The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1900-12-27


tion of his annual report
dealing with the street railways Of
Pennsylvania. has just made public
some information concerning the
Scranton Railway company which has
especial interest at this time. 1t is
in the form of IL table comparing the
finaEcial condition of the local trac-
tion system with that of the Harris
burg Traction company, the Letigh
Traction company and the Wilkes
Barre and Wyoming Valley Traction
company.
With 1918 miles of tack, the local
company has a total capitalization of
S6.13SSS5; a gross income of $464, ,SO7
for last year; an income per mile of
road of $6290; expenses. exclusive of
dividends. of SAIL, 1,450; expenses per
mile of road of $685. leaving a net
income per mile of road of STA. The
net income per mile OF road of the
Harrisburg Traction company is s2,3S2,
or more than three times that Of the
local concern; of the Wilkes-Barre
and Wyoming Valley company $2,O14
per mile of road, or almost three
times; and of the Lehigh Valley COM
pany, 1,O92, or nearly So per cent.
greater. The percentage of the local
company's expense to income was
Ss.52; while that of the Lehigh Valley
company was S3.37, that of the Wilkes
Barre company 77.57 and that of the
Harrisburg company only 73.S2. The
WilkesRarre company last year paid
$l5O,dO0 and the Harrisburg company
100000 in dividends, while the local
company paid no dividends.
1t is its bonded Indebtedness which
weighs down heavily upon the local
concern. In addition to $4,000, 600 in
stock it has outstanding $3000,OO0 of
bonds. nearly twice rs much as the
Wilkes Barre company and forty
times that of the Harrisburg company.
The Harrisburg company with 40la
miles of road has 81 100000 stock and
only $4,000 bonded indebtedness. It
also has the best equipment of any
of the roads mentioned. IF the local
concern We're capitalized in the same
proportion rs the Harrisburg company
its stock would be Si GA0 900, or only
$6iO,OO0 more than at present, Will.
its bonded Indebtedness would be only
Sl3G, 500, or So, S6S, 500 less than at pres
ent. With per cent. interest and &
per cent. sinking fund charged off
from this $2,SG3.50O of bonded indebted
ness the company would be relieved of
S3li,9S5 in annual fixed charges and
its net income per mile of road would
be Increased from s71. to $1141.
This is figured roughly, minus tn,
fractions, simply for the purpose of
locating the negro in the woodpile of
For this overcaptialization the COM
munty itself is partially to blame.
1t has tolerated franchise jobbery in
councils at ITS own expense, enabling
a few spectators to capitalize at
Fancy figures public privileges which
cost them little or nothing. The pres
cnt ownership of the Scranton Rail-
way company took hold OF the prop-
erty with most of these handicaps al
ready upon it, and has heen strue-
Cling along under the load as best it
could, making slow progress and of
necessity giving an inferior service
because there was no means atk,hand
to purchase first-class equipment save
by degrees as small surplus earnings
would permit.
Perusal of the foregoing figures is
essential to fair understanding Of
the company's position, which is
hardly more enviable than that of it's
striking employees OF of the riding
public. Yet 1t Is clear that this condi-
,tion of affairs was not created by the
motormen and conductors now de-
manding more favorable conditions of
employment, nor should they be ex-
pected to shoulder the burden of it.
With their demand for decreased
hours of work the public is in very
manifest sympathy. Whether this
could have been conceded by the
company in conjunction with rata
of pay increased as demanded is an
other proposition into which We need
not now enter. Usually In such situ-
ations the spirit of compromise If ex-
hibited fairly and early on one side,
elicits like spirit on the other, and
leads after negotiations to basis
of agreement. This spirit has not yet
appeared. but its appearance is ex-