The Washington herald., 1912-03-05

\ Public Service Commission Of Maryland. aud. hut
for the impedment occasinnod by impending liti.a-
| ton, Instituted b. a small uImbeT % minority
| stOckholdsrs in the United States Cirruit Courts
for the Eastern District Of Pennsylvania and for the
District of Maryland. resectirely. aid lease would
have beeu promptly executed and delivered. Under
its pruTisions the lease aud the rental payments BE-
came effective January lst 1911. and therefore when
the lease Il fully executed and delivered u viii
necessitate Just and equitable accounting between
tho Lesser and the leSsee. IN such manner as VIII
properly protect and pTfscrTc tho rights and inter
ests Of each party in conformity with its terms and
conditions.
Expenditures have been made by the PHILADELPHIA,
BaitimnTu and Washington Railroad for the oNten-
sion u the fOur-track system at various points. and
the construction ot car load delivery yard at New
Jersey Avenue, Washington. ID. L.
On the Delaware Railroad. a new station WAS
cunAiulc1ed ai DU,CT. Delaware. and the socuUd
trsek extended from Bread Greek TO Laurel
The PennsylTania Tunnel and Terminal Railruad
Company has issled its certificate Of indebtedness
for 81 s6l ssOH TO tbs Company in settlement fnr
the construction Of the New 6ork Tunnel Extension
and Station Including 81 ss6 ooi q sdrancd 10 that
Company during the year 1911, for the completion
q its railro4d This ccTtbcatc. and S5oCon0 81 its
full paid Capital STOCK. are included IN the detailed
List oI S-7Iritics Owned hy this CumTauy. and arc
caTied on the Balance SHEET at valuations Trsprrt-
iTely of 81 81 .II9.H and 81. The balance of IT'S
Capital Stock namely Sl0.ooo.0oo. Is owned by the
Pennsylvania ConTsny The results of fnndinS TINS
indebtedness Is reflected in tie General Balance
Sheet.
The COMPANY during the year made further sd-
vnnccs. Gggygating NSl ,ulOo TO the Long Island
Railrosd Company for the Improvement d it, nail
road and facilities and tho construction uf new
lines and equipmcnt. and will receive In payment
therefor four Per cent debsntITs ot that Com
pany.
In pursuancr q action taken st las; annual meet
ing q the stockhodrrS, the RidENGy and Clearield
RsilruAd. whose capital stock had tcsn pTc'o'Isiy
owned and its rad operated b this COMPANY, was
absorbed By and bcesmc psrt Of the Pennsylvania
Railroad O. April ist 1911
Effective May LIST. 1911. the Bedford and Bridge
port Railway Company ard the BcdflTd and HOll-
daysbgrg Railroad Company. two branch lines a
the system, in Central PennsylTGnia. were meTged
and now constitute the Holiday sburs. Bedford
and Cumberland Railroad Company.
On the Cambria Gnd ClsATneld Railway, the con
structi0n q the Bear Run Branch begun ard
IL viii be completed in 1912 The Burley Branch
crnsplcted during the year and the telephone
syytsm fG- train diEp4tchns the Bellwood Div
sion was also placed in opC1tiou- This company
advanced S520s.2 10 meet thee ana other cuF-
CeNrheId Railway COMPANY could not Jay. and
charged the amount against PrUht and Los Ac-
count.
The work Of impr%ins the Grade and aliEnnen,
on the Western New York and Pennsylvania Rail
way mentioned in the last annual report was con-
tinued during the year To meet its construction
and equiprlent expenditures ior the year, advances
GEgregating So. TsoH were made hy this COMPANY
70 the Western New York and Pennsylvania Rail
way Company. which is substantially owned BY and
is l4sed to this COmpIrJ. and that COmrany being
against the Profit and Loss Account
This Company has recsiUed note for Sl0. Ills
from the New York Connecting Railrusd Company
TO coTcr advances made TO the latter during the
year. for construction and right-OiWay eIpcndi- |
tTres
The New York Connecting Railroad Company |
the capital stock rf which has been owned fCr ]
many year. one-hsH each By this Company and the |
New YoTk. New Haven and Hartford Railroad Com |
pany-s constructing a railroad from a connection
with the Long Island Railroad, near the boundary
-
New York City. through the latter Borough 10 and |
ever the East River and RardaIs and wAnls |
Islands, 10 3 connection with the New York. New
Haven aud Hartford Railroad Port Morris |
In the Borough Of Bronx. and also connection |
from aid main line TO the New Ynrk Tunnel E1teu-
sion In Sunnyside Yard. Long Island City. Con- |
tracts have been sWare for tho steel work for the
East River BridEe and its uiaduets and appruaehes
on the north into Bronx Borough and the sUuth |
into the Borough q Queens Long Island.
Upon the completion OF the railroad and the
e1ercise Of trackage rights To be obtained frum
the Long Island Railroad Company. between the
said connection and its Bay Ridge terminals on /
between the Pennsylvania and New Haven Systems
now transported by floats between the Pennsyi-
vania terminals on the west side Of the Hudson /
River and the New York New Haven and Hart.
ford Railroad Cumpany's lines al Port Morris
q distance Of about II miles-Wnl be hoated from
Greenville, New Jersey. TO Bay Ridge, Long
Island-a distance OF about ~ miles-and thence
moved by nail to Port Morris. The connection
with the Tunnel Extension will permit a direct
aIl-ran movement via the Pennsylvania Station.
New York City. for the passenger trahhc inter-
York Connecting route will materially increase the
facilities for. and expedite the increment Of. the
New EnEiand passenger and freight trafHc. and
will avoid congsstion Of the New York Terminals
and HGrbor. and the delays which often arise in
float service due to fcg. ice tides, and the crowded
conditions Of the Hudson and East Rivers
About three years will be required to construct
the New York Connecting Railroad including its
East River Bridge and Viaducts, and the est
at about Sl5Ooo.00o in addition
10 the Soo0m previously advanced in equal
amounts by the two Owning Companies and rep
resented By its capital stock and notes-win be
provided for through issue Of its securities. The
principal and interest Of these securities will be
guaranteed by this Company and the New York
New Haven. and Hartford Railroad COMPANY and
he line operated pursuant to agreement be-
tween the two COMPANIES, under which they will
participate in its profits. or meet its defcits
The securities held By the Company. December
llst 1911. at valuation Of x2l 5foTlsG. produced
direct income during the year Of ylLSaR58
Under the proEisions Of the Pension Department
he following officers were retired
ChaS Z Pugh. First Vice e-President on Febr1l-
Ny ath 1911. after a service Of ffty-two years.
he last eighteen as . Yice-President: Theodore
r. Ely. Chief Of Motive Power. June 9th. 1911.
lfter forty-three years service. and Geo. v.
Massey General Counsel December 5lst 1911 after
hirty.hye years' service.
These Ofhcers carry with them the best wishes
4 the Board and their associates. that after such
aithful and able service. so fully Appreciated bT
he Board and well known to the stockholders.
hey may enjoy for many years a weii-earned
slaxation frum their arduous duties and respou-
ibilities
he Board,
JAMES McCREA.
THE ANNUAL REPORT COMPLETE. BIZ AP-