :

Real estate        in trust,                        . .                                                                    6j,349.60        . . . . . . .                                   5,621.2u

                                                                                                                                                                       60,637.50
                                                                                                                                            - . . . . . . /
                                                                                                                                            $4g,S2S,S74.62     I.      . * . . .         $172,SS6.31




                                                                                                                                                                     %s,og6.     S7

                                                                                                                                                                    r,372,202.95

IIue by other conipaiiies                   for     acivanc-es,                                                          534,403.      OS                            3241557.70

I~IL’ 1)~ station          ;\xtmts ant1 ticket              receivers,           .                                       772.254.43                                  220,897 * 59

Hills wceival)le,            . . . . . .                                 . .                                             966,144.94                                  751,560.SS

.IIaterial   on haiitl,          . . .                      .        . . . .                                           I, rzS,746.6g                                 J,jo,6SS.   75

Rliscellaneous         aswts,          ~        . . . .              .       . . . . .                       . .       1,*S4,473.76                                                      g68,681. go

Cash iii hands             of Treasurer,                    . . . . . . . . . .                              . . ~     1,026,6r2.S6                                                       52,94s. 27

                                                                                                                                                                .      . . . . .            5, S<jO. 00

                                                                                                                                             10,6,j~,oqo. 76    $2,927.524.57



Ii‘irst mortgage           lmlds,      Pittsburgh,              Fort \\‘aync             md         Chicqo
   Railway        Coii~~xiiiy,         .    .   .   .   .   .    .   .       .   .   .    .     .    .       .   .                                                     15,302.TA

Secc>iitl mortgage lx~nds,                 Pittslmrgh,           FortIl’ayxand                      CllicAgo
  Railwp     Coliip;li~y,              . . .                         . .     . . .        . . . . .              .                                                     r4,6go.7o

Consolidnted           mortgage             boiitls;,       Cle\     fAtiic1     and          E’ittshurgli
   I<‘lill-o;ltl
              Colllpall~,              .    . . .           . . . .          . . .        . .        . . .       .     2,750,120.00                                  214,670.~

                                                                                                                                              5,521,SSz.SJ          $244,662.S4




      'l‘otal,         . .       .   . .    . . . .                  . .     . .     . . . .             . . .
                                                                                           PENNSYLVANIA                                      COMPANY.




Capital          stock,            . . . . . . . . . . . . . . . . . . . . .                                                       , . . . . . .            $2 I )000,000   .00




        FUNDED              DEBT.


First      mortgage                    47;       per        cent.          bonds           due

  July Ist, 192 I, issued,                             . . . . . , . . . .                            $20,000,000.00


Less      533 bonds                in sinking                   fund,          . . . . .                    533,ooo.oo


Guaranteed              37;        per cent. Trust                        Certificates,
  Series“A,“diie                       September                 Ist, i937,issuetl,                    #5,000,000.00

1,ess 50 certificates                        retired            through            sinking
  f1111c1, .       .    .    .     .     .   .   .     .    .    .    .    .   .   .   .    .     .           Jjo,ooo      . 00
                                                                                                                                     4,950,000.00

11Iortgacqes and ~rom~d rents
         c                                                           payahie,          ..........                                            60, ooo . oo

        ‘rota1      funded               debt,         .................                                                           . . .         . . .



Ihie     lessor        companies                     for supplies,                 . . . . .                  . . . . .               $S31$31.5S

Ihe      other         companies,                    in current                account,                . . . .         .   .   0
                                                                                                                                      1,036,50S.62          .     . .       . .       . . . . . .
Ihe      for cm-rent expenditures                                    iii operating              leased roads,              . .       2,305,617.5*           . . . . . . .             $95S,614.      II


;IIisceli,meous               liabilities,                  . . . . . . . . . . . . . . . .                                          4j936j745.22           . . . . . . .             *,364,33S.oo

Interest         due        and         unpaid             on 4);          per cent. bonds,                   . _ . . .                 457,6P-o()          . . . . .           .    . . . . . . .

Accrued           interest             011   Guaranteed                    3% per cent. Trust                    Certifi-
  cates L> Series                 “ A )”         . . . . . . . . . . . . . . . . . .                                                         57,750*00
        Total      current               liabilities,            . . . . . . . .                                                   .......                      9,7*6,Io2.94


Interest         collected               and held                by Treasurer                    01I 4;;      per cent.
   hnds           in sinkin::                fund,          . . . , . . . . . . . . . . . .                                        .......                        335,790       00      $237985.00




Extraordinary                     Expenditure                   Fund,          .   .   .    .     .                                .......                      1,000,000.0c          1,000.000.00


Reserve           fund, leased                   roads,          . .           . . . . .                                           .......                      5,521,882.8~/           244,662. SJ

hl;mce           to credit               of Profit              and Loss,              . . .                                       .......                     3,943,02* .44              55,5*9*79
                                                                                                                                                            -___
        Total,          . . . . . . . . . . . . . . . . . . . . . . .                                                                                        $66,004,79S. 25         $2,999,3OI * 10



                                                                                                                                                                                        J. W.        RENNER,
                                                                                                                                                                                                          cO~Jl$dYO&?Y.
ASSETS.
     COST OF ItOAD,          &c)t~Il’XIENT,         &C.

Cost of Pittshrlrgh,             Ciilciilnati,   Chicago and St. Louis Rail-
  way, equipmc~it, &c., at date ofcousolid,~tiou,                 October xst,
  ISgQ,.........................                                                      j$’
                                                                                        53,975,737 * 10
Amouiit of securities issued iu readjustment                  of flmdecl debt,        / 4,OS7, jOO.00
Net amount of securities                   is;sued since October     Ist, ISgo,
  under the l)lan of re-or~auizatioli                  of Columbus, Chicago
  and Iudiana Central kulway Company,                         . . . . . . . .                  2$,705.03                 . . . . . .
I~xpentleci for construction and ecIiiipnieut from 0ctol)er rst,
  I Sqo, to l>eceniher 3rst, 1S99, as follo~vs :-
     For construction,                 . . . . . . . . . . . $3,633,955.7S
     I’or ecluipmeut,               . . . . . . . . . . . . 1,767,561 .96
     I;or real estate ) . . . . . . . . . . . .                     47% 145.57


  Total      cost of road, C&C.,to Decenll)er               Jrst,   ISgg,   . .   .


     SUCUKITIES.


Securities     of other compauies,            . .         . . .        . . . . . .    I.   .    .   .   .   f            1,262,69S.30        .   .   .   .   .   .




      CURRENT       ASSETS.

Due by other companic’s,           . . . . . . . . . . . . . . . .                                                   . . . . . .                 r,r93,3w.37
l)ue by I,ittle RIiami Railroad Company for betterments,                                                             .      .          .             60,3jj.27
I)uc 011 miscellaneous       accounts,     . . .        .    .    . . .                                                   , .      . . .             72J277.27
Due by station qeiits        aid ticket receive&,     1 . .    . .    .                                              , . . . , . .                   63,794.53
l:ills receivable,   . . . . . . . . . . . . .          . . . . .     .                                              . . . . . .
RI;iterial 011 h;~nd, . . . . . . . . . . .           . . . . . . .                                                  . . . . .                  &,,756.26
Cash ii) Iia~itls of ‘l’re;isurer,   . . . . . . . . . . . .                                                         . . .       . .   . .   . . .     . . .
Cash remitted 1,~ a~eiits, in transit,                                                                               . . . .           .             ,j(J,22,7.0$

(ks!i clepo5itetl ivitli tin:mcial npxits for’ iI;ter&t’ oil lx;u&;                                                  . . .         .         . . .           . . .
C,tsll iu Il;l~ltls of trustee of siilking       fund, Jefksonville,
    IU,diso~l ant1 Intliatq~olis     Railroad Comp;tu!~, first mort-
    pyge 110nd5, . . . . . . . . ~ . . . . . . . . . . . . .                                    52,S6q.         2f   . .    . ~ . .


                                                                                                                         7, SW   s%    ’97




      ‘rotal,       . . . . . . . . . . . . . . . . . . . . . .
                                    I’I’ITSI~UKGH,                   CINCINNATI,                               CIIICAGO               ANI>         ST.        LOUIS              RAIL\VAY
                                                                         c;l<sEII.\L              BAL.~SCE-SIfI’E’r,                      I)ECEAII3EII                 3 I st,    I sgg.




Co1i1tuoti stock,              I’., C., C. & St. 1,. Ry. Co.                                . .       .       . ~2~,6~~2,70~~.00           .   .    .    .    .   .        .                           $79, ~00.00
     ‘C       I(                     L‘       “        66 scrip,                              .       .       .          I,227.24          .   .    .    .    .   .        .                    .......
coIllI11ol1          stock, I’., c. SL St. I,. Ry. Co.,        .                            . .       .       .       29,100.o~)           .   .    .    .    .   .        .                    .......
Colllllloll          stc~c~k,  s. & I. Ii. K. co.,      . . . .                             .         .       .       ss,4-M . fx          *   .    .    .    .   .        .                    .......
c0111111011          sto(‘li, c.,   St. I,. & P. I<. K. co.,   .                            . .       .       .     45”,2r7.oo             .   .    .         .   .        .                    .......
~‘0111111011         stock,    J ., AI. h r. K. I<. co.,     . .                            , .       .       .         sj,OtXJ . 00       .   .    .    .    .   .        .                    .......
                                                                                                                                          i !2j, r73,6SS.90
I’rPf~rrcYl stock,                                     .
                                    I’., C., C. sr St. I,. Ii?. Co.,                                  .   $22,6S 1,600 . 00                . . . . . . .                                                     S, 600 . oc)
      (6       (6                       ‘<      <‘     .  “ scrip,                                    . .        r,qLjc).69                . . . . . . .                                        .......
I+A l~rderrYtl stodc, s. 8~ I. R. r<. co.,         . , .                                              . .        2,9Lj0.00
I’refrrretl \toc1<, c., St. I,. & I‘. It. I<. co.,     .                                              . .        S,jj2.62                  . . . . . . .
                                                                                                                                            22,69Y,o62.31



Co~l.~It~..~~~ perc:t.I)dntls, Series“R,“P.C.C.L&      St.I,.Ry.Co.,             It
                                                                        dw l!J’tO tJ\),OOC~,OOO.OO
COIL hrtq..if; Iwr ct.lmtls,                                                     Iii
                                 Series “I:,“1 C.C.s: St. 1,. lZ!..CO., hi: 1’3’12 S,7S6,000.00
(:I)II. xtx. 1-14perct. h~ntls, Series”C, - “I’.C.C.& St. [,.I<>-.Co., the lllld      1,379,ooo.oo
Coil. hItg..l pvr ct. lx~~ids, Series “I),” 1’. C. C. 8~ St. I ,.
    Ry.       co.,    due      19.1.5   .   .   .   .   .   .    .   .     .   .   .    .    .    .       .     . $j,l20,000.00
          rdess 137         hrlds       in sinking          fund           . . . . . . . .                             137,ooo.oo
                                                                                                                      -- ..~




                                                                                                                                            1,.~16,oc~o.oo
                                                                                                                                           <-
                                                                                                                                             I ,995,OClO.00
                                                                                                                                                   2OO,O( K) . 00




CillciIlllati  Street Collncction     Ry. hn~ls, assu~iiecl with lezx of
   1,ittlt: RlLuni IC. I~., . . . . . . . . . . . .          . . . . . . . .                                                               .   .    .    .    .   .        .
l)uc: I,ittle Mimii R. Ii. Co. for value of assets trdusferrecl by that
   Co~npuly      at  elate of lease, 1kccnll,cl- [sit, I S69, $ I ,763,020. -49
       Ixss sundry lialJilities,    . . . . . . . . . ~ .        r,66.&,784.05                                                             .   .    .         .   .        .


I)uc I.ittlc: \Iidtiii Ii. I:. Co. for value of assets transferred to it at
   date of lc,lie of Coluinl~s         and Xenia Ii. R. and suthequentl~
   tr.allr;fcrrccl to ti!i5 Coiiip;iny by lwse of 1,ittle ,1Ii;imi 1:. R , . .                                                             .   ”    .    .    .   .        .
Re ~1 (-stati of Col~i~iihtis ant1 Xcnia Ii. 1~. Co. at Colutnhis,        O.,
   sol<1 to Ullio11 I>t~~x)t Co.,                                                                                                                  $37,298.75

                                                                                                                                                    -l7,253.‘:0

                                                                                                                                                   200,000.           ou


                                                                                                                                                   325,ooo.oo

                                                                                                                                                                                  6o9.55r.75    .......

,1rcwuilts    Inyable for current cupeliditlires,                                          . . .   . .   . . .                             $r,S30,139.10                         . .    . . .          591,775.60
1Itie otlier cotiipa~iies, . . . . . .        . .                                      . . . . . . .   . . . .                                 77S,S75.46                                              258,712. r-l.
hLlturc(l iritereht on l)on(l~:, . . . . . .                                             .       . . . . . . .                                 297,610.71                                       .......
:~cct uetl interest 011 l~o~ids,          . . . .                                      .   ,     . .     . . .                                 515t7S5.4r                                       .......
hIi~cx~ll,iireoiis liat)ilities,      . . . . . .                                      . . . . .   . .   . . .                                 731,248.56                                              3’1, rsS.43
Irti,d,liiiied cliviclends, . . 1                                                                                                                   671.50                                                  625.50
111ter-c\t 011 P., c., C. C& St.’ I:. ky. ‘CJ.                                         ‘cdAiiti~~&ti *;ic;rti;&e
   I~otitis in :;ilil;in~~. fuiid ) . . . . . . .
                         a                                                             . . . . . . . . . . . .                                      16,Sg6.2r                                                5,&o. 00

                                                                                                                                                                               4,171,796.95     $1,127,601.75

Ilutr;~oi-clinary Eupencliture      I~‘und, . .    . .   . . . . . . , . .                                                                 . . . . . . .                          100,000.00    .......
l>i\~itlt~iltl011 I~referretl stock, pxy~il~le Fel~ru;uy rjth, 1900,   . .                                                                 . . . . . . .                          453,732 -00             II3,4SS.   50
lhl,~ii(-t* to cwlit of I’rotit md IASS, . . . . , . . . . .           . .                                                                 . . . . . . .                       3,142,645.80               574-1-2s. 97

          Total,        . . . . . . . .                         . . . . . . .                         . . .             .         .   .    . . . . . . .
          i      ddd
‘5 -
I_,_   ,’     I,)          .
d-i    $‘.‘....
            .c
2R            F.‘..’ . .
              .;
2       2 I-        . .
                               .   .       .    I   .                   .                           .     .       .   .       .   .   .   .              .
                               .           .                .                                                                 .   .   .   .I        .I   .
                               .           .                                                .,::/                     :       .   .   .
                                                                                                                                               1.        ’
                               .       .            .           Y       .,j                 .I...
                                                                                                                          I
                                                                                                                              .   .   .   .         .    .
                               .           “_                   i              cc           .       .     .   .   .
                                                                               =                    ..,
                                                        ~           x          s        :
                                                                    -   .     .z    x
                                                                    c
.y;        .   .
                                                                                            . . 88.
.d
.-.

