The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-03-02
ONE ROAD READY
FOR {. DEDUCTION u c
New York, Philadelphia and
Norfolk Does Not
Object.
.WELC oMED BY ITS OFFICERS
Company Shows Fine Returns i !: on
investments by Its
Earnings.
.WELC oMED BY ITS OFFICERS
Earnings.

-..=s 49, - s-.-s x
Judging from the line of testimony be-
fore the Corporation Commission in tho
passenger-rate hearing yesterday, the
New York, Philadelntlas and Norfolk is
one of the most prosperous railroad COM
panles in Virginia. 4f, IF ~
Indeed. Traffic Manager II. B. Cooke
admitted that the road had recently in
creased its stock by one-fonrth. and
was paying a 10 per cent. annual divi-
dend. He also admitted that its earn
ings We're far In excess OF those of other
roads, and said he was ready for a re-
duction of rates. He went farther, and
declared the rate should be reduced.
Mr.. Cooke and Auditor II. c. Garlic
were the only witnesses, and when they
had concluded the passenger-rate hear
ing was at an end
The New York; Philadelphia and Nor
folk is the only single line operating in
the State which has not stood out strenu-.
ously against anys reduction sihl rates.
In.ndmitting. that the. reduction should
he made, Mr. Cooke said:
Nov is the time for 1t, and the road
can. easily stand it. We have been very
Fortunate. Our road Is level and our
expenses 70 ] W. 1 think the rate
should be reduced..'r
Judge ThosHass Fl, yilcox, Of Norfolk.
general. counsel for the road, conducted
the examination for fhiS side, and tire
witnesses Were rross-exanhined by the
commissioners, 1t. took only a few hours
to complete the examipations
y Mr.. Garlic On.
Here Is some Of the important testi
rnony of Auditor .Carlile:
What does 1t. cost to earn 500 on
your intrastate business in Virginia?"
Mr.. Garlic was asked.
"s6.46 cents, he replied
What. docs 1t cost to earn $500 on
tho whole system 99,'
R''7o.46 cents. Tho local business costs
] 5 cents more
"How many intrastate passengers
were handled IN. Virginia during tho
year ending June 80, 7 soh?'
"w hat. vas tho revenue from that
source - 800.
"a How many mar, passengers were handled
| one mile?''
97,923."..9 $1,000,
"At what rate per mlles'
! "S.14 cents 4. ~,
! $50 10000
an how many States does your road
op s1n two-virginia and Maryland"
"W.,,at is the milease? -.
nM;naty-fiyes miles in Virginia; mr.
| three in Mary land;
AS to Dividends.
nudge crump, chairman Of the com
,,,ission here took charge, Of the witness
"f;ive the dividends declared pS th'
road. since 190O.'' he asked. -.
1t.,oo1 four per cent; 1902. ivetper CENT
ana six per cent; 1904, eight per cent,
oS5 ten perr cent; 1906, ten per cent
.Iroe tho dividend bearing stock been
| Increased recently"
Yes"
when, and how much?
l az stock dividend OF twenty-five pr
| cent. was declared last june,
| twas not this done because 1t was
! found that the road was a paying inst
| tutlon?"
~ cannot say. -,
rs il not reasonable to suppose so?'
4 "Yos.'
paving, would the twenty-five, Per; cent
increase have been mnde?"
II think not.
Commissioner Stuart then asked
"What was tho maximum rate charged
during the year 1oo5?H
.,Three and q half cents per mile.
''And tho nverage?"
''2G6 cents per mile
"You said just now that YOUR ntra-
state rate in. Virginia for 1905 was s,l4
cents, didn't you?'
yes"
",rhen il your local rate was 3.l4 cents,
and your average rate 2.G6 cents. the Local
patrons In Virginia had to pay cons'd-