I v - The P&WV Hi-Line

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39CCTHE PITTSBURGH & WEST VIRGINIA RAILWAY COMPANYTREND OF DEBT, FIXED CHARGES AND WORKING CAPITALFixedWorkingEXHIBIT 5 Debt Charges Capital* **1953 (8 mos.) $12,821.,509 $31.1,31.8 $3,219,8631952 12,h33,357 1.98,565 3,193,3761951 12,179,h29 h9h,676 2,982,2331950 12,102,900 5h2,931,. 3,181.,68119h9 12,613,572 550,806 735,315191;.8 11,255,397 h53,122 1,51.3,212191,.7 10,1.69;700 52h,879 1,725,27319M 10,809,000 1;.68,931 91.1,1.29191.5 10, 25h, 000 629,372 67,561. (a)19hh 17,1.1.1,000 761,026 1,631,08819h3 18,151.,000 801,308 1,1.92,609191.2 ,-19,608., 000 81.7,176 1,065,08719h1 . 20,135,000 881,381 h63,55619hO 20,930,000 881.,767 . 279,0761939 ~'18,lh9 ,607 901.,613 2:,836,l~22 (b) Deficit1938 18,hh9,607 898,h66 3,069,260 (c) Deficit....., .....~. --It Includes Interest on items a, b & c shown below-a Current assets over current Liabilities(a) Current Liabilities includes a short term note in the amt. of $ 900,000(excluded from debt column)(b) Current Liabilities includes various short term notes in the amt. or$3,h78,35h (excluded from debt column)(c) Current Liabilities includes various short term notes in the amt. of$3,h6h,538 (excluded from debt column)c
cCash FlowExhibit 6~ (Source and Application of Cash Funds)~ shows in summaryform where the Company's cash comes from and where it goes. The basic sourceof cash is of course Net Income, plus Depreciation (and Amortization of DefenseProjects) which are essentially cash items.A study of the exhibit will show that in the past fifteen yearsthere have been a number of abnormalities in both cash receipts and disbursements.In 1950, for example~ the Company's cash position was substantiallyimproved by reason of the taking, under condemnation procedure, of certainproperty in downtown Pittsburgh, by Urban Redevelopment Authority of Pittsburgh,in its exercise of eminent domain, The property taken also included the landleft vacant as a result of the fire which destroyed the Pittsburgh FreightHouse in 19h6, The Railway Company received $1,750,000 for such property. Theproceeds were in the first instance deposited with the Chase National Bank, astrustee under our mortgage indenture. Subsequently, the release of the monies,together with $30,000 previously on deposit, was secured by surrender, for cancellation,of an equivalent amount (par value) of the Company's first mortgagebonds, Series "D", which had been authenticated but never issued. Net incomefor 1950 was also beneficially affected to the extent of approximately $1+71,000because of income tax deductions resulting from the taking of the property, andother tax adjustments.In 191.7, the year following the destruction by fire of the Pittsburghfreight house, cash was benefited by the receipt of $638,000 from insurancecompanies in settlement of the losso The same· procedure was followed in thisinstance as in the paragraph i~uediately above, namely, the flli~ds were firstdeposited with the Indenture Trustee, and subsequently withdrawn by the surrenderof Series IIDtI bonds in like amount,Net income for 19h7 was also beneficially affected to the extent ofapproximately $362,000 because of income tax deductions resulting from theand the consequent abandonment of the Monongahela River Bridge and theMount ~ashington TUIh~eloIn earlier yearB, particularly the years 191.O through 191.1+, cash wasadversely affected by requirements in respect of the contingent liabilitiesincurred by default of Pittsburgh Terminal Coal Corporation, hereinbeforereferred to.With respect to amortization under Certificates of Necessity, itwill be noted that in accordance with accounting requirements of the InterstateCommerce Commission (loC.C. Order #30920, dated Deco 21, 1951) such amortizationis not included in the Depreciation account on the books of the Company,although it is of course taken into account in the computation of Federal andState Income Taxes. Certificates of Necessity were granted in connection withthe purchase of 19 diesel locomotives, permitting the amortization of 55% ofthe cost over a five-year period. Appropriate footnotes indicate the amount ofsuch amortization.c
Page 2 and 3: -~ -- -----------------------.-~---
Page 4 and 5: - :2 7) ~. Iron ore traffic futur
Page 6 and 7: I TIN ERA R YP. & ':'. V. INSP8CTIO
Page 8 and 9: •GUESTS - 2 Name and FirmCarSpa
Page 10 and 11: - 4 • Car SpacePERSONNEL OF THE P
Page 12 and 13: ccSECTION h----FinancialProprietary
Page 14 and 15: cCorporate historySECTION 1 The Rai
Page 16 and 17: cP&'ilV PersOlll1el Maldng the Trip
Page 18 and 19: 7cSTOCK OWNERSHIP There are 305,000
Page 20 and 21: THE PITTSBURGH &. WEST VIRGINIA RAI
Page 22 and 23: It might be well at this time to co
Page 24 and 25: c Identj,cal results have taken pla
Page 26 and 27: cat McKeesport, Pa., through our co
Page 28 and 29: Here is defi.nite evidence that the
Page 30 and 31: 23cFor the past several years the P
Page 32 and 33: c c At the present time preliminary
Page 34 and 35: Recently we opened up an ;interchan
Page 36 and 37: 31cFinancial statementsThere are an
Page 38 and 39: 37cExhibit 5 (Trend of Debt, Fixed
Page 42 and 43: cIt may also be noted that not unti
Page 44 and 45: cThe relationship of Pittsburgh & W
Page 46 and 47: 46RANKING OF SELECTED EASTERN DISTR
Page 48 and 49: None of this older equipment is und
Page 50 and 51: 50/'"r'--The following table sh
Page 52 and 53: 52,~-Gross Expenditures for Additio
Page 54 and 55: 55Cross Tie Renewals,- Installed Du
Page 56 and 57: 57'11:j~Statement of Miles and Perc
Page 58 and 59: ,-.".,---------------59Roadway Ma
Page 60 and 61: 611952 two oil or gas fired automat
Page 62 and 63: Equipment 63EQUIPMENT UiPH.OVEMENT
Page 64 and 65: 65EQUIPMENT MAINTENANCEEquipment Ma
Page 66 and 67: 67cDIESEL MAINrENAl'ii'CE PROCEDURE
Page 68 and 69: 69SECTION 6 - OPERATING RESULTSTher
Page 70 and 71: c C TREND OF OPERATING REVENUES: TO
Page 72 and 73: 73r"COMPt~TIVE STATEMENT OF RATIO
Page 74 and 75: 75r\~r- ,"P&WV Freight Train Perf
Page 76: PERCENTOf 194123020018015012010080~

I v - The P&WV Hi-Line

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