The Washington times., 1916-03-01

excep, those necessary for their railway
ferry service.
FEDERAL TRANSPORTATION INQUIRY.
The President OF the United States has
recommended n Congressional inquiry into
the transportation problem and regulation
Affecting the common carriers. This Com
pany has clearly outlined In previous re-
ports the necessity for Increasing the
strength and efficiency OF public regulation.
and II is willing to render all reasonable
assistance desired In connection with such
an Important National inquiry. Twenty
eight years have passed since the enactment
OF the original Interstate Commerce Law,
during which radical changes have occurred
In the commercial and financial conditions
OF the Country. and In railroad manage
ment and operation, and Federal and State
regulation has been extended TO practically
every department OF the railroads. Public
regulation has served many useful purposes,
which IL is desirable to continue but there
has been a notable lack OF a definite busi-
ness policy and cooperation between the
Federal and State Governments aE 10 rail-
road legislation and regulation: heavy fnan-
cial burdens have been imposed. and the
powers consistent with responsible railroad
management have been seriously ctirtailed
Further, the investment in railroad and
equipment. provided for public service in re-
cent years, has not been earning an ade-
quate return. and consequently railroad en-
pansion has been materially retarded. and
vented.
However. the time for complaint and de-
structive criticism has passed. and through
thls inquiry an opportunity is presented for
formulating a constructive policy and insur-
ing equitable treatment for the raIlroads
which VIII be sustained by public opInion
realizing that the railroads are a very
essentlei factor In creating and continuing
Nauonal prosperity. Then their owners and
the Investing public will be encouraged 10
provide In the future the large sums of pri-
Vate capital required TO place our transpor-
nau1I systens In position TO meet the
FULL CREW LAWS.
The so-called Full Crew Laws which Arc
IN enect extra-crew laws. are still effective
N u the various States through which your
company operates, and constitute n source
OF needless expenditure. A Bill TO repeal
the law was passed by both branches OF the
legislature OF the State OF Pennsylvania, but
was vetoed by the Governor.
CAPITAL STOCK AND FUNDED DEBT
On December 3lst 1915, the Company had
were 16 shares.
The General Mortgage, to which reference
was made In the last annual report, was
duly executed and recorded Under its term,
p"siyion mas been made for the refunding
company, including those on properties or
OCCURRED companies, the payment whereof
has. Dy aGreement with the Trustees OF the
iesneciivo mortgages, been assumed by your
Company. In accordance with the aufbSriIv
granted by the stockholders at the last an
nSai ~ meeting. the Company issued and sold
e.
half Per Cent. Bonds on a I7aeo Interest
basis The sale OF these bonds and Of the
ss;oC; eco Of Consolidated Mortgage Four
money TO refund the $50, SCI, 600. Convertihie
Bonds that matured October Ist, 1915, to
meet other maturing obligations, ana to
road and equipment.
ROAD AND EQUIPMENT.
=, Inc important expenditures for Road and
f'Hu.pnsnt y embrace the following itemsi-
Ihe electglrcation OF the Main Line subur-
nan zone irJaI BrOad Sa1eet Station 10 PaoI
WAS completed, and the operation OF multiple
49,. a. ,o,. rains was inaugurated septem-
To." "-s continued on the Improvement
OF oar passenger and freight Facilities in
chiladeiphla Under the agreements with the
SltE or Philadelphia, considerable progress
has been made In the proposed elimination
OF grade crossings In South PhiladeiphIa
and also In the northeastern section OF tine
The reeoastTuctIoa OF the bridge over the
Allegheny River between Kiskiminetas juno
StS,,,, Son and PTeeport. tho bridge over the
bridges over tho Delaware and Raritan
Canal IN Trenton. was completed and tney
were placed in service during the year
Tho h[idges At Manavunk and Fricks Lock
sohuykill Division, Croydon, New York Di-
VISION Diamond Street, Philadelphia, and
others over the Delaware and Raritan Canal
Will be hnished In 1915.
Tho track elevation through tho City OF
JohnAtown viii be completed during 1916. All
OF the bridges necessary for the elimination
or grade croEPlnEs have been completed nnd
placed IN service and the work Of rebuild
Ing the passenger station Ia proceeding eat
isfactorily,
The elimination Of sraio sgsss'rEA mi the
conntr@tion OF new Dfrsenger station in
tho Boroush or Williamsburg was continued
AMI win shortly he COMPLETED,
The Turtle Cr@sk Brareh PITTSBURGH Divi-
rfon and the Yellow Greek Branch Cone
naush Division were extended during the
year TO reach new coal openings and tho
tranoh from Gilberton 10 Mahanoy Plane
Sunbrrv Division, was completed and place I
The change ~ line ana ~rade between
Ffeeport ana Rutier Junction was heEun
sToCKHoLDERs MAY OBTAIN
COMPl.kTE. BY APPLYING To o