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


/ that the investment o. this amount viii result
| IN Largely increased art earning 10 your proc
erty, not only from the greater volume Of traf-
/ &c which viii be handled but through the econ
| oinics which viii result nom the reduction Of
I gaGes. the better location and arrangement Of
/ yards, and the saving in shifting service now
/ -HtulF expensive and In overtime 20 train
\ cIeWss which, owing % the overcr0wding q
/ yards and tracks. has become a serious item
Nhile the amount 81 such savings cannot be
estlniated With positive accuracy, IL Is sate 70
say that IN the handling o. last years tonnage
! upon the lines east or PirtsbuCl they would
nave amounted TO several millions u dollars.
Extensive improvements viii also be required
On your ic3scd lines west Of Pittsburgh. pOr-
| tlon % the funds for which viii have 10 be
suPpled BY your Company In addition 20
communicating material sections Of the exist
ING roads IL l. proposed % proceed at once
WITH 'he construction Of new line about %
miles IN length between a point on the fort
d" awe Road near Enon and Red Bank Penn
sy.vSnia, where IL viii connect with your Ale
eheny Valley Railway. This road will form
with the Low Grade Division Of the Allegheny
valley Railway. the Philadelphia and Erie Rail-
road and the Northern Central Railway
low grade line from the west TO Harrisburg.
only 3 miles longer than the present line via
pittsburgh. over this route the through traffic
OF the Pittsburgh. Fort Mavne and Chicago and
Cleveland ard Pittsburgh Roads can be moved
without passing through Pittsburgh and adlii-
ucnal relief thus Afforded 70 the congessed
tracks in that district. For sllch portion %
the capital expenditure west Of Pittsburgh
you may supply % the Pennsy ivar.ia Company,
You VIII be reimbursed through It's dividend
paving stock or other securities.
In addition TO the above expenditures and TO
those required for equipment and for the UJrk
uIron the tunnel line into New York. larEe out
Baltimore and Washington Railroad. the North
ern Central Railway. and the Pittsburgh Nir-
ginia and Charleston Railway. the means for
which will be provided By those Companies
In this connection il NAV be well 10 call at
tention 10 the fact that charges % capital ac-
count for the construction Ct tracks and ruadbed
IN recent years have been comparatively trifins-
rIo1n 1877 10 lsiz. inclusive prrlod Of I've
years, the increase in Cost Of Road has been
only about 50 10000. a little over II per
cent for improvements Of the character referred
to. they having been Substantially paid for out
OF Income, while the tonnage 81 the Main Line
and branches has incr,ased during the same
time from. about f5.ooo,G5c 70 over 100000
tons. about O. per cent. and while it, Gross
Earnings for the SINE period have increased
from about So. 10000 to So 600 go OF nearly
~ per cent. and its Net Earnings from about
81. co, 600 20 SS5 O0o.0JO. or over IS per cent
II viii. already stated. require from two 70
-hree years 70 complete these improvements. but
the money needed should be provided IN adj
vance. IL was n view 81 this fact that your
Board gave the Necessary notice Of its infen-
.cntiCn TO recommend at the coming ANIMAL
meeting an increase in the authorized capital.
As the Law Of Pennsylvania requires vote %
The majority Of the outstanding stock 10 IN
,rease their capital stock indebtcdness. and
Is there is always difficulty In securing such
representation. owing 90 your stock beng
leld by about twenty nine thousand persons
1esiding In this country and abroad. your ap-
lrOval will be asked OF an increase in the
horned stock 70 an amount sufficient 70 uro-
'ide for the probable wants Of the Company for
ome years to come but the Board Of
Directors only propose TO issue at this time
he amount needed 10 provide for the improve
nents hereinbef0re referred TO: and furthef
ssues VIII be made except for such purposes
= you snail approve. II Is not the intention
Z your Board 10 ask you 70 nov authorize any
ssne Of permanent bonded debt
In the annual report for the year 1899 refer
nee was made 70 the acquisition Of interests
n other railroads and to the good results which
/ was hoped 20 attain thereby. and your Board
re now gratiiied 20 be able 70 state that their
NpeCtatiOns IN this respect have been more
han realized Il is confidently believed that
he results achieved. and the fact that IL has
cen proven 20 be possible 70 carry on the bust
ess Of the railroads under a strict adherence
o tarih rates, well as the determination
1OWn by the Government authorities and the
ourts 70 enforce the law Gin which effort
hey viii have the active assistance Of all
managed railroads. will prevent
return TO old methods The doing away
18th unjust Determinations and preferences
ctWeen shippers and the placing thereby of
he transportation business Of the country upon
stable basis, cannot fail 70 bring about better
'lations between the public and the railroad
ofnpanies. and mus also add largely to the
llne Of railroad investments and 70 the security
the business interests which are dependent
pom railway transportation. Your manage
tain By the policy referred to- and having
'nsPleted the investments then contemplated.
-
isracter viii be unnecessary.
Your Board have 70 record with deep regret
ie sudden death. October %. 1902, his
'me II Bala, Pa, OF Hon. James A. Logan,
le Cene-al Solicitor Of your Company. Judge
1gan cu1ered your service Assistant General
,,icit0r on July l. 1872 after a valuable expe-
ence Al the bar and the bench, and hlled
at position until, upon the resignation 81 Hon
lhn Scott. he became your General Solicitor on
,bruary l. 1895
HIS administration Of tine Legal Department
Is marked not only by unhagging devotion 70
ur interests. BY by rare rcsourccfuncss and
dlity 10 deal with the important legal spnes-
ms which constantly develop IN the operation
your system Ills personal traits won the
ri and affection Of his associates. and his ioss
one 10 be deeply dep3ored- To al the vacan-
thus crested. and under a revision % the or
ni1ation taking effect November 20 1902, Mr.
Orge y. Massey appointed General COun-
. Ny. Francis I. Govcn General Solicitor. and
2 Parker D. Prince and Mr. George Stuart
tterson Assistant General Solicitors
Your Board have also TO record the death q
3. William Hazel Wilson and Mr. Enoch Lew
who. although not directly connected with
@ Pennsylvania Railroad At the time Of their
attn. had IN the past performed long and
thful service in your behalf. and in more
lt years had given your Company the benefit
their counsel and experience IN the manage
mt Of YOUR subordinate lines Mr. Wilson's
injection with the Main Line began in jan
~. is5G and until 1854 be sT.ed the most re-
'nsihle positions in tho Engineering Depart
Mt. and amer MS retirement S-tfyc
e was. until his death. an executive officer
I Director in important roads forming part
your system His active life had covered the
ire growth % the railway transportation in
est in this country, and stretching il did
r period q more than fourscore and ten
rs. il marked by the highest ability and
ezsrity. and BY exceptional usefulness 20 his
'ieSsion. the community which he
cd, and TO the Company with which nearly
} years Of his active career bad been
ted.
IT. Enoch Lewis entered your service in 1850.
after SLING various offices In the lranspoT-
ion Department became General Superlntend
Of the Pennsy .vania Railroad April LIST, 1880.
filed that position most acceptsbly until
,ember Slst. 1855. and on May lst. ls66. upon
organization OF the Purchasing Department.
4 charge thereof and filed that position
il December lst. 1893 Since that date Mr..
yis had been Director in your affiliated
s. that he had been actually connected
n your interests for over half a century.
his record during that entire period
Of exceptional fidelity 70 the interests com
ted TO his charge
r. John g Wilson having been retired under
operations Of the Pension Department. Nav
1902. as Real Estate Agent. after long
honorable service Of over thirty-uine yean