New-York tribune., 1903-02-28

ninu in all between Trenton and
Newark. changes Of iine at Frankf6rd and
famSe,Ss efstG TlsVles he eeTaon S n Ye~ar and
New Brunswick and thc change of iine a,
Trenton. and other Improvements on the
| Total -------------- .s67 osoooo ~
While this is large no les a. espend5,,use Gn
Your Board are satisfied that the nvestnent Of this
your property. not only from the greater volume ot
traffic which viii be handled. but through The esonores
which will reduction Of grades, the better
location and arrangement of Yards. and the saving N
to train crews which owing to the overeTowdius of
yards and tracks, has become serious item ne the
tive accuracy it is safe to handing Of lsss
years tonnage Upon the lines East OF Pitts1ursh they
Extensive improvements wili also be required on your
Tor which will have to supplied BY your Company In
addition to double tracking material sections o. the sHs
Of new Fine line s yo9 e R6,d es ,s n n ,d
Red Bank, Pennsyyanis whers It will connect with your
Allegheny Valley Railway Tbs road will r i2Tn. 9th
way the Philadelphia and Erie Railroad and the North
fn Ienra a I I tngeT fbsn be p.esent line
via Pittsburgh Over the through trafhc q
and Pittsburgh Roads can be moved without passing
to }Pe oonsested tracks in that dstrie For such por
ton of the capital expenditure West of Pittsburgh as
be reimbursed through its dividend paying stock other
In addition to the above expenditures and those
required for equipment and for the work the tunnel
the Philadelphia. Baltimore and Washington Railroad.
the Northern Central Railway. and the Pittsburgh, Viz
In this connection it may be well to call attention
che fact that the charges capital for the
sr1cion Of tracks and rosdbed IN years have
been comparatively trAng From, 1907 inclusive.
period of FIVE years the increase in Cost Of Road has
been only about s6oooooo or little over eleven per
having been substantially paid for Income while
creased during the same time from about 4ooo.ooo~
97 10000 '1' or about % per cent and whrs s IS
about sJsooooo s6ooooo nearly so per cent and
IT'S Net Earnings from about sfoooooo ss5ooS. OF
Ii will, already stated. require from two to thres
should Be provided IN ADVANCE Il as in view
IT'S intention TO recommend at the coming annual meet
ing increase in the authorized capital "a the law Of
standing to increase either capital stock or indesf
edness, and there IS always difficulty securing such
about twenty-nne thousand persons residing in this
increase in the autbo2ed oef 10 a a9f seient 81 an
to provide for the probable Of the Company for
some years to come; but the Board of Directors only
propose to issue at this time the needed pro-
no u1ther ISSUES Will be made except for such purposes
as you shall approve 1t is the intention OF your
27f bonded d6 yGG to no" authorize any issue Of p
In the report for the year 1900 reference as
and to the good results which it hoped TO attain
thereby and your Board sratihed to be able to
more than realized It is confidently believed that the
be possible carry business Of the railroads
deteminator shown by the authorities and
,he courts TO enforce the law I'm which effort they will
IaToadsl will prevent return to Old methods The
between Shippers and the placing thereby Of the trans
poTtaon business of the eounry upon stable basis.
Publc and the railroad companies. and must also add
largely to the value of railroad and 70 the
secufy or the business interests which Dependent
upon railway transportation Your management having
referred and having completed the investments then
fGnte%Psted , It believed that further acquisitions Of
Your Board have record with deep regret the sudden
DEATH on October z9h, his home Bala Pa OF
Hon James A. Logan, the General Solicitor Of your
Company Judge Logan entered your service As
experience the bar and the bench and hed that
he became your General solicitor on FEBRUARY st
His administration Of the Legal Department marked
important legal qaeso w6h conssny s % d6r de1 T'n n the the
regard and affection of his associates and his is one
to be deeply depored To NIL the vacancy created
and under revision Of the organization taking effect
norted esTg o I9o- M e'eP[ge v Massey was ap
Solicitor and MI Parker b Prince and Mr. George
Your Board have also record the death Of Mr. VIII.
lam HAZEL Wilson and Mr. Encsh Lewis. who, although
not directly connected with the Pennsylvania Railroad t
the time Of their death had IN the past performed long
had Company the benefit of coan
sci and experience in the management of subordinate
in January $50 and until rSa4 he flsd the most re-
after his from active service was until his
death. executive officer and Director in important
covered the entire growth Of the railway transpoTaon @ ' i
this country, and stretching did over a
period OF more than four and years.
marked by the highest ability and integrity and BY e
CeptOnal usefulness his profession, the
in which he lived, and the Company with which nearly
fifty OF his active career had been associated
Mr. EnOCh Lewis entered in aft-
filing Offices the Transportation Depsrtuerr
became General Superintendent the Pennsvlvsa Rail
road April Ist: 1850. He filed that position most ac
cepaby until December 3Gst, 1865, and Nav Ts IsSS
upon the organization of the Purchasing Dep1rtsnf t6
charge thereof and filed that position until December t
1895 Since that date Mr. Lewis had been Director IN
had actu lIv
neced with interests for half century and his
record during that entire period OF exeeotia,f
hdeity to the interests committed his charge
Mr. John G. Wilson having been retired under ths
operations of the Pension Department MAY rst oos az
Real Estate Agent after long and honorable service 20
over thirty -nine years with your Company. Mr. R. w
CarSkaddon appointed that position and on T11-
Is 1902 Mr. Henry f. Trpier appointed Assistant
Real Estate Agent.
Mr.. J. b. Hutchinson having on account Of the strs,
imposed upon has health by the duties of his
thereo was ON January rst appointed Assistant 20
the Second Vice President On the same date NJ ~
W Atterbury promoted be General Manager s,1
Mr. y W Gibbs General Superintcndert NJ N7tive
Suferintendent OF the Pennsylvania Railroad Division
vice MI lohu NJ Wallis. relieved his own reorest
ana Nr- X L ponnel General Superntendent OF the
Bufaio and Allegheny Valley Division. succeed Mr.
Mr. John 5, Ruth appointed Assistant Auditor of
Ioai Freight Keceipts February
The General Balance Sheet IS hereto appended To-
gether with list of the securities owned bv the Com,
Pany and statement OF the income therefronr
he Board desire to their acknowledgements to
the otcers and employees for the efficiency and heitv
with which they have performed their duties during the
past yer. "
the Board.