The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1911-03-07

The authorized Capital Stock Of the Company Is
now SDo00oo0 Of which s4l2s o.7 100 is outstanding.
leaving less than Ss.m0oO unissued. Of which S6s-
10000 may be needed and is reserved for the con-
version into STOCK at so and SIS per share. respect
lively, of the outstanding H0.&2,5 500 Of bonds due
1872 and the S6 85.000 due lf5 The remaining
balance Of the authorized Capital Stock. about 81
900 900. viii be insufficient TO supply the capital for
maturing Obligations and for substantial additions.
betterments. and improvements to and m the Com
panys railroads. equipment, property, and facilities
1t Is also essential that the Company should be en-
abled within reas0hable limitations. to obtain
moneys which may from time To time be needed for
its proper and necessary corporate purposes. by IN
cTeases Of the Capital Stock when and as, in the
Judgment Of its Directors the same shall be re
quired. and be by them authorized and directed
The Directors following the practice heretofore
pursued, therefore. deem it advisable and necessary
that the authorized Capital Stock be increased to
the extent Of 100000 shares OF the par value Of $50
per share. agzregating SOD 10000. and pursuant to
noucs previously given. the shareholders will be
asked to authorize such increase Of the Capital
Stock, and its issue from time to time under such
regulations the Board Of Directors may prescribe
The prospective needs Of the Company will require
about 100000. and prevailing conditions favor
It, Is 1t Is believed, they will the amount viii be
raised BY an Issue Of Capital Stock. 10 per cent
allotment, at par. would provide in round figures
81 10000 Of which approximately 81 10000 can be
provided from the authorized stock heretofore un-
issued and the remaining SO 10000 out Of the pro-
poeed increase in the Capital Stock.
Inc extraordinary expenditures road and equip
uent during the year consisted Of the following:
Additional Right Of Way chiefly Tor the improve
meDt and enlargement Of the FfIhert Street Extsn-
sion leading into Broad Street Station PHILADELPHIA
and ADVANCES for the soIuiSition Of right Of way
chiefly for additional tracks between Coonia and
WaEery on the New York Division, and the PARK
flacs Branch and station In Newark hereinafter
referred 10.
IL was necessary to enlarge and improve the
Filbert Street Extension into Broad Street Station
By enlArgirg the SchuyIkin River Bridge and
building two additional tracks from West PhiIa-
detphn Station To Twenty-third Street, at which
point new coach yard and turntable have been
oonSrncfed on the north side extending cast
warcly TO Twentieth Street These facilities ars
now completed and in USE
Broad Street Station and approaches have pre-
nooSS been gradually improved and enlarged,
but with the constant increase In the number
OF passenger trains which, based On track ca
paGty' Is not exceeded in any other large ter
mlnh In this country, 1t is evident that further
extensions and improvements TO properly acsrn-
modate the passenger traffic in and out Of PhilA-
deiphiA must be undertaken a larger scale
The proposed Parkway PLANNED BY the City of
Philadelphia makes difficult the enlargement Of
Broad Street Station on the present. location
as had been previously contemplated and this,
WIN ocner difhcllnes, preventing prompt and
adequate treatment Of the situation the Board
Of Directors approved Of the appointment BY
the President Of Board Of Engineers, to devote
their time To assembling and studying the several
plans and SUGGESTIONS for the Improvement Of
the passenger terminal facilities and all informa-
ton bearing the Hbet- and submit their
conclusions to an Advisory Board corsisting Of
the Executive. Engineering. and Operating Off
crrs Of your Company. The final recommenda-
ton Of the Advisory Board. and plans and eSti-
mates for Carrying the same into effect, will Be
submitted TO the President and Board Of Dtreo-
tors Of the Company for consideration and To
authorize nh improvements the situation
requires
Substantial progress was made in the revision
q grade and completion Of the for-tad sys-
TEN through Greonsburg including q new pas
sanger station At that point and the elimination
ID the Greensburg Tunnel, and also the CON-
strlc+ion Of an undGgrade crossing at Southwest
Junction.
The Northumberland Classification Yard, To re-
place the two yards now in SUnbuy, to relieve
the Harrisburg Yard. and to facilitate the handling
Of the trafhc over the Northern Central Railway
and your Erie Division, Is nearing cDmpietinn-
Active progress was made during the year in
the elimination Of the grade crossings In the City
Of Bristol, BY the Construction Of new line
through that City, and it is expected that this
work win be cnnpleted during the present. year.
The Newark Rapid Transit Line, consisting Of
New York Division from a connection with the
Hudson and Manhattan Tunnel Railroad Sys-
TEN near Summit Avenue. jersey City. TO Man
haitian Transfer. and branch from there to
ing the year and will donbt be completed
BY the 6ose d the summer Of 9n. This viii
provide through downtown, rapid transit turnA
roIts into New York City. and additional pas
seng1 facilities in the CENTER q the City Of
Newark. thereby materially relieving the
gestsd conditions at MARKET Street Station m the
the existing facilities will be undertaken when
the cooperation q the City authorities has been
obtafned
The elevation Of the Kensinxton Branch, to
the cost q which the City Of Philadelphia con
tributes and which has eliminated all the grade
crossings that Branch, was completed, and
with the improvements In KcnSington Station,
was put IN operation during the year.
Harrison Yard and its facilities NOV known
Manhattan TrznS1l Newark, which Is
the distributing point for paSsengvr traffic As
between the up and downtown New York Ter
rnirrals, Is almost oHnpleted and was planed in
operation November 9Th. 1910.
The aggregate expenditures for construction
equipment and real estate on your Main Line
between New YORK and Pittsburgh. were ST.
ia O063 Of which s. 90. 6o.7s were charged to
Capital Accurt. and Ss9,54T3 against the Net
Income Of the year. and 8, Oooooo against the Ex-
traOrdinary Expenditure Fund created out Of the
Net Innone set aside in 1909. because, in harmony
with the policy hsefnbefore stated these two
lattT expenditures aSgreg1nnE S'SSS4IS were
Necessary to maintain the earning capaGty and the
value Of the railrrad facilities, and in eject Offset
depreciation and ohsoiesenca
The New York Tunnel Extension practically
completed dnring the year. and on September
10Th 1910 the East River Division, extending
from PENNSYLVANIA Station. New YORK. into Long
Island opened for the operation Of Long
granted BY your Company and the Pennsylvania
Tunnel and Terminal Railroad Company. The
opening ct the western portion OF the Extension,
from the Station under the North River. 10 Har-
risnn CAIanhattan Transfer, n. J.. completed
and opened for traffic on November 9Th 1910. from
which date the entire Tunnel Extension from
that point to a cnunecticn with the Long Island
Railroad at Sunnyside Yard has been successfully
operated by your Company as agent for the Penn
syivaria Tunnel and Terminal Railroad Company,
the corporation under whose powers this Extension
was constructed for your System.
II Is evident that e<traOrdnary terminal de-
reopment Of this character can Of itself be profta-
By order
STOCKHOLDERS MAY OBTAIN co