Evening star. [volume] (Washington, D.C.) 1854-1972, 1904-02-27

I RIVER, Tor the f0lnt OF Ifno and the
that Company Of its line between Fairview aud
q the a York y Haven and Fsa
On your Main L e. As already explained In the
movement q the coal and other heavy east bound
traffic; which by awaiting itself OF the alternate
tains. reach its destination withou. Being. a.
now seriously delayed both In ITS passage through
senger and merchandise traffic which SO fully oc-
Of the se.r Win tracks The remads.
this yard and TO build to Columbia from which
pot the Se"p % freight line viii be utilized
from that point via Atglea to paoH. Heavy ex-
tween York Haven and Rowenna on the Susaue-
hanna River. between Columbia and Atgieu and
between Glen Ioch and ThorndaIe and the work
On the Phi adelphia Division the elevation Of
the tracks between Hghspire and Steelten alb va
the food lire Of the Susquehanna River is in pro-
gTess and The line was revised at Mddl town and
also at coatesville. where the new stone bridge
now under construction is almost completed. In
NEST Phi!adeiphfa the new passenger line Was
second and Market Streets put in service, and
ire freight yards and other facilities at that
waited raj road, through that sectinn Of the civ.
connecting the Main Line and the New York
n by sion with the Delaware Extension and the
fmiadeiphia. baltimore and Washington Rail
!, ad and intended especially for the coal trains
running between the Fairview Yard above Har-
risburg and the Delaware River. well as fer
The large merchandise traffic handled at your
b 10 Street terminals in philadelphls and also
MARYLAND and New York Divisions. is practically
Ton Cht-en between Glen Loeb aud MorrisyiIle
IS being steadily prosecuted. Is reduce them
On the United Railroads of New Jersey Division.
a aa wefk 81 eifvatire ysur tracks through New
VIII be completed AT both points in the eariy
T sufnmer- The tracks of the Philadelphia and
ware River were reconstructed and the new four.
IRA stone bridge at Trenton put in service in
- large freight yard is being constructed Al
Maver!y for the accommodation of the Harsimu
Gyse,y franc ana no, q that passing to and from
nnsive terminal improvements. necessary to pro-
VIDE vide FOR the heavy traffic exchanged with the
New York, New Haven and Hartford Railroad
system, as we'll as for that destined to New Yorh
Harbrr points are being steadily confirm d. Large
expenditures were also made in the Improvement
OF the Meadows shops and Jersey City piers
extensive additions were made to your Motive
Power: Passenger and Freight Equipment and
shop facilities and to your real estate and tigb,
OF way while, as already noted. further provisiou
vas made for your needs through the issue of Car
Trust securities -
The. The aggregate amount Of these expenditure,
during the year upon your Line between New Yars
anu f1ttsburg, and the branches operated in con.
cde Ell he sn tn was 50 which
and machinery. and 81 3s5, 716 81 for right Of wav
ard real estate. " way
OF this amount. the sum of SO III 1o7 eo wa,
charged to capital account s9472 127 90 was
charged against the income of the year. and sI2-
80 $50 20 against the premium realized upon the
this premium the sum Of IS oee Gao was sau rnr oi
bsaS .sward the cost of the real estate pur-
ldSeu Iof your terminal passenger station in New
1ork City, and the balance applied in REDUCTION OF
sa anu, OF securities and outstand ne accounts
~ Inc expenditures upon your branch and auxiliary
lines amounted to $685. seq 43 and were met nv
the several Companies out of their own resources
On these lines the lnrgest outlay was upon the
roads specially engaged in the bitumnous coal and
coke traffic and notably upon the Pittsburgh. Vir-
gihia ana charleston Railway. where, as already
stated. the exceptional development of the MINING
ana manufacturing industries in the Monongabels
take care OF the traffic. This road furnishes your
connection with these industries. while at the same
time through your Port Perry branch. it enables
your through traffic TO be exchanged with your
Northwestern and Southwestern systems without
passing through the cengested Pittsburgh district
1t was. therefore. deemed advisable for your Com
pany. which already owned over ninety per cent Of
its capital stock to acquire the small amount cut
standing, ahd In order to provide for its capital
expenditures, lis stock has been Increased to SS-
oe0. 90. and its funded debt to an equal amount
of four per cent. bonds bearing date February 1st
1904 and running for forty years, the payment OF
the principal and interest being guaranteed by your
Company.
On the Southwest Pennsylvania Railway the main
outlay was upon yards, second track and sidings
as was also the case on the Pennsylvania and
northwestern, Cresson and Irvona and the other
roads in that district consolidated In last into
the Cambria and Clearfeld Railway. except that
on the EDensburg and Black Lick Railroad, an ex-
tension was made about twelve miles in length
from Dilltown 20 Black Lick. A further extension
also under construction from Cherry Tree to Dixon
vile. distance of about 20 miles. This road will
York Central Railway interests and the useless
duplication of lines in that territory thus avoided
The MoaengaheIa Railroad referred to in the
last report as being constructed In the joint
est of your Company and Of the Pittsburgh and
Lake Erie Railroad Company. put In service
August 31st. 1908. and Will be a valuable factor In
further developing the traffic Of that valley.
THE same conditions. which necessitated liberal
expenditures your Main Line. Also as hereto
fore noted. compelled the lines of Pittsburgh
to make large outlays; and this was equally the
case with the Northern Central, Philadelphia Bal
tmore and Washington, and Long Island Railroad
Companies Large advances made by your
Company to these reads, and In order to repay
these advances and provide for the important work
now under progress their respective systems the
two last named Companies have each made an is
sue Of $40 600 600 90 of per cent bonds those Is
sued by the Long Island Railroad Company being
guaranteed by your Company
In accordance with action taken at the last
meeting, the Western Pennsylvania. South Fork
Turtle Creek Valley. West Chester, Downingtown
and Lancaster. and Riverfront Railroads duly
absorbed by your Company under agreements TAX
ing effect April LIST, 1903.
On the LIST of August last, the Pennsylvania and
Northwestern, Mlllessburg. Tyrone and Clearield
Ebensburg and Black Lick Railroads were CONSOLE
dated into the Cambria and Clearfeld Railway
Company. As your Company the prac-
ticaDy of all the stock of the subsidiary COM
panies. this step was taken for the purpose Of
simplifying the management OF these properties
and merging into organza ton the several roads
traversing the bitumInous coal territory on the
Allegheny Mountains.
The charges to Capital Account during the year
were follows: