The Washington herald., 1914-02-28

TIE total issues Of Equipment Trust secuutie-
durns the ye.r for al lines eenSsted Of slsI@es
Of Pennsylvania General Freight Equipment Trust
| Certificates q 1913, f whica the Pennsylrania
Railruad Company's proportion was 81 Sl je.5.
| During the year final payments were made under
twelve series O equipment trusts. the original issis
| Of which Amounted TO Se.0G.6o
On July lst. 1913. the bonds Of the Harrisburg.
| Portsmouth. Mt. Joy and Lancaster RsfirOad Com
pany. Of which your Company Is the lessee under a
| go year Lezse having matursd. were extended fOr
additional period Of thirty yesrs. barring interest
st the ate of four per cent. per 1nftm, the pin
cird and intsres being guaranteed b. your Company
| in accordance with the term Of the lease.
| In order that the Company mas have a broad
| basis for futuue financing. the stockholders will
be asked TO approve Of the creation BY the Board
i q Director Of q Mortgage under which boDds
may be issned In such amounts and at slch times
\ as may be required 70 refund pay OF At or
| before mstmity any obIigati0ns Of the Company.
| OF obliEa1ous of COMPANIES who's properties were
acquired sabjeSt the,eto to provide for necessary
| additions. betterDents and improvements TO the
railroad lines equipment. property and facilities.
and for any and Ill ether lawful and proper cJr-
porzie purposes, bn No bonds shall DC issued Tor
any purpose without the pT1or ccnsent Of the
stockholders and the aggregate amount Of bonds
that may be issued and outstanding hereunder
| at any time shaI not exceed the then outstanding
Capital Stock. The Company has no large necessi-
ties requiring immediate financing but IL desires
to be In position TO provide for rs future refund
ing and eapital Requirements either by the issue
of bonds undsr the proposed new hortgzEe. or
under its Consolidated hortgace. % thro1zh the
issue and sale Of Capital Stock. by such Other
form Of financing A. at the tine yUur Board "
Directors shall deem advantageous to the
Company in view Of the ncoetGry conditions then
prerailins
The wort s xa'isfactOriIy progressing On the
eastern section Of the si1-trsck for the New
York Diyision betNeen Colonia, \. and
waTsrly. y j.. inclnding the elimination Of fifteen
grade crossings BY the elevation q the four exist
ing main trseks and the construction of two ele-
Tsted tracks. Two eastboupd tracks are now IN
oper1tion. and grading and masonry for two more
trscSs will shortly DC oompSeted and the additional
tracks placsd in srrTics. The two remaining
tracks. il expected. will be finished By the end
q, 1914. thus oomplstng the work between Colonia
and Elizabeth
phia have been improved during the year follows:
The conc1urss in Broad Street station was sn-
hrgcd: the Connecting Railway two tracks Of
the new bridge over the Schuyikil River and ap-
breaches THERETO. at Girard Avenue. Fsirmount
PARK. were placed in operation during the year.
The old bridge is being removed and masonry for
three additional tracks viii be completsd during
1915. thus making q i've track reinforced concrete
and stone arch bridge at this point The enlarge
msnt Of the North Philadelphia Passenger Station
is prucTessing the platforms and shelters the
part q the station used for the Chestnut Hill
Branch snd the inbU1nd New YorS Division high
level island platforms. with the sdiOning u7cks
heing in operation. For the erpsnditures made
Iesse. the Connecting Railway for this and
other work Jour Company has been repaid By the
issue q the stocks and bonds Of the Connecting
Railway Company guaranteed hy your Company.
To relieve ccneestiou hy increasing the yard and
track czpacity at Broad street Station. PhiAdel
Thia the liberalization cf the Main Line TO Paoli.
for suburban passenger trains. Is under WAY, and
will he followed by the eloctrihcatiOn Of the New
York Ditision to North Philadelphia and thence to
Chestnut Hill. Abcut mile Of overhead cnn-
.fr1 tha Main linz has Hreu fTuuriffei
hetwecn Radnnr and 81, Davids which will enable
the Company to decide by actual tests the type %
overhead construction esst adapted to its train
scrTiCe.
The wurk n improving tho grades and alignment
and double trackng between Pittbur<h and Buffalo.
via the Allegheny Division and the Western New
York aud PeunUlrsnis Railway. Is procec'iing sat
actorily and Il Is eEprccd that the thrce tunnels
al East Brady. Wool Hill and Ksnnerden. which
are bcirg contracted as part OF this Improvement.
will be completed in 1911
The changes ot alignment and grades between
Kiskiminc;ss JUnr'i0r and Frrep"rt on the Cone
mauxh Division. including . double track bridge
over the AIlsghcpv Eiter. are under usy.
The changes of Ersdes aud elimination Of grade
crossings at HrrnrWCod Avenue. Pittsburgh. and
in Borough Of Williamsburg. arr in progress. and the
grade crossing elimination work In the Borough
Of Braddock was completed during the year.
The asuexats rNrenditures for construction and
equipment during the year upon the owned and
Icased lines # this company was 81. 5o5.
for which the Company has been reimbursed hy
leased lines TO The teItcnt OF Sl6fWios. The sum
nf Ng5Gsisl Was expended the Western
New York and PENNSYLVANIA Railway and other
branch ruads sud charged against Income The
expenditureS on the lines owned including S.8e.-
6S 70 on the leased lines, viz Harrisburg. Ports
mouth, Mt Jov and Lancaster Railroad and the |
lines Of the United New Jersey Railroad and
Canal Company comprising the main line system |
between New York and Pittsburgh amounted to |
81 TGTIe.z which has been disTo-ed Of as fol- /
lows
Charged tn lncorne. S.HIlH
charged to Reserve for Additions and
rrttrr,neDts ,.,.,,...................... sEeSS
Charged to Capital Account. S.GaEse5
In keeping with the policy Of your Compsny to
promote efficiency and economy in operations.
By order Of the Bosri
STOCKHOLDERS MAY OBTAIN COPIES OF r
ING To OR ADDRESSING