The Washington times., 1915-03-02

UT nc0TtOuEns 1uHnes0 or neaVy IeeI1nS In
needless expenditure required to comply with
the so-called Full Crew Laws. which are
actually Extra Crew Laws The principal
requirements Of these laws. which vary scne-
what In the different States, are In sub
stance that every freight train OF more than
thirty cara must have second brakeman
In addition to the regular crew Of engine
man, fireman conductor, one regular brake
!han and hagman; every passenger train
ering Pullman and dining cars as well-and
one baggage car, must have an extra brake
man In addition to the regular fun crew
consisting OF engineman, fireman, conductor,
baggageman and brakeman this not to in
clude porters and Pullman employees: every
iiai composed OF four or more passenger,
have a crew Of engineman, fireman, con-
ductor and two brakemen, even though no
passengers are carried.
1t is estimated that this law has added
over 81. 900 per annum to the Operating
Expenses Of the Pennsylvania System East
ana West Of Pittsburgh. and this enforced
expenditure 10 q pure economic waste. be-
cause 1t does not increase the safety or effl-
cheney of operations This amount could
have been spent to far greater advantage
In the improvement of roadway and equip
from which the public and employees would
have received real benefits. Arbitrary laws
requiring additional men-on trains without
regard to the necessity for their services.
the public and the Company. Such laws tend
to weaken the working discipline. and from
the standpoint Of the employees not only i'm
pair the ability Of the Company to continue
to pay the present rates OF wages to that
great body OF employees whose activities are
needed, but also to delay promotion.
other railroads In. appealing to the public
for their co-operati ton in securing the 'epeal
Of this unwise and wasteful legislation The
Management request the stock and bond
holders and the employees. in their own in
terest. TO support this movement.
TRAFFIC.
The tonnage decreased l. SO per cent. and
the tonnage mileage decreased ll.67 per cent,
due 10 the general restriction OF business
1887 per cent. The reduction in passenger
business Is reflected in the decrease of ?.So
per cent. In the number of passengers, AL
per cent. in passenger mileage. but passenger
train mileage was also reduced 4.73 per cent.
The net revenue per ton mile shows slight
inGre.se ;, : but the net s revenue per passenger
CAPITAL STOCK AND FUNDED DEBT.
The capital stock was increased sSl, 40.
through the conversion ot that amount OF re
velpts issued under the stock allotment OF
lhe Funded Debt and Equipment Trus, 90
legations show a net decrease OF s.. 80 So. %.
1t will be recalled that at the last annual
meeting tho stockholders approved 0, '"e
creation by the Board OF Directors of Cen
have a broad basis Tor future financing. lhis
mortgage has not yet been recorded ana ~
UOnus can De lDSue4 LOT any pUTpOsP ueIebH-
! der without the prior consent Of the sl"ch
holders. which has not So tar been requested.
he Company will refund ssS. ~, Wv, Of , on
vertible Bonds maturing October LIST. !+l".
and other maturing obligations. and II Elus,
also provide for other necessary corporate
purposes such additions and bettermenl
close OF the year 1t there. ore sold $4s, COO 90.
GonsoIias.sa Mgrtsass az Bonds bearing ,,n
suit under existing conditions. lncindins
the issue recently made, the total amount ol
! Mortgage Is almost 500. 00o. 90. which is the
maximum amount that can at any one time
be issued and outstanding. In Jew "f 'he
creation of tho new General Mortgage. il is
deemed advisable that hereafter the consoli-
, dated Mortgage should he closed. and no iur-
ther issue OF bonds MADE hereunder.
This issue Of Consolidated Mortgage Bon,is
was made under the authority conferred by
| the stockholders in March, ssO9. when on in
crease OF the bonded Indebtedness was au-
thorized to the aggregate amount of $4,000,
pany's requirements in 1909 and 1910. As such
requirement.. were met through an issue OF
ization then made has been utilized, 30 that
| the Company Ia still possessed OF authOrity
to increase the Indebtedness to the extent OF
! SSl. .6oC. 0OO The latter amount will not be
! sufficient 10 meet the balance Of the refund
| ing and other requirements for 1915. as above
| stated, and the stockholders pursuant 20 no.
! tice duly given. will at the Forthcoming an
nusl meeting be requested to consent to al
increase OF the Indebtedness TO the extent o'
$40 Ct0, 0G0, so that with the pre-existing au-
thorization the Company may be possessed
| of authority 10 increase its Indebtedness &c
Directors desire authority to make such in
| crease through the issue of bonds secured
either by the new General Mortgase or
| otherwise. or by the issue OF other oblisa
| tions Of the Company In sucn FORM at such
! times. and on such terms and conditions as
shall be deemed to be most advanta Seous
but not in eAcess OF Sl.COOVOo.
| ROAD AND EQUIPMENT.
| the following statement of improvement
work carried on by your Company during the
past year of uniaNorabie commercial and
| nnanCial conditions il an evidence that. VI lille
every effort Was made to enforce economies
! in the operations Of your lines, because of tn.
| reduced volume OF business, your company
| desiring % stimulate trafiic 10 encourage
business activity and take advantage of low.
er prices, continued a fairly active improve.
| ment program throughout the year
Tine work on the improvement Of the pas
| seuSer facilities in and around Phiadel lphia
was continued. AS result, the fve-tracb
reinforced concrete and stone arch bridge o.
the Connecting Railway over the Schuylkh
River at the Girard Avenue entrance to Fair.
mount Park has been completed and placed
in operation and the old double track bridge
removed; the work at North Philadelphia has
been finished with the exception OF remodel
| ing the passenger station. For the eXpen.
diture made for this and other work along
the Connecting Railway, your Company vii
be repaid through the issue of securities OF
the Connecting Railway Company.
The eectrification of the Main Line IRON
Broad Street Station, Philadelphia. to Paoii
is progressing rapidly. and without seriously
linterruptinE the traffic. The work from
| Paoli to West Philadelphia Is almost com.
! pleted, including the sub-stations and the
remaining section Of the electriication int
| Broad Street Station Is being actively pros
ecutcd The new beam-light signals il
operation between Overlook and Paoi. Sat
isfaCtory progress has also been made IN
equipping the steel cars, many of which are
now In the present steam service with eleC.
trio motors and apparatus, for which these
care were g!nally designed. II is. there
| fore expected to operate the main line sub
| urban passenger trains by electricity about
June LIST. 1917.
| II IL hoped that In 1915 financial conditions
Twill permit the extension of electrfcatior
Ito North Philadelphia and the Chestnut
! Hill Branch, and also the elimination Of GER
tain grade crossings on that Branch. This
would relieve the track and yard congestion
a. Broad Street Station. by transferring Il
the electric service over 60 trains tn,
daily schedule now operated by steam.