Evening star. [volume] (Washington, D.C.) 1854-1972, 1914-02-28

Eastern Territory more than three miles for the
value OF a two-cent postage stamp. This Is the
cheapest railroad service 10 the shipper 10 be
found on the face Of the globe. In the ffce OF
such fact it would he unjust 70 say that rail-
road employees must continue TO be satisfied only
with what can be paid from freight rates as low
as this The Interstate Commerce Commission.
and not this Arbitration Board. has the duty OF
determining whether the railroads can earn In
addition 10 their other charges, without an in
crease Of freight rates. the rates of pay that this
Board believes to be due at the present time to
the conductors and trainmen, which rates are
embodied in the Award following
1t is difficult to escape the conclusion that some
way must be found whereby the serious ,,i 5nt
ton Of rates. wages and other railway matters
shall either be concentrated under one admin
results Of Legislative Acts. orders Of Commits:
sions and awards of Arbitration Boards shall
be recognized by Rate Regulatory Commissions.
matters may continue without working mani
fest injustice to the railroads and those who
nave invested i'll their securities.
The increase in the total expenses for Rail
Operations was for the foregoing reasons in
greater ratio than the increase In revenue, so
that the Net Revenue from Rail Operations de-
creased $556. 800. Notwithstanding the increased
road and Equipment.
The Net hallway Operating Revenue. as a
e $50 per Rs.x and I'D adding
S19s. 125. the Railway GENERATING Income de-
creased .$1.5lo.6Jo. or 3.sl per cent, COM
Dividend Income increased due principally to a
higher return on the Capital Stock Of the South
ern Pacific Company. than on your holdings of
Baltimore snd Ohio Railroad Company Common
and Preferred Stocks. which were exchanged
therefor. and to which reference is hereafter
made: also to the larger income received from
your holdings OF Norfolk and Western Railway
Company securities. Income from Sinking and
Other Reserve Funds increased S136, 269 which
is explained by the fact that only six months
income was included in this item in 1872 under
tion which became effective July L. 1912, while
1919 contains a full years income
Hire OF EQuipment tcredit baancei shows a
decrease Of $500 6S5 compared with the previous
year. due to the use Of an increased number OF
foreign freight cars and the higher per diem
rate charged therefor.
Deductions for Lease of Other Roads decreased
Si.a2i. 4s6. due to lower Net Earnings OF roads
operated that basis. including the Cambria
and Clearfeld Railway to March 81, 1913 when
it was acquired by your Company.
The Net Income for 1913 was S41, 900. $685.
which appropriations were made TO the Sinking
and other Reserve Funds: Additions and Better
ments were provided for Lines owned. leased and
operated: cash dividends amounting to six per
cent were paid: $2.5OO,OOO was transferred to
the Reserve for future Additions and Better
In view OF the steady increase In expenses,
taxes and other necessary outlays which has
caused continued decrease in the return on its
investment in the Railroad snd Equipment pro-
vided for public service that the return is
inadequate, your Company ana other Eastern
state Commerce Commission to grant permission
to advance freight rates the basis Of FIVE
PEI cent. with reasonable minima and with
the notifications necessary TO preserve existing
diferential relations between communities.
thereby supplementing the petition made = in