Evening star., 1909-03-02

The aggregate expenditures for construction.
equipment and real estate your main line he
tween New York and Pittsburgh. including
S'o23. 80 on account of the principal of Car
Trusts and $3.50 600 co account of the principal
OF Water Trust certificates were SIS 331 15? Il.
Of which s. 564s365 % charged to Capital A.
count. SI.3;is 2i7.is against the Income OF the
year. 1924 i62 90 against your Profit and Loss
Account. and s2.l2e.o .osi &c against the Extraor-
dnary Expenditure Fund In view OF the
satisfactory operating results Of the Western,
New York and Pennsylvania Railway. and of th,
fact that its net earnings not sufficient -
mcet'the interest its funded debt $685., +69 -.
the amount advanced to that Company. was al>o
| charged on against the Extraordinary Expendi-
turc Fund.
; The progress upon the Tunnel Extension into
and through New York City has been very salts
factory. The work actively prosecuted
throughout the year. so that AT present there Il
every reason to anticipate Its completion during
| the Summer Of 1910.
On the section between the point of connection
with your New Jersey Division. at Harrison. east
OF Newark twhere the transfer yard il being
! built. for interchange of traffic between this
division and the tunnel extensionl and the iiud-
son River, the embankments and bridges are
constructed with the exception OF the drawhridge
over the Hackensack River. and the excavation
and concrete lining Of the Bergen IIill Tunnels
are practically completed Between the Wee
and Ninth Avenue, New York. including the open
western approach to the New York station at
Seventh ,venue and Thirty,th third Street, the ek-
| tion Of the concrete lining is in place.
The steel structure OF the station is almost
granite is in place while substantial progress
has been made in connection with the statioa
facilities The cross-town tunnels between the
station and the East River. and those under the
East River ready for the laying OF the tracks
tunnels from the east side Of the river to East
and Borden Avenues. IL finished. and that cast
of East Avenue. Including the approaches to
the Sunnysidc Yard. and the erection OF the
bridges over the same is well under way. The
electrifcation of the Tunnel Line. and the track
laying. signaling. intcrlocking and construction
of the necessary yard and terminal facilities
will be actively prosecuted during the current
Station SsaF as well as the work on the Ne" York
In view of the fact that this important termi-
nal is for the benefit Of the entire Pennsylvanta
Railroad system and that the lines West or
Pittsburgh will reap direct advantage there
from. It has been deemed proper that the Penn
sylvania Company should participate in tn" cost
thereof. 1t has therefore contributed $4,000. 900
| for that purpose and charged the same against
| its Profit and Loss account.
| BY reference 10 the General balance sheet it
will he seen that the total amount carried
thereon on account of the New York Tunnel TX
tension. is s46.52S. 664 AZ. OF this amount Sl'.-
100. 600 is represented by capital stock 81 the
Pennsylvania Tunnel and Terminal Railroad Com
pany. at par. and the balance represents tho ad-
vances made on account of cost of constructis n
to 31st December. 1908. after deducting the sums
charged against the Income and Profit and Loss
accounts of the Pennsylvania Railroad and Penn
sylvania Companies. as stated in this ana pre-
ceding annual reports.
| In accordance with tho authority conferred at
the last meeting the Bald Eagle Valley. Juncfic n
and Southwest Connecting Railways have been
absorbed by and now form a part of the Penn
sylvania Railroad
The New York Philadelphia and Norfolk Rail
road which forms the connecting link between
YOUR Philadelphia. Baltimore and Washington
System. and the railways reaching Norfolk from
the south and west having Through the growth
of Norfolk as business center and as gate
way between the Northern and Southern Atlantic
States, developed large Interchange trafi,.
with your system. il was deemed advisable TO ac
quire the ownership of its stock. especially as
| heavy expenditures had been made. on your part.
to provide the necessary facilities therefor at
terminal and other points on y"nr lines Al
agreement was thereto made for the purchase q
thereof through the issue of $1.3o0.oo0 Of four
per cent stock trust certificates by the Fidelity
| Trust Company of Philadelphia maturing 1st
June 194S. the principal and interest Of which
were guaranteed by your Company. The net in-
come of the property is sufficient. not only ID
take care of the obligations assumed in connec-
tion Herewith, but to furnish funds FOR lis
| lfurth thpr i'm