Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-03-19
p. r. r. Says Transit
Plans Need Fare Rise
Continued from Page One

eight years of 1925 per cent.
Comparative statements showed that
in 1910 the maximum wages of the car
men was twenty-three cents an hour
and is now forty-eight cents.
In the report the company calls at
tention to the delay in completing the
Frankford l., and asserts the delayed
operation is pyramiding the costs of
construction and Is detrimental to a low
rate of fare.
Terminal facilities" the report con
tinues, are the prime requisite of the
present situation. The city's plans in
that regard will not provide adequate
relief In this respect for many years to
come. The Market street subway must
be improved as to stations and signal
system, and Strengthened to run directly
under City Hall The changes are
necessary in order that the present tube
may be utilized to its greatest capacity
Company's Credit Limited
"'rhe citys plans and method of pro-
cedure have so limited the credit of the
company as TO make any adequate de-
velopment impossible under the circum-
stances. The needs of the coming year
may be possibly met by Use of surface
cars leased from the government, the
diversion of surface car traffic TO the
Market Street "L" and the greater use
Cf car capacity by the skip-stop system.
The Frankford ~" serves but a small
per cent of the people. The surface cars
to be diverted at its opening will be
inconsequential in meeting the demands
of the additional passengers which this
company must be depended upon to
carry during the years intervening be-
fore any relief can be expected from
city transit.
2,240,0O0 Passengers Day
''The present system Is now carrying
day, an increase of 100000 passengers
per day over last year.
1T is apparent that, unless addh.S-"l
provision is made, Philadelphias busi-
| ness activities must within a short time
be seriously interfered with for lack OF
adequate transit facilities.
THE contract for joint operation OF
transit facilities, having been now dis.
approved by the Public Service Commits.
| sion. this management will in due
course make representations to the city
| urging that the interests of all require
cooperative effort to meet the deman nd.
! of the near future.
The p. r. r. stockholders completes
! the payment of their subscriptions or
the strength of the 1907 agreement
under which they were led to believ,
that per cent per annum was 10 then
assured. They have been obliged to beal
! the brunt of public condemnation for tn,
faults of their predecessors. The return
paid upon their money does not thus faI
time when it was actually paid in."
Although gross passenger earning.
showed an increase of 6.8 per cent il
1918 over the previous year, higher
operating expenses pulled down the
years surplus to S1,534,S16.3S. com
pared with the surplus of S2,863,6S4.7
| for 1917.
The gross passenger earnings last yea
totaled $30.56s,7S7.9O and the receipt
from other sources $1,135, 1906. max
.ng the total earnings S31.7Oi,42755.
The expenses for 1913 included s4.755,
G64l2 for maintenance and re
pewals; $2,719.096.82 for operation o
power plants; $S.951 ,SsO.59 for operation
i of cars; S2,071.744.22 for general pur
poses and $1.S71.ls5.67 for taxes. an ex
pense total of $20,369,57l.42.
ga per cent dividend, totalini
SI49,645, became payable on July 81
1918. and similar dividend becam
payable on January 81 of this year.
In the balance sheet shown in til
report made publ" today, the Rapi
Transit Company omlts the funded deb
of the underlying companies, totalin
more than S57,OoO.0O0. This was don
on recommendation.
The company's balance sheet place
its assets at $57.963.431.5S Include
in the company's liabilities Is a funde
debt of Sl6.94G, 900.
In the balance sheet for 1918, tn
funded debt Of the underlying CON
panies is separated from the trans
compnny's funded debt and is set out i
: supplementary schedule. Tho tots
| funded debt for the underlying com
panies is s57050,42479.
This separation of the funded del
: was recommended by the City Contro
ler. 1t had been determined that tn
guarantee of interest or principal of tn
leased company fund debt did not cor
stitute a present liability of the Phils
,lelpha Rapid Transit Company.