           .   .
                                                                                            . ‘$$    :
      c(
                                                                                            . .--. z .
                                                                                            ..N *    .
                                   +i
                                        5                    5
2   . . . . .M”.                    .       . $).        .       .   .   .                    .a 0 ;f, .
  . . . . ..G..‘R                                    .   .       .   .   .
5 . . . . . g\                 .    .       .   t-   .   .       .   .   .
                   .   .   &   .    .       .   o”   .   .       .   .   .
-c * * .                                        N
0. . ’ .
   . . .
u”,
   . . .
                                                                              . . . .                      .   .   .  g.
                                                                              . . . *                      .   .   .   .   .
                                                                              . .                          .   .   .  2    .
                                                                              . . . .                      .   .   . ro*   .
                                                                              . . . .                      .   .      2    .
                                                                              . . . .                      .   *   -1 +*   .
                                                                              . . . .
                                                                             10 N 10 m
                                                                             cc N 0 0
                                                                             G
                                                                             -to c; cn Pi
                                                                                     c\m
                                                                             o? 03, c 9
                                                                             ru N IoN
                                                                             ; m-a-N
                                                                             +A
                                                                             t’ENNSYI,VANIA                     RiiII,lIOAZ>             DIVISION.
                                                                                                         IdINES OIZ’NED.
I’ilbert        Street        ISxtension,                    ...........                             Broad Street Station, Philadelphia,             Pa., to             \l’est
                                                                                                        I’l~iladelpliia, Pa.,            . .    . . . . .               . . .      .97 niiles.
I’l~ilntlell)liia ailtl Coluliil)ia            Railroad,                              .....          \\.est I’liiladelpliia,    Pa., ‘to Columbia,      lb.,            . .     79.S)     1:
I’enlisylvaiiia       Iiailroatl,    ............                                                    I Iarrisburg,     I’a., to I’ittsburgll,   Pa., . . .              . . . 24s. 25
I)ela\varc       lq:.\tensioli, .............                                                        iii c.ity ot Pliilacielpliin,    I’a.,   . . . . .                  . . .   7.54     ;I
                                                                                                            8i               ‘6       0         . . . . .               . . .
(;irarcl I’oiiit I:raucli, ............                                                                                                                                          2.06
                                                                                                          i‘              ‘L        SC
S\\~;llls;oll       street          1:ra1xh,                 ...........                                                                  .   .   .    .   .   .   .    .   .   .    1.22     (‘
                                                                                                          cc              ‘<        (6
Scliiiyll;ill River I~raiicli, ...........                                                                                                .   .   .    .   .   .   I    .   .   .    I.70         (’
                                                                                                          it              C‘        L<
Fifty-secoutl   Street I~rancli, ..........                                                                                                            .   .   .   .    .   .   .
‘l‘lu1to11         Cut-elf;           ...............
J~razer         I:,-a11cl1,    ................                                               Frazer, I’a., to Zerniatt, l’a.,                     . . I . . . . . .                 1.60     “
Ia1caster             Cut     of(           ..............                                    arountl I ,ancaster,                I’a., . . . . . . . . . . . .                      2.42     ((
‘fyrone          13r;,licll,         ...............                                          Tyroiie, I’a., to Vail, I’a., . . . . . . . . . . .                                   3.15      ::
I,illv l:rancl!,                                                     ..........               I,ill\-, Pa., to coal mines, . . . . . . . . . . .                                     2.12
13eiPs Creel;                i:Alcl;,             1 : 1 ..........                            Ikii’s     Creek, I’a., to coal mines, . . . .                            . .          1.61         ”
Martin’s ISranclt, ...............                                                            uear I’ortaffe, I’a to coal tipple, .                                 .                3.63         1:
CVilinore Hranch, ...............                                                             near Ikn’s Creel;; Pa., to near Sumnkxkill,                             IL;              .22
sollIll;,ll         Ih-;mch,         ...............                                          .So~inian, I’<]., to ternlinus,                                                          .ir        ci
Suniiiierhill              IIrancli,               .............                              Surnnierllill,             I’a., to Soutli Fork’, Pa:, 1 1 ’ 1 1                       2.03         “
Ilrtlsh Creek I:~~ncll, .............                                                         leaunette,            l’a., to terminus,             . . . . . . . . .                   .54        “
Jollnsto\vu 13r;Lucll, ..............                                                         nc-aI-    ColleIll~tll~ll,          Pa., to ~ollllstowll,        Pa.,     . .          1.60         “
Alexandria               Hrancli,                  ............                               I>o~whue, Pa., to Crabtree,                      Pa., . . . , .           . .          4.55         1:
 Ijull Run l<rancli,                                                      .........           Jeaiiiiette,         Pa., to terniiuus, . . . . . . . . . .                              .72
Turtle Creek l:l-mcil,’                                  1 1 1 .........                      Ste\vart, Pa., to Expor$ Pa., . . . . . . . . .                                       ro.S6         “
 I~yolls       I:ull       l’,1x11d1,              .............                              Sauiiders,             I?., to teruiiiius,           . . . . . . . . .                 3.37         ::
i\Iauor Hraiicll, ..........                                                                . ~Iaiior, l’a., to Claridge,                   I’;~., . . . . . . . . .                 4-30
Yo~lgliioglieuy                  Itr;~ncli’, : 1 ..........                                    Irwin, Pa , to Gratztown,                       Pa., . . . . . . . .                 10.19         ”
 Icast l’ilrsl)rtrgll               l~raiic~li, .........                                     .ste\vart         I’;1       to Cariiegie’s        Uiiion, Pa.,        . . .           5.90         1:
 I’ort Perry l!rancl~, ..............                                                         Hriiitoi~“s, I;;;., to ‘I’lion~soi~, l’a., . .                      . . . .            I.32
 \‘ork I~rnncli,                                                               .......        Colunll,ia,             l’;l.. to !vC)rli, I’;l.,       . . . .       .               12.M          “
 I Iolliclaysl~urg               kraucl;, 1 : 1 : ........                                    Altooua, I’;\., to I Iollidayslxirg,                   Pa., and l~rancli
                                                                                                  to I’ortage Iron \\-orlis,                          . . . . .         . _         IO. 90        “
 Rlorrisoii’s           Cove Hraiic~li. ...........                                           IIollidaysl)urg,                Pa., to I Ienrietta, I’a., . .             _          1S.90         “
 ~I;irtiiisl~ur~             l<rancli, .............                                          Alnrtinsburg Junction, I’a., to .\Iartinsl)urg, 1%. ,                                    .jC’       (‘
  I~1w~lllflclc1         I:rallcll,               .............                               Roarin::- Spring, I’a., to Ore I Jill, Pa.,                               .            j. 00        ((
 \\rilliaii~sburg kmch,                                         ...........                   \Villianisl)1irg J uiictioii, Pa., to Jrollllt                r<tna,     Pa.,         r9.3c’        “
Spriii:Iield             13ranch,                                                             Spriiiglield             junction, Pa to Oreniinea                Pa ., . .            ‘i
                                                                                                                                                                                     c.20         ‘(
ClovcLr Creel; 12ranch, : 1 : : 1 : : 1 : : : . Clover Creek Junction,                                                                  l’a., to terrllinuk, .                       2.,78        (‘
 Indiana I~raiich, ...............                                                            Blairsville           Intersection,        Pa., to Indiana, Pa:, . .                  I 8.91        ”
‘I’earing Ruii Hrawli,                                                                 ....   Teariiig Run [unctiou, Pa., to termiiius,                           . . . .              .96        if
 I I01uer aud Cherry Tree ih-l~~&~, 1 1 1 ....                                                IHomer and Cherry Tree June., Pa., to ttmniuus,                                          .45
          ‘I‘otal liues o\vned, ............                                                    . . . . . . . . . . . . . . . . . . . . .                                  ,                  .        529.84      llli]eS.

                                                                                                   LINES       OPERATED.
River-Front           Railroad,                                                            . . In city of Philadelphia,            Pa., . . . . . . . . .                    .Sg miles.
Tre*itoii Cut-o!f‘Railrcxici.                       : : : : : : : : : . . Bucks County I,ine, Pa.! to June. Trenton                                           Cut-
                                                                                                    off at Delaware         IX\~lsioii Callal, I’a., . . . . 15.02                  ”
I Inri-isl)urg, I’ortsnioutli,                   ;\It. Joy and Lancaster                            I>illerville, l’a., to I Iarrisl~urg, Pa., . . . .
                                                                                                                                                                          52.99     “
     Railroad,                    .                                                         .I   i Colunil~ia, Pa., to IJrancli Intersection,                Pa., 1
\\rest Chester’ Railr~~ad,                           : : : 1 1 1 : : :                           Zerniatt, Pa., to \Vest Chester, Pa., . . . . . .                          5.22    ”
l’e~~~~sylv;u~ia       Scl~uylkill \‘allcy Railroad i I’. R.‘R:
     I )ivision portion),                  .............                                         \Vest Philadelphia,          Pa., to Pottsville,        Pa., and
                                                                                                    braiiches,       . . . . . . . . . . _ . . . . . . 1 r 1.Q                      (‘
1)owiiiiigtown             and Iancaster                      Railroad,           ....           I~owi~ingto\rii, Pa., to Conestoga               Junction, Pa., 37.58              I‘
I’oiiieroy and Newark Railroads                                       .......                    Ponleroy,       Pa., to Ilear Se\vark, Ikl.,                 . . . 26.70           ”
Colutnlk~ and Port I>eposit Ratlw;xy, .....                                                      Colun~l~ia, Pa., to I’erryville,            &Id., . . . . . . 43.21                ”
York,        I Ianover and Frederick                             Railroad,             ...       York, Pa., to Fretlerick,             ;IId., . . . . . . .               55.65     “
                                                                                                  J I,ewistown,       Pa., to RIilroy, Pa., . . .                     1. j5.ss      ci
Suiibury and Ix\visto\vn Rail\\-ay, ......
                                                                                                  1 I,e\viisto\vn Jtlnc., I’a., to Seliusgmve June.,            Pa.,   I
Ikdford and Hridgeport Railway,                                            .....                 YIount I)allas, Pa., to Pennsylvania                and RIary-
                                                                                                    latld State 1,ilie and lxaticli,           . . . . . . . . 49.17                ‘(
Lewislxug          aud Tyroue Railroad (P. Ii. R. IXvis-
    ion portion),            ................                                                    Tyrone, Pa., to Fairbrook,             Pa., and l~raiiclies, . 27.28               ”
Iktld Eagle Valley Railroad (P. R. Ii. Division
    portion),       ..................                                                           Vail, Pa., to 1,ock IIIaveil, Pa., and branches,                         53.1s     ”
Tyroue mid ClearIielcl Railway,                                       .......                    \‘ail, Pa., to Granipian,          I%., and l)ranches, . . 134.43                  “
Tiptw          Railroad, ...............                                                          L’ipton, Pa., to Coal ,\Iines, Pa., . . . . . . .                         4.44    (‘
Cressoii ;kii(l Irvona Railroad,                                 ........                        Cresson, Pa., to Irvoua, Pa., anal hr,iuches,                       . 29.54        ”
Caulbria and Clearfield                          Railroad, .......                               Cresson Junction,          Pa., to Glen Campbell Juuc-
                                                                                                    tion, Pa., and l~ranclies,               . .        .     .         100.07      “
Elxtisl~~ir~ and ISlacl; Lick Railroad,                                           ....           I~lxiisl~urg, Pa., to Vintdndaie, Pa.,kd              hranclles,          15.10     I(
S~~utll     l>ol-1; li<lill-oxl, .............                                                   Soritli Fork, P,i. I to uear Dunlo, Pa. I and branch,                     12.17     ”
S~dl) I,eveI Rail road,                         ............                                     I,wett,     Pa., to Scalp Ixvel,           Pa., and branch, . 23.24                ”
\Vestem l’eiinsylvnnia                        Railroad,               .......                    I)olivar, lb., to Alleglleuy City, Pa., and branches,                   IJO. 17     “
South \Vest Pemsylvauia                               Railway,             ......                uear Greens1)iw.r h, Pa., to Fairchance,                 Pa., and
                                                                                                    hraiiclles,           .                                 . . .        110.02      ((
I’ittslxqh,        Virginia and Charleston                                  Railway,           . I’ittsl~urgh, SOutli Side, ’ Pa. i ;o ‘\Ve& ’ Rrowns-
                                                                                                     ville, Pa., and lxauches,            . . . . . . . . . . S1.57                  “
         Total lines operated,                        ..........                                      . . . . . . ,           .       . . . . . . . . . . .                       . .                  I 2   I 5.32 miles.

          Grand tot:\1 i’eliiisylvania                                     Railroad      Division,     . . .      . .          .   . ,                . . .            . . . . . . . . .               1745.16           ”
                                                                                                           I,TNI<S    OPERRTET).

IJnitccl       New rersey                Railroad           and Canal                Compn~ly :-
           Railroads                and Ferries :
    Trenton,   N. J.,               to Jersey City, N. J., ..........................                                                                                                                           56.53 miles.
    H~~dson Riwr                   Ferries,  ....................................                                                                                                                                 I.00         ‘&
    Calllclel~, N.         to South Atnlmy, N. J., .........
                              J.,                                                               ..................                                                                                              hr. I 5        “
    IZratlch, Ikrgen       IIill, N. J., to Fim-simus Cove, S. J.?                .....................                                                                                                          I.55          (‘
    I~r:~ncll, I I;trrison, N. J., to ;l’hrl;et Street,      Sv\varl;. S. [ ...................                                                                                                                  1.47          iI
    I',I-;~I~c~~.Metuchen.       N. J .. to I’,o1dmnpton,   N. J,s ......................                                                                                                                        I.S!,         “
    l:r;~11(~11, ~Ionmontl~ Junction,        N. J., to Kingston,      N. J., .....................                                                                                                               4.16          IL
    I~ra~lcll, I’rincetoll Junctioll,      N. J., to Princeton,      N. I., .....................                                                                                                                 T.l!         *'

    I’,r,lnc*ll, .\lollmoutll Junctioii,     N. J., to J;~tnesl~ur::-, 2. J., ....................                                                                                                                .5.,59       ‘(
    I:rnnc~ll, Alillllarll )lln(tio11, S. J., to Coalport,       N. J., ......................                                                                                                                    1.11         Ii

    I:r;~~l~ll,  Trwlton,     N. I ., to I~ordentowtl, N. J ., . : .......................                                                                                                                       6.10          “

    l?r;Ll1cll, I~lortmce,                N. J.,        to \Vood’s               Iron        \\‘orks, N. J.,               ....................                                                                   2.1’7        (‘
                                                                                                                                                                                                            -      ~~~     145.S4         miles.
                     Annex,
 I’c~lllls~~l\.:llli~~             ...............                                                         Jersey City to T?rooklyn, ..............
‘I’]-(~tlt0tl I k~l;~\\~ai-c I<rid~~, ...                                .........                          hlorrisville,       l’a., to Twllton,                     N. J., .........                                            .19        “
I’llil;~tlcl;~lii;~ :111(1‘I‘reiitoii Iiailmltl,                              ........                      l’llil;~tl~ll~liia, Pa. (Keiisiiigtoli),                           to Rlorris\Tillc,                    Pa.,
                                                                                                                ant1 l)ranc~h, ...................                                                                          26.50            "
l’llil:~tlcll)lli;~, I:ustl<.totl anti ‘I‘wI~~oI~ Railroad,                                        ...     Jullctioil with Connecting                        Railway,               Pl~ilaclell~l~ia, Pa.,
                                                                                                                 to ()sford Road, I’l~il~~dell~hi;~, Pa., ......                                                               3.55          “
‘l‘rentoll Cut off I?. R. Jullc-tion I’. C%‘1.. I<. Ii. at                                                  .1Iorrisvill~,      Pa., to I>el;~\vare I)ivisickn C;ln;ll,                                         ...               .6S        Ii
Corlliectiiig           l<ail\vay, .........                                                 .....          I’l~iladell~liia.         Pa. ( SIniltua),                    to I’liil~~tlell~lii;~, Pa.
                                                                                                                (I~r:~~ll~ford Jtlllction),             ...............                                                        6.75          (’
I;;lir Tlill R;lilt 0x1,            ...............                                                         in city of 1’1iil;~tlell~l~i;t, l’a.,                      ............                                               .7s        (‘
 I'll~~~lsitlc     I:;lill-o;d,    ................                                                         in city of l’liilaclell~l~ia, I’a., .........                                                                         .I7        (‘
 l<(~iisiligtoli ;~ii(l ‘I‘x-oily R~~ilroatl, ........                                                       in city of I’hiladell~lii;~, I’a., ............                                                                   6.59          “
 I<ivc~r-lTrc)llt I<ailrcml,              ...............                                                   iii vitv of I’l~ilatlel~~liia, 1’3. .............
                                                                                                                      _                                                                                                        3.77          ((
N(:\v \‘()1.1<I<;l;y I<,tilroatl,                    .............                                          near \\‘;lyerly, S. J., to Crossill,q of Central I<ailroxl
                                                                                                                of New [ersey :tnd lxxncli~s,                                  .........                                       9.20          “
 l)e~dl ~Inllmy and I\‘ood!)rid~e                                I<nilroatl,                 .....           Rail\\-ay, k. J., to Perth Amhy,                                     N. J.,           ......                      6.40          (’
~Iillstc)iie and Nv\v I~rtiiis\vick I<;iilrc):itl, ......                                                   Nt:\v I~ru~~s\vicl~,N. J., to East Millsto1le, N. J., ...                                                          6.64          ”
 l<o(~ky I Till i<;lilroatl,              ...............                                                    Kitlg~ton, N. J., to Rocky                           I Iill, N. J., .......                                       2.3s          (’
 l:c.lvicici-e Ihzl;tn-;w         R:iilro:itl,                 ...........                                  ‘l‘rctltotl, N. J., to ~I;~I~LIII~<~                 Chtllll<, N. J., ~111~1                  lnxnch,           79.04            "

