The Washington times., 1912-03-05

manner as will properly protect and pre-
serve the rights and interests Of each party
in conformity with its terms and condi-
tions. -
Expenditures have been made by the Phil
adelphia baltimore and Washington Rail
road for the extension OF the four-traCk sys-
TEN at various points and the CONSTRUCTION
of a car load delivery yard at New jersey
Avenue, Washington. y. {.
on the Delaware Railroad. new station
was constructed at Dover. Delaware am and
the second track extended IToh bIoaN
Creek 10 Laurel. ,r,,.,
The Pennsylvanla Tunnel and Terminal
Railroad Company has issued Its certlhcate
OF indebtedness for $S4. SCI. 420H to this Com
pany in settlement for the construction ol
the New York Tunnel Extension and Sta-
ton. including 1885 004s2 advanced 10 that
Company during the year 1911. FOR me corn
nletIon OF its railroad. This certificate ana
SIS OCO, coo. OF its full paid Capital STOCK, are
included in the detailed List OF securities @
the Balance Sheet al valuations respective
w OF S57. .4GI. .4l9.A and 81. The balance OF Ns
Capital Stock, namely, NOOc'"W. Is osn.u
by the Pennsylvania Company. The resuis
of funding this Indebtedness !s reflected IN
the General Balance sheet. ,,,..
The Company during the year made turther
advances. aggregatng S,SSlOCo.W' 70 tIe
Iong Island Railroad Company for the lh'-
provement OF its railroad and facilities ana
the construction OF new lines ana equtp-
mcnt and will receive in payment thtrcIor
a four per cent. debenture OF that Company.
In pursuance OF action taken al last ahhudi
meeting or-the stockholders, the Ridgway ana
Clearheld Railroad whose capital STOCK had
been previously owned and its road operated
by this Company, was absPrbed by ana pc
came part Of The Pennsylvania Railroad on
ETectEe MAY list 1911, the Bedford and
Bridgeport Railway Company and the Bed-
ford and Holldaysburg Railroad Company:
two branch lines Of the system, in central
Pennsylvania, were merged and no" constl-
tute the HoIlIdaysburg. Bedford and |umOer-
land Railroad Company.
on The cambria and CIearfed Railway, the
construction of the Bear Run Branch was
he gun and il will be completed in 1872. The
Burley Branch was completed during the year
and the telephone system for train dispatch
ing on the BelwOod Division was also placed
In operation. This Company advanced S51@,-
OSS % to meet these and other construction
expenditures which the Cambria and Clear
neid Railway Company could not pay. and
charged the amount against PROFIT ana Loss.
Account
T'he work Of improving the grade and align
lnent on the Western New York and Pennsyl-
rania Railway, mentioned in the last annual
| report. was continued during the year. To
meet its construction and equipment eXpendi-
| lures for the year. advances aGgreGatinG
| SSsS 100 81 were made by this Company TO
the Western New York and Pennsylvania
| Owned by and is leased to this Company. and
| that company being unable To paw the same
| this amount was charged against the Proht
mis- Company has received a hote Tor
| :lO51l1.2s, from the New York Connecting
Railroad Company to cover advances made
| 10 the latter. during the year. for CNnstruc-
! tion and right -of-way expenditures.
The Now York Connecting Railroad Com
| pany-the capital stock. Of which has been
| owned for many years one-half each by this
| Company and the New York, New Haven and
| Hartford Railroad Company-is constructing
| a railroad from connection with the Lonc
| Island RAILROAD, near the boundary line be.
| tween tho BorOughs Of Brooklyn and Queens
New York City. through the latter Borough
| TO and over the East River and Randall lis
| and Wards Islands, to a connection with ths
New York. New Haven and Hartford Rail,
| road near Port Morris. in the Borough OF
| Bronx, and also a connection from said main
! line TO the New York Tunnel Extension In
Sunnyside Yard. Long Island City. Contracts
| have been awarded for the steel work for the
| East River Bridge. and it's viaduCts and ap.
| proaches, on the north into Bronx Borough
| Long Island.
Upon the completion Of tho railroad. and
the exercise Of trackage rights to be OBJ
| tanned from the Long Island Railroad Com.
pany between the said connection and lie
| Bay Ridge terminals on New York Harbor
| the freight traffic intcrchanged between the
transported by floats between the Pennsyl.
| Vania terminals on the west side of the
Hudson River and the New York. New
Haven and Hartford Railroad Company's
lines al Port MoTris-a distance Of about
II mileS-will be hoated from Greenvllo, New
Jersey, to Bay Ridge; Long IsIand--a dis
| lance of about Sia milcs-and thence moved
by rail to Port Morris. The connection
with the Tunnel Extension will permit q
direct all-rail movement via the Pennsyl
vsnla Station. New York city, for the pas
senEer traffic interChanged between the tWt
systems. The New York Connecting rout,
will materially increase the facilities for
and expedite the movement Of. the New
England passenger and freight traffic ant
will avoid congestion OF the New Yorl
Terminals and Harbor and the delays whcl
often arise in float service due to fog. ice
tides. and the crowded conditions OF tn
| Hudson and East Rivers.
About three years will be required to con
lgiR OF inrr DoNIR "a
including its East River Bridge and Via
ducts, and the cost thercof-estimatcd a
about S5,OOo,OCO. in ADDITION to the $500, 90
the two Owning Companics and represent
ed by its capital stock and notes-win b
provided for through an issue of its sc
| curitics The principal and interest o
these securities will be guaranteed by thi
Company and the New York. New Have
and Hartford Railroad Company, and tn
line operated pursuant TO an agreement be
tween the two Companies, under which the
will participate in its profits, or meet 1t
The securities held by the Company De
ccmber S1st. 1911, at a valuation OF 1921
$40 1862. produced a direct income durin
; the wear OF Sl4.450. .j93 %.
Under the provisions OF the Pension De
partment the following officers were re
tired: -
Chas. f. Pugh. First Vice President. o
February 2Sth. 1911. after service Of nfty
two years, the last eighteen as Vice
President Theodore ~ Ely, Chief OF Mott,
| power, June uOIllp 1871, hllcI lOllN-lnr0
l years service. and Geo. V. Massey. Gencra
: Counsel, December 3lst. 1911. after thirty
five years service.
2 These Officers carry with them the he,
wishes Of the Board and their assoCiatcl
! that. after such faithful and able service
so fully appreciated by tho Board and
: we'll known to the Stockholders. they ma
enjoy for many years a well-earned relaxs
: ton from their arduous duties and respor
! sibilitics.
OF the Board
JAMES McCREA,
President