The Washington times., 1914-02-28

L that saving Sould &c enecteo which wouI0
] eompensate the Company for making ths
1 expenditure. but .he subject must stih rs-
eetve much further sxamination. and = alUo
| largely dependent upon an impsvsmen1 -
the revenues q the Company 70 .snsne
project.
In the City Of PhiladeIpaia rhs srsasas poe-
I tior of your lines are constructed above oe
section Of the City. between ths Dsla~s<e
and Schuyikill Rivers. The nece0tty for tho
! development a several square miles In thto
section Of the City. including the mpsove-
caused the municipal authoritiss - dso1ds
! upon the elimination q nearly IN sx1sonU
/ grade crossings Of your raikoaA. aAA of the
lineE- Of the Phfladeipota. Baltimoss an4
| Ohio Railroad Companies. and In ask1ng n
railroads to co-operats. the City has aersso
| to bear an EQUITABLE share Of the lArgs az
penditureS. Under this AFvangansns thfo
Company win b required 10 elevate and ~.
locate the present running TRACKS. yoxdD 80
facilities On the portion Of the DeleWeN II.
tension. with its oirard Point and schsymiu
River Branches. from the Ansnal Bs1dss
over the Schuyikili River to Delaware Ave-
I nus and Queen Street, and ues in leo msrs-
Of the new tracks Of the Delaware Extenetoa
over the schuyikin River and rwsnfy-aftn
| and xcKean Streets. and new two-0ec1
| elevated line extending generally s1sng fetns
Breeze Avenue. rwenty-ninth Street, and ne
Navy Yard to Q terminal yard to Be loeatsa
between Broad Street and tbs OoeeWArS
River. from which point the line WI re.
main 1t grade along the north sede q os0
Street. and the present trscks and faoalitisa
on that Avenue win be relocated - mr. negtA
~ Queen Street. The Baltimors ond OnSo
Railroad Company. which win hkewss r.
section Of the City. win occupy . nsw ieear
ton adjoining the relocated tracks q yeus
Company, from Passyunk Avenue - ana
along Delaware Avenue. This pcrtton q tho
line win be operated - Q joint fosR-tznck
railroad. with provisioa Tor Its use - beas
line. Under this agreement the trAc1D -
facilities Of the Philadelphia, Baitimo.e -
Washingtou Railroad Cunpany aaoag Wesh-
ipSton Avenue viii also be elevated -
three-track railroad to Broad Street. and = 9
double-track line east thereof. II - eNeceeo
that this important pso5sct WI S Ss ee.psesse -
Railroad Companies provide TIE funds Fssss-
ite therefor.
The construction of The Nsw Y@S Co.
pany and DE New Yosk. Nee Hsvca. -
Hartford Railroad Company. and fuiN o.
seSibed in prsvious annual reporA - ~.
isfactoriiy ps1grsssins' ana ~ -
The Increasing tra61c q The Cheuenoeo3
Branch betvsen Buffalo and Oh Caty ea u
line oe the Western Now YJsk s1d 1s1D,
similar improvemsuts ON yoar AiiexAsny pe-
vision, neesssdtsssd the rsriasea nf s.sAses
and alignment and toaeer passhg achGe
During the year N.s@9 vss aeyene9
Railway By this Compeny TO mest ns c.
struction and Eauipmsnt expendlfur@ vh1eD
sum wss eAargsd aGanse ths ~ aneeDs
II has bssa dssmsd adyinaSls - aA1sse
the Hollidaysoufg. Bedford. and Cumbselan4
Railroad Company. which b owned snd -
Grated By this co@psny n ccmsssseS -
that Company ~ . separate cor,nfax1ao -
ionxer exists, and the agreement pFes1d1nD
for its acquisition will. In accocdanos wttA
the notice given 20 the stoekhoaaef3. 30
subsnittsd for approsal at tie annuAl mese.
