Evening star. [volume] (Washington, D.C.) 1854-1972, 1914-02-28

main line system between New York and Pitts
euTeh amounted 10 81. 80, 1l637 which has becI
disposed Of rs follows:
Charged 70 Income ..... sc.ss..s25l II
hnrged I" deserve for Additions
and Bctterments ................ 6,331 A., e.
Charged 10 Capital Account. q. ..2c, asst
In keeping with the policy Of your Company t.
promote efficiency and economy In opera lions the
Management has been considering the adviss
hility Of electrifying that portion of the Main
Line between Altoona at the foot OF the eastern
slope and conemaush on the western slope of the
Allegheny Mountains. distance OF about thirty,
train y yeFG Is frrSnent T heavy
liminary estimates il would appear that y saving
could be effected which would compensate tlr
COMPANY for making the expenditure, but tie
subject must still receive much further exainina
ton. and is also largely dependent upon an i'm
warrant raising the new capital required for this
project
of Your lines are constructed above below the
streets except In the southern section OF the
Rivers. The necessity for the development Of
several square miles in this section Of the CITY
including the impr"rement OF conditions along the
grade CROSSINGS of your railroad and Of III" llne4
Of the Philadelphia, Baltimore and Washington
Railroad and Of the baltimore and Ohio Rail
road Companies and In asking the railroads Z"
equitable share of the large expenditures. Undr
this arrangement this Company will be REQUIRED
tracks Yards and facilities on the portion Of tie
Delaware Extension. with Its Girar'l Point AMI
Fringe a> over the sch"Slsili river to DeaSaar
Avenue and Queen Street. and use In lieu thereof
the new hts or f the Ec "e
Schuylkill River and Twenty-ffth aud Mexican
Streets. and new two-track elevated lin" ex-
tending generally along Point BREEZE Avenue.
Twenty ninth Street. and the Rack Channel prtl
of the League Island Navy Yard TO terminal
Il a - -.
Delaware River. from which point the line viii
remain at grade along the north side OF said
and the present tracks and facilities on that
Avenue will be relocated as far north as Queen
which Will likewise relocate and elevate it. pes
ent tracks in that section Of the City. VIII o.
cupy new location adjoining ,;. the r'iocntSd
to and along Delaware Avenue. This portion or
the line VIII be operated a joint four-track
line Under this agreement the tracks and sacil
tiles Of the Philadelphia, Baltimore and wash
incton Railroad Company along Washington Ave-
nue. will also he elevated n thren-track rnii-
road TO Broad Street. and as douhe-track lin"
project will he completed in Ave years. a an
when the City and the Railroad Companies pro
vide the 1s 5s's 81 se Ss York
Railroad owned jointly by this COMPANY and
the New York. New Haven and Hnrtfori Rail Raj.
annual reports, IS satisfactorily progressing. and
1t is expected will be completed by the Summer
The Increasing tr,fric on the Chautaugua Bran.h
between Buffalo aud Oil City on the line u "a"
has In connection with similar improvements on
your Allegheny Division. ne"essftated the revision
inc =. During the year si.en2. o,t Il was ad-
vanced to the Western New York and Prnnsyl
cania Railway By this C%mPaay to meet ,. s
sum was charged against the net income or the
II has been deemed advisable 10 absorb tn.
Hollidaysbure Bedford and Cumberland Railrca1
Company. which is owned and operated 10y tvs
COMPANY in connection with its main line. The
necessity for maintaining that Company as II
separate corporation no longer exists and lie T..
accordance with the notice given 10 the stock
holders. be submitted for approval at the annual
meeting.
During the year your Company made advances
to the Long Island Railroad Comnanr a@sr"-
railroad and farii!ties. and the constr,ction -
new lines aand cq"ipment. for which 1t viii r.
In accordance with the policy heretofar" an
nounced to the nrrnposed sale o: thts C"ih
pany's security holdings In the anthracite oa'
rompan'es owning properties served by it, Sys-
fcia namely tn. Susa-ehanna Coal Company.
