Glendale Cut-Off, freight yards,
and new equipment 35,000,000

New York Connecting Railroad, to be built
jointly by the Pennsylvania R. R. Co.
and the New York, New Haven and
Hartford R. R. Co., about 14,000,000

Pennsylvania Railroad improvements in the
State of New Jersey, electrification of
line from Jersey City to Park Place,
Newark, Greenville freight line and terminal
on New York Bay 10,000,000
------------
Total $159,000,000


CORPORATE ORGANIZATION AND FRANCHISE CONDITIONS.

As the tunnel extension lies partly in the State of New Jersey and
partly in the State of New York, it was necessary to charter two
companies, each covering the territory within the State to which it
belonged. The New Jersey corporation was entitled the Pennsylvania, New
Jersey and New York Railroad Company, and the New York corporation, the
Pennsylvania, New York and Long Island Railroad Company. These
organizations were completed early in 1902. Subsequently, after the
tunnels had been joined under the North River, the companies were
consolidated, on June 26th, 1907, and thereby formed the present company
under the name of the Pennsylvania Tunnel and Terminal Railroad Company,
a corporation of both States.