 I<nterprise Railroad,             ................                                                         Coalport,         N. J., to East Trenton,                              N. J., ......                               r.50          ((
SI;lrtiti’s (‘I-WI< I:i-zi~ic~li Se\v Jcrxy,
                                           iii                                    .......                   Rlartiii’s Creek, N. J., to middle of Ikin\\are River,                                                                .r4        ‘I
.1T:l]*tili’s Creek l~ixiicli in Peiinsylvani:i,                                       .....                ;\licltlle of I)t:la\\~nre River to junctioii                                      \vitli Iklllgol
                                                                                                                and I’ortlantl Railroad,                      Pa.,                  ..........                                      r5       “
 IIrlstl(~toii kiilroxl,           ................                                                         Plliladelplii;i,         I’a. i Holmeshur~                        Junction),               to Phila-
                                                                                                                clc-lpliia, 1’;~. (Ihistleton),                  .............                                                 4.16          (’
l’liil,~delplii;t, Gerinaiitowii                   xlltl Cllcst1lllt I Iill I<:tilro:i:l,                    l’liilatlclpliia,       1’~. (C;ermauto\z.n Junction),                                    to Phila-
                                                                                                                clelphi~t, Pa. (Chestnut                   Hill), and l~ranches, ....                                        r;.S7           “
l)~l;l\‘;‘~lrc~River R;iilro;itl and I3ritlxv, .......                                                      (F~ankford June.),                   I’l~iladell~llia, Pa., to Pensauken,
                                                                                                                N. J., md lmiiches,                    ...............                                                       10.27           “
l~reellold ant1 J:meshir~                        Agriciiltural                  R,ailroacl,            . . Janlesl)ur.qq N. J., to Sea Girt, N. J.,                                           ....                      . 27.54              ”
Col~t~lll~r~s, Killkora alld Springlield                                   Railroad,               ...       I<ilkora,       N. J., to Ne\v I,isl~on, N. J., .......                                                        14.16            ‘(
I’tlil~~clelphi;l alld I,ong I31-a1lc-11                       JZailroatl, ......                            I~irnlilqhan1, N. J., to 1Lly I Iead Jullction,                                          N. J., arid
                                                                                                                lmiiclies,        ....................                                                                      49.07            “
 I’lii1;~tl~ll~lii.i ,iiid l:eacxli II;iven Railroad,                                        .....          ,IIn~lnll:~~~l~etl, N. J., to I:eacll Haven, N. J.,                                            ....             12.09            ”
C;~11ltle11 :x11(1 I:llrlil1:ton              Cou1lty Kailrontl,                            .....           Camden, N. J., to I’emkton,                               N. J., ant1 l>raIlch, ...                             29.61            “
\‘itlcctllto\\w l:~-an~Il R;Glmtd,                             ...........                                   I<\\-ansville, N. J., to Vincento\\.n. N. J., ......                                                              2.S4          ”
;\10ullt I Iolly, I .unilwrtoii                     and Medford I~ailroatl,                              . ;\fount IIolly, N. J., to I2Iedfortl, N. J.,                                            ......                      5.95          IL
                                                                                                                                                                                                                         --_-.        -
        ‘I‘otd       railroads           and ferries,              .....................................                                                                                                                   470.13            ”

l>c~l;l\vare and Rmitan                                                C.
                                               Canal (U. N. J. R. R. C& Co.),                                   P,ordentox~x, N. J., to New I+-uns\vick, N. J., \vith
                                                                                                                 feeder from Raven Rock, N. J., to Trenton,    N. J.,                                                        66.00           ”

       Gr;111d total              United           Railroads             of      New Jersey                  Division,          ......................                                                                     536.13            “
                                                                                            I,



l’liilatlc~ll~liia and l<rie Raiiroatl,                                       . . .                ......                     Snnhiry,              Pa., to Erie,       Pa.,      .............                                             287.56 1llil~S.
‘I’;m!Jlscoot;lc             I:rancll,                   . . . .                  . .              ......                     nex Queen’s to Terminus,
                                                                                                                                        rm                                                 ......                           .34 miles.
\Villi;tlnspoi-t          x11(1 l,incic~11 l:r,1i1(~11, . .                                        ......                     Allen’s           (\Villiamsport,         Pa.) to Nisbit,                  l’a.,     .      7 39         “
\Villi,ltnsl)ot-t         Lliiillxr-            l3r,Lnc\ll, . .                         .          ......                     near Newberry,                   Pa., to \Villhlllsport,                   Pa.,      .      1.9.7        I’
                . .
Can;~l I:l-;~llcll, . . . . . . . . .                                                              ......                     in c,itJ. of \Villiamsport,                 ..........                                      Lq.40        “
                                                                                                                                                                                                                                             lLl.Oh I‘
.S1iiil)11i-y, I Ia~leton              ;111d \Vilkc~sl),lrrc: R,lil\v.Iy,                                           ..     , Sulil,rIry,           Pa., to TO~~llliCli~~l, ..........
                                                                                                                                                                       I’X.,                                                                 43-44    ”
Nortll      ,111tl \V(lst l<r~m(~11
                                  Rctilw;ly,                                      .........                                  C;lt;t\vissn, I’a., to Wilkesl)arre,                         Pa., and l,ranc~li, ...                            47.S2    “
N~wY~~)(Y‘ I<;tilro:ltl,                  ................                                                                    Rock         Glcll Jl1nctioli,          Pa., to N~scopec,                     Pa.,        .....                I 1.96   ”
I’c~i~isylv,~iii~i         Scli~iylkill                    V;tll~.!.          l<,iilro<ltl                  (I’.    SL IS.
    I<. I<. I )ivi,ioll           l)ortion),                  .............                                                   l’ottsville,             Pa., to Ne~v Boston,               l’a., and br;m(~ll(~s . .                          I$\$     ‘(
l,c\visl)urF;          ;t11(1 ‘I’yrotl~~ Railw,~d                                  (,I’.         SL E.             I<. I:.
    1)ivisioii       portion),            ................                                                                   Montandon,                    Pa., to near Ixmwt,                    Pa., .......                               57.s4    (‘
Halt1 13:qle Valley                   R;lilrcxid                 (1’. C% F:. li. Ii. I)ivision
   l)ortion),          ....................                                                                                  near Ixmont,                    Pa.,   to Ikllefonte,                Pa., ........                               9.45    ((
Sr~s:l~ielianii,~         and Cle<lriield                        Railrcxid,                   .......                        Keating:,            I%., to Grthaus,              Pa., and branch,                            ....             24.S9    ”
Iiicl~wly        and Clearfic~ld                    Railroad,                     .........                                  Ridgway,                l’a., to I;alls Creek,            Pa.,          .........                               27.23    (I
Jollnwnb~~r~             Railro;~d,                      ..........                                                 ...      Johnso~lburg-,                 Pa., to Clermont,             Pa.,        ........                               23.52    “

       ‘I‘otal       I’liil;itiell~lii;i           a~ld Kricx li;tilro~ttl I)ivi~ioil,                                       ...........................                                                                                    566.15     “




                                                                                                                             SUMMARY.
I’c~nlis)~lvnni;i R;kilro;ktl                      IXvision,                  .......                                                                                                                . . . . . . . . . 17~15.16 miles.
1Tliitctl li;~ilroacls              o!‘ N<a\v]ers~lv I)ivisic,ll                                        :
                        I<;iilro:itl          :t~i(l ferries,                     ......                                                                                                             . . . 470,73 miles.
                        C;tnnl.           ............                                                                    . . . . . . . . . . . . . . . . . .                                        . . .             66.00       ”
                                                                                                                                                                                                                                            536.13    ((
I’liil;ttlt~ll~lii;i ant1 Erie Railroatl                                 1>ivision,                . . .                                                                                             . . . . . . . . .                      566.15    ‘(
                                                                            ALL LINES      OPERATED         DIRECTLY.




' 1550, . . .                                    S339YA52.5’                       $172,244.28                 .$167,2&.23                .........                                 $I    67,2uS. 23
 ISST,     .       .       .                    I ,039,565.49                        706,640.19                    3,z2,92Lj.j()          .........                                      332,925.30
 lSj2,     .       .       1                    I,943,827-8I                      1.326.So1 .94                    617,o25.S7             .........                                      617,025.87
 rS53,.            . .I                         2,774,889.37                      1,673,681.29                I,IOI,208.OS                .........                                I, 101,208.OS

 rS$$,.            . .’                         3,5I2,295-13                      2,049,9IS.53                1,462,376.60                .........                                 I ,462,376.60

 rsjj,     . - .                                4,27O,OI5.56                      2,430,738.02                r,S29,277.53                .........                                T>829,277-54
 1856,     .       .       .                    4,72O,I93.71                      2,SI1,567.98                1,905,62j.i3                .........                                 I,905,625.73
 lS57.     .               .                    4,855,669.76                      3,c)00,7~2.90               1,S5~,926.S6                .........                                 r,854,926.S6
 rS5S,     .       .       .                    st I85,330.65                     3,021,S85.oJ                2,163,4~5.6~                .........                                2,163,445.64

 IS59, .                   .         367.       5,362,355.2T                      3,130,73S.I5                2,231,61;.06                .........                                2,231,617.06

 I%),      . . >                     367.       5,932,70’         -48             3,636,299.oS                2,296,402.40                ........                                 2,296,402.40

 IShI,     .                         43s.       7,300,000-95                      3,6j3,062.76                3,6-!6,933.19                            $12&8.47.96                 3,5TS,O90.23
 rSh2, . . >                         615.      10,729,97S.             57         5?652,-lI2.47               5,077,566.            IO                   260, I 63.37              4,817,402.73
 1SG,j,            . ,                716.     12,62Q,O71.31                      7,057,651.46                5, j1(),419.S5                             3% 723.3”                 57 1599696.55
 ISGJ, . . >                          797.     T5,890,205.64                     TT,46T,7~T.-l9               4,42S, 46-l. I<5                           540,SSI.           35     3,887,582.80
  ISGj, . . .                         S,i6.    T9,533,3I(‘.2S                    wm#%a                        4>6I9,3w.S7                                S48J773.46                3,770,562.4’
  lSh6,            .       .         ss7.      T9,124,931.63                     14,726,4S4.53                4,398,45”.            ‘0                I,OT9,412.25                  3,379,O.Z7.%
  lS67,            .                  sgo.     18,673,9’6.30                     13,931,53S-39                4,732,377.9I                               962,      rd7.80           3,770,230-”
  rsm,             .       .          S96.     20,037,747.67                     13,697,0.x.         73       6,3-P,7II            .94                r, rS6,647.34                 S,T54,064-60
  ISh),    .       .       .          9’5.     20,5’3,5I7.02                     T-L32T,479-55                6, T92,037.37                           I,J41,2SO.48                  4,%0,756.99
  rS70,            . .                927.     20,675,75I.53                     13,591,S78.62                7.OS3,872.9 I                              9J7PO73.13                 6136.799.78
  rS7r. . . .                      I ,02s.     22,262,       roe. 58             14,296,696.68                7,965,3()3.90                            I,2wOJO.33                   6Y763Y363.57
  rS72. . . .                      1,530-      36,4&-A ~03.36                    24, T12,901 .or             I 2,33sj,6()2. 35                        4,746, I 66. OS               7,5S9,436-27
  rS7j,                . .         I, 574.     39,983,13S.             91        26,237,QsO.Os              13,745,28X.86                             5,117,926.            IS      S,627,362.68
  lS71.                .   .       I,599-      37y3S6j427.27                     22,357,349.59               15,029,077.6S                            6,230, S64.26                 8,798,2T3-42
  rSj5,        .       .       .   r,G;r.      34,463,TO4 *38                    2T,094,367.3I               ~3.369,613.~~7                           6,20~,72S.53                  7Y167Y974.54
  ISjh,        .       .   .       1,690.      36,S9T,O60.99                     22,0Sr,229.~33              I~,SO~,S~~I           .65                6, joS, 82s. 92               8,50T,OO2.73
  rS7;,        . . .               r,7< $ 2.   31,117,136.1S                     19,028,467.24               r2,oSS,678.9l                            6,351,242.12                  51737,436.82
  rsjs,            . .             T,7S2.      3T,636,73-1.58                    T8,46%993.7T                13,167,74o.S7                            5~994433.17                   7,T73,307*70
  TS79,                . .         1,872.      33,62(‘,279.‘7                    20,382,740-         15      T4,2,=,7.\539.02                         6,245.~13.16                  7,992,425-86
  ISSO,                . .         r,S75.61    4I,260,072.49                     24,625047.57                16.63.co21.92                            7.029,072.53                  9,605*952.39
  ISSl,        . .                 1,956.      4J,T24,IS2.8~                     26,709,809.93               I7,4I&372.90                             7,TT6,39T.             T8    10,297,981.72

  lSS2,                    .       2,0$7.06    49?079,S33 .fQ                    3~617,    -105 ’ 45         lS,432,~2S.            1;                7,906,169.52                 ro,526,258.65
  rss;,            .       .       2,102.16    5r,o83,252.             IO        37,747,    JS0.34           19,336,101            .66                 S,JT7,T23.32                To,9TS,97S. 34
  rSS1,            .       .       2,267.Sr    4S*S66,9T7.84                     30,527,0~6.02               rS,qg,gor             .S2                 8,592,606.66                 9,447,29.5- 16
  issg.            .       .       2,316.~~    45,6r5,033.%                      29>179,761.83               16,r35,2hS.7r                             8,xw93T-69                   7,604,337-02
  ISSG,                .   .       2,.‘@7-77   50,379*077*00                     ./2,6rgqLW. 61              ‘7,759?@.39                               s~935235.73                  8,824,236.66
  lSS7,            .       .       2.1I2.33    55,671.3T3.T3                     37,&6,,58~~.80              Is,\js~,;28.~~~~                          ?,I\+,I77.95                 9,43S.w.3S
  ISSS,                    .       2,435.72    58,172,077.66                     39,33T,T.s3. r-i            IS,    S,io, 924.52                       9,6oS, 649.2;                9,232,275.29
  IS%),            .       .       23456.07    6r,sr4,445*TI                     4T,O96,W.64                 20+3T7,639.47                            ro,o~2.17r.73                10,375,467-74
  I sqo,           .       .       2,jOO.72    G&202,259.83
                                                                                 41,98O,s53~67               27,221,705.16                            ~0,421,046.             18   10,S00,658.98
  rsqr,            .       .       2?57?. 16   67,426,S4o.ST                     45,9-F7,444-62              2I,479,396.             ‘9               IO,@,         I 32.76        10,997,263.43
  rS92, . . .                      2,657.57    68,84T,Sq4.76                     4S,ST9,36T .30              20,022,183.46                            10,228,271            .or     9,794,2IT.55
  189,;.           .       .       2t72s3.75   66,375,223.83                     !6,996,OT7.28               T9,379,206.55                             9,97J,695.61                  9,407,570*91
 1894,                 . .         2,737.07    5% 704,2S4.             Ss        40,363,746’57               1S,340,538.OT                             S,95$440.95                   9,384,097.06
  TS95.            . ’             2,74’.32    6&627*T         jS.72             41-5To,656.3T               20,116,522.41                             S, Sgh,oh1 .39              11,220,461.02

  1896,            .       .       2,7S7.46    62,096,502.66                     43,359,326.97               1S,637,1~.<.
                                                                                                                       7.5                             S,S24,163.09                  9,813,0~2.66

 rS97. . * .                       zSr\3..zs   64,223,TT3.T5                     43,257,626.59               20,96,j,JSh.            56                9,7TS,4?‘.42                ~~,247,0$.~~

  rSc)S,           . .             2,S2r.7r    65,603,737-95                     44,5IO,OTS.S.j              21,09,5,722.            IO               10,315.771.90                TO,777,950.20
 1899, . . .                       2,St7.44                                      50,343,633.         G-1.    22,57SJSI.3T                             J I ,320,/j@.           82   11,257,902.49
                                                                                                                                                                        -
                                                                                                                                                                 49


                  TONNAGE,       MILEAGE,       EAKNIXGS,          EXPENSES,            AND        AVERAGES    ON FREIGHT           BUSINESS
                                                          FRO&~    1864 TO I 8gg               INCLUSIVE.

                                                            ALL LINES OPERATED                DIRECTLY.


                                                                                             AVERAGE                                 AVERAGE     ~AVERAGENET
                                                                                             EARNINGS                               ExPENShS        EARNIN(;S
Yt?.ZR.          TONS.                                            EARNINGS.                                    EXPENSES.
                                                                                             PER      TON                            PER   TON      PER    TON
                                                                                             PER     MILE.                                         PER    MILE.

