Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-09-16
EASTERN RAILROADS
Urge REHEARING OF
FREIGHT RATE CASE
Petition of III Companies
Sets Forth Great Decline in
Revenue and Addition to
Expenses as Need for In
crease.

vAstrINGTON, Sept. 16.-Reprcscnta-
,,yee Of tho liz Eastern railroad compa-
.iss have filed formal application for
= rebearing of the 5 per cent advance
treIght rate case. The petition was
signed by Daniel willard, president of the
y and o. Railroad. as chairman of the
nrasjdents committee. and is as follows:
"your petitioners, tt9 railroad compa-
,Ies comprising the IS railroad systcmU
&, otfical classification territory, parties
an the bovc-enttled proceedings, re-
srectfuly petition the commission for
such a modification of tho order of July
% 1914, as will permit the carriers TO
make effective the rates specified in the
tariffs which were by said order directed
a. be cancelled. Since the filing Of the
rcport and entry of tho order by the COM
mission in these cases, facts and circum-
stances have arisen which, taken in con-
nectlon with the facts already before
your commission. your petitioners believe
will Justify the relief herein prayed for.
rbege facts and circumstances are briefly
hs foo1s
"First. During the month of October,
1918, YOUR petitioners published and filed
with this commission the tariffs involved
IN These proceedings. AT tho timo of the
A,inr Of tho report of the commission
.hero vcro available for the information
of t,o commission the annual reports of
vour petitioners for the year ending
June 30 1918 as well as the monthly re-
norts of your petitioners up to and in
r,udlng May, 1914. Since that time the
complete income accounts of your poti-
.ioners for the fiscal year ending June 80,
1gt. have become available.
"Tho reports Of your petitioners for the
ycar ending June 30. 1914, as compared !
with the year ending June 90 1918, show a
decrease in total operating revenues of |
opproximately $ti 100000 while during that |
same period operating expenses have in |
creased about $23 600, 800. After deductions !
of taxes and deficit in outside operations |
there was a decrease in operating income |
ofapproximatuly $137OD, 600 Notwithstanding |
an Increased property investment. Thus |
the tendency toward a diminishing opcr- |
ating income found by the commission in ,
It's report is emphasized by the figures |
covering the complete year to June 80. |
1911, while the reports for July and such
figures as are available for August, 1911, |
show continuance of this declining ten
dency, Notwithstanding the extraordinary |
efforts that have been made to reduce
expenses,
Second. The unforeseen European war
has brought about an unparalleled de-
ItructiUu of wealth and disOcatiOn of |
credit throughout the civilized world It
Is certain that the competition for capital
will be keeuer and interest rates higher
for some years to come than in any cor
responding period within living memory.
The emergency thus resulting Is extremely
serious. 1t is conservativcly estimated
that the railroad companies of tho United
States have obligations maturing in the
ll"Nt 10 months amounting to well over
A"""W and 1t is Imperative i'm the
public interest that these OBLIGATIONS shall |
be duly met. y large part of this sum
is owed by your petitioners, and they will
further need from time 10 time in the
next few years large amounts of money
10 provide for improvements which will
ne necessary in the public interest to pre-
vent serious deterioration In the standard
"t transportation service In order to
complete effectively for this now capital
me must have material increase in
revenue '
Ih'rd Tho commission in it's report
I""ee certain tentative suggestions as to
measures which might he taken by the
curriers' IN secure additional revenue
ivuF petitioners are proceeding as RAPIDLY |
as possible 10 put into effect the increased
freight rates in Central Freight Nssocia-
,oh territory. authorized by the report Of
l.e , commissions and m" giving earnest