New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-02-28

OF roads operated on that basis including tne
Cambria and Clearfed Railway to March 81
1913, when IL was acquired 10y your uompamy'
Tho Net Income for 1913 was Nl,9-Vo"S'
decrease Of s233. 1871. compared with 1872. from
which appropriations We're made TO the SINKING
and other Reserve Funds: Additions ana bc.
terments we're provided for Lines owned, leased
and operated: cash dividends amounting 20 sIS
per cent were paid: $500. 600 was transferred
10 the Reserve for future Additions and Better
ments. and $40 500 credited to Proht and Loss
In view OF the steady increase IN expenses
taxes and other necessary outlays which has
caused a continued decrease In the return on
its investment in the Railroad ana Equipment
provided for public service so that the return
L. inadequate. your Company and other East
orn Railroads, in May 1918. peuuoned the
Interstate Commerce Commission to grant per
mission TO advance freight rates on tho basis
OF FIVE per cent with reasonable minima ana
with the notifications necessary 10 preserve
existing differentia relations between con
munitles, thereby experimenting the petition
made in 1910 for Increase in freight rates
which the Commission decided not 70 grant.
but upon the understanding That " actudl
results should demonstrate that their forecast
OF the future proved incorrect, there might he
ground for asking further consideration o,
tho subject" Tho Commission has Instituted
proceedings on its own initiative 10 determine
whether the present rates or transportation
yield adequate revenues TO the common carriers
affected and II not what general course the
carriers may pursue to meet the situation. In
order 10 develop the whole situation your Com
psny has. in cooperation with other carriers
submitted extensive data relating TO the in
vestment in railroad and equipment, earnings
cost OF operation income. etc. for the last six
teen years, In addition 10 which the oniciais
OF your Company are prepared 10 submit inr
Their evidence in support Of the general tX
hibits which will emphasize the necessity for
your Company 10 obtain higher rates. The
Commission has also ordered the carriers 10
furnish extensive information relating 10 vari-
Gus features Of operation aud traffic and the
relation OF the carriers and it's employees and
officials with respect 30 contracts for purchase
of material and other arrangements. and
prompt compliance is being made to this re
quest While there is no objection 10 furnish
ing the additional information desired, beyond
tho great delay and expense involved, the serl
Gus aspect OF tho situation AZ tho present time
is that no immediate decision may be On
pectod II all the features involved I'm the Com
missions inquiries are TO be considered and
determined before action IS taken upon the I'm
portant question at issue and meanwhile rail
road revenues are rapidly declining. IL. how
ever these inquiries and tho information fur
nished in response thereto can be made mat
ter OF subsequent investigation. and earlier
determination OF the entire question is possible;
i'm fact as the Commission. through the uni
form accounting system ~ effect since 1907,
supplemented by special Investigations and the
work OF it's own examiners, has full inforns
lion az TO the inadequate return earned by tho
railroads on the capital invested in railway
lines and equipment, there would seem 20 be
no substantial barrier against Immediately
granting the very small measure Of relief
sought I'm the Application ana 50 urgently
needed.
The CanitaI Stock was increased over the
previous wear by ij3JJ 600 under authority
given by stockholders on March %. 1911. The
issue OF stock was made on the basis OF grant
inc 10 Stockholders OF record Nav .. 1913. the
privilege Of subscribing at par 10 the extent
Of 10 per cent. OF their holdings
on February I. 1915 over $4,000 Stockholders
were recorded on the books OF YOUR Company.
and the average holding was ll2 shares each,
The Funded Debt and Equipment Trust obi
,,fope were reduced : follows.