The times. [volume] (Washington [D.C.]) 1897-1901, 1901-03-05

construction of bridges and stations, and
the construction of short branches
The four-track system was extended
west of Coatesville on the Philadelphia
Division. so that with the exception of
the crossings of the Brandywine and Co
nestoga. at Coatesville and Lancaster.
respectively, it is now complete from Jer-
sey City to Harrisburg. This work was
also prosecuted on the Middle Division
between Aqueduct and Port Royal and
west Of Huntingdon; and with the compile
ton of the new tunnel through Tussey' s
Ridge, and the widening of the old tun-
mel. the four tracks are now in service
from Mill Creek to Spruce Creek. on the
Pittsburg Division this system was com
pleted between Altoona and Lillys. and
between Manor and Shafton, while the
revision of the line at Twins, already re-
ferred to, included four-track system
at that point and its extension west to
LarimeT. of the line between Jersey City
and Pittsburgh, 440 miles. 81 miles of four
tricks are in use, leaving 129 miles yet to
yards at Greenwich, West Philadelphia
Harrisburg. Altoona, Cresson. South
Fork, and Brinton were improv ed and eX-
tended, and your pier facilities on the
Delaware River at Philadelphia largely
increased. The construction of four
track stone-arched bridge, $500 feet in
length, over the Susquehanna River at
Rockville. to take the place of the pre-
progressing, and the work of rebuilding
the passenger station at Pittsburgh is also
being pushed forward. The Petersburg
Branch was extended from Petersburg to
connection with the existing road at
Aeula Furnace. thus completing an al
ternate line between Petersburg and AL
toona via HOlidaysburg, and furnishing
much needed facilities for the limestone
traffic from that territory The short
branch near Williamsburgh in Canoe
Creek valley was also completed. and the
Alexandria Branch from Donohoe Sta
ton on the Pittsburgh RiviSion. extended
about four miles to New Alexandria.
Additions were made to your floating
freight equipment in New York harbor,
the ferry boat Chicago was rebuilt for
passenger service. and the work of equip
ping your freight cars with airbrakes and
automobile couples was continued
On your branch and auxiliary lines, the
main expenditures were on the Pitts
burgh. Virginia and Charleston, South
west Pennsylvania. South Fork. Ebens-
burg and Black Lick. and Schuylkiu and
Juniata Railways, but these OUTLAWS were
practically betrayed out of the current
income of the respective Companies, and
the charges to their capital account were
quite small.
On the Pittsburgh, Virginia and Charles
ton Railway the heaviest expenditure was
in the acquisition of right of way and
real estate for a revision o. the line
through South Pittburgh. and the con-
struction of a fourtrack system from
that point to Thomson, a distance of
about II miles, and for additional yard ia
cilities, these improvements being ALSO
lutely necessary to meet the demands of
its heavy traffic.
On the Southwest Pennsylvania Rail-
way the principal work done was in the
construction of an extension and branches
into the newly developed coal fields south
and west of Gniontown. the laying of sec
ond tract; from Everson to Youngwood.
the establishment of a new yard near the
latter point, and the construction and ex-
tension of other small branches.
The Ebensburg and Black Lick Rail
road was further extended second
track built to IoVett on the South Fork
Railroad; additional sidings and small
branches built on the Cambria and Clear
field and Western Pennsylvania Rail
roads, and revisions of grade and align
ment made on the Schuylkill and Juniata
Railroad.
The demands of your traffic will necessi-
tate a large outlay during the current
year In addition to the Pittsburgh Sta
tion, the elevation of the tracks. and the
reconstruction of your passenger termin-
ais at that point. like expenditure will be
required at other important points on your
lines to avoid grade crossings and factli-
tate the movement of traffic. Under ar
rangements just concluded with the mu-
nicipal authorities Of Newark, N. j., your
tracks will be elevated through that city
and grade crossings abolished which are
a constant menace to the safety OF your
trains. The situation at New brunswick,
in the same State, Will also require SINH
lar treatment although at less cost, While
struct a new bridge over the Delaware
River to secure proper alignment at thst
point. Toward these expenditures the
sum of 100000 has been set aside out or
the income Of the year and out of the
profit realized from the sale of securities.
A new and commodiouS passenger sta
tionai is also much needed at Camden, ~
j.. 10 accommodate the heavy travel to
and from the seashore and the local terri
tory tributary to your Amboy Division,
and work thereon is now in progress.
on the line between Philadelphia and
Washington it will be necessary to ele-
waite the passenger tracks in Chester and
Wilmington, and increase the freight IA
cilities at the latter point, while under
legislation recently enacted by Congress,
your lire through Washington must be so
revised as to avoid grade crossings OF the
public highways, your passenger station
rebuilt, and new bridge erected over the
Potomac River
on your Main Line the time has arrived
when It is necessary to push forward Wig
orously the completion of your four-track
system. Considerable expenditure VIII al
so be required for additional terminal Ia
ciities at various points, ana Tor real eS-
tate power. and equipment.
A reference to the General Balance
Sheet in this synopsis and to the List or
Securities in the Annual Report VIII MS. sni9 Nv
the interests acquired during the year by
your Company in several of the railways
reaching the seaboard, and the amount OF
temporary collateral Obligations lssued III
investment have been satisfactory.
OF the bonds issued under the General
Mortgage of the United New Jersey Rall-
road and Canal Company bearing GATE
April Goth, 1911 $500 goo, bearing per cent.
Interest matured March LIST. 1901. Provision
was made for their payment by the sale OF
a like amount of IL per cent. bonds Sc
cured by the same mortgage ana maturing
March 1st 1851. This mortgage is the only
lien upon the property. and under It's pro-
visions the amount of bonds outstanding
may at all times be equal to but cannot
exceed the sum Of s2O.O0O.OoG
The 81 900 of your per cent. Navy
Yard bonds. which matured January LIST,
1901. were extended for twenty years at
IL per cent.
Series A of the Connecting Railway
Company bonds. amounting to S2ca.O0o and
issued under its mortgage of October 2ith.
1864 having matured September 18th last,
new mortgage was created for 81, O0DO0O. to
provide the funds necessary to pay off That
series and the subsequent series of like
amounts maturing annually until Septem-
Der 18TH 1901 The bonds secured by this
mortgage bear IL per cent. interest and
run for thirty years from September 18th.
1900.
An opportunity having offered to acquire
the Western New York and Pennsylvania
Railway. which forms the direct connec-
ton between your system and the city of
Buffalo, through the purchase of its in
come bonds and stock, the same were ac-
uured at a satisfactory price. AS Buffalo
occupies an exceptional position in connec-
ton with the Gcmmerce of the great lakes
and will undoubtedly become an important
centre for manufacturing Industries, il
was thought wise TO secure this road. as
connecting link for the large and increas-
ing traffic. which must pass to and from
that city over the other lines in your sys-
tenn. Its direct conru 'tions Herewith are
at Emporium on the Philadelphia and Erie
Railroad, oil City on the Allegheny Valley
Railway and New Castle, u prosperous
manufacturing centre on the Erie and
Ashtabula Division of your western lines
Large nIrchases of real estRte have also