The herald and news. [volume] (Newberry S.C.) 1903-1937, 1906-09-18
PENNsYLvAN1A's TUNNELS.
Meet Unaer Hudson River-Longest
Subaqueous Tubes in The World
on the Verge of Completion.

viz HIS UScll
driving under the Hudson river to con-
meet New York and New Jersey, met
on Wednesday. Now men may walk
through dryshod from one state to
the other. The second tube, few
feet to the south, is expected to join
about October 7th. The meeting Of
the shields marks the beginning of the
completion Of one Of the most aston
ishing engineering feats on record. 1t
means the realization Of the longtime
dream Of the Pennsylvania Railroad
to land its passengers in the heart of
Manhattan Island. Probably no feat
OF railway strategy in the history Of
the United States has attracted more
, attention throughout the world than
this one. It's completion will mark a
triumph over difficulties Of tremen-
dous magnitude, as this will be the
s longest tunnel ever bored entirely un-
= Ger water.
For many years the Pennsylvania
ssRailroad has brought it's passengers to
3 Jersey City, and there they have had
8 to stop. The company looked longingly
& across the Hudson River, but for de-
q cades it seemed impossible that this
8 longing could ever be gratified. En-
q gineers wagged their heads doubtfully
q when the project of tunnel was
s. broached, and financiers were over
s. come at the thought of the expense Of
#building bridge across the river.
u Soon after President Cassatt took
g office, however, at the head of the
8 APennsylvania r system, he determined
! that the ambition Of the railroad
4 Should be realized. In his Annual Re-
sSport for the year 1899 he modestly
lHa8Sstated to the stockholders:
III Ferry Inconvenience Eliminated.
81 "In order that your company may
q perform it's duty to the public and Sc
y Cure its share of the growing traffic
4 it will be necessary to continue to
q improve and add to your property"
4 Then in the report for the year 1901
Mr.. Cassatt stated the determination
q of the road in the following simple
AAanguage:
"The Board have long felt that
our interests, as we'll as the convent
= ence Of the public, require the exten-
sion Of your line into New York and
/ the establishment of centrally To-
+ Gated passenger station in that city
s through which the Inconvenience and
q delays Of transfer by ferry will be
The project required capital in un-
S&y1inited abundance. Above all else, it
extraordinary courage to
N foresee and to feel sure Of the ability
t.{of the company to realize from its new
sufficient revenue to
isSspay dividends on the largely increased
eScapital. In the reports for 1901 Mr.
81 Cassatt stated his views on this sub
Sect as follows:
"A "The cost of the work will be large,
4 (but your Board is satisfied that the
will be fully justified by
kSthe result attained.'
sS This work, therefore, will represent,
s 1hen completed, the elimination Of
probably the greatest series of rail-
~ road improvements ever undertaken.
4 On the Pennsylvania Railroad alone,
and excluding its principal lines east
and west of Pittsburg, the sum Of
i $4,000, ,000~has been provided for i'm
improvements and extensions during the
MAST six years. Some idea Of the vast
gures with which the company, un-
Eier President Cassatt, has come to
sdeal-figures which makes one think
of the budget Of an empire-may be
! gathered from the fact that in 1893
3 the gross income of the Pennsylvania
a Railroad Company was &71 100000 };
q the net income was $11 100000; the
SANividend paid was five per cent, and
IA 10 surplus, after paying dividends,
WAS $4,O0O,O00. In 1905 the gross in
some was $146,OOO,OO0; the net in
come was $3O,OOO,OOO; the dividend on
gBhe largely increased capital stock
8p&aA six per cent, and the surplus,
fssifter paying the dividend, was $11,-
sK500,000. In the six years from 1893
|Hto 1893, inclusive, the yearly divi-
81 dend was five per cent, and the aver
Il age surplus, after paying the dividend,
II was $3,700,000 per annum. In the
j six years from 1900 to 1905, inclusive,
the yearly dividend was six per cent.
and the average surplus after paying
The dividend was $11 100000 per an
nun. >l,s11 .s.... FL.