The Washington times., 1912-03-05

Desire for change in government of
the purpose OF facilitating the movement OF
merchandise freight and Increasing carload
ing.
Considerable extensions to the various car
shops and additions 10 the tools and maChin-
cry were made during the year.
The improvements at Greensburg, including
a new passenger station and the revision OF
grade and completion of the four-track system.
mentioned In the last annual report, were
practically completed during the year
Ihe change of grade and extension OF the
track facilities in West Brownsville Yard. to
reach the elevation OF the new double track
Monongahela River bridge at that point, were
begun during the year, and contracts have
been awarded for the construction OF the
bridge.
The Northumberland Classification Yard,
also mentioned in the last annual report
jointly owned by this Company and the
Northern Central Railway Company, was
completed during the year and placed in up-
Grafton.
The construction OF a sixteen span double
track steel bridge over the West Branch OF
me Susquehanna River at Mont gomcry. to
iSPiace the present single track bridge at
mat point was authorized and begun dur
ing the year.
The eggregatc expenditures made by the
company for construction and equipment dur
ing the year it's owned lines and those
OF the Harrisburg, Portsmouth. Mt. Joy and
Lancaster Railroad Company and I',ftei Nm,
Jersey Railroad and Canal Company uperat- :
ed under long term leases. compfisinS the
nam line system between New York and
PlttsourGh tlnClud!ng S599, 1853. Ol on account OF
water trust certihcatesD, were $l43ig530 GJ.
This sum was disposed of as follows
Charge to Reserve for
Additions and Better
ments appropriated out
OF Income Of previous
Charged to Income for
the year 1911 ............ .. ."65, ,Ss7.cs
Provided out Of Equip 'O''O'' =
IN n Depreciation
Charged to Capital Ac-
count
Road ................si $50, 1917
equipment .....,... 367l. 1866
----- $3.50, 956 l.
I"tal Si4 3l9 $50 6,
The charges 10 Capital Account were
tiurther tinI increased S4S2'O54.sS by the absorp,
ton or the Ridgway and ClearHeId Rail.
road, making tho total charges to that &C.
count for the year. S6.Oi3.Oll
Under the Balance Sheet prescribed by
the Interstate Commerce Commisaion az
Road and Equipment Account includes moi
only these capital charges, but also similal
expenditures made out OF Income since
June S0th. 1901 on the roads embraced in
the Balance Sheet Therefore, OF the fore
going 1886 20. Income expenditures no
properly charEeablc to capital account
| SO. .Oi0 229 03 on the lines owned, and on III,
llaTpsburS, Portsmouth, MI Joy. and Ian
caster IiairOad Company. have been go in
cluded in the Road and Equipment ACcoun
| for the year 1911, but the balance OF $3.;S3S
20 lcasehold expenditures for the Unit
cd New Jersey railroad and Canal Com
many, and $j99, G65m for water supply Trus
Certificates are accounts not dealt with il
the Balance Sheet OF this Company.
An offsettinG liability appears on tho credi
side of tho Balance Sheet, entitled Add
tions to Property since June 3Oth, 1907
| through Income" in which is carried no
only the 5000 29.o3, but also the payments
! through Income on account OF Car Trus
| Certificates amounting to S,C7G.S53.oo fol
| 1911, and S63I 644.0 for previous years, ag
gregatinG *6.754 10.
There is also included in the General Bal
ance Sheet. in the Cost OF Equipment
| 81, ,T92, ,6S7. "a, covering the net expenditure
for equipment purchased during the yea
! 1ql1 out of the Reserve for Accrued Depre
| citation OF Equipment, established under tn
| regulations OF the Interstate Commerce
Commission. From the total cost OF equip
| ment is also deducted the Reserve for Ac
| crucd Depreciation OF Equipment. $40. 4S9'
| S7777, so that the net book value OF tn
| equipment can he asCertained.
| The accrued depreciation can be reduced
| only to the extent Of the original cost
| any equipment retired. but as the origina
cost is not sufficient to replace the retire
| equipment and provide for the accrued de
probation, the Company, in conformity viii
| its established practice, will maintain tn
| standard and value Of it's equipment, an
| the amount which remained unapplied. De
| ccmber 31st, 1911, viz: 1890, 3d. Will d
| spent for equipment ordered but not Ne
| Tho nnproy ement of the Com9any's pas
senger facilities in the CITY Of Philadelphia
the necessity for which was explained Il
| the last annual report, has been given mos
| careful consideration during the year. an
| tho Board OF Directors have about conclud
ed that It should be accomplished by IN
| Creasng the tracks and platforms ana en-
lareing the station facilities at Broad Stree
Station and North Philadelphia Station.
| Consideration is also being given TO IN
,rra aVNAl
at Broad Street Station. and whether I'll
lcIectrifcation Of some of its suburban line
would not afford material relief at that tel
Ininal This decision Will be announce
whcn the studies now being made by tn
experts have been concluded.
The principal construction work on th
other lines in which this Company Is u
| terestcd was as follows:
ON the Northern Central Railway in Ba
timore, the ConstruCtion OF the new passei
uer station and the enlargement or tacilItlf
and re-arrangemcnt Of tracks, were pract
cally all completed during the year as we
as the Orangcvile round house, which wa
paid for Jointly by the Ihliaae,9h'a, Ia9 7at[ ~
Northern Central Railway Comnanles. IT
old round house At Mt. Vernon YARD wa
abandoned and the service Is now performe
at Orangeville.
rbcTe is practically no change TO repo
| in the status Of the proposed lease by IN
Company of the railroad, property ana @ IraI
chises of the Northern Central kell"S
| Company which was fully explained In II
report for 1910 The lease has been du
authorized by both companies and approve
Nv the Public Service Commission OF Mar!
, land. and but for the im9ediment occi
STONED by impending litigation. instituted !
a small number of minority stockholders
the United States Circuit Courts Tor u
eastern District Of Pennsylvania and for Il
District of Maryland, respectively, said lea
would have been promptly executed and d
Iivered Under it's provisions the lease al
~ -ontaI nayments became effective JAM
, nrv 1st 1911. and therefore when the lea
is fully executed and delivered. 1t will n
cessitate a Just and equitable accountlI
between the lessor and the lessee. in sue
Bv ordeJ