Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-03-07


sued, Of which $6o.0o0vOo may be needed and
is reserved tor the conversion into stock, ut $40
and go per %, SHARE respesti'es Of the ne, oI nut
SD, SSo.uOO Que 1915. The remaining balance OF
the authorized Capital Stock, about $22.V0o.Ooo.
will be insufficient to supply the capital FOR ma
turing obligations and for substantial additions.
betterments and improvements To and In the
Sompany's railroads. equipment. property ana
should be enabled within reasonable limitations,
to obtain moneys which may from time 10 time
be needed Tor ats proper anu necessary corporate
purposes. by increases OF the Capital Stock
when and as. in the Judgment of its Directors.
sne sns &c pr ee
the practice heretofore pursued. therefore, deem
it advisable and necessary that the authorized
Capital Stock be increased TO the extent OF
2,VOO,OO0 shares OF the par value OF $50 per
share, aggresating $lUO,UOO.OVO. anu pursuant
to notice previously given, the shareholders VIII
be asked authorize such increase OF the Capt.
tai Stock, and It's issue from time to time under
such regulations as The Boara Of Directors MAY
prescribe.
The prospective needs OF the Company will re-
Quire about $40,VOo,OOu, anu IL prev aiiing condi
lions favor II. II Is believed they VIII, the
amount viii De raised by an issue OF Capltai
Stock. A AZ per cent. allotment, at par, WOULD
provide III round ngures $aI,uuV.oOo, OF ~hicn
approximately $22,ovO,UVO can be provided from
the remaining $l9.UO0.UOO out OF the proposed
Increase In the Capital stock.
The extraordinary expenditures on road and
equipment during the year consisted OF the
following
Additional Right OF Way chiefly for the i'm
provement and enlargement OF the Filbert street
Extension leading INTO Broad Street Station
Philadelphia; and advances for the acquisition
OF right OF way chiefly for additional tracks be-
tween Colonia and wsyerly On the New YORK
Division, and the Park Place Branch ana station
in Newark, hereinafter referred 10.
1t was necessary to enlarge and improve the
Hilbert Street Extension INTO Broad Street
Station by enlarging the Schuylkill River Bridge
and building TWO additional tracks from west
Philadeiphia Station 10 twenty third Street. al
which point new coach yard and iurntable
have been constructed the north side, ex-
tending eastwardly TO Twentieth street. These
facilities are now completed and in use.
Broad Street Station and approaches have pre-
viOusy been gradually improved anu enlarged
but with the constant Increase the numper OF
Is not exceeded in any other large terminal al
this Country. 1t Is evident that further extern
sions and improvements to properly accom-
modate the passenger traffic in and out of PhiIa-
delphla must be undertaken on a larger scale.
The proposed Parkway planned by the City
of Philadelphia MAKES difficult the enlargement
of Broad Street Station on the present location.
had been previously contemplated, and this,
with other diticulties preventing prompt anu
adequate treatment OF the situation. the Board
of Directors approved of the appointment by
the President OF u Board of Engineers, devote
their time to assembling and studying the sew
eral plans and suggestions for the Improvement
OF the passenger terminal facilities, and ali III
formation bearing the subject. and submit
their conclusions to an ADVISORY Board con,
o
Operating Officers Of your Company. The final
recommendations Of the Advisory Board, and
plans and estimates for carrying the same into
eject, will be submitted to the President and
Board Of Directors of the Company for con-
sideration, and to authorize such Improvements
as the situation requires.
Substantial progress was made in the revision
of grade and completion of the four-track system
through Greensburg. including a new passenger
station at that point, and the elimination of the
Greensburg Tunnel, and also the construction OF
an undergrade crossing at Southwest Junction.
The Northumberland Classification Yard. to
replace the two yards now In Sunbury, to re-
lieve the Harrisburg Yard. and to facilitate the
handling Of the tranic over the Northern Central
Railway and Jour Erie Division, Is nearing COM
pletion.
Active progress was made during the year in
the elimination Of the grade crossings in the City
of Bristol, by the construction of q new line
through that City, and 1t il expected that this
work will be completed during the present year.
The Newark Rapid Transit Line, consisting of
the classification of the present tracks of the
New York Division from a connection with the
Hudson and Manhattan Tunnel Railroad Sys-
TEN Summit Avenue, Jersey City, to Man.
haitian Transfer, and a branch from there to
station in Park Place, Newark, was begun dur
the close Of the summer Of 1911. This will pro.
vide a through downtown, rapid transit tunnel
route into New York City. and additional pas,
Newark. thereby materially relieving the con-
gested conditions at Market Street Station in
the latter City. where the necessary improve
ments of the existing facilities will be under
taken when the cooperation of the City authori-
ties has been obtained.
The elevation of the Kensington Branch. to
the cost Of which the City of philadelphia con-
tributes, and which has eliminated all the grade
crossings on that Branch, was completed, and
was put In operation during the year.
Harrison Yard and its facilities (now known
as Manhattan nansfer) near Newark, which Is
the point pint fEr Nen Yoas
Terminals, is almost completed and was placed
in operation November 9th, 1910.
The aggregate expenditures for construction.
equipment and real estate on your Main Line
$2i. ia Ooe33. of which $7.5Os. 63O7s were
against against the Net Income of the year and ID
81, 600 900 against the Extraordinary Expenditure
Fund created out of the Net Income set aside in
1909. because. in harmony with the policy here
agsregatins 1929. 254.7s were necessary to
the railroad facilities and in eject Offset depre-
citation and obsolescence.
The New York Tunnel Extension was prac-
embsr IStR 1910 ths East Rver DIVISION
extending from Pennsylvania Station. New
York, into Long Island: was opened, for the
trackage rights granted by your Company and
the Pennsylvania Tunnel and Terminal Railroad
of the Extension, from the Station. under the
North River. to Harrison Manhattan Transfer),
N. J., was completed and opened for traffic on
entire Tunnel Extension from that point to
with the Long Island Railroad at
Yard, has been successfully operated
by your Company agent for the Pennsylvania
Tunnel and Terminal Railroad Company, the
corporation under whose powers powers this Extension
1t is evident that extraordinary terminal
development Of this character can of itself be
profitable IL solely dependent on the passenger
rates which can be charged for the short mileage
. By order OF