New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-02-27
Financial.
GENERAL REMARKS.

q
the authority given BY the Shareholders the last annual
meeting and in OF resolutions the Board OF
Directors Of March 2Jth 1903 Under these resolutions
and for the Of providing the capital FOR the large
construction and equipment expenditures the necessity
for which fully explained the report
the privilege given stockholders subscribe
at $50 share for one-hird holdings May
S 1SOS. the payments TO be made in three instruments
between June 15th 1905 June 25th further
option also given the subscribers pay the
stock so allotted in payments. Under the
terms Of this allotment which provided issue OF
$So947So s7O24955O Of the stock have been subscribed
and paid for IN full balance remainder
is payable June 25th. 1904
Through the funds thus your Company able
to prosecute vigorously during year construction
OF rev lines and branches. the its
system. the establishment additional freight yards
the further revision and Improvement grades OF
your existing lines and also acquire large amount Of
additional motive power and equipment. The pressing
necessity for the expenditures clearly de-
onstrated by the operations OF the past For while
there was Improvement the Of traffic
ths OF 1907 1t was far from satisfactory The facilities
throughout the whole constantly overtaxed
and tbs brought about not only undue expense the
handling OF the freight but the diversion large
amount Of tonnage other lines. The conditions most
favorable economical movement Of trao existed
1870 when. although the volume Of business upon
line between New York Pittsburgh
any preceding and 10 N OF that Of
lSeS the facilities. though overtaxed. yet fully
employed As result the records show that the per
tonile the lowest in the experience OF the Company
having been less than ga mills.
increase In tonnage since 1889 has become evident that
the limit your capacity regular economical
movement then reached that largely increased
facilities provided 1908
Of 81 OF 1882 and while
and locomotives generally be procured with
able promptness. considerable time Is required build
tracks. yards shops and other terminal facilities Pend
Ing the compilation Of These additional facilities the
gested condition your system brought about large
ton-nils cost which 1908 per
greater that 1894 While greater por-
ton Of this increase is due the advance in the rate
and the prices OF fuel a11 materials the remainder
only attributed overtaxing your present
facilities ard 70 the detention and loss directly resulting
therefrom.
1t only by bringing your proper stand
ard that and steady flow OF traffic be
ana minimum attained and It Is
this end that the large expenditures
have been mainly directed greater portion
the referred Will be completed during present
and brief statement of Its present condition Is
here with submitted
This Brilliant Branch. four-track
the Main Line Liberty. Pittsburgh
Allegheny Valley and Western Pennsylvania Divisions
open early part OF the year thus
leaving two roads OF the Juno
lions exclusively for the freight
Port Perry Branch connecting with the Pittsburgh.
glnia and Charleston Railway Thomson has been
practically rebuilt ana connection constructed
between that branch and the Main Line Brnton
expenditures Rave been MADE the Thomson Orrnsby
and Clarion Yards the Pittsburgh. Virginia and
Charleston Railway It's four-track grade line
through South Pittsburgh the
storage and running tracks and sldings the
vision OF the line OF It's Re1s;one Branch These i'm
provernents will largely subservs
Pittsburgh ard greatly facilitate the movement OF through
trAo around that city and Its Interchange between
and by avoiding the delays
separable from It's passaEe through Pittsburgh.
on the Pittsburgh Division. the fouptrack system was
completed between Larmer and steEart LAtrobe and
Beatty sumnerhIl md South Fog.-R also the els
through L;robe while between 1atrooe and Derry.
ut.
duct, IGIy and Portage. the work has far pro
that wiz be ready for service IN the early part
the year
On the Western Pennsylvania Division large amount
Of work the double track and
reduction OF grades
VILE ana saiiua ana West Apollo and In the revision Of
line ana Increase OF facilities at other points.
The construction OF the doubie-trnck line about
hf;y miles length via New Portage Railroad and
Petersburg Branch. between the Ale
gheny Mountains and the Main Lns Petersburg the
Juniata valley and which alternate be-
those points for the and other
heavy trac completed with the exception Of the double
tracking OF aboit six miles OF the Petersburg Branch
a point a revision Of location necessary
future. The classification yard Holidays
burg this lire Is under construction also the engine
house and ether necessary facilities at that place The
the singe-traek wosoouna ct Gaiiitzin
IL about two-thirds finished
The west-bound gravity yard Altoona. the purpose Of
which explained TIE last report. full
operation May ilth last and materially expedng
trRfc and justifyfng expenditures
thereon. Large expenditures have also been
OF the Juniata Shops Altoona. on the
new repair shops Blair Furnace which urgently
proper maintenance Of your motive power
and equipment.
Middle Division the ths four-track sys-
TEN practically completed between a point New
port and point mile west OF Millerstown. large
outlay also made the new line through Newport
the four-traok system between Newport
Rock there remain but about fifteen
this system to be completed between Harrisburg a
connection with the Petersburg already referred
Improvement Of the Harrisburg
peted freight yards OF that city
tended.
The most important undertaking now under way Is the
construction Fairvew Yard above Harrisburg on
the side OF susquehanna River for Joint
your line and the northern Central Railway. the
tracking by that Company Of its line between Farview
and York Haven. and the building by your Company
the new line between York Haven Pao on your Main
Line already explained in the last report this will
be specially devoted the movement OF the and
COST OF ROAD;
Being extraordnarv expenditure IN construction OF
Philsdelphia. Fairyisw and Hoidsys6urg Yard,
repair shops and terminal facilities. .........
Cost Of Western Pen1sylyania Railroad
Cost 9, Turtle Creek Valley Railroad
Cost OF Dowingtown ana Lancaster Railroad
Riverfront Railroad.
EQUIPMENT:
car oF0 Trust and other Equipment.
REAL ESTATE.
Total charges to Capital Accom-, for 1908. =.
from Iae eaGges 20 fsp@ r., on COS ~ R6sd iOA'' 81
Tho entire Increase OF CAPITAL STOCK during the
0n November SS OF 1s ' 1907 =.
Under allotment made to shareh9lders March 18Th
For acquisition Of Pennsylvania and Northweste