Mineral Railroad and Mining Company AMI ihc
deemed II desirable 10 first comuact the owner
ship OF the securities and nroperties of thcs"
pany Therefore there Las been sold TO th'
Srsquehanna Coal Company the Caniial Stock
and debt Of the Summit Rrnnch Mining Com
pany held by your Con,panr. and rnon tho
transfer Of its nroucrty and rights TO that C.ia
owner Of one-third of the Capital Stock Of ihr
Mineral Railroad and N, Mnas Spagy the R BAL
way Company. That fompany onerated lends
leased from the No.hnrn Gent rsntra Rai'waT I'm
Company but Icing unable for Dlanr yesrS =
paw the prescribed ROYALTIES. it transferred II
a:s-year leases 10 tie SrSInehah"a '''l .o;f
many etrrctiv.. January Isl. 1914. and steps haze
been taksn looking {" i!s dissolution o' =,
lands of Tie Manor Real ESTATE and Trust C..
pany. operated by the Mineral Railr.'ad acd
Guehanna Coal Company. and NEGOTIATIONS c'r-
Guided for the sale 10 II Of the other lands cpe-
afed br the Mineral Railroad aid Mining Com
many for the Northern central RAILWAY Cow
pany subject TO fixing the final price. Under IL
Viii be made by the Susaueharna Coal Contrary
in its Five Per Cent Five Year Gold BonaS.
Bonds If and VIXEN the same are issued by thsf
The pi,rp,se Of vestinc the ownership OF thes.
prone,.ties in the Slsduehannn Coal Company g
to insure inc continued operation Of the unpr
able well as :he prol.tabi" mines; and th"r-lE
purchaser he fornd for the securities "f the SnS-
auchanna Coal COMPANY held , by E;. .1, 1omr'g.
new owncrs will obtain V'ssosslon at TIE pr",'-
erries subject 10 these mining obligations
The Companv has for some venrs desired TO SCI
,he balance OF fits hoidinrs OF Common and Pre-
rerred Stocks of the Ba;'more and ohio Raj
rood COMPANY consisting ~ 81 20 shares ~ the
Common Stock and 1i2. 1916 shares OF the Pre-
ferred Stock. having total par value Of $40
nnc-hslf az your original ownership in that CONT
pany and they have bern retained since 1900
only as mn investment awaiting q favorahle on
n,rtrnity for their disposition. Therefore. wh''i
an otfa- was made to EXCHANGE them fer l7l,4s
sharrs mar value SIT 143Soo or the Caritni
sock OF the Southern Parihc Company: on which
six per cert. dividends wnre bring paid II was
deemed advisable to make the ezrhanse, IL
ronsurnn,atlng the transaction She stock - the
Southern Pacific rfInpai,v valued st .rar.
the Common Stock OF tbr Bali imorr snd OH"
Railroad CNmpanv at the same f"iirc. Willie THE
four per cent Preferred Stock Of the latter c M
many was valued nj $50 per sharo. nhir,i was
lis app-nxirnatr market yalpc. This srrolnts
for the reduction IN the value Of thu invest
n,ent although the Company will ON the basis
OF the present dividends rr"cvr greater RETURNS
from the ownership ~ the Southern Pacific Com
many Stock and aiso have a security thnf either
no so'd when conditions permit or held In
ycstment as NAV be deemed the most advar-
taceous 10 your Company During the year tire
Norfolk and Western Railway Company issuci
it's Convertible 1d2S year a. ner cent Bonds
md Your Comnauy shareholder subscribed
for fits share Of the sllatmcnt. amounting {,
81 1as 0on per valre. Your Company ACQUIRED
the capital stock OF the Cornwall and Lebanon
Railroad % miles long. which connects
phil label mia Division at Conewago with the man
ufarturine town Of Lebanon. Pa.
The securities held by the Company. December
31st 1918. at a valuation of 1883 800. S2s pro-
dneed a direct income during the year Of
$14. 940. go.
). ,-ac- q. tbe BOARD -