The star-independent. [volume] (Harrisburg, Pa.) 1904-1917, 1915-03-02

per cent. The net revenue per ton mile
shows slight increase, but the mel
| revenue per passenger mile shows @
large decrease.
Capital Stock and Funded Debt.
| The capital stock was Increased SAL.
$50 through the conversion of that
smoent s,noS +, Of receipts issued under the
The Funded Debt and Equipmen,
Trust obligations show net decrease
of $7.0S0.ST9.3S
II will be recalled that at the las,
annual meeting the stockholders APP
proved of the creation by the Board OF
Directors of General Mortgage so that
the Company might have a broad basis
for future financing. This mortgage
has not yet been recorded, and no bonds
can be issued for any purpose thereun-
der without the. prior consent OF the
stockholders; which has not SO far been
$50, $4,000 of Convertible Bonds. ma
turing October LIST, 1915. and other ma
turing obligations, and 1t must also
purposes such as additions and better
ments to its railroad and equipment
Since the close of the year II therefore
sold s49.000.000 Consolidated Mortgage
4ia per cent. Bonds, bearing date Feb
ruary 1st, 1915. realizing a price slightly
in excess of par. n satisfactory result
under existing conditions. Including
the issue recently made, the total
Consolidated Mortgage Is almost $780,
100000, which is the maximum amount
that can at any one time be issued and
outstanding. In view of the creation
of the new General Mortgage II is DEEM
ed advisable that hereafter the Consoli-
dated Mortgage should be closed, and
no further issues of bonds made there
under.
This issue of Consolidated Mortgage
Bonds was made under the authority
conferred by the stockholders in March,
lSuS, when an increase OF the bonded
Indebtedness was authorized to the ag-
purpose of meeting the Company's re-
quirements in 1903 and 1910. AS such
requirements were met through an is
sue of Capital Stock only $49000,000 of
the authorization then made has been
utilized, so that the Company Is still
possessed of authority to increase the
Indebtedness to the extent of $Sl ,00o.-
600. The latter amount will not be suf-
icient to meet the balance of the re-
funding and other requirements for 1915
as above stated, and the stockholders,
pursuant to notice duly given. will at
tne forthcoming annual meeting
increase of the Indebtedness to
the extent OF $4,000. 900 so that
with the pre-existing authorization the
Company may be possessed of authority
to increase its Indebtedness to the ex-
tent of $1,000, 900. and the Board of Di-
rectors desire authority to make such
increase through the issue of bonds Sc
cured either by the new General Mort
gage or otherwise, or by the issue of
other obligations of the Company in
such form, at such times, and on such
terms and conditions as shall be deemed
TO be most advantageous but not in eX-
cess of s71,000,000.
Road and Equipment.
The following statement of improve
ment work carried on by your Company
during the past year of unfavorable
N M fin ta1 tS
an evidence that. while every effort was
made to enforce economics in the oper-
ations of your lines, because of the
reduced volume of business your Com
pany, desiring to stimulate traffic. to en-
courage business activity and take ad-
vantage of lower prices, continued a
fairly active Improvement program
throughout the year.
The work on the improvement of the
passenger facilities in and around Phil
adelphia was continued. AS a result, the
hVe-track reinforced concrete and stone
arch bridge of the Connecting Railway
Avenue entrance to Fairmount Park has
been completed and placed in operation
and the old double track bridge re-
moved: the work at North Philadelphia,
has been finished with the exception
OF remodeling the passenger station.
For the expenditure made for this and
other work along the Connecting Rail-
way. your Company will be repaid
Connecting Railway Company.
The electrifcation of the Main Line
from Broad Street Station, Philadel-
and without seriously interrupting the
traffic. The work from Paoli to West
Philadelphia is almost completed, in
cluding the sub-stations and the re-
naming section of the electrifcation
into Broad Street station is being ac-
lively prosecuted. The new beam light
signals are in operation between Over
brook and Paoli Satisfactory progress
has also been made in equipping the
steel cars, many of which are now in
the present steam service, with electric
motors and apparatus, for which these
cars were originally designed. 1t is,
therefore. expected to operate the main
line suburban passenger trains by cleo
trictty about June lSt 1915.
It is hoped that in 1915 financial con-
ditions Will permit the extension OF
electrifcation to North Philadelphia and
the Chestnut Hill Branch. and also the
elimination of certain grade crossings
on that Branch. This would relieve the
track and yard congestion at Broad
Street station, by transferring to the
electric service over 60 trains on the
daily schedule now operated by steam
Your pier properties on the Delaware
River south of Washington avenue and
at Walnut street, Philadelphia. were
improved during the year by the erec-
| tion of new sheds and the enlargement
| of office facilities.
me reconstruction OF the bridges AT
Earnest, Trenton Branch; over North
Broad Street at North Philadelphia;
Highspire. Philadelphia Division: Au-
burn and Norristown, Schuylkill Divis-
ion. and at Dornock Point Pittsburgh
Division, was completed during the
year, and the bridges placed in service
The masonry work for the double
track steel bridge over the Allegheny
River between Kiskiminetas Junction
and Freeport has been completed, and
the superstructure is being erected
the bridge at PhoeniXville Schuylkill
Division, is being rebuilt, and will be
completed in 1915.
On the new siX-track section of the
New York Division, between Colonis
and Bay Way, just west of Elizabeth
n. j.. work was continued during the
year. consisting principally of the ele-
vation of the four original running
tracks. The greater part of this work
has been completed, and placed in oper.
alton, and it Is expected that the re.
| BY order
| STOCKHOLDERS MAY OBTAIN COP
PLETE, BY APPLYING TO OR AID