Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-10-27

elevated and then surface car on an
east and west street for one five-cent
fare, thus saving time and money.
The l0,0lO who travel daily within the
district will be relieved of the present
congestion on the cars and travel will be
made comfortable for them.
The Frankford elevated line will only
cost S65O0,c0O.
Moreover 274.574 annual round trip pas
sengers on the Reading Railway between
FrankfOrd and the Reading Terminal
who spend approximately 33 minutes in
making the trip each way and pay 9lt
cents as the average rate OF fare oach
way. are nsistent that they shall have
the advantages which will be afforded
by the Frankford L."
AVOID LONG WALKS.
They will then be enabled TO travel
between Frankford and the business dis
trlct by way of the Frankford Il IN
stead of by way of the Reading Railway,
saving 3S.SS9 hours per year, which at
!, cents per hour would be worth S5SS1
per year. Moreover they would be able
to save in fares paid Sll,669 per year with
out including the saving due to being
conveyed by the Frankford IL and
surface lines to destination instead o.
having to take surface line IN many
instances at an additional cost OF hNs
glCh
ing Terminal They will also avoid the
necessity of walking long distances IN
many instances to the Reading station
in Frankford, as the stations on the
Frankford "L" will be conveniently To-
Gated only few blocks apart
This is a wise investment for the city
to make, because it Will involve an an
nual interest and sinking fund charge OF
only 65 per cent. on that amount, or
5000 500 per year, under the existing laws
Of the State.
With the pending constitutional amend
ment ratified by the people next year,
this annual fixed charge viii be reduced
from 65 per cent to per cent by re-
duction in the annual sinking fund
charge from 2la per cent to l per cent.
This would make the annual fixed charge
on the investment in the Frankford ele-
waited line only S325,00O per year
II the city were to make the invest
ment now under existing legislation the
annual charge of S422, 500 would pay not
only the interest but also would pay off
the whole debt incurred for building the
line in 80 years, and the city would then
own the Frankford elevated line, free of
all debt, without any further annual fixed
charges as great municipal income
producing asset.
CITY HAS PRACTICAL SUBSIDY.
This aunuar fixed charge of S422,5OO,
or 1926, 600 az the case may be, will be
offset by the net income resulting from
the operation of the Frankford elevated
line over and above the reasonable pay
ments allowed the operator, and the fig
ures show that the annual deficiency, II
any in the early years Of operation will
be slight and that it will not be long in
any event before the line will pay the
total annual interest and sinking fund
requirements out of net earnings.
Moreover, under the personal property
tax act the city has a practical subsidy
granted by the state in aid of transit
development 20 Offset any deficiency.
The following are certain items in ad-
ditiOu 10 the net income Of the Frankford
Elevated Line 10 offset the annual fixed
charge Of Si29, $40. or S32j. coo as the case
may he.
l. Annual saving 10 residents Of the