The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-03-02

line between New York and Pittsburgh. IN
cllclnS sl-5z5 iZs-J6 on account OF the prin-
clp@- OF Car Trusts and $3.50. odo-t0 on account
OF the principal OF Water Trust certificates
we're 1851, 1871. Of which S5.64Sa55 y Sas
cnaTged 70 Capital Account. s., aSs al. -
against the Income OF the year so - d
against your Profit and Loss Account. and
=. l26, 30 against the Extraordinary Ex-
penditure Fund In view u the Jnsatfsfac-
SOTy operating reFiIts q The Western, New
lOrA ana Pennsylvania Railway. and u the
-a'cl tnsL It's net earnings were not sufficient
20 meet the interest on its funded debt.
$50 1913, the amount edvanced. 10 that
Company, was also charged or against the
Extraordinary Expenditure Fund
Inc progress uPo.- the Tunnel Extension
very ssitistactory- The work was actively
prosecuted throughout the year 50 that az
present there IS every reason to anticipate its
completion during tbs Sumner Of 1910
On the section between the point OF con-
nection with your New Jersey Division. Al
Harrison. east OF Newark where ne NV
transfer yard is being built. for infe-chanzs
Of traffic between this division and tba
, tunnel eXtenstOnl. and the Hudson River the
eTnbankments and bridges are constructed.
with lhe exception OF the draWbTldge over
the Hackensack River, and the excavation
and concrete lining of the Bergen Hi Tuu-
nels are practically completed. E3eeWe IN the
Weehawken shat on the western bank Of the
| Hudson and Ninth Avenue. New York IN
Guiding The open western approach ID the
New York station at Seventh Avenue auS
Ihirty-third Street. the excavation IS p-ac-
/ tically finished, and a large portion Of rhs
/ concrete lining IS Il place
The steel structure OF the station IS Al
/ most com pIeted and over one-haIf OF tHs
exterior granite IS in place. while sslbstan-
! tlal progress has been made IN connection
win the station facilities IL uEoss-to
/ tunnels between the station I'D the Easz
River, and those under the East River, are
ready for the laying OF the tracks.
The work in Long Island City, embracing
( the -uunels from the east side OF the river
Z 20 east and Borden avenues IS finished.
and that east OF East Avenue. including ths
approaches 10 The SUEuvsIde Yard and
/ the erection OF bridges over the
same Is well under way The eIsctrf-
| ication Of the Tunnel Lire. and the track
? laying stgnaillnE- inIeElocking- aud constEtc-
4 ton OF the necessary yard and terminal IA
/ cilities. VIII be actively prosecu-Ai during
/ the current year. as well as the work On the
New York Station
In view OF the fact thai this important
terminal Is for the benefit Of the entire Penn
( sylvania Railroad System. and that the lines
west OF Pittsburgh viii reap a direct a6-
/ vantage therefrOrl, II has been d=Emed proper
1 that the Pennsylvania Company should par
! uclpaJe N tne cost tnereoi- Il has therefore
/ contributed so COZ 900 for that purpose and
/ charged the same against it's Profit and Less
/ BY reference TO the General Balance Shsst
/ IL viii be seen that the total amount carried
/ thereon on account OF the New York Tunnel
/ Extension IS SO, SIS. 554 ~ OF this amount
/ SIS. 900 600 IS represented by capital stock Of
/ the Pennsylvania Tunnel and Terminal Raj
| road Company. at par. and The balance rep
/ resents the advances made on accoupt OF
| cost OF construction to SIst December, 1e0s.
| after deducting the sums charged against the
/ Income and PROFIT and Loss accounts OF the
J Pennsylvania Railroad and Pennsylvania
/ Companies as stated IN this and preceding
annual reports
/ IN accordance with the authority COnfeTUed
at the last meeting. the Bald Eagle VALLEY
Junction and Southwest Connecting Railways
| have been absorbed by and now farm a parr
/ Of the Pennsylvania Railroad
| The New York, Philadelphia and E5rfCI5
Railroad which forms the connecting link
between your Philadelphia. Baltimore. ard
! WASHINGTON system and the railways reach
inE Norfolk frOu the south and west. hsV-
Ing Through the growth OF Norfolk bus
/ mess centre ard as a gateway between the
| Northern and southern Atlantic StaI5s). de
veloped a large interchange trafTic with Tcer
system II was deemed advisable u aCqui7a
| the ownership OF its stock. especially as
heavy expenditures had been made On YOU
| part 70 provide the necessary facilities there
for at terminal and other points on yors
lines An agreement was therefore ma6o
for the purchase thereof through the ssue
OF s. 800 90 OF four per cent stock trust Ger
tigycatps BY the Fidelity T-ust Company. az
philadelphia maturing 1st June 1875 TIE
PRINCIPAL and interest OF UIich were EUaTan-
| teed by your Company The net income ~
the property {s sufficient. not oHly 10 take
/ care Of the obligations assumed IN connection
herewith but 10 furnish funds for SIS turtle;
Improvement