Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1916-03-01
MORE GOOD NEWS

sylvania Railroad Company,
published in full in another part
of the Telegraph of this issue, contains
brief paragraph that means much
to Harrisburg. A bare sentence is
given over to the announcement that
the great freight yard and station i'm
provements in this city are to be COM
rleted this year. This means that by
March l of next year Harrisburg will
enjoy freight terminal and transfer
facilities equal to those of any city in
the country and excelled by very few
anywhere.
The city has far outgrown its old
freight quarters and the contemplated
change cannot be completed too
quickly. Business is growing by leaps
and bounds and Harrisburg will be-
come more than ever the heart of
distribution" when shippers can be
certain of the prompt handling of
their consignments in any quantity,
large or small. This new freight sta
ton and the yards adjoining are going
to play an important part in the
development of Harrisburg as ware
house and agency center.
Last year was a very good one for
the Pennsylvania Railroad. Huge
earnings stand boldly out of the an
nual report. The figures are doubly
impressive in view of the fact that
during only the last half of 1915 did
traffic reflect in full measure the re-
vival of business after the previous
period of depression.
With the return to active operations
the financial results for { big trans
portation system changed greatly for
the better. Samuel Rea, president of
the company, states that for the
Pennsylvania Railroad lines east of
Pittsburgh "in 1914, on n total prop
erty investment of $1,062, ,69S,652, the
net operating income earned was
equal to only 3.72 per cent. In 1915
the total property investment was
s1,O76, ,9S9,236, and the net operating
income equal to 4.73 per cent.
thereon"
Last year the Pennsylvania Railroad
Company itself increased it's net out
standing capital obligations by $19,-
16S,764. 1t shows net income at S42,-
425,332, of which $29,952,219 was paid
to nearly $4,000 shareholders in the
6 per cent dividend on the $499, 9,20S,-
700 of capital stock which is out
standing. The net income was $S,-
334,557 more than for 1914.
Out of net income the Pennsylvania
Railroad Company appropriated S10,-
100000 to property improvements.
The Pennsylvania Company, the hold
ing corporation for the western sys-
tenn, more than doubled it's income
to $9,704,347, besides which it realized
a cash profit of S16,056,545 in selling
it's holdings of Cambria Steel and GER
tain other stocks and in converting
$30,15S,000 of French held franc
bonds into American collateral trust
certificates. This enabled the Penn
sylvania Company to apply $14,7O0,-
900 to special purposes.
President Rea presents in his an
nual report no definite program for
eXpending facilities to meet the grow
ing volume of traffic. He relates what
was done last year and states that
further consideration has been given
to Identification of the Main Line
over the Allegheny mountains, but
adds that this project will wait upon
developments. He says that the forty
mile gap across New Jersey in the
low-grade freight line to New York
will ultimately be constructed.
Upon the question of public control
and relations of railroads, President
Rea says:
The President of the United
States has recommended a Congress
sional inquiry into the transporta-
tstGn tstn problem anS Sf
company has clearly outlined in
previous reports the necessity for
ency of public regulation, and it is
willing to render all reasonable as
sistance desired in connection with
such an important national inquiry.
Public regulation has served
many useful purposes, which it is
desirable to continue, but there has
been a notable lack OF a definite
between the Federal and State Gov
ernments as to railroad legislation
and regulation.
This is a paragraph worthy of
especial note, for the reason that It
presents so different n view from that
of the old days when railroad man
ayers were inclined to the "public-be-
damned" policy and looked upon gov
ernment regulation as unwarranted
interference with their Inherent
rights. There should be close relation
and fair play on both sides between