Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1915-03-02


Your Company has. therefore. Joined with
other er railroads In appealing to the public for
their cooperation in securing the repeal OF this
nnwise Tnnrt and wasteful legislation. The Manage,
me me employees, In their own interest to support
this movement
Traffic
The tonnage decreased 12 SO per cent. and the
tonnage mileage decreased 11.Ol per cent, due
70 the general restriction Of business but freight
ralh rs mileage was also reduced 1887 per cent;
Ihe reduction IN passenger business Is reflected
N the decrease of 2.30 per cent, I'm the number
OF passengers, 4.31 per cent. in passenger mile
sge, but passenger train mileage was also re-
dueed 4.TS per cent. The net revenue per ton
mil mile shows a slight increase. but the net reve-
nue. per passenger mile shows a large decrease.
Capital Stock and Funded Debt
a. The capital stock was increased $31. $50.
through the conversion OF that amount Of re-
celpts issued under the stock allotment Of 1913.
The Funded Debt and Equipment Trust OBJ
hgations show net decrease of 81 ,0S0, ,ST9.35.
1t Will be recalled that at the last annual
meeting the stockholders approved Of the crea;
uSr Mor, og the Hoard OF Directors OF General
broad basis for future financing. This mort
gage has not yet been recorded; aud no bonds
out the prior consent OF tho stockholders, which
has not so far been requested. The Company
VIII refund SS6,S2T 900 Of Convertible Bonds
maturing October LIST, 1915, and other maturing
obllgatious, and IL must also provide for other
necessary corporate purposes such as additions
and betterments TO its railroad and equipment.
Since the close OF the year it therefore sold
$4,000, 900 Consolidated Mortgage Az per cent
Bonds, bearing date February LIST. 1915, real
lzing price slightly in excess of par n salts
factory result under existing conditions. In
cluulng the issue recently made the total
amount of bonds outstanding under the Consoli-
dated Mortgage Is almost 500 900 goo, which is
be issued and outstanding. In view OF the crea-
ton of the new General Mortgage. it b deemed
advisable that hereafter the Consolidated Mort
gage should be closed, and no further issues of
ponds made Hereunder
This issue of Consolidated Mortgage Bonds
stockholders in March 1909 when an increase
OF the bonded Indebtedness was authorized to the
aggregate amount of SS0,OO0,000 for the purpose
OF meeting the Companys requirements in 1909
ana 1910. AS such requirements were met
through an issue of Capital Stock, only S4o,
utilized, so that the Company is still possessed
OF authority to increase the Indebtedness to the
extent or S3l 100000. The latter amount will
nor oe sufhcient 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 the forthcoming an
nuaf meeting be requested TO consent to an in
crease OF tho Indebtedness TO the extent of
S4O0OOO00. so that with the pre-exstlng au-
thorizaton the company may be possessed of au-
thority TO increase it's Indebtedness to the extent
of Sf1. 600. 900, and the Board of Directors de
sire authority to make such increase through
tue issue Of bonds secured either by the new
General Mortgage 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 ad-
Road and Equipment
The following statement OF Improvement work
carried ON by our Company during the past
year OF unfayorable commercial and financial
Tort was made to enforce economies In the on
erations of your lines, because of the reduced
volume of business your Company, desiring TO
stimulate traffic, to encourage business activity
and take advantage of lower prices continued a
tairly active improvement program throughout
the year.
The work on the iplproyement OF the nassau
ger facilities in and around Philadelphia was
continued. As Il result. the hve-track reinforced
ing Railway over the Schuylkill River at Girard
Avenue entrance TO Paramount Park has been
double track bridge removed; the work at North
Philadelphia. has been finished with the excep-
the expenditure made for this and other work
along the Connecting Railway, your Company
vii; be repaid through the issue OF securities
OF the Connecting Railway Company.
The electrlfcation of the Main Line from
Broad Street Station, Philadelphia to Paoli, is
progressing rapidly. and without seriously inter
West Philadelphia is almost completed, includ.
Ing the sub-statlons. and the remaining section
OF the electrihcatiOn into Broad Street station
Is being actively. prosecuted. The new beam
light signals are in operation between overbrook
aud Paoli. Satisfactory progress has also been
made In eguipplng 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 il therefore,
expected TO operate the main line suburban pas
seneer trains by electricity about June 1st 1915.
II is hoped that in 1915 financial conditions
Will permit the extension of electrihcation To
North Philadelphia and the Chestnut Hill branch,
and also the elimination OF certain grade cross
ings that Branch. This would relieve the
track and yard congestion at Broad Street Sta
tion, by transferring TO the electric service over
CO trains on the daily schedule now operated by
steam. '.... '-.' ~ :
Your pier properties the Delaware River
south OF Washington avenue and at Walnut
street. Philadelphia. were improved. during the
year by the erection OF new sheds and the en-
largement Of office facilities.
The reconstruction of the bridges al Earnest,
Trenton Branch: over North Broad Street at
North Philadelphia; Highspire, Philadelphia Di-
vision: Auburn and Norrlstown, Schuylkill Divi-
sion, 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 Kiski.
minetas Junction and Freeport has been com.
pleted and the superstructure is being erected;
the bridge at PhoeniNvile. Schuylkln Division, is
being rebuilt, and will be completed in 1915.