New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-03-07

operated. and I, naturally follows that your
Company as owner will pay any den.lt ~ ,S,
from It's operation. because " Was 49,. ertirs
Pennsylvania railroad system as al entrance
into and through New York city anu Long
Island. ..,.
II was deemed appropriate that the comple-
ton OF such an important extension OF 80
system iDAo the heart OF NeE trYs,,fs
should be commemorated BY htuus 49,
20 your former President In whose au,'''' =,
tratOn the work undertaken. A 1919 va
Mr.. Cassatt. erected IN the main WINS ,o,,i
In the New York Station, was phNeiip, @, ,e
list, 1910, and bears the inscription A,tNti-
der Johnston Csssatt President. PennsyiNanila
Railroad Company is99-l9Oo. whose t 49,
courage and ability achieved the extension on
the Pennsylvania Railroad system INTO Ne"
York city" ,.-
since the Inauguration OF direct rail service
into New York CITY and BrooklYh Via -, ~
tunnel extension the ferries from jersey ~lig
10 Twenty-third street. New York, and 10
Brooklyn have been disconttnued. ,-,
The New York Tunnel Extension r. casrl-"
your books at So. $50 ff5.h2. OF when So
100000 IS represented by fun paid CAPITA
stock of the Pennsylvania Tunnel ana Ist-
mnal Railroad Company and the remainder
by advances. The total cost or thls extension
to December 3lst. 1910, including rest ss ai,
not permanently required for - use and con-
servatively estimated TO be worth between
seven and eight millions OF dollars ana nov
yet disposed Of. Is sll-e69.4lo,'-. or Wn ,,I,
Income and Profit and Loss. and as explained
IN previous reports $4,000 Upnop mas Dee.
borne by the Pennsylvania Company and
charged against it, Profit and Loss Account.
SECURITIES OWNED.
The securities held by your Company De-
cemher Dist 1910. AZ a valuation or S2eo-
0G9 6Ol.43 produced a direct income during
tho year o. 81. 800 s7G.21
During the year your Company increased Jus
holdings OF the stocks OF the New York. New
Haven and Hartford Railroad Company and
the Norfolk and Western Railway Company,
with both OF which, the Company and It's
affliated lines have for many years inter-
changed a very large volume OF traffic.
CONTROLLED AFFILIATED AND LEASED
COMPANIES.
Many minority stockholders ~ the Northern
Central Railway Company. representing suostan-
tia holdings requested your Company 20 con
slider whether a more permanent operating ar
syivana Railroad COMPANY could be made on z
basis equitable to 81 interests, ana a specla
committee Of the Board Of the former CompanN
and also a Minority Stockholders committee
were appointed 20 consider the subject. After q
careful analy sis and study Of the whole silua-
tion. these Committees united IN recommeuea-
tiou that the lease or tie railroad lfall-il
equirnent and all ether property cf the Northerr
Central Railway Company be made 70 the Penn
svfvania Railroad Company for 800 years IRON
January LIST 1911. upon the following genera
basis: (a1 rental. % per cent. PAYABLE or
the outstanding CAPITAL stock OF the COMPANY
after IL had been increased by 40 per cent
slock dividend: C1) the ravment % a 10 per cent
cash dividend on the present stock: tcl ~ nel
sum sufficient to preserve and MAINTAIN ina
Conpanvs corporate existence and Organization
CD the Lessee TO also paw all hXed charges an,
taxes Tho proposed lease stating IN delaA ui'
fur terms and conditions was. after due ep