The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1913-07-31
A|LWAY BOARD
RULING SCORED
San Diego Electric Official
Raps Commission Form
of Government
Declares System Hurts Val
ues of Public Utility
Securities

In criticism OF a recent decision of
the California state railroad commits
sion ordering an all day 20 minute
service between Point Iona and ocean
Beach, w. CLAYTON; vice president = ana
tric railway. has addressed an open
letter to the residents In the districts
affected. 4 few excerpts are appended
The effect OF railroad regulation by
the railroad commission. he saws,
''has been brought home to us so con-
vincingly that we want to get from
under wherever we can, or, stated more
conservatively. get from under where
we can see endless troubles ahead on
the one hand and a dissatisfied people
on the other. We believe we can SO
conduct the affairs of the San Diego
Electric railway as to serve the peo-
pie as well or better than the people
are served in any other city IN the
United States.
"The greatest trouble we have to
contend with today is the attitude of
the people toward all public utilities.
which attitude is faithfully reflected in
congress. the legislatures and various
commissions in different states. con-
tinuously regulating, regulating ana
burdening the stock holder with de-
mands that threaten to wipe him out
of existence. The people should re-
member that all railroads are not bad;
all stocks are not watered tnone OF
ours are, anyway. but many are de-
serving of the greatest consideration
and encoura cement
yet the situation today is such I
personally would not own dollars
worth Of stock or bonds in any rail-
road. street railway or public utliity.
Unless our legislature takes TO passing
laws looking to the protection OF the
stock holder at the same time that
they burden the public utilities with
conditions that if not financially pro-
vided for by the state will finally ROD
holdings and possibly force the bond
holder to foreclose his mortgage to
collect his principal and interest at
loss and SO disgust nm with ba Sqfh n 1n
his money beyond the reach OF the
political demagogue.'
WANTS BONDS LOCALIZED
The Oakland, Antioch and Eastern
railway has applied to the railroad
commission for a ruling TO determine
whether 100000 of its bonds placed
on contract were legally issued. The
carrier asks that in case the commits
sion should determine that these bonds
have not been legally issued, authority
be given to issue them. The bonds are
part Of the issue used In constructing
the line from Bay Point to Sacramento
GAS COMPANY APPLICATIONS
The Southern Counties Gas company.
which serves Santa Ana. Orange; Ana
Grove. Whittier. Monrovia. Sierra
Madre. Arcadia. South Santa Anita. Ell
Monte. Covina. Azusa and Glendora has
applied 10 the railroad commission for
authority TO issue 100000 in bonds for
the purpose of making additions to its
gas system in the cities named.
A A Weber and the Alta District
Gas company have applied for an order
authorizing the sale of the Dinuba gas
plant and distributing system by A. A.
Weber to the Alta District company
ILLINOIS CENTRAL DIVIDEND
Illinois Central reduced its divi-
dend from to per cent by declaring
a semiannual dividend yesterday of ia
per cent instead of the usual "a per
cent The stock sells ex dividend Au-
gust IL
For the year ended June 80 the IL
linois Central surplus available for div
s3.10S.000. The surplus is equal to col
per cent on the stock, against 81
per cent last year.
DENVER 6 RIO GRANDE SURPLUS
Preliminary figures of the earnings
of the Denver & Rio Grande railroad
for the year ended June so. 1918. in
dicate that after paying all obligations
of Western Pacific stock held there will
he surplus of 100000.
SANTA FEES ACQUISITION
After repeated denials comes the
news from Chicago that President Rip
ley of the Atchison, Topeka and Santa
re admits that his system has acquired
an interest in the ST. Louis, Rocky
Mountain and Pacific railroad and as
sumes It's operation August /. Mr.
Ripley declined to give details because
negotiations are incomplete There is
some doubt regarding the permanency
of the transaction. The Atchison's par
ticular purpose is to prevent any COM
petitor acquiring the road and invading
its territory.
RAILWAY BUSINESS FOR MAY
During May the railways OF the United
States received for their services to the
public an average OF $4,000 a day;
st cost to run their trains and for other
expenses of operation s5,920,000 a day
their taxes We're S341.500 a day: their
operating income s1,972322 a day for
the 220,S97 miles OF line reporting or
at the rate of 1898 for each mile of
line for each day.
AUGUST DISBURSEMENTS
Investors will receive in August the
sum of s111.174,119. representing divi-
dend and interest disbursements This
compares with s101, 777,147 In August a
year ago, or an increase of 1896 972
OF the total. dividends will amount to
S49.474.119, an increase OF s2796972
Industrial corporations will distribute
to stock holders s25.022, 010. an increase
of S2251710 Interest Davmente will