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The plan to electrify the Pennsylvania Railroad from New York to Washington and Philadelphia to Harrisburg was finalized in 1928.  It was the brainchild of William W. Atterbury, who became President of the PRR in 1925.  At the time of its undertaking in 1928, until its completion a decade later, it was the largest capital project of an American railroad. According to Michael Bezilla, Pennsylvania State University, in a paper that was included in Railroad Electrification Stragegy; the cost to electrify the aforementioned lines was approximately $250 million.  It does not include the cost of the locomotives.  This translates into approximately $4.09 billion in 2008 dollars. Portions of the railroad had been electrified prior to 1928.  This cost is not included in the $250 million, which appears to be an estimate as opposed to a an audit of the actual construction costs.  The electrification in the New York area, which was a third rail scheme, could not be used for the wire that was strung between New York and Washington.  The electrification of the Philadelphia commuter system prior to 1928 was with overhead wire.  Some of it may have been incorporated into the electrification of the NYC to Wahsington line.  Whether these costs are included in the $250 million is unknown. By 1928 the railroad had cleaned up its balance sheet, and management believed it could fund the project with private capital.  However, it had not reckoned with the 1930s depression.  Utimately, the railroad had to borrow $100 million from the Reconstruction Finance Corporation and the Public Works Administration to complete electrification of the line between Philadelphia and Washington and Philadelphia to Harrisburg.
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