Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-12-11
VAST PROFIT SHOWN
In YEARLY RETURNS
OF CAMDEN FERRY
Excuse for Increased Rates
Disproved by Figures of
Annual Reports of Com
pany.

Profits of the Philadelphia and Camden
Ferry Company, which recently opposed
reduction in the rate OF fare and Instead
Increased the toll for some classes of
vehicles, have been higher for the last 10
years than in any decade since 1924, when
the company was organized.
The railroad companies. which recently
have announced increased Communication
rates, brought forth the excuse that low
earnings neccssitated the increase. This
is shown not to be true in the case Of
the ferry company which is controlled
by the Pennsylvania Railroad Company
E. j. Fell, Jr., chief statlstleian OF the
Pennsylvania Railroad, testifying yester-
day before the Public Service Commission,
said low earnings we're responsible for
rate Increases. He added that the earn
ings In 1914 were lower than in any year
for IA years.
Operations and the vast profits of the
Philadelphia and Camden Ferry Com
pany, 1t became known today, were out
lined in a report of special committee
last October. That report was submitted
to the board of directors of the company.
The increase in ferry toll rates, which
affects sightseeing automobiles, motor
cycles and tallyhos, went into effect on
November II. Sightseeing automobiles.
which formerly were charged 80 cents,
now are charged 81; motorcycles have
been raised from cents to cents; mo-
tor trlcycles, from 10 cents to 20 cents.
while n tallyho, which formerly was taxed
25 cents. now ia charged 20 cents.
Samuel Rea, president Of the Philadel-
phia and Camden Ferry Company, last
July protested against the reduction in
the rate on the Camden ferryboats.
Mr.. Rea at that time pleaded for pro-
lection for the stockholders against fu-
ture loss. He mentioned the possibility
of q tube being constructed under the
Delaware River to Camden. Mr.. Rea said
this would cut of the earnings of the
company.
The inquiry into the business methods
OF the Philadelphia and Camden Ferry
Company was undertaken after stock
holders had raised question regarding
certain contracts. leases and other ar
rangements OF that corporation.
REPORT SHOWS VAST PROFIT.
The report otthe special committee re-
lating to the Philadelphia and Camden
Ferry Company. 1t was learned. shows
continued increase in the earnings of
that concern. 1t was during the year of
tlllStl an UNUSUAL ulNlQenu was palu
to the stockholders out of the vast earn
tnEs. In that year stockholders received
nivldend of i2 per cent. In addition to
an extra dividend OF S71k per cent. pay
able in stock The dividends for 1913
amounted to II per cent.
The special committee who conducted
the inquiry was composed of Henry c.
Whitlock. j. W. Cooper, Frank L. Starr,
]. p. Green and George Wood. One of
the members of the committee today
said:
I'VE found the Philadelphia and Cam
den Ferry Company in good shape finan-
clally Their profits for years back have
been splendid"
Would it be possible to reduce the
present ferry rate without lnturing the
interests of the stockholders?
THAT is a matter for the company TO
decide" answered the man who served
ON the investigating committee.
The report. according to the investi-
gators. shows that the appraised value
OF nine ferryboats on January l, 1914.
wns about 20 per cent. in excess of the
value at which they are carried on the
books OF that company after deducting
the depreciation reserve.
For ten years the ferryboats of the
Philadelphia and Camden Ferry Com
pany carried 13O,5So.4sO persons. for which
the revenue amounted to $3.5is,s55.0I
SALARY ROLL NOT GREAT.
Touching upon salaries OF joint officers
and employees OF the company. the COM
mittee found that the running expenses
were not very high. Many officers of the
Philadelphia and Camden Ferry Com
pany are also officers and employees OF
either the Pennsylvania Railroad or West
Jersey and Seashore Railroad Companies.
The committee found that OF the 43
officers Of the ferry company who are
also employed by the Pennsylvania and
West Jersey and Seashore Railroads, a
proportionate part OF the salaries of only
1--WE are charged against the ferry COM
pany, It receiving the services and ad-
vice OF the remaining joint officers free
The five officers and the amount of their
salaries. together with the salaries OF