Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1914-02-28

/
The railway. property and
franchises of the Cam
bria & Clearfield Rail-
| way Company were ac-
| quired under authority
| granted by the stock
holders, subject to the
outstanding funde
Equipment Trust obiig;aa.. ''''''''''
tions on account of
| Pennsylvania r. r. Co.
were issued amounting
TO .....-....... 1881, $1,000
Total ................ S17,4O6, ,5OO.25
Net increase 2,V45,6U2.Vl
The total issues of Equipment Trust
Securities during the year for all lines
consisted of s19,I00,000 of Pennsylvania
Preight FL EqGppmeent t., arpst Ser
vania Railroad Company's proportion
was s12,S51, ,500.25.
-, During ~ the year final payments were
ment trusts, the original issue of which
amounted to s12,000,000.
On July 1st, 1918. the bonds OF the
| Harrisburg, Portsmouth. Mt. Joy and
Lancaster Railroad Company, of which
your Company is the lessee under a 999
year lease, having, matured, were, ex.
| thirty years, bearing interest at the
rate of four per cent. per. annum, the
principal and interest being guaran-
teed by your Company in accordance
with the terms of the lease.
| In order that the Company may
have broad basis for future financing,
the stockholders will be asked to APP
directors of u Mortgage under which
bonds may be issued in such amoutts
and at such times as may be required
to refund or pay off at or before ma
| turity any obligations of the Com
pany or obligations of companies
whose properties We're acquired sub
ject thereto; to provide for necessary
| additions, betterments and improve
ments to the railroad lines, equipment.
property and facilities, and for any and
all other lawful and proper corporate
for any purpose without the prior con-
sent of the stockholders and the aggre-
gate amount of bonds that may be is
sued and outstanding hereunder at any
time shall not exceed the then out
standing Capital Stock. The Company
has no large necessities requiring i'm
mediate financing, but It desires to be
in position to provide for it's future
refunding and capital requirements
either by the issue of bonds under the
proposed new Mortgage, or under its
issue and sale OF Capital Stock, or by
such other form of financing as at the
time your Board of Directors shall
deem most advantageous to the Com
tions then prevailing.
The work is satisfactorily progress
ing on the eastern section of the six
track system for the New York Divi-
sion between Colonia, n. j., and Wa
verify, n. j.. including the elimination
of fifteen grade crossings by the eleva-
tion of the four existing main tracks
and the construction of two elevated
tracks. Two eastbound tracks are
now in operation, and grading and ma
sonry for two more tracks will shortly
placed in service The two remaining
| tracks, it is expected, will be finished
by the end of 1914, thus completing the
work between Colonia and Elizabeth.
| The passenger facilities in and
around Philadelphia have been inn
| proved during the year as follows: The
concourse in Broad Street Station was
enlarged; on the Connecting Railway
two tracks of the new bridge over the
Schuylkill River and approaches there
to, at Girard Avenue, Fairmount Park,
were placed in operation during the
lyear The old bridge is being removed
and masonry for three additional tracks
Twill be completed during 1914, thus
making five track reinforced concrete
and stone arch bridge at this point: The
enlargement of the North Philadelphia
| Passenger Station is progressing the
platforms and shelters on the part of
the station used for the Chestnut Hill
| Branch, and the inbound New York Di-
vision high level island platforms, with
the adjoining tracks now being in op-
GRAFTON. For the expenditures made as
| lessee, on the Connecting Railway for
/
been repaid by the issue of the stocks
and bonds of the Connecting Railway
Company guaranteed by your Com
pany.
To relieve congestion by increasing
! the yard and track capacity at Broad
/ Street Station, Philadelphia, the electri-
fiation Of the Main Line to Paoli, for
/ suburban passenger trains, is under way
and will be followed by the electrical
tion of the New York Division to North
Philadelphia and thence to Chestnut
At.A Ia <,f~ ~ 4
struction on the Main Line has been
completed between Radnor and st.
Davids which will enable the Company
to decide by actual tests the type of
overhead construction best adapted to
it's train service.
The work of improving the grades
and alignment and double tracking be-
tween Pittsburgh and Buffalo, via the
New York and Pennsylvania Railway,
is proceeding satisfactorily, and it is
expected 1y TED p that ha the three tunnels at
East Brady, Wood Hill and Kennerdeil,
which are being constructed as part of
this Improvement, will be completed in
1914.
The changes of alignment and grades
between Kiskiminetas Junction and
Freeport on the Conemaugh Division
/ including double track bridge over
the Allegheny River are under way.
The changes of grades and elimina-
ton of grade crossings at Homewood
lAvenue, Pittsburgh, and in Borough of
Williamsburg, are in progress, and the
grade crossing elimination work In the
Borough of Braddock was completed
during the year.
| The aggregate expenditures for con-
truction and equipment during the year
upon the owned and leased lines of this
company was $41,434,415. for which
the- Company has been reimbursed by
lleased lines to the extent of S1,661,-
074.0S.. The sum of s1,S15,624.61 was
expended on the Western New York
and Pennsylvania Railway and other
branch roads and charged against In
come. The expenditures on the lines
owned including s2,369.6S7.7O on the
leased lines, viz, Harrisburg, Ports
mouth, Mt. Joy and Lancaster Railroad
and the lines of the United New Jersey
Railroad and Canal Company, compris-
ing the main line system between New
York and Pittsburgh amounted TO
S37,957.716.37 which has been disposed
of as follows:-
Charged to Income. ..... $6,3S7,325.11
Charged to Reserve for
Additions and Better
| mentS ................. 63474 432 63
Charged to Capital Ac-
In Keeping with the policy i2Gff'sSSSS Of ySSS
Company to promote efficiency and
economy in operations, the Manage
ment has been considering the adyis-
ability of electrifying that portion OF
| the Main Line between Altoona at the
foot of the eastern slope, and Cone
maugh on the western slope of the AL
llegheny Mountains, a distance of about
thirty five miles, where there is a fire.
nrf Gl n &rnt