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

rI.re r,,uI matter to the Public ser,,oo Co.
mlssion? '"S SerNiCe Com-
,, Iayior; II think the provis,or tor r,,.-
.s lares absolutely essential 80 81. ,u-
company credit to raise nonav e''' ''e
otrFsrroN. ,,,. ,,.....
Claw -. 'ON of WATER
',, o,ney then asked whether Mr.. Tavlor
the r., ,,"i. Ima"ge mis- views Of the officials OF
tho, a"slt ,Lu department proved conclusively
ss9 waIer IN the stock totaled S6sI7O,-
| tunitv 10 rsn,,. isyior mad an oppor-
| Citv y,os,..Iip'y, DaVld u. Lane, Republican
str,ictio,in. '.'ee chairman and transit OBJ
| his lsrso W Iong standing on account OF
| interrunt - ~ lIactlon holdings, tried 20
Goesns,p' p' 10 deiend the companies Mr..
| Select CouncI,.i IN canning him. when
| Ward a NcNiobni irSlner' OF the Third
| man ybo,ha 'ol leauer, asked the chair
| Other n,en,ha II wouldn't be fair to give
| infornatIon ga tne committee all the
| ing NJ Go o,nsu ~ "sures ne had been read
by having snsessip Iep'eu l only got these
| the tranei, ,,a', personal interest in
| self" '''' W investigate for my
|
STILL ANOTHER TILT
| Mr. Gaffnev and ,h, -
i,13h another ti.t over the fairness Of the clause
fare a,,,nn.nsS.,e ,s tme company to increase the
peal 10 the prhii, ".,e uhe city must ap-
ircroos. IL uO"C service Commission to
| Nj rra,., VIC ldIe 70 meet any city deficit
! ~ ,ho ,s asa'h stood by the present form
-rho tI ,vISc
| strrrs, to- 80 ~, vi Mr' IayIor that the con-
| Se.uI''oh OF the new lines would so increase
e tox"a realty values that the return in
| seI '"e Guy treasury would Offset the
| eea,, rom me operation Of the line was
| ~ Ny ueueu oE Mr.. Garney.
~ "eser joined MIR. Gahney in oppos-
,u .ns MI ,aFior on this point The latter
tmen p,,,i., maze tne nat assertion that West
ing. sewers ,,,oItu grodiu Una, 'he cost OF paw
ments balanced exactly the Increase :,
| taxes from realty deveopments which fol-
| lowed construction Of the Market etrco,
elevated line,
Chairman Garfney said at tho end NJ n
! long fusiade of duestions "C,it, evnsr,s
| claim that the deficit will no {. oO0 oon
| under the lease Are we going to make tbis
! up by taxation? or can il he eliminated hv
| this committee? We are giving nm Ali along
| the line to the company We give mn an,
! proXimatey $500, 900 worth Of street i'm,
| provements to get rid of exchanges ana /,
| appears to me that we ara going to M a
twice for the equipment Of tho line Tbcss
are the high lights of the lease"
,,,.-,,.. -
IN lOh REIOi'T
Mr.. Taylor retorted: Il hope | am moi
| misunderstood. | want to help you, but
| rear that ! am not entirely understood
There will be a deficit. There will be a
shortage Of s2.42O,750 Of meeting full in.
| terest and sinking fund charges in 1929
! This shortage I'm 1888 viii be reduced &c
| S4Sb,OOO.'
Applause, largely from holders Of stock
| in underlying companies and partly from
| Rapid Transit Company officials who were
| present, followed the dramatic conclusion
| OF Mr.. Stotesbury's speech, in which hC
| asserted he would resign from the manage
| ment rather than indCrse another lease.
ADDRESS OF STOTESBURY
Mr.. Stotesbury said
Il am here in response to your invita-
tion, and am very glad to have this oppor
tunity OF stating my position with respec
| 10 the pending negotiations between tn
| city or Philadelphia and the Philadelphi;
| Rapid Transit Company.
SIX years ago was requested to TAX
charge OF the ahairs OF the Philadelphi;
RAPID transit company. They were a
that tme IN very bad condition The serN
Ice rendered was unsatisfactory. The me
were oissausned' ana financially the com
pany was on the brink OF collapse.
assumed bis burden and It was
no way hght one sought what con
sluered the pest management that couI
oe louhu IN thls country ana together w
nave WORKED out TINS problem, beleH'
10 the satisfaction OF all concerned wage
nave peen increased nearly 5o per cen
| - - " ' ~ 49, 80
cohtehteu anu eIllcieht pouy OF men glNln
tne pubic the pest service IN thelr powe
one result OF TINS mas oeeh mat when IN
city was threatened WIN a strlKe iast sun
heT 'ne men VINO had oeen well ueate'
sLoou pS the COMPANY almost 10 man an
tne CITY was preserved from repetitlo
OF the serious interference with pusines
anu Ihe iosS running INTO many mllhor
Oh uoilaIS thdt "oulu nave at'ehueu ger
eral stllhe'
SPENT S1b OOO Ooo
am. ,,.- -, 49, ooo ooo +. ,-.