Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1917-08-17

sesSio.ls OF lsl5 ana 1915 and duly ap-
proved by the vote Of the people at the |
November election In 1916.
GROSS revenue shall consist of the reye-
nue. from transportation and revenue from
operations other than TRANSPORTATION, in
Guiding all gross receipts or gross earn
ings' interests on deposits. income of the
company from securities Of underlying
companies, or other income or profits from
All sources derived by the company directly
or indirectly from the operation and use
OF the company's system from the date
upon winch this contract shall become
eHectve TO the initial operation of tho first
Individual operating section of the city.s
system and thereafter of the unified sys-
tenn.
DEDUCTIONS FROM GROSS REVENUE
FROM and after the date upon which
this contract shall become effective tho
company shall make. in the order named
rom the gross revenue of each fiscal year
tne io,IoWihg deductions or payments prop
cry chargeable against the gross revenue
OF the said year:
Item ALL expenses. including nainte.
nance and damages actually incurred nv
'he company in the operation OF the conn
panN $ system until the beginning of the
operation OF the unified system and there
atter OF the unified system.
tem : All taxes that may be assessed
=, '"e Guy upon It's securities issued
10 pay Tor the construction or purchose ~
the cty's transit facilities. and in resnoct
10 the ownership or operation of the citv's
system. and all taxes. licenses assessments
ana charges now or hereafter lawfnlIv
leNled or assessed by any coiistituted o.
..orIty or which the company may he re-
| 0ured TO pay upon or i'm respect IN tina
Salu Guys system or the operation tbcrcof
or IN respect Of its own capital stock nron.
tltE or franchises, or its debt and the ,p
, terest thereon, its exercise of its franchises
| st,S ,"stlesS' gross receipts, net income or
! uNldends paid. and all taxes, licenses nc.
! SesSments and charges imposed uno, ,r,.
! company whose property is owned b, tho
| company or is leased to or oneratad b, j.,
, ana which under the terms of such lea co
OF operating agreement II is required 10
! pay, except taxes due to the CITY On diyi
IehuS provision for which is made under
I'm %.Gn 'a) hereof, and any and all con-
! Iluu''oh' however styled, which the COM
= pahy may at any time be Iawfullv reo,,iraa
! !" coh'rlhuie TO any governmental agency,
PAYMENTS OF FINED CHARGES
/ ii'm j. All payments Of every kind or
character in the nature Of fixed chorrc.
Tor which the company, at the dato nm,
Whlch this contract shall become erfoctivo
,S opngated or liable under any outstand.
'he mortgage or rcfundng of such mort
saEe' lease operating agreement or Other
,orn oi contract as shown by the audit tc
ne made as OF the date upon which mi,
contract shall become effective. os nrnyidot
by Article 20. '''N'"''
ITEM y Interest and sinking fund nav
hientS on new securities and dividends ant
SINKING tund payments on new capital stool
OF thc company, issued as provided in Ar
; ticle i3. III "r
Item 3. Payments into the denrecia,io
reserve funds and the contingency reser,'
lund OF the unified system.
! 't'n u. 'a) All payments due To the cit
Tor taxes on dividends of the leased and suI
H,u'"ry hhe" OF the company as the sam
are imposed by their respective charters
, 'h) all payments due to the city under So,
: ton 10 Of the 1907 contract; ,c) IN
SINKING fund payments provided in Sectio
= Of the 1907 contract
Item 1 Payments into the city prcasur
: equal in amount to the interest and sinkin
tund charges on the citys bonds issued fo
the citys transit facilities as provided
Article Mi hereof.
DIVIDEND PAYMENTS
Item s. Dividend payments to the storl
uolders or the company on the thirty mi
1 lion dollars tS30. .00O, ,OOO) of capital stock
| the company. now authorized and issue
\ Such dividend payments to be subject to Il
\ | provisions that during and for the peri,
e When the present three-cent exchange tiCke
remain in use as provided under Artic
N%llI the dividend payments under tn
item shall not exceed per cent per annu
O on the said capital stock as authorized an
g issued. and that after the abolition or mod
n icatiOn of the three-Ccnt exchange tickc
70 as provided under Article NNIII. the div
\ dend rate under this item shall not exec,
p per cent per annum cumulative from N
= after the date upon which this contract sha
r become effective
= Item .. Payments to the Sinking Fun
| Commission, equal In amount to 4 per Ger
I upon such portion of the citys bonds Is
sued for the Citys transit facilities. as pre-
vided in Article Mi, as shall have bee
retired by the sinking funds for the sam,
t thus terminating the payments on the sam
, under item hereof.
Item 10. After the order Of the commits
, sion in regard TO three-cent cXchang
tickets shall have been made, the amour
of this payment shall he fixed from time {
time by the board. but the amount accumu
lated in the said operating surplus fund a
any time after the said order of the com
, mission shall not exceed $2000,000.
Item II. The remainder OF the gros
revenue shall be divided and paid 50 pc
| cent TO the company and so per cent to tn
Sinking Fund Commission.
The foregoing payments will be cumula
tive in the order named, and in case in an,
year the gross revenue shall not be sufli
cient to make the said payments and an.
I balances unpaid for former years., the de
flciency in the said payments shall be mad
good from the gross revenue of succeeding
years for each item before any payment Il
made therefrom for any item subsequently
specified in paragraph l hereof
RATES OF FARE
The company's system and the city's sys.
TEN shall be operated as a unified system
| starting as the companys system with thu
cash fares and free transfers now in effect
| and as to the clty's system with n five
| cent fare and free transfers for all pas
| sengers transferring in a forward direc-
tion. as follows Between all lines OF the
! city's system: between all lines of the city's
| system and the Market street line where
| communicating stations exist at points Of
intersection between all lines Of the city's
/ system and the present surface system or
extensions thereof wherever the lines of the
| present surface system or extensions thereof
| interesect the lines Cf the city's system, at
| station points outside OF the delivery dis
trict, within Philadelphia.
| Whenever the gross revenue for any
| two consecutive three months periods. as
| shown by the statements of gross revenue
| and deductions from gross revenue, as cert-
| fed by the board is not sufficient to pay
| the first seven items as set forth in the
| foregoing and the sum OF six hundred