New-York tribune., 1911-04-06
Ml'CREA IS DESPONDENT
Saws Legislation Has Put Heavy
Burdens on Railways.
REPORT OF P. C. C. & ST. L.
poad's Net Income Showed a
Decrease of S1,0S5,481
from the 1909 Figures.

~ the annual report OF the Pittsburs'
CINCINNATI, Chicago & St Louis Rall"ay
counanv. issued yesterday, PRESIDENT
rames McCrea refers in rather despond-
-, tone 10 the burdens placed upon the
roas and upon railways in general by new
legislation. national. state and municipal
~ HE remarks explanatory Of the very
large increase in operating expenses TIE
names as the principal factor the advance
in wages. which il had been hoped TO onset
IN part by raising freight rates. Alter dis
eussing other items going to swell the eN-
penses he continues;
II seems proper to note in this connection
the Increasing number of items OF expense
which are entirely beyond the ccntroi oi
your management. and the genera zen %tei,-
dencv in this direction which Is uS!he
brought about by regulation through les-
islation, and which, though difhcuit 10 uS
tect IN the ordinary year 10 Sodi eViIir
sons of results Of operations. must never
theless be the subject OF grave toilSelh, .
The various state and federal laws enact,
ed during the last ten years haNe M auuc
heavy burdens 10 the annual cost oI oPSi a
tjon. and while many of them are lhtChueu
n provide for safer operation. ana are sup
nosed therefore, 10 be IN the interest OF
Safety il is becoming Increasingly ullHcuit
10 meet this burden and also adheIe " .l10
high standard of maintenance ana oPe."
~ which YOUR company has proVloeu ioi
" W ,,hIic During a recent session OF the
legislature Of one of the states IN Whlcni
yovr lines operate some thlrty duultlonSn.
49, we're passed affecting rallioadS. near ~
"m of which will add either directly or IN
ss...a.,lv o.. 10 the cost of operation, and some
y" which while pUrportlnS 10 ne IN tne III,
,srest OF safety. will result IN radlcal anu anu
synensive changes in the character OF Eosi Es
salrinnent without accomplishing any oeh
Similar LEGISLATION Is also bc-
,ng considered in adjoining states ..u
Tb4 recently enacted federal leSlsIauol,
.tich requires the changing OF LADDERS anu
srakestans on freight cars VIII coSI ,is riie
T,aSsht Car Pool lines of the PennsyiVaiild
srs,sr,' in which your company participates
:: he extent of about 10 per cent, hediIy
t;Dn1O during the next nNe YEAR,, 49, ~,
srartically no benefit whatever 10 the iilSS me-
iitSs Elected. The state and municlpal reg
,,ia,;on covering the elimination OF slaue
i.rnSsincs has already resulted IN eNpeioi,
,rres of over 10000 on the liies VI 80 -
eIr,nanv. and with the present tenaehc5 W
Ira1roads. the annual expenditures ioI ,.IiS snS
i,, are likely 10 be still further lncreaseu
In the future ,. .oca,ber with the
general increase IN the coso so,,,r,on U1 bv ali
IIa'I 90 a greater or less extent. anc tnei 9
fodus 80 he an ill-dehned idea that II may ma,
'rn'osSihle 10 offset them by grea'el III
-;.rrv other directions. -
80 far attained, however. In an ed!ileSS esS
.acS ~, a. proft by the various Sugsest stot,a ha
. e.io' 90 neagre when compared WIN , riro
SSos,i,elv known and ever increashe uur n
~ exrense which lies beyohd con u sn VI
Gs ~. !, would seem unwise TO ouiiu 'o'
151ch on hopes for relief in TINS oifec''o''
rba income account Of the COMPANY ioi
,hs wear ended December 81. 1910 SHOWS
,o.s, y" orerating revenues of AoeM'Ss, an
,rC,sase Of A.6O,54s over the hsNfes Oh e.'o
nracfdjng year: operating expenses %.
o. az an increase of sS,S26'S-o' ana ''e.
oneratjng revenue. sloe9s.S9i decrease o'
ca, %, The total net revenue was siV'
s,s-s and the net operating income, ai,er
r.yn,fnt of N.5n.7i7 taxes ana S'l''o''
rentals, was sS,eolSl1. t.or
The gross income was &,@S,5el' ana ait.'
,sa deduction Of $i,esi552 for fixed cha'ses. :
,ss net income was s.ell.ooe. a decrease "a
sns .1 After the appropriation OF S-o',
s., for equipment and trust obligations ana
,ss navnnent of sl57.lc6 in dividends a oai-
sr,e 30 s1o7 221 was transferred TO the circuit
OF profit and loss.