During ths year sssr Company made Cd
vaness % the Long Island Raiiroa4 Ceag.Z
its railrsad and facilities. aAA ths csa1erUes
tion Of aew lines and sQsApmear. f@ vheso
IL Will receive ssc1rities of that csnsnays
In accordance With The policy hes0fnGagQ
announced a. to The pro0osed sale Of thi6
Companys security holding3 In ths anthrA.
cite coal companies owning propeftes served
BY II. System u,n. namsy; 5ns so,So1ss .S s1,s,n
Company and the Summit Branch AfAEn0
Company. your Board deemed dss1anao
to frst compact tho ownership sf the -
csufties and peoperties Of thsDo sssol co1o
psIies into the Susq7ehanna Coal CoMpanys
Therefons, there has been sold TO the 49,
auehanna Coal Company the CAPITAL etocS
and debt OF the Summit Branch NininS coms
pany. held by your Company. and upon THO
transfer Of Its property and rtghts to tha4
Goal Company. the Summit Branch Mining
Company Will Be- dissoived. Yor Compasz
d also the own.sr Of one-thfrd Of the Capital
stock of the Mineral Railroad and Mining
Company. the balance being owned BY th0
Central Railway company. nat
Company operated ,ands ieassd from ths
rom the Manor Real Estate and Trust Com
pany. but being unable for many years -
pay' the prescribed royalties, II transfcrrs6
Company. effective January lst. 1J1l and
,teps have been taken looking 70 the DIS
,oIution Of the Mineral Railroad and Mining
Company. Tho lands Of the Nanr Real
Estate and Trust Company. operassd b. the
Mineral Railroad and Mining Company have
,een sold to the Susquehanna Coal Company.
and negotiations concluded for the sale to
raj Railroad and Mining Company for The
Northern Centr,sl Railway Company su6jeSt
10 fixing the hIal price Under The. fcfe-
roins arrangement payment for sid lands
,any in 'ts Five Per Cent. Five Yesr Gold
lords, which are exchaneeable for its First
Mortgage Bonds II and when .he same ara
ssued by that Company
h.se properties IN the Susquehanna Cd
Company Is to insurc the confinued cpere-
ion of the Improbable A. well - tho rfDat-
,bIe mines and thershy conserve the coat
mnnly and 20 that should . purehsssY %
o,,nS ,or the securities Of the susqusAa,na
,n,I Corpany held bv your Company and
he Northern Central Railway Company. the
lew owner will obtain possession Of tho
,ronerties subject to these mining cbliEa.
ions
ell tn. haiance q its hcldSnEs Of comsnon
nS Preferred stoeks Of the Baltimore sn6
,bi, RaiIrosd Conrpany. ccnsostinR of = -
hs,,e Of the Common Stock and 1af0
ehar.s of the Preferred Stork. hkvtnR Q totI
,,- value d 80 So 30. Th~ foresoinS shares
erres.nt Iess than one-haf q your orisfual
wner-h,n in that CoruAny. and they have
Nm retsin~d since 1sNS only - IN fnvsee.
r.nt awai'ir< . favorable ouoortunity foP
h.,r dIsro.i,ton therefore,, whsn N onR
re made to exchsn~e them for fnL0g
hsres par value 81. 1<3 40. of the cheatal
,,ock os the Southern PaeiSc Cusnoany, a
vhich six per cent. dividends ws<e Aeon8
- =, was deemed advisable 10 nah. the
xchanea. In COMMUNICATING tN~ trsrsactfo0
h- s.~~k Of the Southern Fsrf~c COMPANY
~. valued st rsr the Co'~mon STOCK a the
4. .,.,-ro-e and Ohio Raikrnad CcVunany at the
sne hs1,r., while the four per csnt rrs,
.-r.. S,o~k Of the latter Cumoanv W0 Val,
sd At ssn r~r shars. which was its auorox1s
-ste nn>rtAt vahie. This Arco,iuts for tAA
cduc.fon IN tn. uar value q the invesement,
i,h ~ush .h4 Cwr,Aav vtii On the 6a0ls q
-o-, the ownership Of the SoutASs0 R0olA1
'onparv Stock. and also have . sseufity
hsr can .,th~r be sod whsn conditions pers
,it. o- held as an investment. - Wloy %
esrned the ~rost advantageous n VOW CoRaS
any D,sr,~9 the year the Ncren ana
Western Railway Cnmpany AEued ses On.
c-.tb,~ Az veAr ~ osr cent bnNd0 and
or Cor,nany - . shsr~hoadef sunoeSoed
NJ Il. share 81 re allotment. ansounffu9 g
nrn ,->luA YOs,P CnvNvurv ne>Hu1VNA