                                                                                              CENTS.                                  CENTS.         CENTS.
I S64,         3, IS97259             436,w>w                  $Io,907,036-      77            2.498          $S,336,168.69            J.909          0.589
1S6.5,         3,090,6SI              452,IS3,47S               I2,277,490.63                  2.715          10,610,867.32           2.347           0.368
1866,          4,001,4.55             579,539,073               I3,453,592.72                  2.320          10,625,075.12            1.832          0.48s
          I
IS671          4,50x,232              646,231,SSI               I3,464,201.69                  2.083           9,974,596*36            I.544          o-539
1868,          5,5IS,729              806,376,652               14,9s3,779.2s                  I.S$?           9,7I2,567*62            1.204          0.654

IS699 1        61294,066              927,7J-t,I+                J&439,739.51                  1.664          10,602,820.27            I.143          0.521

rS70,           7,04I,6SS           I,or4,@2,970                 I.5wb3r4.99                   I.503           9,971,%-98             0.983           0.520

lS71,           S, 404,334          J,244,32S,276                16,Sj2,662.82                 J-354          I0,777,J44-98           0. S66          0.4ss

rS72,          13,246,456           1,629,613,645               23,797,237.02                  1.460          16,1Sr,517.88           0.993           0.467
JS73,          Js,647,509           I,S70,537,537               26,987,S20.76                  I.443          @,2S6,725.39            0.978           0.4hLj


JS74,          J5,604,922           1,9I6,59J>690                247 15,4rS.I5                 1.290          I5,554,659.70           0.812           0.47s

JS75,          J5,772,722           2,026,190,42j                22,So7,660.00                 1.126          14,362,136.16           o-709           o.4J7

1876,          17,oQ,953            2,22J,7,39,19S               21,132,560.23                 0.951          J4,657,053-     29       o. 660         0.291

JS77,          16,382,268           2,086,%9,@                   2 1,149,3sg.$3                    1.014      12,834,226.82            0.6J5          0.399
       I
IS-/S, ~       J7,597,447           2,365,330,42S                2w%4m75                       0.927          12,752,696.07            0.538          0. ,?sy

rS79,          22,867,   I 62       2,974>925,SSJ                        960. 2 I
                                                                 2.!,,jOO,                     0.824          J4,287,532.62            0.4so          0.344
ISSO, /        26,0.51,091          3,239,4S2,799                29,75”,29J      .99           0.918          I7,49%054.SS             0.540          0.37s

rssi,      ,   \v:S95,376           3,63J,S29,46S                3r,r28,52I .oo                0.857          I&773,389.24             0.5’7          0.3-P
1882,          34,181,016           3,9IJ,SXT,OS7                3~2051596.31                  0.874          21,685,852.22            0.554          o.j20

1883,      '   35,@W62              4,059,970,201                35*764,506-S2                 0.881          22,So7,493.     S4       o. 562         o-319
 ISS_F,        36,632,57J           4, J31,657,237               33,242,301.60                 0.804          2I,399,835-67            0.5rS          0.286

 ISS5,         39AS [,3S5           4,446,470,65        1        3o,S95,747.95                 0.695          20,435,253-72            0.460          0.235
 I SS6,        42,S33,499           4,5S4,355,9”S                3 1,623,S77.39                0.755          22,566,369.73            0.492          o. 263
           I
 Iss7,         .%033,297            .wwws%                       3S,OSO,S23.85                 0.730          25,9’2,S45.49            0.497          0.233
 ISSS. I       55,7~~SP16           5,796,$16,925                ‘P,J75,773.      S3               0.693      27,944,356.20            0.482          0.211

 1ssq,         sS,373,4S9           6, I 70,s   I3,9So           42,302,176.16                     0.686      29,182,838.01            0.473          0.2J3

 I s90,        66,64S,730           6,994,332,633                457783,597 - 23                   0.655      32,404,55S.      91      0.463          0.192

 1S9r,         66,500,209            7,()SJ, 702,979              46,650, J84. IO        1         0.659      32,363,057      -65      0.457          0.202

 1892,         71,I20,736           7,552,76o,S49                 473460,452.77          (         0.626      34,479,972.67            0.455          0.171
       I
 1893, 1       691129,790            7,426,109,13J                45,606,999+25/                   0.614      33,2’1,2OJ.34            0.447          0.167

 IS949         63,972>269            6,go2,828,482                40,4I2,55I.20          /         0.585       25,630,373.98           0.415          0.17’)

 1X9.5.        77,593,37S            S,lj2   ,343.46r             4j,922,OlS.      IS              0.563       32,338,X68.22           0.397             0.166

 IS96,         72,322,609            7,iO7,SS;,     205           43,500,7J3-27                    0.564       3J,vr,3or      .55      o-409             0. ‘55

 JS97,         73,927,656            s,535,15s,oos                -15,770> 174.Jo                  0.536       31,498,826.46           o-369             0.167

 JS9S, ,       S4,220,747            9,214,~6~,495                45,939*773*4S                    0.499       32,744,026.12            0.355            0. J44
 I sgq).       IO’),05   1,226                -6
                                    J”,‘~i5,1)/ ,597              \i1,395>733. J6                  0.473       37,376,423.     ‘3       ~~si4            0.12c)
50




                                                          ALL   LINES         OPERATED        DIRECTLY.




\‘I<. \I<.

          -
                                                                                               CKN?    5.                                    CI<NIS        (‘INIS.
 I ML&          2,952,696        1bog-t,            736          $4,357,SSo.64                 2.672        $.z, J25,572.80                   r.c)Jh       0.7s6

 I Shj,         3,6r 1,086       23wr9,Srs                        6,376,079.         I1        2.738         4,303,“7 ’ *37                  ‘.8<55        0. sv,;

I S66,         3,,368,983        162,395,SSo                      4,6Sr,rgr.66                 2.88;         4, Jo’,4T-4J                    2.526         0.357
1867,          3,9S3,“28         J47,5 F’j,&                      4,25h,3-13e        52        2.SSj         3,966,9~2.03                    2.689         0. I c,h

 I sm,          1*37% 49s        1c5fi632,07v                     3,241,5Sj.S2                 2.708         3,9S4,468.            II        2.534         o.rfij


 I S69,         .k,SSo,4or       J 69j772jS3-1                    4,3w         101.45          2.535         3,718,6j9.2S                    2. Irjf)      0.34.5
1s70,           sw4,924          169,972,98-~                     4,36-h 4s r .43              2.568         3,61r,554.()5                   2.125         O.‘$.~<j
 1571,          5,38-1,869       172,67S,o24                      -L-P3,535*42                 2.596         3,504,276.            I,$       2.029         0.567
 I S72,       r3,967>69o         3611676,659                      9,637,166.69                 2.665         6,wi~xG~                        1.912         ().7 5 3

 1s73,        f.5,057, I.53      372,o48,475                      9,SS7,634-75            ’    2.658         7,6r32          w5r             2.0,$6        0.612

 Is; 1,       I 5,0m,u63         36LS32,3’6                       9,488,968.56                 2.603         6,2zr,w.91-                     1.7’5         O.SSS

 ‘Siti,       J-1,456,S64        3 14,2~~4,876                    8,857,619.67                 2.573         6,r9r,2S9.s39                   ’ -799        0.77‘1
 I sy3,       1S, ,+3,366        623,208,759                     r2,Sr7,473.64            ’    2.057         6,572,572.P                     I .()  5 ,j    1.0(~2


 ‘S77,        1\~,007,S,~.?      298,752,73(j                     6,9-w, 498.97                2.323         5,>326,oS7.97                   1.7S3         “..j l(J


 I S;S,       12,792,305         2c)2,72      j,j24                6,759,J26-43           1    2.309         5,“‘3,723.32                    1 .7’3        0. p)6


 1s;c),       13,6c)2,4ot        3 I‘!!,   260,989                7,&,949.36                   2.255         ci,3j0,22S.           17        I. ;CI!,      O.,j.lh

1 SS( ),      ’ %57.5,%2         382,787, rS6                     8,504,3S7.22                 2.222         6,.]07,692.           IO        I.67     1    0. s.\:,


 JSSr,        I S,9S5,4’)9       446,3J6,555                1     g,602,768.67            ~    2.152         7,207,,;00.6~                   r.615         0.537
                                                            I
ISS2,         2r,SS7,yj2         496,202,927                /    1r,r6o,St6.55                 2.249         8,2,j2,581.23                   r.663         0. $35

I SS3,        23,081,85S         505,      rSo,$3     I          11,605,253.42                 2.297         8,2J.5,3h5.70                   1.626         v.67      I

 ISSj,        25, r6.!,13    r   Sr2,873,4S5                     11,582,198.17                 2.25s         S,313,$6.21                 ~   I.621         0.637
                                                            I
JSS.5,        27,642,01S         56%664,9r4                      rr,oS7,445.oo            ’    r-9.50        Ss337,776.91                    1.466         0.&1

I SSh,        3rBq0,27r          576,9o6,276                     12,K9l,S30.84                 2.114         9,292,592.6J                    1.61     I    0.503
1ss7,         35 7S5,769         657,362,557                ~    r3,96Sj909.51                 2.125        10,363,715.40                    I.577         O.SLjS
                                                            I
I sss,        $3, I 6S, 37.1     6Sr,684,854                     14,259,507.77                 2.092        IO, j I 7,506. S3                1 .5-l.?      0.519
                                                            I
I ssg,        qo,Isg, s93        727,312,735                     1.5,140,342.75                2.OS2        I I, ro6,   125.34               I.527         0 . 555
I s90,        43,Sro,382         778,818,917                     16,m         w.ss             2.077        r r,710,227.29                   r.504         o-573
1sy1,         4 l,Sio,727        795,o98,61S                     16,33r,444.Stj                2.054        12,725,352.\33                   I.   600      o-454
I 892,        46, QS, 572        843,819,609                     r 6,709,533.9~1               r.9So        13,332,U6.93                     I.580           4(X>
                                                                                                                                                           CJ.

‘S93,         43, ‘35732”        813,652,SG~                     J6,264,ror.22                 I.999        r2,SS4,347.53                    I..jS$        0.415

1S9 1,        $i596,160          693,oro,os6                     r3,7o.w99.~6                  I.977        rw6r,w             .S;           1.5S2         0.395

1895          37,452,337         712,o72,95o                     13,909,506-33                 l-953        11,331,4S9.73                    I.SY’         0.362

rS96,         36,170,220         699,799,213                     r3,7-14,556.7o           I    1.964        rr,qo.;Sr.gr                     r.5S2         0.3s2


I s97,        343997,524         693,279,336                     13,506,67       r .2S         J-948        10,729,96S.01                    1.51s         0.400

rS98,         35,962,566         745,962,679                     14,4Jo,746.46                 1.932        ro,6SS,9;6.33                    r.433         0.499

JS99,         3S,o29,922         823,3%623                       r6,oIo,S3r        .So         I.935        rb753,97+W                       1.428         0.5 ‘7
                                                                                                                                                                                                        5’




                                                                            I~I:J:IG~IT              ‘L’IZzWFIC        S’l‘;\‘I‘IS’I’ICS

                                                                              ALL       LINES         OPERATED              DIRECTLY.




nliles      of road,       . . . . . . . . . . . . . . .

Freight      earlliug-s        (rail),    . . . . . . . . , . . $33,223160S.65                         $I I,go3,27 I .33             $6,2WS5,3.1S
                                                                                                                                                ,$51,3%,733.16              $5,4%,959.6s


Per celit. of total earninos ) . , . . * . . . . I
                           ,,’                                                          75.7          ~              55.7                    Sj.2                 7O.S                  0.5      1
                                                                                                                                 I
Nullher       of tons carried,               . . . . . . . . . .                6r,526,176                   20,s: 1,346                ‘7,953>7’4                 226 ~
                                                                                                                                                            IOO.O~~~              1.s>K;\z,47!,

Nutlllxr      of tons carried              o11e mile,    . . . . . .        S, log,j;      I ,s.$j        I,I OS,   6S9,942          ‘.596,S15,1    IO   ‘u,S7,j,(176,59$   1,66o,,jl    1,102,


Avcr~~~e lliiles eacll ton was carried,                          . . . .                                                                                         10~69          . . .   . .          0.72


Nuullxr        of tons         carrietl    lxx mile of road,         . .

Numlw          of tons carried one mile per mile of
  ro‘ld,       . . . . . . . . . . . . . . . . . .

l“rcigllt     earliillgs       per mile of road,           . . . . . )

Frei$lt      expenses          per mile of road,           . . . . .

Net earnings         from freight per mile of road,                    .

Average       earnings         per ton (cents),          . . . . . .                                                                                              51.4     . . . . . . ’             3. ’
                                                                                                                                                                         1
Average        earnings         per ton per mile (cents),               .                                                                                          0.473 I . .   . .                 c).c)Lfl
                                                                                                                                                                         I           . j
Average        cost per ton per mile (cents),                    . . . .                  0.292       /                                                            CL,?44 . . . . . . /              0.C) I 1


Average        number          of tons in loaded          car,     , . .                 19.95        1                                                           19.SS                 1.\$5    1


Average        train load, tons, . . . . . . . . . .                                                                                                                 470 ~                    :jOl

Average        number           loaded cars in train,            . . . .                                                                                          23.6,;        . . .      . .       0.14


Avcra~e        number          empty cars in train,              . . . .                                                                                          13.73         . . . . . . /        0.52
                                                                                                                                                                                                 I

Revenue         freigll t train mileage,             . . . . . . .                                                                                           23, I47,9S2    ’      2, ’35,“34
                                                                                                                                                                                                 I
Revenue        freight train mileage              per mile of road,                                                                                                s,325                   j22


Freigll t earnings         per revewie            freight train mile
   (cellts),       . .     . .                   . . . .

l;reiglit    exlxlisc5         per revenue        freight train niilc
   (cellts),       . .     .    . .      . . .   . . .   . . .       . .                J 35 . 1
52




                                                                     PASSENGER                  TRAFFIC               STATISTICS.

                                                                        ALL     LINES           OPERATED              DIRECTLY.




Rliles of road,          . . . . . . . . . . . . . .                          1,7&5.r6                       469.73                   566.15                 2j780.44                           21.73

Passenger       earnings      (rail),    . . . .         . . . .       $8,2q7,5Sr.60                $6,S90,64r.r7                 @72,609.03         $16,oro,S31.So$r,60(),oS~j.34

I’er cent. of tot;11 earnings,           . . . . . . . . .                        1S.S                        32.2                      11.9                    22.0              .   .    .     .     .              0. I



Number        of passengers       carried,     . . , . . . .              rg,XS7,703                   16,281,355                   I,S6o,S64            3%029,922                        2,067,356

Nrttnber      of passen.qers      carried     one mile,        . .       115,7%,992                   369,[64,93S                  3%354,693            8231301,623                   77,34=,944

Average       miles each passenger            was c:Lrrie(l,                     20.91                        22.67                     20.61                   21.65                                0.9 I

Nutnlwr of passengers            carried per mile of road,                       t 1,396                      34,705                     3,237                   13,678                                628

Nuttther of pzwttgers    carrietl one tnile per
 mile of road,    . . . . . . . . . . . . . .                                   23S,     2 j0                78619 14                   67,747                 296,136                          25,409

P,tssetiger     earnittgs    per mile of road,           . . . .              $4,725.97                $r4,6SS. 13                  &,54t.30                 #5,75s.38                         $528.97



Passenger       expenses      per mile of road,                . .            $3,369.84                #to,953.07                   $1,297.60                $4.227.38                         $33S.       56


Net earnings       from passengers           per mile of road,                $1,356.‘3                    #3,735.06                  YX343.70
                                                                                                                                      ri-                    $t,s3t.oo                         $ISO.41

Average       earnings      from each [)assenger          (cents)                31.5                         42.3                      -16.9                   42. I                                2.0

Avern~ge       earnings   per passenger  per mile
  (cents),       . . . . . . . . . . . . . . . . .                                 I .&                            I .S67                 2.275                   I.945
                                                                                                                            I                                                         . . . . .
Average       cost per passenger          per mile       (cents),                  1.4’4                           I .392                 1.915                   I.JZS


Average       number     of passengers         per train,      . .                         49                          66                       32                       54                                  3l

Passenger       train mileage,          . . . . . . . . . .                   $46j,362                     5,574,9’0                 t,t93,921           ‘5,234, ‘93                           476,933

Passenger       train mileage       per mile of road,          . .                 4,851                       I   r,SS4                  2, to9                  5,479                                    ‘24
                                                                                                                                                         1
Earnings       per passenger        train mile (cents),        , ,              122.2                         147.7                     87.2                    128.X                                7.9

Passenger       earnings     per train mile (cents),           . .               97.4                         123.6                     73. 1                   105.1                                7.4

Passenger       expenses      per train mile (cents),          . .               69.5                          92.2                     6r.5                     77.2                                4.s




                                                                                                                            I
                                                                                                                                                                                                   I
(;ross   earnings      per mile of road,           . . . . . .           $25,159.52                   s43j563.91            ~     $‘2,99t._F2           $25,757.3t            1       $2,4(~~).7,3 1

Operating       expenses      per mile of road,           . . . . i        169941.79            I          317196.92        1       S,$O5.9<< ~           17,670.or                       1,903.22                1


Nc.t   wrtiings    per mile of road,                 ,       . . .            S,2r7.73                     lY367.99                 J$ rS,j .‘I’,            8- 117.30        ’                497.sr             ’
                                                                                                                                           (‘~,.~~sII~‘i~‘.~‘l’loN                     01;     FREtGII’I’             ‘I’KAI;F;I(‘.

