New-York tribune., 1915-03-02

~ i..rcdses in the rate schedules that will
enable the railroads TO meet the hddhe
OK lmpalrmcn OF their credit OF eIUcleucy,
Weak railroads are among the greatest oD-
stacles to business enterprise ana Cou,J CouAlieiD
AMI the country will nave TOO many HetIe We
railroads unless a constructive anh eqult1o.2
policy OF puuliC regulation Is pracuced' no
as a palliative but as permanent pubic
and business necessity: ,, --,,s ,bs
The railroads are still blrdened WIN t.S
needless expenditure required to comply VIM
tho so-called Full Crew Laws. "hlcn dI9
actually Extra Crew Laws. The prlncipdI
requirements Of these laws. which vary soAIe
what in the different states. are IN suOstailco
. that every freight train OF more than tHIlR
cars must have a second brakeman IN d+IL-
tiln to the regular crew OF eng inemsh' ~
man. conductor. one regular brdhsihah an -
asgman: every passenger train haVInR 1UI -
Or more coaches-thls term covering Fa ullllaa
and dining cars as well-and one Odsses0
ar must have an extra brakeman IN hdul
ton 20 tho regular full crew consisting OF
euzineman arenan. conductor uaEsa abei'I@1ii 1
and brakeman. thls nol 10 iHCI.uG a., LIN
porters and Pullman employees every I'm
COMPOSED OF four OF more rassenger. mar o.
express cars. empty or loaded. must ha'e
crew OF cngineman. fireman Cohuu,,oi Cohu, , as @t.s
tUo Nrakemen even though no passengers
II is estimated that this law has adde1
over 100000 per snnum 70 me , ope' tnsi
AMI West OF Pittsburgh, ana tnIs enloIS
expenditure IS a pure economic vast ~
.1r-e i, does not increase the SAFETY or eIl-
ciencv OF operations This amount could nave
. fe.p suent TO far greater advantage Ut ~
Ir1provetnent OF roadway and equipment am
in giving increased employment trOi,l "i,'e ;,,5
tne public and employees would nave IeNC',,
rpaI benefits Arbitrary laws reqllIllE dIui
tiunal men on trains without tt-dIn 10 80
. necessity for their services IIipos' a N'.d
and unnecessary burden on the pubic an an
the Company. such laws tend TO "eakth % I%ls
WORKING discipline. and It0n mo stthHp3{ ~
OF the employees not only Impair lle aD.'I.'
of the Company 10 continue 10 pay tHe PIss
ent rates OF wages to that great BODY 0l ehl-
pioyes whose activities are needed ouI a'''
10 DELAY promotion -, ,o,..d ,.itb
other railroads lr appealing 20 the public TOT
their cooperation In securing the z pal III ol
this unwise and wasteful legislation me
Nanagement request the stock anu ooIt
holders and the employees. In their own IN
terest, 10 support this movement
THATrlc
The tonnage decreased 1888 per cent. AMI
/ tb. tonnage mileage decreased ll.bt per cent
due 10 the general restriction OF business,
hut freight train mileage was also IeuuCeI I
"a 81 ner cent The reduction In passenger
tIsfness IS reflected in me decrease or 81
nor cent In the number OF passengers f94
per cent In passenger mileage olt pssseh-
ger train mileage was also reduced 80 per
Sen, The NO, revenue per ton mile shows a
slight Increase. but the net revenue per
passenger mile shows large decrease.
CAPITAL STOCK AsD FuNDED DEBT
The capital stock was increased f3ls5o.
,brougb fhe conversion Of that amount or
receipts issued under the stock allotment
The Funded Debt and Equipment Trust OBJ
legations show a net decrease or :. .,oSOs $50
n will be recalled that AZ the last annual
| ,,as,ipg the stockholders approved or me
rrsation nv the Board Of Directors ~ a Gen
eral Mortgage so that the Company miSht
have a broad basis for future financing
This mortgage has not yet been recorded.
ana no bonds can be issued FOR any purpose
. fhereunier without the prior cons mt or me
. stockholders which has not so tar hten re-
b ouested The Company viii refund ss5. NJ .uVp
~ Convertible Bonds maturing October ist.
1915. and other maturing blgations ana II
must also provide for other necessary cor
porate purposes. such az additions ana net
terments 20 its railroad and equipment
since the close Of the year Il therefore SOLD
SO 900 900 Consolidated Mortgage "A
Ronis bearing date February LIST. 1919 real
izlng a price slightly in excess or par,
satIsrsctory result under existing conditions
Including the issue recently made. th' ,o,ai
' amount Of bonds outstand. .ng under the Con
q solldated Mortgage T. almost SlpVp'lupD.
"a hlch Is the maximum amount that can AZ
any one time be issued and Outstanding H.
view OF the creation or IN" new f"ncral
Mortgage Il f. deemed advisable that mere
after the Consolidated Mortgage should b.
closed and no further Issues oi bonds m'd"
rbfs issue n, Consolidated Mortgage Po7d-
was made under the authority conferred oy
The stockholiers IN Ma -ch 1903 when an
Increase Of the bonded Indebtedness vas au-
thoriZed 20 the aggregate amount ~ fS''-
OOO 600 for the purpose OF meeting th" COM
pany's requirements In 1903 ami 1870 As
such rfuuiremants were met through an issue
~ Capital stock only $40 400 200 ~ the
authorization then made has been utilized, 30
that the Comp ny is still possessed Of au-
fhOrlty to Increase the Indebtedness 10 tne
extent of s3l 900 900 The latter amount
will not be sufficient 70 meet the balance OF
the refuniing and other requirements FOR
1915 as above stated and III stocfhoi
ers. pursuan, 70 notice duly given. WI a.
the forthcoming annual meeting he requested
% consent 70 an Increase Of the indchtetn 'ss
~ the extent ~ so 0o0 nm 20 that with IN
prp-eXisting authorization th' Company ma
- possessed ~ authority ~ Increase its IN
tabiednass 10 the extent ~ 81 no mo and
m, Poard of Directors desire authority 10
make such Increase through the issue oi
'ords secured either by the new General
Mortgage or otherwise. or ny the Issue ~
Itbor ohliRafiore Of the Company IN such
conditions e. shaN bn deemed 20 30 r1os' at-
vantageous but not IN excess Of s7ioooooo
RoAp ANp EQUPMENr
The following statement ~ improvement
work carried on by your Company during
rha mast year of unfavOrahle comm -c!4l AMI
frarcial conditions IS an evidence .hat.
while every effort was made 90 enforce
economies in tho operation ~ your lines
tecaus4 OF the reduced volume % business.
,ogr Company. desiring 90 emulate traffic
~ encourage business activity AMI take ad-
vantage Of lower prices. CONTINUED a fairly
active improvement program throughout the
year
seuger facilities IN ani around Philadelphia
was continued As 2 result, the hve-traCk
reinforced concrete and stone arch bridge of
the Connecting Railway over the Schuykiil
River az the Gira RI Avenl" entrance 90 Fair
mount Park has been completed AMI placed
il CusraL!ol A.1 -. --l -0--s La l-@-<zs