The evening times., 1898-03-01

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
GallitZin 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, it is nee
essary that the work should when once
begun, be pushed TO completion, and to
that end ii 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 encroaching upon the divi-
dend fund.
portion of this fund will also be ap-
plicable 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 couplers, and other i'm
provements to the equipment.
The bridge over the Susquehanna
River at Columbia, about a 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 were eE-
tirely rebuilt and a 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 were made dur
ing the year upon the United Railroads
of New Jersey Division. A change 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 be-
tween Morrisville and Holmesburg juno
ton.
The new ferry between Jersey City and
Twenty-third Street. New YORK, was put
in operation May 10th. 1897. "'he 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
on branch and auxiliary Inas was $lSS,
SO065, on account Of which there was
received from those companies the sum
of $1H,947.05 in cash. This expenditure
was mainly in the completion Of the all
rail connection via the Delaware River
Bridge, near Frankfor1. between your
lines in Pennsylvania and your seasEOre
lines, ana i'm the construction If a branch
and sidings on the South Fork Railroad.
On the seventh day Of January a CON
solidatiOn was made of the Hanover
and York Railroad Company and Fred
erick and Northern Railroad Company
under the name Of the York, Han over
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
in the harb0r Of New York. has been pur-
chased by your corlpany 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 facili-
~
idly prosecuted. II is expected that by
the 1st of May the southern half of this
work will be completed. and the Conven-
ience of the public will be thereby mate
rally promoted. With the view OF fur
ther increasing the facilities for seashOre
tra rel the dOuble-tra cking 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 in excellent condition to meet the
requirements OF the passenger traffic.
which reaches the West Jersey and Sea-
shore Railroad by the ferries as we'll as
by the all-rail connection via the Della
ware River bridge.
When the 100000 OF four per cent
equipment trust gold bonds were issued
by your company I'm 1859 il was provided
that. should 1t be found impracticable TO
retire the same through the sinking fund
pledged for their redemption. such fund |
should be applied TO the purchase of adj |
1itional equipment to be also held under |
the terms of the trust. As the bonds had |
twenty-five years to run. the object of |
his provision was to guard against the |
Depreciation naturally occurring during |
hat period and insure to the holder of |
he securities the continued possession by |
he trustee Of cars fully equal in value to |
he obligations outstanding against them |
rhe original equipment, and the additions |
hereto. amounting 10 LOIS cars. having |
heretofore been carried at cost on your |
books. it has been deemed wise to re-
luce their value TO that of the original |
equipment. and the excess has therefore /
,een charged against your profit and loss
recount.
There has also been charged against |
-our General Profit and Loss Account
he cost of the stock held by you in the
Summit Branch Coal Company. this
property having been sold under fore
'losure proceedings by the mortgage
The condition of this prop
rty and the increased expense resulting |
rom the depth of its workings. have
made its future very problematical. and
was deemed wise TO reduce the valua-
ion of its securities in your accounts
The Board record with regret the loss
y death. on the twenty-ninth day of
anuary. 1898. of your Purchasing Agent
ir A w. Sumner. Mr.. Sumner had
cen connected officially with that de-
artment since June 1st, 1855. having been
Purchasing Agent from that
ate until December 1st, 1893, when he
vas promoted to be its head. He per-
ormed the responsible duties devolving
pom him with the utmost integrity and
bility and possessed the thorough con-
dence and regard of his associates.
Under the revised organization. Mr..
'harles A. Chipley was, on March 10,
s7 appointed General Freight Agent, in
barge of local traffic, and Mr.. John Il.
hayer. jr.. General Freight Agent, in
barge of through traffic.
A condensed General Balance-Sheet of |
he Company is hereto appended.
The Board renew their acknowledge !
lents to the officers and employees for
ne fidelity and efficiency with which |
hey have discharged their duties dur
,er he mast wear |