                                                                                                                                                       ALL       LINES              OPERATED              DIRECTLY.




                                                                                                                                                                                                                                                ‘rOT.\I .



                                                                                                                                                              I‘t.).\5.                                                        I‘OS5.           ‘I‘osc;.
t’KoI>U~TS             01:            AGKIrIJI,Tr~KE.

     C;rairl, , . . .     . . . . .   .                                                                                                                      r.S19,or I                           .?‘i.Z,  23s                  s-h, z6          2. jS9,02      j

     I~loLlr, .     _       . . . . . . .                                                                                                                      6oS, 29~                           260,02,;                      <ioK j67          1) I ;7,os4
     Other mill products,     , .   . . .                                                                                                                       .%2,4-F5                          ‘09,7i5                        I 18.965           .j~l,ISS

      tray,        .     .       .        .       .        .       .           .               .           .                                   .                 ‘77,915                           IO&I66                         72.455            >,%,s36
     ‘rol,acc~c ), .                      . .              .       .           . .                         .       .           .                                  57,939                            *s,ogs                        ‘3,044              99,041
     cotton,             .                .       .        .       .           .               .           .       .           . .             .                I 12,035                            1,424
                                                                                                                                                                                                   ’ ’                                5,351         229,220             I.
      Fruit5           and               ve~qet;tl)les                                     ,               .       .           . .             .                zSO,6Jj                           3S9,306                        106,4i7            ii67    42s

     Other             articles,                           .       . . ~ .                                         .           .               .                 166.S2~                          1 .;g    6~4                   lrJB39J            417,S32              ).



      I,ive       stock,                  .       .                .           .               .           .       .                                                                               ‘7%     345                    3% 59s            650,339              1.
      Ih-essed               nleats~                       .       .           .               .                   .           .       .       .                                                    Q5.555                            4,366         245,814
     Other             I);~~l~it1~-l10~1~~~ l)rodllct5,                                                                                        .                                                    X*9’                              19,733        .x0,2 ' 5            1.
      I’ollltry,             g;1111e, ant1                                     thll,                                                   .                                                            45,392                        20,720             130.762
      \\Tc,ol)           .                                 .       ,           .               .                               .               .                                                    21,725                         2,635              65,657
      I lides          and               I~atht~r,                                                                                             .                                                    97,429                        69,660             2S6,437
      Other            ,lrtic.lcas,                        .       .                                       .                   .       .       .                                                  329,~~29                        69, I77            661,6.lo



      Anthracite (m11,                                                         .                                               .               .          5141,232                              4,032,202                     j,O 50, SSg       x4,*24,323
      13itunlinous ux11.                                               .                       . .        .                            . .               2~5099,662                             5,951,49*                     j,656,*01         31,707,355
      Coke,             . .                                         . .                         . . .                                  . .                   S,I45,46*                             220,796                       4*9,5S*          S, 79 j, 340

      Ores,     . . .      .                                        . .                         . . .                                    .                   \i,$.i~SgI                            294,262                       563,115          4,421,26S
      Stone, s;t~ltl, atlcl                                        like                        ;lrticit3,                              . .                   3, Y3*, 5P                         1,1*4,978                        250,73S          5* 306,256
      Other articles,                                               . .                         . . , ,                                . .                       -1%520                            202,651                            52,5’2         7iis6S.z


PKonuc-rs               OF I~OKRSTS.
      I,un1ber,                   .       .       .            .       ,           .               .       .           .       I       .       .                                                   820,877                     1,*93,S4S                            , 1
                                                                                                                                                                                                                                                                      I.
      (klitr           artic‘lvs.                              . . . . . . .                                                                                                                       136,SGT                       421,6SS                            ; I.

      I’ctroleunl                        a:id other                                            oils,                   .               .           .             391,021                           *,jo,966                      232,999             S7-$,gst       i   I.
      .sLl~~~lr,             .       .        .       .        .       .           .               .           .       .           .                             266, S24                          I 60,332                      I 02, So6           s*g,$z ,           1.
      s,Lv;ll           store>,                       .        .       .           .               . .                 . .                                         22,       105                      6,7SS                            4,0\3’          32,924       I   I.
       iroll--l)ig                   a11(1 1~100111,                                                                   .                                      2~59’,233                            361,022                        ‘34,321         .;.oS6,57t i I.
       lrt)ii      ;11i(l bitecal rails,                                                           .                               .       .       .            6rjT3(j6                           2oy,ogr                         63,190            HSj,,@; i D
      Cwti1i~s                   alit1            nixliiliei-!.,                                                       .           .       .       .          r,367,260                            730,303                       /Jcj0,06T        2,547,624 I I.
       hr         ant1           shc~t                    nir~tal,                                             .       .                   .       .          2,320,32S                            6ofis4 1                      263,209          3, ~90,Oj~ i I.
      Cenlelit.                  h1 ic>l;. x11(1 litiic~,                                                                                                     1L$9,3w                              320,73-l                       ‘95,549         I *8S5,5S; I I.

      r\gricultural   illil)leilieilts, .    . .                                                                                                                    33,3< 3
                                                                                                                                                                         ‘i-                             ‘5, $24                      I 0,016          59,*5: i         I.
      \Vagons, c:lrringx3, tools, 8x.,                                                                                                                              3,i,o3i                           ‘5,457                           s, 130          $4     c
                                                                                                                                                                                                                                                             624
                                                                                                                                                                                                                                                                        1,
      \Vines, liquors, mtl leers,         . .                                                                                                                     I99,31                            I 06,g46                          31,1S6         337,.51: j         1.
      Houseliold     gmxls and furllit1iri~.                                                                                                                        ~6 654                           37,453                           rs,*%          109,39: ,           I.
      AIercliandise,    . . . . . . . . . .                                                                                                                      .1Yr(2\;Q                           95,o-P                       “5,297            691.57: j , I.
      Other articles,       .           . .    .                                                                                                              2.iLj19S,i.l                       2, rS6,122                      gifAo6s          jj9J6,0-t1 [ I1.

 ~liscellaneous,                              . . . .                                                  . . . . . .                                                S,jS,      I 60                  366,938                            72,425       1.‘97*5*:
                                                                                                                                                                                                                                                           j            1.


                                                                                                                                                                                                                                                                      /
                                                                                                                                                                                                                                                                      I
       ‘I’otal,              . .              .       . .                  .           .               .       .           .               ,       .         61,526,1;6                                                                                             3 II.
                                                                                              EXPENSES          IN     DETAIL.




IXrigineerilig a11c1 sliperintendence,                                 ....................                                                    $16o,S6g.o3          $5,901.04
l<OXl\v~Iy, repairs of, ...........................                                                                                             625Y560.09         161,5SS.53
I:~lllast,    .................................                                                                                                 207,060.97          321956.53
l<:Lil fastenings, ............................                                                                                                 Ii2j719.33          30,995.19
Icrc)~:s itnd switclles,                  ..........................                                                                            167,S93.3:          40, sss . 04
Interlocking             plants ;~lld signals, repxirs of, ...............                                                                      2~6,236.60          23,613.20
Ko;~cl\\ay tools, repairs of, ........................                                                                                           64,395. IS         r6,7S4.85
‘I’ixc~k repairing,                  ............................                                                                              ‘,3’9,457-72        1s2,2g3.j0                     d




l<;tils,     ..................................                                                                                                   260,340.13      . . . . . .      s5ft355.3.1
C’ross-ties,          ..............................                                                                                             Srz,zSg.g6         21,237.57
ISritlges and culverts,                        repairs of, .....................                                                                  265,966. S5       5-LT34.45
lTtklices, road crossings,                          ant1 signs, repairs of, ...............                                                       43,9so* 52         5*595*70
Overhead crossi1lp,                            ..........................                                                                         6z,$%.g3          16,39~ .02
St;ltic,iis,     repirs            of ant1 furniture for, ...................                                                                    265,056.76       . . . . . .
E;,ligiiie-houses              ant1 sho~)s, repairs of, ...................                                                                      216,010.92         44,16S.47
Fuel 311~1water stations,                              repairs of,        ...................                                                    116,927.71         34, i23.54,
IIwellillg,      power, signal, tool, and watch liotises, repairs                                         of,          .......                   104,661.03         -F”,S39* 54
(;clicr;il    oltice, rqmirs an(l furniture                                     for, .................                                             5S,o54-23          5676.43
1hx~l;s, dretlgillg and c.lealling,                                ......................                                                          ro,g~~r.S7     . . . .             6,S71.1 I
\\‘li;irv~5 mid Iaiidings,                     rqmirs of,                    ....................                                                  79>432*93        47,’ r.z.30
‘I’t~l~~gapli, repairs of,                      ..........................                                                                         S9,rro.o7        21,765.7S
Stationery        and printing,’                     .........................                                                                     15,029.Sq         6,7’i4.S6
lllSIlrrlll(‘~,    ..............................                                                                                                  I 3,,57S.56          345.78
lnc~itl~ilt;tls, ................................                                                                                                      ‘,737-16         146.~4



        ‘I‘Ot;ll,       . . . . . . . . . . .                               . .           . . . a . . *         . . . a . . . .          $j,     j7j3S99.j2       $72’,654.39


                               1’31
        31.11NTENtZNCE OF l<(NTI 1ZN.T.                                                                                              I

Slll)“riiiteridence,      ............................                                                                               ,  $227,94’.52                   tf613.32
l,oc~onlotives,      repairs of, .........................                                                                              1,969,321.97               315j637.35
CT’;irs;,repairs of, passenger,                        ......................                                                       . ~   771,~yo.of               2I4,“37.95
(-;u-s, rylxlirs of, freight,                ........................                                                                          4, ~4’=,2%.oi       S6z,g6y .qc)
Cars, rcixiirs of, work, ..........................                                                                                                 S&647.22        20,901 .S.?
ILLI-:-~;(:s,car-lloats,           and canal-lmlts,                     repairs of, .....                  .........                 /               2,14S.ot        1,331.d
St~;ttnlw;tts and tug-boats, repairs Of, ...................                                                                         i                 639.41           5’1.33
‘I’ools 31id machinery,                     repairs of, .....................                                                        !           I ;s, 292. SI      33j252.24
St;ltioner).    aild printing,                   .........................                                                                         26.6So.6t         S,S45*34
SIIC,~JS, 1ic;tting alid lighting,                        .......................                                                                  50,706.Sq         6,467.20
\\‘atclllllell, ........................                                                                        .- .......                          4s,g32 * 7:         248.23
1iisurmcc’,       ..............................                                                                                                    45,534.21         3499.17
I nciclentals,     .........................                                                                               ......                   52,021.7c        IqSz6.gI


                        ...............................                                                                             -1
        Total,                                                                                                                      . #7,600,962.37
                                                                                                                                                                                                                                                                                   55




                                                                               PENNSYLVANIA                                                       RAILROAD                                   DIVISI(               IN.

                                                                                                        EXPENSES                        IN        DETAIL.-CONTINUED.




                                                                                                                                                                                                                           j
 SJtperiJitetidence,               ...........................                                                                                                                                      $Ii\Z,S95.90/                                                      $1,2Sg.59
 Clerks,        attet~clatits,      and otlic~e t’~lxtises,                                             ................                                                                             376,j~-t..z3
 11:ttgitietiieti      and     firettiCt1,            .......................                                                                                                                      2,477?773 I
                                                                                                                                                                                                           29,
  I~oJllldllollseln~ll,                         ...........................                                                                                                                           555,426 (‘3
 I,ocottiotives,                fuel           for      .                    ...........                                            ...........                                                    2,2j(j, jj9.79
 Fuel     stations,             exptziis& G, : I                                                                                                           ..............                             1.3-1,992.7h
 Imxniotives,                   water supl)ly hr,                       . : 1 1 : 1 : : 1 :                                                1 1 1                                                      I 60, I S-3.66
 lAocoJiiotives,           stores         for,       ........................                                                                                                                          S<j   903. 2j
 I,cxotiiotives,           otlicr       supplies             for, ...................                                                                                                                   46.;qj. 16
 Cotiductot-s,          l~~~~~:t~eiiieti,              and         t~ral~etneti,                ...............                                                                                    2, 542.269.    IS
 Cars,      lie;Jtitig     and liglititig,                    ......................                                                                                                                  I I 0,044  .6 7
 Cars,      cleaning,            ...........................                                                                                                                                          121,27.;.62
 Cat-s .. lul~ricxtin~~ ...........................                                                                                                                                                  12% 594.59
 Other       train     5Jil)l)lies        aiitl espc’iises,                      ..................                                                                                                  143+937.94
 Yai-t1111e11.               ..         ..           .............................................                                                                                                 1,301,352.SS
 Switch-tcwiers                   mid           ~i,gtt;tlttit.ti,                                                                                                                                    2g&      29 I .20
 \l’;ttdltll(‘ll,            .............................                                                                                                                                           166,19,j.61
‘l’elt~~“;‘l’ll      (‘S~)~ll~~ \) ........................                                                                                                                                          60.5,o.s9. .zs
Stat i( bit agvtits          ant1 clcr-ks,               ....................                                                                                                                        Sgl,Slg.Llq
St:itioti      lalmr,        .............................                                                                                                                                           So2,177.29                                              ;/
                                                                                                                                                                                                                                                              /
St;itiotis,       li~7ttitJ~      :tticl lixlititig,              . .                “.        .           .    .    .     .    .      .     .     .                        . *.                                                                             i/
Sigti:tls          atic inter lockin:       I)l;tttts, eur;e1;4s ‘of opetxtion ant1 supl~li~s,                                                                                . .
Shtiotl5,            otltvr sJJl)l)lics ...
                                   .      ;iti(l estxnscs       of. . . . . . . . . . .        .                                                                            .    .                    9b,720.9
C’;Jr Jililwgc   lxilaiic~,                                                                                                                                                                          391 347.4
IIirch of ec~t*iptntmt,     ................................................                                                                                                                          6Lj,5L7.h(                                                       77,643.34
 I,os’; a11d           dmnqe,                  ..........................                                                                                                                             65,06S. 2%.
 IttjJtrit5 to           lxrsotis,                                                                              ...........................                                                           63,S23  .g$                                                      3qzS4.26
\Vrcncks,. c-lciritil:,                        ...      I*’       1 1 1 1 1 : I 1 :                                                                                                                  ~~S,3.15.$
Advet        tlSIJ1”’
                   <Y,            ............................                                                                                                                                       14r,S62.5c
ForcAix ii a!;etic-ies        ...      .........                                                                ..............                                                                       201,896. I I
St0ck     !‘:lt-rlS ;11,tl’~lev;,tc ),‘S,                                                        .........................                                                                               2,   122.2:
lieltts  for tr;ic-ks,     yards,    atid       ;et’ti;itiltli,                                                                                                                                      ro1,gG.I .(!<
lic,ttts of huiltliti~5 ant1 other I)rol’erty,                                                   ....                : 1 1 1 1 1 ......                                                               43,7C5 ,Zf
St;Jtiotlwy             atid pritititl.~,                     ........................                                                                                                               224,161       .o;
\‘;it-tl atit1         strectt  li~l~ttti,q,                       ......................                                                                                                             17,434. SJ                                                        2,270.12
111~111~~111(~c’,...............................                                                                                                                                                     121,713.66
I nc~itletitxls,             ............................                                                                                                                                             55,()/‘-I-3J                                                     2Wj9.29

         ‘l‘c~t‘ll,     ..............................
                                                                                                                                                                                        ..                               , I.
         <;J~.vriJ; \I
             .....              l~~~J31~:usJ,s
                                       ....

