New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-05

b. S1istactoTy and while the work under the E,,.,
ON bn River was pushed forward successfp , bs
oeS was completed through from weebaSk OK the
concrete is now under way ''S '''eSs tunes with
wSeTe the fHnaa Se sa2 the
bridges bays 5 ana the Hudson River. many o. the
s SAX hiSer largely completed while the excavation
itself has made substantial progress TS na Sn9 tunnel
Eighth is practically n 9s1Teen Seventh and
the LIT NUMBER Of the columns necessary 10 stpport
En- Work under the streets between the North
about d P 2Gs a2aRe ag, Nsy9nd
under t f tee sXgayaon and lining four tunnels
pha aRdT Da also upon the Phllade
shore and Long Island Rairoad systems and Sea-
feed Ti To Rs the PS'e Tsr that T., the specially
enable your rac to be pTo@ Ss absolutely
banded between Pittsburgh ana New York economically aS
rapidly approaching completion The cornIef, or are
elevated along Duqaesns %ny b5 SS.lR of the
yards adjacent 10 tba az ttts6Grgh and the terminal
Die track freight road aiitzn and 81 me doa
Gated thereon at Holiday sbuTg ' the bigS To- yards
Loeb and Of Eno TaP Sf'T w York Haven
through the o. the double track elevated freight road
dcinbi Line ana the Delaware Extension and the Pb
REDUCTION OF the grades the Trenton Cuto ana the
your management in th gp fGT the policy pursued by
outlet o 90 hsnae the enormous trao seeking an
Nk- y r1V,,
expenditures necessary TO accomplish this resu. lug
Deen clearly demonstrated. be bovra mas
TINS connection that IN the years from 1o15 lhG in
me tonnase OF the Main Line and branches has
rom ABOUT I1OOOOOo tons TO IOl OOO CO0 sN 49,
me -FOUR Grand Divisions PITTSBURGH snJ ~
I64UOOOOO tons 10 over 172 100000 tons 1,a Hoout
earnings or the Main Line have Increased in tbnt
rom ABOUT S6SOOOOOO COO ana ~ -
DIVISIONS referred TO from SIi 0OO Oo0 m
over $4sUpOOo while the net income Of the Cor,Da ~,
i meeting interest on bonds. leases and other 10
0a YES has increased from about 600 to over
In order 20 temporarily provide the caDita1 D.,o,
TOT the henvy expenditures during The -,
upon your lines east Of Pittsburgh and F,rIa
Heeined wise 10 utilize the mowers the Penna,,i
company ana thus make II further available To- ts
purposes or its organization. To this end that 60
pahy made an issue May LIST 1905 $50 600 o0S - ~,
ana onehait per cent eighteen months collateral
notes guaranteed by your Company The
these notes were placed your credit ana The -
syVania Company has been reimbursed for tha.a "a
Vanees largely through the the securitisS @
tofore held in your '''0S HeFe-
The Shareholders have heretofore been advtsoJ -
the necessity Tor securing permanent SUNNY ~ ooS
water FOR your present and future needs ana 80 .S
needs or your shippers As stated in the last reporf
vas intended 20 secure portion
Tor these purposes through the Of short-ter,,
ccrites similar 10 the certificates heretofr
issued But an opportunity having offered to Mace
loan IN France, through banking
company eISo MADE an issue under date
1906 Of 5OO0O00O francs about s4s 900 Of tf
three and three-quarters trust OBLIGATIONS
through the irard Trust Company Trustee rInnlne
IoF hfteen years but subject TO redemption At
interest on June 18th. l91S any interest period