The Washington times., 1911-03-07

| pany Is now SOUO UUO OF which $4l2, blO. IO
| is outstanding, leaving less than SSS. 600 O0'
unissued, OF which $66, 600, 0Ov may be needed
and is reserved for the conversion into stock
at $40 and $75 per share, respectively. Of the
outstanding $40, 222, 500 Of bonds due 1872, and
| the SS6 S35. 600 due 1915. The remaining bal.
ance Of the authorized Capital Stock, about
| 81. 600 900. will be Insufficient to supply the
| capital for maturing obligations and for sub
| stantial additions, betterments and improve
ments to and in the COmpany's railroads,
! equipment, property and facilities. II Is also
essential that the Company should be en-
| abed. within reasonable limitations, TO OBJ
| tain moneys which may from time 10 time
| be needed for Its proper and necessary cor
pUrate purposes. by increases Of the Capital
| Stock when ard as, in the Judgment OF its
| Directors, the same shall be required, and
be by them authorized and directed. The
| Directors, following the practice heretofore
pursued. therefore deem 1t advisable and
necessary that the authorized Capital Stock
| be increased to the extent Of 2,UUU.GOO shares
! OF the par value Of $50 per share, aggregat-
| ing $lOO 0OO, ,O0O and pursuant to notice pre-
viously given, the shareholders will be asked
! to authorize such Increase Of the Capital
| Stock. and its issue from time 10 time un-
| der such regulations as the Board OF Di-
Tectors may prescribe.
The prospective needs OF the Company Will
require about $40. OOO. O00 and II prevailing
conditions favor It, ii is believed they
Will, the amount will be raised by an issue
OF Capital stock a 10 per cent. allotment,
at par. would provide in round figures
$4l 900 900. Of which approximately 81, 600 OcO
can be provided from the authorized stock
heretofore unssued and the remaining
Sl9. COO 900 out Of the proposed increase in
the Capital Stock
The extraordinary expenditures on road and
equipment during the year consisted Of the
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 Tor the
acquisition OF right OF way chiefly for addi-
tlonal tracks between COlonia and WaveTly
on the New York Division and the Park
Place Branch and station in Newark, here
matter referred to.
It was necessary 10 enlarge and improve
the Fibert Street Extension into Broad
Street Station by enlarging the SChuylkiil
River Bridge and building two additional
tracks from West Philadelphia station to
Twenty-third Street. at which point a new
coach yard and turntable have been con-
structed on the north side. extending east
Wardly to Twentieth Street These facilities
nov completed and in use.
Broad Street station and approaches have
previously been gradually improved and eIs
}arged. but with the constant increase in
the number OF passenger trains which, based
track capacity Is not exceeded in any
other large terminal in this country. II is
evident that further extensions and improve
be undertaken on larger scale.
The proposed Parkway planned by tie
City OF Philadelphia makes difficult the Cd
Iargement Of Broad Street Station on the
present location, had been previously con-
templated. and this, with other difficulties
preventing a prompt and adequate treatment
of the situation. the Board Of Directors ap-
proved Of the appointment by the President
N a Board OF Engineers. 10 devote their
time to assembling and studying the several
plans and suggestions for the improvement
o. the passenger terminal facilities and all
Information hearing on the subject. and sub
init their conclusions TO an Advisory Board
consisting Of the Executive. Engineering
and Operating Officers Of YOUR Company.
The final recommendation o. the Advisory
Board. and plans and estimates for carry
he EHFN Ir ~, tie "a
tn the President and Board OF Directors OF
the Company for consideration. and to au-
thorlze such improvements as the situation
requires.
Substantial progress was made in the re-
vision Of grade and completion Of the four
track system through Greensburg including
the elimination Of the Greenshurg Tunnel.
and also the construction OF an undergrade
crossing at Southwest Junction.
The Northumberland Classification Yard
to replace the two yards in Sunbury.
T." relieve the Harrisburg Yard and to IA
Ctlitate the handling of the traffic over the
Northern Central Railway and your Erie
Division, Is nearing completion.
Active progress was made during the year
in the elimination OF the grade crossings
in the City of Bristol, by the construction
expected that this work will be completed
during the present year.
ing of the electrifcatIon Of the present
tracks Of the New York Division from a con-
neCtion with the Hudson and Manhattan
Tunnel Railroad System near Summit Avenue
Jersey City TO Manhattan TraDsfer and a
branch from there to a station in Park Place,
Newark. was begun during the year and will
summer of 1911. This will provide through
downtown, rapid transit tunnel route into
New YoZk City, and additional passenger
facilities IN the centre Of the City of New
ark thereby materially relieving the con-
gested conditions at Market Street Station
in the latter City, where the necessary inn
Hal
when the cooperation of the City
authorities has been obtained.
The elevation Of the kensington Branch.
to the cost of which the City of Philadel-
phia contributes, and which has eliminated
all the grade crossings on that Branch, was I
completed. and with the improvements in
Kensngton Station, was put in operation
during the year.
Harrison Yard and its facilities tnow known
as Manhattan Transfer) near Newark. which
is the distributing point for passenger traf-
fc as between the up and downtown New
York Terminals, Is almost completed and
was placed in operation November 9th. 1910.
The aggregate expenditures for construc-
tion. equipment, and real estate on your
Main Line between New York and Pitts
burgh were s21, "a, OO6 $3 OF which S,5OS',,
$50 rs were charged TO Capital Account. and
S. 923, Alb against the Net Income of the
year and 81, 0O0. 900 against the Extraordinary
Fund created out of the Net
mony with the policy hereinbefore stated
these two latter expenditures aggregating
81, ,9IIZ54.I3 were necessary 10 MAINTAIN the
earning capacity and the value OF the rail-
road facilities and in effect Offset deprecia-
ton and obsolescence.
The New York Tunnel Extension was prac-
ticalIy completed during the year and on
September 10th, 1910. the East River Di-
vision, extending from Pennsylvania Station. |
New York. into Long Island was opened for
the operation of Long Island Railroad trains
under trackage rights granted by your Com |
pany and the Pennsylvania Tunnel and
Terminal Railroad Company. The opening |
of the western portion of the Extension, from |
the Station under the North River to Har-
rison Manhattan TTansfer). N. j., was
completed and opened for traffic on Novem- !
ber 9th. 1910. from which date the entire |
Tunnel Extension from that point to a |
with the Long Island Railroad at |
sunnyside Yard, has been successfully oper-
ated by your Company as agent for the |
Tunnel and Terminal Railroad |
Company the corporation under whose pow !
By order o
cTnrEUnT NAV rom