Salaries           of gt*tJvral      oflic~ers,             .......                                                                                                                                $2.~2,560.j1                            $.1,6x5. 26
Clerks,                  ..     ...........................                                                     1 : 1 1 1 : :                          1 1 :           1 1 1 1                      43tj,So6. 16 ,                         ISizg6.35
AttcJltlatl;‘;,’                  :                                                                             ..         ..          .     ..        .      .        .    .   .   .                73t592.91                              2,W4.2.5
Heat        mid li:glit                  ..        .................................                                                                                                                   51314.69                .   .   .    .   .   .    .              $215.11
Office       erpetisd                 ;iii(l     :;rtpl)li~5,                                                                                                                                        IIj,592.I,J         5,5S2. S9
Relief       dqxtrtiiictit,                    ~spenses               of,’      : 1 1 1 1                       I : 1 : 1 .........                                                                   98,007   .OI       4,6SS.52
l,aw       eupet1scs,             .............................                                                                                                                                       5-1,34r.9S   . . . . . . .                                       6,S99.31
Stationery             and        printing,              ~ciicral              office,           .................                                                                                    59?‘92. ‘9         s, lS3.73
Advet-tisittg,               ..............................                                                                                                                                           1 r,3rS. 16 . . . . . . .                                        17352.49
lttcitlt~titals,             ..............................                                                                                                                                            7,153. $1         1,690.14
                                                                                                                                                                                               -                                                                  --
        Total,         ...............................                                                                                                                                        $1,103,J79.3S
                                                                                                                                                                                         I




~laititettatnc~             of way               ant1       structures,                     .................                                                                                 $5 573,S99.72                         $721,6SA            39
~faititenntice   of t~cluipment,                        .................                                                                                                                      7,&,962.37                          J,51 1,339           92
Coiicluctiiig  traiis~mrtatioti,                I I . : .................                                                                                                                     15,2SS,ogr  .sq                      w?,26r               34
General txlxmes,        ..........................                                                                                                                                             1,‘03,T79.3S                            36,314           23

        Total,          ...............................                                                                                                                                      ~29,566,733 ..Z’
                                                                                                          EXPENSES                  IN       DETAIL.




                                                                                                                                                                                    COMPARISON          WITH   189s.
                                                                                                                                                                 isuy.




 Ihgineering          and superintendence,                              .................                                                                       $72,791.7S            $2,705. rj
 Roadway,        repairs of,                   ......................                                                                                           252,296.12            5~67~ .51
 1:a11ast, ............................                                                                                                                          30,602.10      .    . . .      .
 Ibil fwteliings,               .........................                                                                                                        53,533,22             1,616.Sl
 I’rogs and switches,                     ......................                                                                                                 6~,398.36            14,680.66,
Interlocking         plants and signal\, repairs 01,                                             ..............                                                 ro6,,306.88     .    . .     . .
 liond\vay tools, repairs of, ....................                                                                                                               .x3,093 . 2’          6y449.76
‘J‘rnck repniring, ............................                                                                                                                 s-12*569.64           28,os6..; 1
 Rails, ...............................                                                                                                                          95,448.15              . . .
Cross-ties,      ..................                                                                                                                             .yT,16~.63            16,5x2.87
 Isridges antl cul\~erts, rel)aiI-s                            of; ..........                                                                                   212j555.29             1, '99.32
Fences,      road crossings,                     and signs. repairs of, .........                                                                                ~6,049. OS               662.09~
()verlwad       crossings,                ......................                                                                                                  S,3S7.6S  .              . . .
Stations,     repairs of and furniture for, ........                                                                              .......                       3731334.93           16o,S56.95
Engine-houses             and sliops, wpirs                           of.          ...........                                                                   72,SgS.Q             15,182. r7
 Fuel and water stations, repairs of,                                                                               ..........                                   35,741 .os            3,6S7.33
 I )\vellintr power, signal, tool, and \vatch l~ouses, repairs of,                                                                                               37,Qr .94           . 1;,6r3.97
CkneralPbfCce,              repairs and furniture for,                                                          ...               ............                        22.77
 I>ocks, dredgilil,: and cleaning, ...............                                                                                                                7,292.2;                 .
\\‘ktrves and landings, repairs of, ......                                                                                   .......                            ro4,930.8S            37,413.53
‘l’elegrnpli,      rrpirs            of,                                                    ............                                                         33,693 . 20          12,238.73
Stationer!~ and printiii~,                          ........                                                                           ......                     7YW7.27              3,026.62
Trolley poles and \virrs, rqxtirs of,                                         ...............                                                                     r,.s04..77         I . . .
Insurance,   .............................                                                                                                                       ~0,682.,;2               2gY.32,
Incidentals,      ..........                                                                                                             .....                    ~243.65                 531.94


         ‘1‘ot;tl.                                                 .          . .                                                        . . . . . .         $2,555,484.63          $257,663.09




Sul’erilitendrll(.~~,      . .                                                                                                               .     . . . .      $96,S9;.6g
I,ocomotives,       repairs of,                                                                                                                                 61 r,23S.30           46,795 68’
Cars, rcqwirs of, passcng~‘r,                                                                                                                                   428, r6y. 44          gg,~f$ 171
Cars, repairs of, freight,                                                                                                                   . .                525,215.16           ~0~367 58
CTars, rqxurs of, work, . . .                                                                                                                                     171306.44            r,39S 36
Kxges,      car-float<, anal canal-hats,      rqxtirs                                         of,                                                               ‘39,389.2i            36,2S1 85
Steamhats         and tlig-l)o;its, relxkirs of,                                                                                                                212,8JO.J,j           51,292       21
‘1’001s and m;~chiner~~, rvpirs         01:                                                                                                                      .JS, 273.49            8,6SH 71
Stationery      and printing,                                                                                                                                     rq217.9S              2,IIS      02
Shops,           Iie;ttitig       ;ind        licliting,                                                                                                          12,511.02                                    $265.27
\\‘atc11111tw,                            .                .                                                                                                     “,337.30                442 21
Electrical   plant ;tlltl ecluipliielit,                                   relxiirs 01,                                                                            I ,903.66             18.33S
Insur;lncc,   .               _ .      .                                    .           .                                                                        22,S35.96             4 586 3’
Incidentals.                                                                .       .                                                                            20,392 . 5 1          9,559       4S


         ‘I’otal,       .     .      .    .                    .       .      .                                                                  . .   . . $2, 65,712.67            $36S,gS6.19
                                                                                                                                                                                                                             NCRI’ASI’.                           t   l)hCKhASl>.


      c‘oNI~ucTIs~;             ‘1’~.\ssl~~~li~r.\~rlc)S.

Superintendence,          .                  .                                                                                                                                                 $5Y,2S4.65                         di,w~ .46
Clerks, attendan&,         and oftic~ ~s~~cnses,                                                ._...                                 .         .~...                                           r54,,551.Yr                       10,663.46,
Enginemen      and firemen,                                                                                                                   . . .                                            S2j,I 57.09                        37,669. so1
Roundhousemen,                                                                                                                .                                                                 1999473.43                                                               $3,$38.~0
Locomotives,      fuel &I-;            : I     :                                                   .                                                                    . .                  1,293,813.27                        ‘6&&
Fuel stations,     expenses ‘of,                                                           ,_                .           . . . .                                                                 67,852.   OS                      47234.411
I,ocomotives,      water suppI!. for,                                                                                                                                                            6S,roo.30                         2,16~.321
Locomotives,      stores for,                                                                                                                                             s                      .;o,oss .03                       I ,016.89/
Locomotives,      other sttp1~licS fc,,-; : : :                                                                                                                         . .                      ‘q577.8~5                         3,696*r4l
Conductors,     I)agg:tgetIlen,      :tnd braketn~;I,                                                                                                                                          706, S47 _4S                       tS,728.30,
Cars, heatitlg and lighting,                                                                                 I                                     .                                             So,Yq. 09 .                        . . . *!
Cars, cleatitn~,       .                                                           .                                           .                                                                 99,400.   _s                     J4,519.911
Cars, lubric~attti~,                                                                                                     . . . .                           . .                                   27,636.32                         r,ogr.74j
Other train suppli& ;;1t;1 ;.rpG~t<c.;,                                                                                                                    .                                     *ji,228.2.J                        I ,220.40’
Yardmen,                                                                                           ..,                                                       . . .                             7,;6,S98.02                        ~670.73;
Switch-tend&;       IuI.d ‘siitt’;t1;t*t’tt;     I                                                                                                         .   .
                                                                                                                                                                                               102,396.75                          6~~4~
Watchmen,                                                                                                                                                                                      ~.36,035.3~                 17,6S6*46/
                                                               .          . . . . . . . .                                                                      . . .                           qjg,666.09                    -!,57I-911
Station agents and clerks;              :                                            . .                                                                       .   .                          S54,146.30                   .59,71.5*OI i
Station labor,         . _ .        .                                  . . . . .        ___...                                                                                              1,697,52S.76                  212,728. IO/
Stations,    heatitIg and 1iglItitIx:                                        .                                                                                                                 I rs,6r2.56                               1                                   -136.
                                                                                                                                                                                                                                                                                 -11
Signals and interlocking           plants, ‘C~~WUW~ ‘oi o~,~rati&I ;tnd supplies,                                                                                       .                        45,201.71                   7,718.681
Stations,    other supplies and espetises of,                                                                                                                                                  ’ 2”,473.33                 Is, 192.39,
Switching     charges,     b;ilatict:,    .    .                                                                                                                                                  I ,.17.: . so                  88.25’
 Car mileage, ba1ance,              .                                               .      . .                                                                 . . .                           ’ 14Y559.94                 -71,7;1.67;
 Loss and damage, . .                                                                   _.._                                                                                                    37,609.91                  I 1,067.56/
 Injuries to persons,         .                                                               .                                                                                                  q696.05              . .     .     . .
Wrecks,     clearing.                                                            .                                                                                                               t9J449.56                  6,;13.60/
 l<arges, car-floats,    ;;nj &I:;l-l&O<,         &arters,                              . . .                                                                                                  194,185.28                  20,92r .dol
 Barqes    car-floats, and canal-boats,           incidentals,                                                                                                                                  .Z*,r25.30                  7,634.26
Bal&s:     car-floats,  and canal-boats,          sitperititetid~tlc,~~ :itld ttlatltliti~:.                                                                                                   164,2S5.51                  wt6r      ..36,
Elevation     and ‘longshot-e labor,           . .                                                                                                                                             209,64r.S6             .                . i
Steamboats       and tug-boats,        charters,     . .              1             .                                                                          ,.                               64228.54                         .&,S1g.421
Steamboats       and tug-boats,        fuel for,                                                                                                                                              310,42g.28                         35d79.791
Steamboats       and tug-boats,        incidentals,     :                . . .      .                                                                                                           74,600.~~                        ‘27739.98
Steamboats      ant1 tttg-l,o;tts, sttp~t-itItetIdetI~c IttId nI;ttInin~,                  .                                                                                                  -1170,rgS.     19                  25,629. .@
Advertising,      . . . .                         .     .                                                                                                                                       gl,OI,j.     IO                   s, ‘95.99,
IToreign agencies,                                                                                                                                                                            t16,7.;9.53                          . . . _!                               6,559.19
Stock yards and elevators, .                                                                                                                                                                    19,oS6..~5                                                                ‘9327.32
Rents for tracks, yards, and termittitls,                                   : 1 1 : .        :                                                                        :                        739618.93                            . . . .                              l&890.87
Rents of buildings and other property.                      .    _             .    .                                                                               . .                       340 ,o.z9.78                        ’ 5,942 . .14
Stationery     and printing,                                                     . .                                                                                                          t-13,462.~9                         19,102.9X
Motormen and ccmductors, :                           .                                                                                                                                           4052.49                                                                     102.71
Power-houses,       expenses of operntiott,                      .          . .     .                                                                                                            6,72S.42         .     .    .           . . .                               277.12
Yard and street lighting,                                             . . . .                                                                                                                    8,012.Sj                          1,726.I3
Insurance                                                           . .     .    . . .                                                                                                         755I~.73                          -1-5,157.39
In&dentais,’      : :         :                :                            .       .                                                                          .            .                  3.5j255.09’                        4,166.q
                                                                                                                                                                                    I
     Total,       . . . . .                                           .        . . .                     . .                                                                .           $IO,j24,711.75                      6799,551.551
                                                                                                                                                                                I
     GENE:Khl.             EXPENSKS.
Clerks,                   .                                                                                                                                                                 $lSr,q.~r      .71                   $5.,381.            j3
Heat and IigiIt,’                                                                                                                                                                                     SS.44       .     .    .           .      .                           $22.56
Office expenses :l;Id &;piits,          1      .                                                                                  . I : :                                                        6,025.58         .     .    .           .      .        .                  127.54
Relief department,     expenses   of,’                                                                                                                                                          2.i,O6,i .36                       I   ,.;j8.60
IAW expenses,     .         .                                                                                                             .                                                     2q,r77.85         .          .     .     .      .                         2,226.02
Stationery   and prin;itig,   &r&al’   c;fict-. .                                                                                 .             .._                                             2qo14.02                          4lS79.83
Advertising,                                                                                                                                                                                          93.70             .          . . . .                                     4.iO
1ncidentals,                    1                                                                        :                                             .            . :                              361.33                                  IJ.Oj
                          -~-       - -.--       - _-   -       .-.       --                                                                                                                                                                         -       /-
     Total,       .   .    .    .            .              .                  .       .    .                    .   .    .       .       .            .            .       .               $257,225.99                          $9,243.19!
                                                                                                                                                                                                                                                         (I
     SUMMARY.
Maintenance   of way and struc?ures,                                                                                                                                                     ~2,555,4S4.63                  $257,663.09
Maintenance   of equipment,                                                                                                                                                               2,168,712.67                   368,986.19
Conducting  transportation,                                                                                                                                                              tO,524,7II.75                      799,55’-55
General expenses,    .                                                :                                                                        :                                              257,225.99                       9,243.                I9
                                                                                                                                                                                I
     Total,   .                                                                                                                                                                     $15,506,I35.04’                   $I,435,444.02
f~clllcdrIt~ts,             ..............................                                                                                             $514.34              $271.15

I3o;lts ;llltl flats, relmirs                            of, .......................                                                                   r,S60.3\y           . . . . .     $2,006.<Jh
Isrid:<cs , .................................                                                                                                         IS, j6S.v6            7,76S.56
Cilllal     Ilet      illltll>alll<S,                  ............                                                   i .............                  9T9T4.67                           2,102.73

Cl~~rks,           .................................                                                                                                     600. vo                            I so. 00

Crllvcrt~,             ................................                                                                                                  S92.25

lh111s,.           .................................                                                                                                   1 ,060.    25

Ihetl,qin~           ;kntl drctl~e                    rc’lxlirs,                  ......................                                              rq65S.      I\?
lcencin:q-,            ................................                                                                                                  766.32            . . . . .        945 - 66
I’c’rries, ex~KwK!S                     Of,      .........................                                                                                 $5.sj                 5.15
I rol-~t? ;111d Ilo!-se-l<W~),                                   .........................                                                             1,979.a                131.2s

        ;111(1repair
110~1s~~~                                     sliops,                    ........................                                                      21479.25               501 .oo

Incitlentals,               ...............................                                                                                               SS‘J . s7           306.64
IAK~I~ mcl               lock        engines,                    .........................                                                             9,465.5s                35.29
Oflice       eq)tflixs,               and          furniture                      for, ....................                                               347.29                 3.92
Slope        ant1 \~ertical ~valls, .........................                                                                                          5,299.05                             662.50
.St;itioliery           and printiti:g,                          .........................                                                                345. T9                             63.36
Slll)~1-iliteiiclelIce                and elicjneering,                                     ....................                                       1,800.00
‘f <i.scs on red                 estate )                ..........................                                                                    1,SSS.S7            . . . . .           I .66
Tools        ;md tool              relxiirs,                     .........................                                                             I .s300.92             377.16
\\‘;lstc weirs a11tl sluices,                                    .........................                                                             2,oS2.68               S7S.69
\\‘atCllillell,              ...............................                                                                                           I,Sj<j.OJ               60.15
\\‘ll~lr\w,             ................................                                                                                               1,619. IS                            24S.56


        ‘rotal,         1                     . . . . . . . . . . . . . . . . . . . . . . . . . . . .                                                s76j430.99                26. I




 ILir~~:c-s .................................
         ,                                                                                                                                           $32,~ 16.96           $3,177.93
 I~r-iclgc-tcllclers )                 .............................                                                                                  II,SgI     .99            59.19
Collectors             and ~veiglinixters,                                    .......................                                                  S,S5T, 40        . . . . . . .       $21.60
Clerks,             .................................                                                                                                  3,761. ‘3        . . . . . . *        169.40
 I:erries,      Inl~or at, .............................                                                                                                  s
                                                                                                                                                          <55.00                 6.20
Fuel and light, ..............................                                                                                                          1,760.01                31.69
 llicitlentnls,              ...............................                                                                                            1,4T4.71                 97.36
 Ixgal       expenses              and ~l~inm~es,                                  ......................                                               3,oos.oo               I 19.61
Idcli-l<eepCrS                 and lock engineers,                                           ..................                                       1Fn593.23         . . . . . . .        136.60
Office espcnses,                     :tlicl furniture                            for,        ....................                                         420.62                               5.59
Stationery              anal l)rintinK,                            .........................                                                              400.42                              48.47
 Sul’“rintcntlents,                           ............................                                                                              1,920.o~)
 Tax-State,                 ..............................                                                                                              3,3s9.00
Telcgrnpli               expeimx,                 ...........................                                                                           1,054.79        . . . . . . .           T-73
 \\‘recliin~ ant1 policing,                                        .........................                                                              399.38                s9.24


          Total,.             . . . . . . . ~ . . . . . .                                                          . . . . . . . . . . . . . . . .   $S6,Sor. 64
                                                                                                                                                                                                         .
                                                                                                       EXPENSES   IN   DETAIL.-CONTINUED.




