The Washington times., 1914-02-28

| obligations were reduced ~ follows:
BY Redemption through Sinking
By Payments at Maturity 80 as. /
BY Purchase and Cauceliation..... 1la 1is.t
i Iot1i s5ol. Ss9-
Ths railway. property and nan
chlses OF the Cambria q Clear
Held Railway Company were ac-
quired under au:hoeity granted
/ by the stockholders. subject TO
| the outstanding funded debt Of. Ass. 900 Q
Equipment Trust Obligations on
! account Of Pennsylvania r. r.
Co. were iasued amounting to-. Il &l, ,5oo .
Iotai 81. 49, 200.
~" ,,,a1 49, - ;:..;..: ,:...; ~ ~
eurities during the year for all lines consistet
! Of Us. TOO. ooo. Of Pennsyivania General Freigh
Equipmsnt Trust Certificates Of 1919. Oh
| which the Pennsylvania Railroad Company
proportion WAS 81. Isl. .s0Q1.
During the year Anal payments were made
unoer twelve series W equipment trusts,
The 90 original L issue Of which announced te
On July lst. 1914 the bonds Of tne H.rr,s-
burg. Poftsmouth, NJ. Joy. and Lancastes
!, Railroad Company. Of which your Company
u the lessee under - year lease, havlns
matursd. were extended for an additioaal
period Of thirty years. bearing interest a
the rate Of four per cent per annum. the
PRINCIPAL and interest," being guafanteed by
your Company in accorsiance with the tsrms
Of the lease.
In order that the Company may have q
broad basis for future financing. the stock
holders will be asked to approve Of the cfea-
tion by the Board Of Directors OF Mortgage
under which bonds may Be issued In such
amounts and At such times ~ may oe re-
quired to refund or pay on at oc before ma
turity any obligations OF the Company. o.
were acquired subject thereto; to provide for
necessary additions. betternents and improve
ments to the railroad lines, equipment. prop
erty and facilities. and for any and all other
lawful and proper corporate purposes. but no
bo0ds shall be Issued for any purpose with
out the prior consent Of the stockholders and
issued and outstanding thereunder at, any
time shall not exceed the then outStAxS1inS
Capital Stock. The Company ha. No large
necessities requiring immediate hnancfnG. aut
Il desires to be In q position to provide tor
its future refundins and capital reQuiresnenks
either By the issue OF bonds under the pro-
posed new Mortgage. or under Its Consoli-
dated Mortsage: or through the issue and
sale OF Capital Stock or by such other form
q "a. n q the time Board
the Company In view Of the monetary condi-
tions then prevailing.
The work is .atisf.ctorily progressing on
the eastern section Of the six track system
for the New York Division, between Colonia.
N. J.. and Waveriy. n. J.. including tho
elimination Of fifteen grade crossings BY the
elevation Of the four existing main tracks
and the construction Of two elevated tracks.
Two eastbound tracks are now In ooeration,
and grading and masonry for two more
tracks will shortly be completed and the ad
ditional tracks placed in service. The two
remaining tracks, 1t Is expected. will be fin
ished by the end Of 1914. thus completing the
work between Colonia and Elizabeth
The, passenger facilities in and around
Philadelphia have been improved during the
year as follows: The concourss In Broad
ing Railway two tracks Of the new bridge
over the Schuylkill River and approaches
thereto. at Girard Avenue, Fairmount Park.
were placed in operation during the year.
The old bridge u being removed and ma
sonry for three additional tracks Will be
completed during 1914, thus making . i've
track REINFORCED concrete and stone arch
bridge At this point: Inc enlsrsement 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 d.
vision high level island platforms. with the
adjoining tracks now being IN operation
For the expenditures made a. lessee on the
Connecting Railway for this and other work
your Company has 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 Sta
ton. Philadelphia, the electrfncation of the
trains, Is under way. and will be followed by
the elsctr1ncation Of the New York Division
to North Philadelphia and thence to Chestnut
Hill. About one mile of overhead construc-
tion on the Main Line has been completed
between Radnor and st. Davtt,. which will
enable the Company to decide by actual tests
the type Of overhead construction best adapt
ed to Its train service
The work OF inproying the grades and
alignment and double tracking between Pitts
burGh and Buffalo. via the Allegheny Divi-
sion and the Western New York and Penn
syivaAia Railway. Is proceeding satisfactor-
lily, and II IL expected that the three tunnels
at East Brady. Wood Hill and Kennerdell.
which are being constructed - part Of this
Improvement. will be completed in 1914
The changes Of alignment and grades he
tween kiskiminetas Junction and Freeport
on the Concmaush Division. inciud,ng a
double track bridge over the Allegheny River.
are under way.
The changes Of grades and elimination OF
grade crossings at Homework Avenu-.
and In Borough Of WILLIAMSBURG
are In progress. and the grade crossing elm
Ination work in the Borough Of Braddock
was completed during the year.
The agSreEnte expenditures for construc-
hon and equipment during the wear upon
the owned and leased lines OF this company
was Sal 49, 4l5.S. for which the Company has
been reimburse by leased lines to the ex-
tent Of 81. .sS1 .0T4.oS. The sum Of N.SI5 sa4 81
Vas expended the Western New York
and Pennsylvania Railway and nther branch
roads ant charged azainst Income. me
on the lines owned !nrlu1ins
- so sS7 20 on che leased lines. viz. Harrfs-
hurS Portsmouth. Mt. Jov. and Lancaster
Rp 'l-oad and tines Of The United New Jersey
pnilrosd and C>,nel Cnmranv. conr-isin% tNe
main line system hetween New York ami
Pitt tshureh amounted to sa7. 81. is37 which
-as been 1f.-->~ad Of as follows
-Taryed TO Trrome. 81 ST rs II
--herxsd to Reserve FOR Additions
and fsarIer'HertS NV 'Ns ~
-harred to CsnitaI Account. - 80, ass -
In keen,nC With the po'irv OF vour COMPANY
In nromot~ a~i~i"ncv ana economy IN op-
r, -inrs the Nenasan~n. has hen con-
-,aerIns the aAvisahi,Itv Of alectrIfvine tha. |
,ort,on OF the Main Tine hetwe~n Ai+"ons
=. the foot ~ the s.stsrn s'opc. and COVE
naugh m tN~ western slope OF the Ale
,heny Mountains. . distance Of about thirty
BY order o
STOCKHOLDERS MAY OBTAIN COP