Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1917-05-18

comprehensive system OF high-speed lines
oveyond the power Of any private corporation
" ~ hhahce This system is meant not only |
70 accommodate the travelling public but 70
% %oul,u up the outlying sections OF the city |
ana provide for an optimistic future This |
Is praiseworthy municipal undertaking:
uut u Is not a business proposition Nor |
SHOULD the burden Of II be placed upon the |
shoulders OF the Philadelphia Rapid Transit |
company to such an extent as to amount to |
Connscaton Of its property or n denial of |
ia'r return upon money honestly invested |
We have been asKeu to Join with the
cuy IN making IL the greatest success pos
slple oy operating the City's lines and our
own lines as a single system and sub
ordinating the operation OF our own prop
erty so as to make the high-speed service
available for the greatest possible number
Of citizens
FINANCIERS' OFFER
We have recognized that we owe n duty
10 lne public in this matter and that we
Canhot really stand on our rights and de-
! mand that this shall not interfere with
tne earning capacity which we have estab-
lShed and which we could confidently look
| lor"ard to Increasing We have therefore
| oHered not only to give up our entire future
| except as we may share 10 the extent OF
| ~ per cent in the growth of the Joint
| business, but to restrict ourselves to a 3
! per cent dividend-less than the legal rate
| OF interest-upon the money actually paid
! IN upon this property. and scarcely more
than half its earning power at the present
! time
| Il wish to say with all sincerity that I
| reel that the Rapid Transit Company has
| made a most liberal proposition to the ci,v
! OF Philadelphia. | can well understand
| mat with the very great increase in the
| cost OF all construction items the city is
| confronted with very serious proposition
80, h. l.H.f1.
| which 1t has been committed by a vote Of
| the people. But | cannot see how il will
aid IN the solution Of this question to pass
! legislation which will put in the hands OF
! any body Of men, however wise and public
! spirited they may be. power to destroy the
| company upon which, after all. the city
/ must depend for success Of this Undertaking
! The very existence Of such legislation will
| tend to make II impossible 70. the COM
pany to perform its part Of the Joint service.
DEMANDS 5 PER CENT RETURN
As representing the stockholders of the
! Philadelphia Rapid Transit Company, 1t
seems 70 me that they ought not to be
asked to MAX, further sacrifices In this
| matter. Nor would | be willing. speaking
for them as I have the power to do under
the voting trust To consent to any changes
in the proposition now before you which
would result in taking away from them the
assurance of return Of per cent on the
stock.
, 81 do not however. wish 10 stand in the
way of settlement of this question, and
II those speaking for the city feel for any
reason this contract cannot be accepted and
that a contract should be negotiated with
the Philadelphia Rapid Transit Company or
terms that may take away from them that
return, and my associates will resign from
the management OF thc company. The Not
ing Trust will then be dissolved. The RAPID
Transit stockholders through its new boarC
Of directors. can negotiate new contnc
with the city on such terms may b,
agreed upon.
"In such event I would regret that I haC
, not been able to effect a solution OF tn,
new problem which the city's high speed
lines present; but | would feel that tn,
) progress already made had justified IN!
, undertaking and that the failure to achiev
n solution OF these new problems was du
TO causes entirely beyond my control"
! philadelphia is committed to the con
struction of a complete system OF subwa,
and elevated structures" said Mr.. Taylo
, | in the course Of his speech,
Efficient transportation of passenger
4 | throughout Philadelphia can only be &C
p | complished by we ding together the new
=. municipal system and the existing Phila
= ! delphia Rapid Transit system in a manne
. which will coordinate their operation an,
/ secure to the public one great transporta
q ton machine. designed and operated to az
!. ! ford the public means Of travelling betwee
. all points in this city quickly, conveniently
= rapid y"
|. MUST CONSERVE ASSETS
- Philadelphia. he said. has a valuabl
q vested interest In the company under tn
9 1907 contract. which must be conserved
: The property Of the company will becom
the property OF the city in 1857, when tn
company stockholders have been paid tn
amount of their investments out of the con
= pany's earnings.
e The ten arguments which show the az
y vantaFes which the city will receive throug
y the contract are summed up as follows
d First The elimination Of the discrim.
It