The times., 1898-03-01

completion
In order to facilitate the movement OF
trains over the Allegheny Mountain pro
vision is also now being made for four
tracks from Altoona to Kittanning Point,
and for a complete three-track system
from Kittanning Point to the east end of
GaIlitzn Tunnel the widening of the new
Portage Tunnel and the double tracking
of the Portage Road from the tunnel To-
Cresson have also been placed under con-
tract.
In order to secure the best results
from outlays of this character. IL IS nee
essary that the work should. when once
begun, be pushed to completion. and To
that end il has been decided to create an
Extraordinary Expenditure Fund. in
which shall be set apart from time To
time such sum as can properly be spared
for such purposes from the current in
come. without eucroaching upon the divi-
] dend fund.
portion of this fund will also be ap-
! plicabIe to meet the large expenditure
necessitated within the next two years
by the provisions Of the Interstate Com
merce Legislation compelling the equip
ment of all freight cars with air brakes
/ and automatic coupIers, and other i'm
! provements to the equipment.
/ The bridge over the Susquehanna
River at Columbia, about mile in
/ length which was destroyed by wind
/ storm late in 1896 was fully restored and
/ opened for traffic on July s. 1897 The
! piers that had been damaged We're err
| tirely rebuilt and new steel superstruc-
| ture replaced the old wooden spans. The
| erection of the new spans was a credit
| able piece of work, several of them haV-
| ing been placed in position in ten work.
| ing hours, while the whole structure was
| erected in twenty-one days.
| Various Improvements We're made dur
I inc
! of New Jersey Division y chHnsa of line
| was made in New Brunswick and four
| tracks laid through the city, and further
| progress was made toward completing
the automatic signals between Mon
mouth Junction and Trenton, and he
| tween MorriSville and Holmesburg june
| ton.
The new ferry between Jersey City and
! Twenty-third Street. New YORK, was put
in operation May 18th, 1897. The public
| convenience has been largely promoted
| by the establishment of this new route,
| and your passenger traffic Increased
| thereby. A cab service similar 10 that
| in operation at Broad Street Station,
| Philadelphia, was also esta blished in con-
! nection with this ferry, and provision
made therefor through the purchase of
! property and the erection OF the neces-
| sary buildings thereon.
The amount expended in construction
SOO.65. on account of which there was
| received from those companies the sum
| of Slfi.94a05 in cash. This expenditure
was mainly in the complexion of the all
| rail connection via the Delaware River
Bridge, near FrankfoGd. between your
| lines in Pennsylvania and Your seaSEOre
| lines. and in the construction If a branch
| and sidings on the South Fork Railroad
On the seventh day of January q con-
| sOlidatiOn was made of the Hanover
| and York Railroad Company and Fred
| erick and Northern Railroad Company
under the name of the York, Hanover
| and Frederick Railroad Company, thus
placing the entire line between York
and Frederick under one organization.
The property heretofore known as the
| Brooklyn Annex, and comprising the fer
ry boats operating between your Jersey
| City piers and Brooklyn and other points
I'm the harbor of New York has been pur-
chased by your company with the view
of improving the facilities for the passen-
ger traffic to and from those important
! centers.
In connection with the widening of Del
aware avenue and the general improve
ment of the harbor front on the Delaware
River by the city of Philadelphia. the
work of reconstructing the ferry fecili-
| ties at Market street wharf is being rap
idly prosecuted. 1t is expected that by
the 1st of May the southern half Of this
work will be completed. and the cOHven-
| fence of the public will be thereby mate
rally promoted With the view of fur
| ther increasing the facilities for SeaShOre
travel the Misunderstanding of the line
| of the old Camden and Atlantic road is
| being completed with rail weighing 100
| pounds to the yard. and by the ist of May
will be i'm excellent condition To meet the
requirements Of the passenger traffic,
| which reaches the West Jersey and Sea-
! oh Poi nv n ha rTia Ural DS
! by the aIl-rail connection via the Della
ware River bridge
When the S3,C,9000 of four per cent
! equipment trust gold bonds We're issued
by your company in 1889 it was provided
that should it be found impracticable to
retire the same through the sinking fund
pledged for their redemption, such fund
should be applied to the purchase of ad-
| ditional equipment 10 be also held under
the terms of the trust. AS the bonds had
twenty-five years to run, the object of
this provision was to guard against the
depreciation naturally occurring during
| that period and insure TO the holder OF
the securities the continued possession by
the trustee of ears fully equal in value 10
the obligations outstanding against them
: The original equipment. and the additions
thereto. amounting to LOS cars. having
, heretofore been carried at cost on your
/ books il has been deemed wise TO re-
! equipment and the excess has therefore
been charged against your profit and loss
. | account.
There has also been charged against
| vour General Profit and Loss Account
! The cost of the stock held by YOU in the
Summit Branch Coal Company, this
| property having been sold under fore
, closure proceedings by the mortgage
| bondholders The condition of this prop
, | erty and the increased expense resulting
; ! from the depth of its workings have
, | made it's future very problematical- and
il was deemed wise 10 reduce the Valua-
! tion of its securities in your accounts
, | accordingly.
: The Board record with regret the loss
| hv death. on the twenty-ninth day OF
, | January. 1895 of your Purchasing Agent
Mr. A. W. Sumner Mr.. Sumner had
been connected officially with that de
, partment since June 1st. 1855, having been
| Assistant Purchasing Agent from thai
! ! date until December lst 1898. when M
, | was promoted to be its head. He per
! formed the responsible duties devOlvIne
| upOn him with the utmost integrity anC
. ability. and possessed the thorough con
1 | ndence and regard of his associates.
Under the revised organization. Mr.
, | Charles \. Chipley was. on March lo
| 1897 appointed General Freight Agent II
6 | charge Of local traffic, and Mr. John +
, | Thayer jr. General Freight Agent, II
charge of through traffic.
\ condensed General Balance-Sheet OF
+ | the Company is hereto appended.
= The Board renew their acknowleds
f | ments to the officers and employees fo
the fidelity and efficiency with whicl
they have discharged their duties dur
e | ing the past year.