TUX.S, c-ortlnq~ for,                           ..........................                                                                                             $2,4S2.SI

Tii:<s, charter               of,         ............................                                                                                                    2,314.     IS

      dallla~eI,).,..........................
‘I’llg3,                                                                                                                                                                  2,697.51
‘1‘11;:s~inc~itlentxls for, ..........................                                                                                                                      Iv<;. 52

Tii::s,       file1 for,           .............................                                                                                                          s, 549.52

Tugs,         manning               of ) ...........................                                                                                                            r
                                                                                                                                                                          4,-i,; .j 1

Tugs,         repirs          of, ...........................                                                                                                           1~1,651 .SI

Tugs,         oil, waste, and tallow for, ....................                                                                                                              235.Q

Tugs,         superintendence                           of,         .......................                                                                       .   . . .    .          .   Jifr4.03
nlxs,         supplies           for,            ...........................                                                                        3,050.69                354. 30
Tugs,         tools ;~ncl furniture                           for,       ......................                                                     1j463.39                335.05
Tugs,         wharfage              a1it1 port expenses                           of,         .................                                     6,952.34      . . .     . . .         .   28S.41


          ntdl,        ..............................                                                                                           $ Iso, 26s. ho        $.3J,!‘54..39




i\laititenance               of canal,                    .........................                                                         ’    iJ761430.99          $10,726.15
                                                                                                                                            I
Cnml          olwration,                         ...........................                                                                1     S6,Sor   .64            3,2oo.s3

Steam-towin:;:                 ;icc-aunt,                      .......................                                                      ’    rSo,26S.60            371S54.39



           Tot;d, ...............................                                                                                                     jv
                                                                                                                                                $,34,3* r . 2.3       yjt45,7Sr. 37
                                               l’HILAL>ELPHIA                         AND        ERIE                         KAILKOAI)               I~IVI~ION.

                                                                                      EXPENSES                         IN    DETAIL.




                                                           .%CCOlJN    IS.                                                                          I\‘,!,

     --_-    ---                .
                          _- - -- .._ --- -_..




En+~eering
     23                and sul)erintentl~llcc,                        .........                .........                                           S-13,1-15 79.~.                                  .
Road\vay, repairs of.                           ...............                                .........                                           102,554 I2 . . .                                 .
Mlast,        ................................                                                                                                      26,157.Sg
Rail fastenin~~s      a,.             ...........................                                                                             .     27,5#.35
Frogs mcl switches, .........................                                                                                                       rr,S;5.‘jr
Iiiterlockitlg         plants and signals, repairs of, ...............                                                                              I-t,535.65
Roadway tools, relx~irs of, ......................                                                                                                    $),jOO.Zj
'I'l-iLCli repairing,            ............................                                                                                      252,S66.72
Rails, .................................                                                                                                            63,7$.5J                    .     .        .     .
Cross-Lies, ..............................                                                                                                         If%o59.o9                        22.1 jg.69
13ridg:es and culverts, repairs of, ....................                                                                                           Io,j,g$.        03               29,462.oS
l~Te~lces, road crossing,s, and signs, repairs of-, .............                                                                                    r.z,602.g-t                     2,SjI .Jg’
Overheat1 crossings,                       ..........................                                                                                  ‘,o55.r4                           S37.601
Stations,      relwirs of and furniture for, ..............                                                                            . .          67.7-15.59                   w65.97~
Engine-houses               alit1 shops, repairs of, .................                                                                              24,652.    ~4         .     . . . .              .
Fuel and \vater stations,                            repairs of.            ..................                                                       r6,gzg.zj                       8,684.531
D\velling, po\ver, siglial, tool , and watch houses, repairs of, .......                                                                             ‘7,‘i99.66                      3,539.34

General office, repairs and furniture fur, ................                                                                                                   2.93        .     .     .    .   .     .
I>ocks, dredging and c~leaiiilig, .....................                                                                                               2,53‘4.7’                      2,341.71
\\‘harves and landings, repairs of, ...................                                                                                               29dScj.6j                       1,40[.5C’
‘I’elqg-aph,   repairs of, .........................                                                                                              ~ 14,312.21                        2,192.gg
Stationery    and printilig,                    ....................                                                                                  3,55[       .67                1,257.2S
Ilisurauce,   ...............................                                                                                                         2,56S.64                  .     .    .   .
I ncidentnls,      ..............................                                                                                                       370.96                            ro.5.30
                                                                                                                                         --
                                                                                                                                                                                                         I
        Total,        .        . . .           .      . . .             . . . . .       .                              . .       . . . .          $999,97’        .75         $Ir2,670.25




Sul)erintendence,       ..........                                           ......                          .......
                                                                                                                                                   S5.LJ99.29                       $4,500.66
Locomotives,      repairs of, .......                                        ......              .........
                                                                                                                                                   ,Pj,gj8.41                       .19,036.67
Cars, repairs of*, passenger,           ......                               ......              .......
                                                                                                                                                    75,02-I.29                       18,02Y.25
Cars, repail s of, freight,        .......                                   ......              .........
                                                                                                                                                   651,776.83                   1,57,orr.53
Cars, repairs ~1; work, ........                                             ......              .........                                           I ‘,5jO. 22                                             $l,jo.5+    1.i
                                                                                                                                                                                                                               ,

‘fools ;tlld Iwchiner!-,        repairs of, ...                              .....               .........                                          2g,705.66           . . . .      .,                       2,526.0x
Stationery   and printing,         .......                                                       .........
                                                                                                                                                      5,9jr5.3(J              r,6S,j.S2
Shvps, heating and lighting,                 .....                           ......              .........                                            s.y2\z. ss                      I,OI5.59,
\Lratcllmen,              ............                                       ......              .........                                            ;,076.65                            . . .                  r,jr . ‘)2
Iiisurmce,            ..............                                         ......              .........                                            ;,591.;s                            .jI6.55
Incidentals,               .............                                     ......              .........
                                                                                                                                                      99327.17                            r,36.9Sl



        Total,        . . .                . . . . . . . . . . . . . . . . . . . . . . . .                                             . .                                    8217,952.99’
                                                 PHILADELPHIA                                       AND             EKIE         RAILROAD               L~IVISION.

                                                                                        EXPENSES               IN   DETAIL.-CONTINUED




                                                               Accocs        l-5.                                                                    1sgg.




Superintetldetice,            ............................                                                                                         $32,90.1.94                $238. j0
Clerks, attendants,              and office espfZIlSCS, ..............                                                                              67,003.22                3,203.2~
l<nginetiten anal hremen,                        .....................                                                                             37j,Sg4.26               27,07s.#
Iioundhousetneti,             ............................                                                                                           75,046. ~3               .    .     .    .    #5,121 .57
Locomotives,       fuel for, ..........................                                                                                            3SO,i9 I .g>j            Ljt,j12.96
Fuel stations, expenses                    of. ......................                                                                                21,909._16              2j395.37
I,ocomotives,       water supply for, .....................                                                                                          20,946. t .i             1.321.23
I,ocomotives,      stores for, .........................                                                                                             10,553.72                  982.25
Locomotives,        other supplies for, ....................                                                                                         IS793 . 59               2,676. IS
Contlttctors,    hggagenien,                     and brakemen,                          ................                                           372,702 .So              25,952.29
Cars, lieatit?g and lighting,                         .......................                                                                          5,o49*2S                   797.00
Cars, cleaning,          .............................                                                                                                 9,5%.-l6                   62s. 7S
Cars, lul)ricating,           ............................                                                                                           I 9,6o9.07               I,?OS.IS

Other train supplies and expenses,                                        ...................                                                        rj,S76.14                I,S$S.Oj
Yardtneti,      .............................                                                                                                      t99,4S4.22                r6,79S.63
Switch-tenders         and sigttaltiien,                        .....................                                                                20,902.16                t,o25.14
\vaitc11111e11,           ............................                                                                                               27,379*9’                  .X3 .S
‘l’elegrapli     expenses,                                                                                                                         ‘.14,94’7~ so              4,6ro.-15
Statism agelits and clerks,   ........................................                                                                             140,393.ot                 5,135.99
Station labor, .........                                  ...          1 :                   : 1 1 1 : : : : .......                                 S2,71S.,35              it?,01 r .05’
Stations,     heating and lighting,                   . . . .                                                       .........                        12, ;sg .44               1,618.S~
Signals attd interlocking           plants, expenses df                                      ‘o~~e;a;ionatic1 supplies,                 , .            2,9S3.,j2                 425.0s
Statiotts,    ot1tc.r supplies and expenses of, .                                            .       . .  .........                                  r4,o6;.6o                2,666.42
Car mileage,         balance,      . . . . . .                      .    .                   .    .       ........                                 437,997.-E               .31,.57~.54
I,oss and damage,           . . . . . . .                           . . .                    .         .  .........                                  17,_t1S.22
Injuries to persons,                             . . .                                           :                  .......                            5,436. t9
\\‘recks, -clearing,      . . .             .                          . .                                ........                                     9,74X-W I
                                                                                                                                                            I\
Adverttstng,           . .                                 .                                                   ........                                9,5@.3h    .                .          .     ‘,qe.44,
Foreign      agencies, .                                                 .                                ........                                   11,S11.14        . .   . . . . .               1,1,37.0,;
Cottiniissiotis,     . . . . . . . .                                                             . . .    .........                                      y,Hr. :6                 221.5r
Rents for Iracks, yards, and t&t%&,’                                   : .                                .........                                  r6,S14.go              1,150.46
Rents of buildings and other property,                                                               :    ........                                    5,9Sr -96                “4.39
Stationery     and printhg,                               .            .                                            .......                          37,SS2.36              6,447.~~
Yard and street lighttng,                        .                                                        ........                                     1,272.5S       . . . . . . .                   120.53
[nsttratice,                                     .                                                        ........                                   21,194.52              4,954.56
Incidentals,                                                             1                   I :     .    .........                                   6,7S9.46        . . . . . . .                   327.06
                                                                                                       .-. .--            - .--          ._

        ‘I‘otal,                                                        . . .            . .               . . . . . . . . . . . .             $2,652,go1      .hj      #196,54S.or




Salaries   of general officers,       _  .                                                                                        .                  s&426.66                     $61.66
Clerks, .                                         . .                                                                                                65675.65                 3, I I I .os
Office expetlses   &l’ st&~l~zS,              .                                                                 .               . . .                   SS6.21                    56.64
Relief IIepartment,     expenses   of, .    .     .                                                                                 .   . .          17,067.j~~               ’ t39S.23
Law expenses,      .       .    .           .   .                                                                               . . .                  7,16S.71  .          . .     . .             $760.60
Stationery    and printing, general office,                                                                                                            4,6SS. gS                  jj9.       (Jy
Advertisincx        _ . . .                                                                                                                                24.20                 6.00
Incidental<‘.    . . . . . 1 1 1 1 : 1 1 1 1 1 1 1 1                                                                                                      273.60 .            . . .                       .Sr

        Total.            . . . . . . . . . . . . . . . . . . . . . .                                                  . . . .          . .      $104,211.14                81,65t .27




Maintenance     of way and structures,                                     . . .         . . . . . . . . . , .                    .    .         s9993971.79            $rr2,670.25’
hIaintenance    of equipment,        . . .                               . . . .         .    . . . .      . . .                  .    .        ‘,17I,779*4S             2173952.99
Conducting     transportation,       . . .                               .      .        .    . . . .   . . . .                   . .    . ,    2,6,=,2,901.65            196, s-ts. 01
General    expenses,     . . . . . . .                                   .   . .         . . . . .    . . . . .                   . . . . .         104,211.     Td         4j651.27
 ._____.~       ___---         --_ -----_--                             -_____-_             - -.         --.----                   - - _.__

        Total.           . . . . . . .                     .        . .                  . . .             .    .      . . . . .           .   $4,gaS,S64.o6            $53r,S22.52
Parlor,       ..............                                                                       6        ...                      . . .                    . . . I..                                  .                  6                          201
IXuing,       ..............                                                                      14        ...                                               .        ..I...                                              14                         473
I’;IsseJJ~:.(‘r-l~;1[~.(r,~[re .........
                       b<,’ <, )                                                              206           ...                                 21                27 .                             . .                    206                      ij6S.z
I’~t~senger-l~~ggr~~-~~~alj, ......                                                               121       ...                      . . .                    . . .     .                          . .                                                 2-P
I%q!g1~c-mall,               ...........                                                       55           ...                      . . .                          II.                                I
Ikl:<g&~e,         .............                                                              10s           ...                            7                        2 I>.                              -                  103
Express,       ..............                                                                  96           ...                          5i                         6 Il.                            5:                    45
Hagxage-express,                    ..........                                                 75           ..                       . . .                        51,I.                              5’                   126
RefrigerntoJ--empress,                      ..............                                                                           . . .                          4 1.                           ..”                      4
Postal-letter,          ............                                                            35          ...                            4                        4                                                      3s
I’ostal-lxJper,               ...........                                                       JTi         .                        . . .                    . .       .                          . .                         II
I’ostnl-stora!pz,            ..........                                                          9~         ...                            9                                        g          .   .     .                      9
I))‘J1;1J110t11(3ter, ...........                                                                11         ...                      . . .                    . . .                           . . .                             I
Passenger (txlec. motor) B. b It. II. T. R. R.,                                                  3          ...                      . . .                    *                               . . .                             3                       150
                                                                                                 -1
          Total,       . . . . . . . . , .                                    . .           1,779           .      .     .       /             IO.3                        103,                .   .     .            1,779                      743258              .       .       .   .   .
                                                                                      -,-,P-/-
      E‘1:I~:It;II’~    CAR                ~~QUII’RIENT.                                                I                        I                                                                                                              Tons

IEos,    . . . * . . . . . . . . . . .                                                   I I ,601~          “907       so0                                                 479 1. 372   I 1,973                                             334,JOO,
Refrigerator                                                                                702’ . . .                                                                                      702                                                   I 7, 200
Stock,            .      ’ :           :   :   :   :      :   :   :   :   :   :   :       1,929 . . .           6;                                                          6: Ii. * ,7   1,926                                                  46,695
Gohh;          : . . . I . . . . .                                        .   .   .     3’39S7     1,525 tr,6ro                                                            689 1. 604 32,597                                                ss I ,960

Eifilit-\vlieel cabin, . . . . . .                                        .   .   .                 2       .

