The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1903-02-28


pany, an issue was made December LIST
iSO2, Of the remaining s.. OOO. 600 being
Series Co Of these securities. The pro
ceeds Of these certificates were used BIZ
the Pennsylvania Company in the pur-
chase Of securities and for its other cor
porate purposes.
sale was also made Of s. OOO. 600 OF
the Consolidated Mortgage 3Ia per cent
Bonds. Series e, o" Of the Pittsburg. Gin
clnhau, Chicago and ST Louis Railway
company. 10 reimburse its treasury for
expenditures on capital account and in
the redemption and cancellation Of prior
lien securities
The number of tons OF FREIGHT moved
on the lines west Of Pittsburg was IO4. -
947,U4o. an increase of 14.1S3.29 The
number OF passengers carried was 25.-
4oS.6IS. an increase OF 3.22O.S76 as com
pared with 1901
The gross earnings Of all lines east
ana west OF PittsburE for the year we're
4-l9,o S,St+-4S. operating expenses 1852. 81
22O.21lS3. and net earnings S67. 500. -
oSZ.67. an increase in gross earnings.
compared with 1901. Of S21 .222. 1864. and
an increase in net earnings OF 81 7I6.-
loO-f6. There were 269. $50 tons Of
freight moved. being an increase Of 25.-
US.S99 tons. and 1I5.S4S.S41 passengers
carried. an increase Of 1921 $50
GENERAL REMARKS.
OF october. 1878, on December 31st. 1902
amounted at par TO $11.546 .23O. and tae
totaI income theTefrOm was S9.O4g. $40 20.
ABOUT IS per cent on their cost.
inc assets Of the Insurance Fund at
the end OF the year were "a. Sos. e36. AZ
belng an Increase. as compared with
1901. OF S1C5.032.SI
The total receipts Of the EMPLOYEES.
voluntary Relief Department for tho
year were 1870. 604. which. with S357.
-oS-45' the balance on hand at the be
ginning OF the year. made an aggregate
OF Sl,661 .S73-45, out of which SI6T. $50. 50
vas distributed as death benefits. and
So9Z'S5f.O5 in cases of disability arising
from sickness and accident. After meet
ing its obligations for the wear n hai-
ence OF $3.50, $3.50 remained to the credit
OF the Fund. In addition TO this balance
there is an accumulated surplus OF SOL
256. %.
The amount Of the Employees Saving
~ una az the close Of the year was
s.. 40s, 25O.5O.
During the year 227 employees were re-
tlred under the pension regulations of
the company The amount of allowances
paid was $3.50, l12.65. and the number OF
pensfoned employees on the rolls .2O1
In accordance with the announcement
made at the last annual meeting that a
large expenditure would be required for
the Increase OF your equipment and also
for the construction of the tunnel line
10 connect your system by rail with the
City OF New York. and the erection OF 3
centrally-located passenger station in
that city. and with the view Of provfd-
ing funds for these and other corporate
purposes, the privilege was granted. on |
the 18th OF March. 1902, 20 the share
holders to subscribe in proportion TO /
their holdings for SO. 100000 of ga per
cent. ten-year Convertible Gold Bonds OF /
your Company. bearing date November /
LIST, 1902 In addition TO the right then /
given 70 the holders OF these securities |
10 convert the same into your capital !
stock on May list. 1904 OF at any subse- /
Iuent semi-annuaI interest period. at /
$40 per share. IL has since been deemed I
proper 10 give them the privilege OF an 4
earlier conversion on the same basis
lndeT which they may surrender their
bonds and become shareholders Of record |
Nay 9th. 1903.
The tunnel extension into New York
commences at point on your ITc.----ii
Iew Jersey Railroad about a mile east
" Newark. whence a double track road /
will be constructed the Pennsyl-
ania. New Jersey and New York Rail-
Dad Company On an elevated line 70
Veehawken, and thence by tunnel un-
er Bergen Hill and the North River to |
connection on the boundary line be-
ween the States of New York and New
ersey, with the line OF the Pennsylva-
ia. New York and Long Island Rail-
Dad. The latter Company is TO com
lete the line from that point under the
forth River. the City OF New York the
last River. and Long Island City. 70 a
JUNCTION with your Long Island Railroad
ear Thompson Avenue in that city. IL
iii also make connection with the New
ork Connecting Railroad, and through
with the New York. New Haven and /
Hartford Railroad. and thus provide an
ll-rail passenger route between your !
ystem and New England. -....
The necessary authority from the
tates OF New Jersey and New York for |
he prosecution OF this enterprise was
sadtly obtained. but the inception OF / q
he work was delayed by he inability 1
procure the requisite legislation from !
Re municipal authorities OF the City OF &
ew York. The franchise FOR this pur- q
ose, which was promptly granted by {
le Board o. Rapid Transit Railroad b
Ommi ssioners. had also 20 be approved
the Board OF Aldermen. but il was &
lly On the 10Th Of December last that =
at body took Affirmative action. Your Y
,plication 20 the Board Of Rapid Tran >
t Railroad Commissioners covered the 4
J.
First.-Of q railway CONSISTING 81 two double ;
'ck lines. starting from adjacent points under }
r Hudson River. the line between the / G
ltes Of New York and New Jersey. and run q
lE e1SfW3rdlF through New York Civ. one I D.,
der Tbiuy-firSt street and the other under
irty-sec0ud Street and thence under the Last
yer and Long leland City 20 a s,irfIce ter
Nus near Thompson Avenue in that city.
>ccund.-Thc construction Of "a terminal sta d
N between Thirty fist and Thirty second h
-eets and seventh and Ninth Avenues, in New
rk. and for that purpos- the closing and oc- d1
Dancy Of TIirty-sccCnd street between the Z,
.nucs named. a.
rhird.-1he construction % q third double -
ck railway from this terminal station under | y
irty-third Street and 10 and under the East y
yer 20 the terminus near Thompson Avenue =
'9urth.-Ihc construction Of additional tracka Ci
Ihirtv-trst, Thirty second. and Thirty-third 4
Gets necessary for the operation u the rail- u.
81 and station. ,c
luh.-The occupancy Of ground under Tlir- I \
third street and east and west Of Fourth / -
entc for local station.
1Nth--The maintenance and operation Of the / ~
'ess.iry cables. wires and conduits under and sc
ng tho route ~ the railway for power heat / SO
r light. and other necessary purpose
cvcnth.-Fhe right 20 Use private property ! Z
fully acquired. ior It's corporate purposes in r.
nectiou with the construction and operation 4 :,
the tunnel; and ~
Ighth.-The right 10 maintain and operate .,
railroad IN pcrpetuitv. -
he conditions under which The franrhis. OF