Four-wllc,el cabin,      . . . , .                                        .   .   .           7%                36                   ’     .    95            ’        ’    92     1’.                  j3                ST;
TaJJk cars (Green Line),     . . .                                        .   .   ,           755           . * .                              720                .    .        . ,D.                  120                635 hblg. 5S,5<x,
                                                                                                                                                                                                                                                Ton\
130x ( Empire Line),                                                                      3,743                 2.50                           202                         202            I.           250            3,993                     J I T ,g<jLj
Refriwrator   (Emnire                              ii;lei.  ‘. : : : :                       60             . :.                                     2                              2          .   .     .               60                           I, ioo
      ‘(
Rae-1~’ I7mpi;e Liile),                            . . .’ ’ . . . . .                               2’...‘...                                                 .        ..~...                                                       2                    “30
          ‘I‘otal,     . . . . . . . . . . . . .                                        5J,56J               2,61 I / 3,007                                           I,j32~1.1,136                                  52,697 bh’8’ 58’sY0 . . . . .
                                                                                                                                                                                                                            tons 1.1113.d90
                                              --                                                                     --/---
                                                                                                                                                                                        /                                                I
  RIAINTISNANCE      017 \V.\u Eqr~rr~ar~:lu-r                                                                      I
Cabin, . . . . . . . . . . . . . .                                                              55          * . .            ‘i                               . . .                       1).                7             4s
Tool ;111<1 block,    . . , . .                                                               IO<j          . . .      . . .                                                        91.                      9            JJ4
Electric light,    . . . . . . . 1 1 : 1                                                            I         . .            I                                . . . 111.                                     I
SllO\Y        plo\v,         .         .   .   .   .      .   .   .   .   .   .   .                         *a.                      .     .    .             .        .        .       1..              .                      3
Ikrrick,    ~ . . . . . . . .                                     . .     . .                                                3                       2                              II.                      2                 73
Stone ;ind wood trucks, aid                                        flat    car<,          1,066             . . .
Eiglit-wlieel  gravel dumlx,                                      . .     . . .
Snow s;\veepers, . . . . .                                        . .     . . .         . . .
Hand-cars,
Hand true-ks,’ : : : : : :                                        : . : : : :
          Total,       . . . . . . . . . . . . .                                                                                                                                                                      3,159’ . .                       . .       . . . . .                                  $J77,425.5.5          %t77,-F25 -55
                                                                                      -pm---                                                                                             --                                                                                                      .   I




Steam          ferry-boats,                    ........                                                 II
                                                                                               73~                                                   I...                                     .    .     .                     r3
Tug        lmats,      .............
                                                                                               321 . . .                                             I...D.                                                  J             3’
Steam ligliters, ...........                                                                                                         .*.                      .        .        .       I..
Ikqcs,                                                                                          3/
                                                                                               471                 * ;4              .     .    .             .        .        .        I.             14                 6:
1;1at w&,’         ........................
                                                                                               33           . . -                                   2         .        .        .         I).            2                 32
I~uml’ SCOWS, ...........                                                                                                            ..*                      .        .        .             .    .     .
Car floats,                                                                                    6;l          . : 1
                                                                                                                                     .     .    .             .     i...    .                            .                 6:
Canal barges, ..................                                              1 1               <I
                                                                                               27                     -                             s         . . . ‘11.                                 5                 22
Ice breakers,      ............                                                                 I/                 . .3                              I                                   1).                 J
Dredgers ) .............
                                                                                               -2           . . .                    .     .    .             .        .    .                                               3
         Total,        . . . . . . . . . . . . .                                             2291                     1st                       13            .        .    .            I.              5                234l . . , . .                         . . . . .                                $2,236,353.25         $2,236,353.25
         ~ratld        totd,               .       .      .   .   .   .   .   .   .     58,513-                   2,702’                 3,290                        J,792              1.1,204                     59,717             . . . . ,                . . . T .                               $42,073,S23.7     1    41,45,023.71

                                                                                                        Tools and  machinery in shops,                                                                           .    .    .        .   .   .     .          .   .       .       .       .   .             J,6JS,2IS.%           1,6rS,2rS.M
                                                                                                          Total valuation of equil~tnent                                                                             as per general                       ledger,                        . . $4.?,692,042.59                   $42,663,242.59
                                                                                                                                                                                                                                                              y-   i
    In service in good working order,                                                                                   77 1:,                                s2;()                                              so            I’:,                           c 2 10                                       76,;,,                      ~               S2 ,I0
    In ser\rice requiring repairs,   . . .                                                                              I.5                                           9 1:)                                           6’I 0                                       4   l’h                                   J J 10                                     JO       ,:,

    In shop under repairs, . . . . . .                                                                                                                                ? 7                                            II
                                                                                                                                                                                                                                                                  r       :
                                                                                                                                                                                                                                                                                                                       I’0
                                                                                                                         4R 11
                                                                                                                            1                                         3 l<:’                                                                                      /   1 0                                      5                                           5 ! ;,I

    In sloop n\vaiting repairs,    . . . .                                                                               0 ,‘;I                                       Jl,,                         . . . . .                                      . . . . .                                                        t                                           2, 0
    T,eased,                                                                                                              2ii0                                        OISil                                .          .         .       .         .       .       .       .      .           .     .           .       *       .           .               .        .
    C:ontlemned,’            :    :       :       :       :        -       :       :       :       :      .     .                                .        .           .           .                                       1 I),                                   21:,,                            .           .       .       .           .       .       .        .         .
    ‘Temporarily          loaned to I’. R. Ii.
       Division,        .     . . . . . . . . .                                                           . .                                    . . . . ,                                         . . . . .                                      . .                                                              5 1’0                   . . . ” .


                                                                                                                                       1IILEAGE                                           01;                        I,OCO;\IOTI\‘IIS.
                                                                                                                                                                                                                                                                                                           -
                                                                                                                                                                                                                                            I’ASSI..NGhR.                                              I?- R 1..I ( ,I1 I‘ .                                             \\‘OKK.                      I     ‘I‘Ol.\I        5.

                                                               -


    Pennsyl\~ania Railroad                                    Division,                            1899,                 .       .      .    .        .           .           .       .    .           .         .         .                  9,-tTW,66j                                           2S.7.52.664                                                          I ,soo,o6~j                   1   39,992,39-l
    Pennsylvania  Railroad                                    Division,                            rS9S,                 . . . . . . . . . . . .                                                                                              s. 749,759                                           24,953,214                                                           1,461,6ho                         .iS,161,%i


    Increase,       . . . . . . . . . . . . . .                                                                                  . . . . . . . . . . .                                                                                                709,906                                              3,779,450                                                       33S,4()5<                        11s27,761




    United      Railroads             Of New Jersey                                             DiviSiOJl,                           1899,            ........                                                                                6,2S9,015                                                    6,2SS,6J4                                                          .iS\i,2~5                   12,4,32,S3.~

    United      Railroads             of Ne\v Jersey                                            Division,                            1S9S,            ........                                                                                5,937,773                                                    5,S16,6jo                                                          .iO;i, cjOS                 I 2,067,952


    Increase ,        ..........................                                                                                                                                                                                                      311,241                                                      471,943                                                        5’ ,697                       S64,%2

5
    Pliiladelpl~in         and Erie Railroad                                                   Division,                         IS99,                ........                                                                                1,216,i73                                                    4~5\5%923                                                          I 75,624                      5,933,32”
    i’hiladelpl~ia         and Erie Railroad                                                   Division,                         1S9S,                ........                                                                                1,197,So2                                                    4,155,25-1                                                         I2$,1          JO             Lj,iiSo, 196


    Tncrease,         . . . . . . . . . . . . . . . . . . . . . . . . . .                                                                                                                                                                                 IS,971                                                   395,669                                                        $3, JSJ                       463,124
                                                                                                                                                                                                                                                                                         I                                                                                                            1

          Total,       I   S99,               , . . . . . . . .   . . . . . . . . . . . .                                                                                                                                                    169965,453                                            39,572,201                                                           2,.J$‘,$M ’ .$ts6s,$ls
          Total,       I SgS,                 . . . . . . . .   . . . . . . . . . . . . .                                                                                                                                                    15,S95,335                                            34,925,‘3S                                                           r,S92,30X                         52,712,‘jSI




    Increase,       . . . . . , . . . . . . . . . . . . . . . . . . . .                                                                                                                                                                           1,070,~1S                                                3,647,063                                                          ‘$$3, $6                      6, IS,~,YQ

    COST        PER        IOO        MILES                            RUN                     OF              LOCO1ZOTIVES                                                               FOR                        REPAIRS,                                         FUEL,                        STORES,                                         =WIIl                      ROUNI>IIOI!SI’~II’~.

                                                                                                                                             REPAIRS.

                                                                                                                                                                                                                                                                                                                                                                                                  I
    Pennsylvania             Railroad                         Division,                            1S99,                     .                       $4.92                                                                     $j.S9                                                         $0.22                                                              $J.W                              1       i4r2.43
    Pennsylvania             Railroad                         Division,                                189S,                 .                        4.62                                                                          5.65                                                         0.22                                  I                                I ..jc,                              II .9s


    Tncrease,         . . . . . . . . . . . . . . .                                                                                        $0.30                                                                               $0.21                                  ,.......                                                                 .       .        .         .        .   ..I                   $“.35
    Decrease,         . . . . . . . . . . . . . . .                                                                                    . . . . . . .                                                       .          .         .      .      .       .       .       ~              .       .         .           .       .       .                            $0.06                             1
                                                                                                                                                                                               I   .




    [Jnited Railroads                 of N. J. Div., 18gg,                                                          .        .                       $4.73                                                                $10.29                                                             $0.2-l                                                             SI.54                                     $16.So
    United Railroads                  of N. J. Div., 1S9S,                                                          . . ~                             4.6s                                                                 IO.47                                                                 0.25                                                             1.6s                                        rj.oS
         ~~~~                                  ~___~
    Increase,         . . . . . . . .   . . . . . .      lp;o.os                                                                                                                                                                                                      I
    Decrease,         . . . . . .   . . . . . . . . 1. . - -     . .                                                                                                      l
                                                                                                                                                                                                                               $0. IS                                                        $0.01                                         I                    go.14                                        #o.       2s

                                                    I                                                                                                                                                                                                                                                                                      /                                                      /
    I’hilada.      and Erie Railroad                                           Div.,                   1899,                     ’                                                                                             $6.60                                                         $0.            IS                                                  #1.26                             ’       $13.19
    Philada.       ar;cl Erie Railroad                                         Div.,                   1S98,                 : ’                     “‘z      .                                                                       6.15                                                       0.         IS                                                          1.46                      ;           12.66
                                                                                                                                             ~~
     Increase,        . . . . . . . . . . . . . . . 1     $0.2S
     Decrease,        . . . . . . . . . . . . . . . I . . . . . . .
                                                                                                                                                                                                                                                                                                                                           I
                                                                                                                                                                                                                                                                                                                                                                                                                                 -.
                                                                                                                                                                                                                                                                                                                                           I
          Total,       1899,          .       .       .        .       .       .       .       .        m .         .        .                       $4.90                                                                      $6.94                                                        $0.22                                         I                    BFr.-lr                                    sJ3.47
          Total,       1S9S,          . . . . . . . . . I . .                                                                                         4.66                                                                       6.54                                                            0.22                                      I                            I .51                                 1.7.     23
                                                                                                                                                                                                                                                                                                                                           1




     Increase,         . . . . . . . . . . . . . . . I   So.24~~~~                                                                                                                                                              $0.          JO                               ............                                                                                                                   $0.24

     Decrease,         . . . . . . . . . . . . . . . . . . . . . .                                                                                                                                             ..............                                                                                                                                   $0.               IO
                                                                                  ALL LINES          OPERATED   DIRECTLY.



                                                                                   I’. I<. K. 1)1\.
                                                                                                  .                I’. k E. L)r\.     ‘I-u1 \I*.
                                      -



I?lssellpY,               ...............                                              22,257,4j9                    z,i59,533      4[,461,831             722,932

      ‘,,
I>inin~~        .................                                                         519,366                           . . .      97o,5ro              I 6,602

Pxdor,          ...............                                                              5,993                           3.50      qg>ojs               20,990

Eniigrmt          md            Excrlrsion,                ........                       554,308                             SO       73% 269         . . . . . .     SS,jJ?

Rllt-lington and hIt. Holly Tr;tction                                 Electrir,    .       , . . .                   . . . . .           89,005                  639

\\‘aglicr,          ................                                                         2,719                           III         ‘9,138        . . . . . .     1.~,6Sh

Pulln~an,           ...............                                                     9,“39,143                      39%965       14,426,9rS            9i4,   JO2
I’ost;d,        .................                                                       3,536,377                        29, I 20    4,700,7s2            4051273

Haggage-Express,                            ............                               10,264,374                    ‘,517,o39      15,646,s       1       750,404
-

       Total,       ................                                                   461210,144                    4,697,198      78,292,042           2,786,824
                                                    l’KElC,HT          EcjUIPMENT            ,1III,EAGT<.

                                                          ALL    LINES    OPERATED          DIRECTLY.




I,o;lded-eastward,              . . . .     . . .   . . . . . . . .           295,562,952       41,736,22()     ~~4-16.093            3Sr,;45,265    ,    2S,SSo,60s

IzriiC’ty-e,?st\~;lrd,                .   . . . . . . . . .        .      .    33,4o6,234         j,y<jo,\;ro    I 1,165,.51     I      ils,322,055/       4,6Sg,~ci,~


     Tot&-eastward,                 . . . . . .     . . . . . . . .           323,969, rS6      45,386,53o      5.j,6Ir,6ol                     ’
                                                                                                                                      430,~67,320 3.%57~,353
  ----_--.-.--                                                                    -~
Loaded-westward,                . . .                               . . . I Io,s6S,61o           17,976,136      361403,394            165,2&14o          ’ 9, 960,432

Empty-westward,               . . . .                 . . . . . . .           226,206,02S       26,\w, 20s       76,967, I41           269,522,3i7        ‘4>484,353
                                                                                       .-                                                            -I
     Total-westward,                . .               . . . . . . .           337,0;4v63S       41,.i25?.il’     ,i.i.37(~,5.@        434,77~.517     :   34,44.1,785


I,oaded    - total,       .     .     .               .         . . . . . 406~3 1,562           59.jr2,3$        So,S49,4S7            s$igw+w            4S,8.{1,04C’

Empty-total,          .         . . .                      . .      . .       259,672,262       3Q ()99,5 15     ?S,13zy655          , 317,S44,432        rg, 174, roI


     Grand       total,   . . . . .                                    . .    666,043,S24       sg,s11,sjr      loS,gSz,   1.12        S64,837,S37        68,015,14S
                                                                                                                                                             579.66                           2S7.02                  rS5.S3          r,o94.90            3J907.78

linitetl          Railroads             of Sew                Jers~!y                  IXvision,                            476.S6           1               152.64                            58.37                   S6.21            449 - 66          IJ2.53.74
                                                                                                                                             I
I’l~il;idt~ll~l~i;i anal Erie Railroxl                                              Ihvision,                 .             566.15           i                   s; . go                 . . . .                    . ~ . . .           297.62              947 - 67

                                                                                                                                                 t
       ‘I‘otal,       IQ),          .    .   .       .   .     .       .        .      .     ,     *    .     .           2, So3.38                          S16.20                           375 *39                 272.04          1,S42. rS           6,rog.rg

       ‘1‘01;11,      I sgs,        .    .   .       .   .     .       .        .      .     .     .    .     .           2,765-w                            i95eio                           362.23                  261.54          1,771.o-l           5j956- 51


                                                                                                                                                                 20.50                         13.15                   x0.50             7x-14              152.6s
                                                                                                                                                                                                                                            ~         -     -~




                                                                                                                                                                                                                                         ,
                                                                                                                                                                                                                        K \lI.S.                    TIES.
                                                                                                                                                                                                                           ___--
                                                                                                                                                                                                            I----

I’c~lln~yl\~;~ui:iI<;lilro:ttl                       Col~~lm~ly, . . . . . . . . . . . . .                                                                        . . . . . . . . .                                       44,977         )         1,992,634

I’liil;~tlcll~lii,t,         1Vill~iillgton                   and           lklltirnow                        R;iilro;d          Company,                         . , . . . . . . .                                         6,134                    464,425

Northern            Centr,kl            l<:~ilw:l~ Conlpnny,                                            . , . . . . . , . . . . . . . , . . . . .                                                                           6,606                    203,439

\\‘cY4 lei-sc!r ;lll(l              .se;l~llol-e               li<lill-o:l(l                     Conl[‘;illy~                .   .   .   .           .   .   .           .   .   .   .    .     .   .   .                       133      ~           ’ w493

             \‘alltby IL~ilroacl
C111~11~~1-1~1ii(l                                                         Cotiilxlny,                      . . . , . . . . . . . . . . . . . . . .                                                                             998                   64,467

i2lle~~heny \‘;kllcj~ Kdilway                                  Cotnlnny,                                . .           .     . . ,                    . .          . . . . . . . . .                                         2,281                    123,605

I’emsylwiiia                 Conilx~ny,                  . . . . . . . . . . . . . . .                                                               . . . . . . . . . . _ .                                              15,815         ~           3S4,357

I’ittsl)tir~ll,        Cincintl;iti,                 Cliiw~o                        and St.                 I,ollis       Railnxy                Company,                    . . . . . . .                                23,057                     641,SSo

(;I-;-1n(l Rapi(ls             mid Iiiclima                        Railway                       Company,                    . . . . . . . .                                 . . . . . . .                                  2,200                    rS2,738
                     ~~~ --~--~----                                                                                                                                                       __-


       Total,           . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                                                                                                               . .                  102,202                   4,23S,o68
                                                                                                                                                                                                                                         I
                                .   _        _   -       -.        _        -       -_.------.---__-_

				
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