The Washington times., 1920-11-30

@ street and New York avenue, at an
estimated oost Of SiO2, SIS.
1T will be quite impossible 10 do
all of the above work, along with
other necessary maintenance ot an
ordinary character, within the ngnrc
above named as our expenditures Tor
the current year. Unless the remedial
legislation hereinafter reterfd To "
enactd or n higher rate OF fare grant
ed from that herein applied for
rtaiiment OF the work cannot be
avoided.
"It Is respectfully submitted that
in fixing reasonable rates the money
conditions existing At tho present
time should be considered In counec'
tion with the rate OF return on the
fair value of the properties which
said rates viii produce, and the COM
mission should take into considera-
ton the indisputablc fact that Sc
curities free from risk may be
bought where the return is per
cont or moro. The operation OF
street railway property Is ATTENDED
with risks that do not attach 10 such
other securities. Tho greater the
risk the greater the return that
should be aDplird. The cost TO the Pc
titioper in obtaining necessary capt.
tai is factor which must be CON
sidered in tho public interest AZ we'll
sNin Justice to the company. IL Is,
therefore. submitted that the rates Of
fare Welding return TO the petit
tioncr Of rot lesS than per cent
upon the fair value Of III" property
az found by the commission would
be fair and reasonable.
DOESN'T YIELD FAIR RETURN.
"It should likewise not be over
looked, in justice to the company.
that during the period from Septem-
ber, 1918. when wa first appeared
before the commission for an In.
crease In rates, and since which time
we have been nearly continuously
before tho commission. the several
rates fNcd by the commission have
been insufficient in the sum of ap-
proximately $l.275. 900 OF yielding
IS per cent return upon the fair
value OF the property AS fixed by the
commission.
I'm the order No. s7s the com.
mission stated that at the time OF
receipt OF the then pending appli-
cation the commission had in prep
aration bill to be presented to
Congress providing for much need
ed adjustment in the local street
railway situation. and further stated
that the primary object OF the pro-
posed legislation was TO change the
form OF taxation OF street railway
companies from one based on gross
receipts to one based on operating
income and to relieve the street rail-
ways OF the burden now imposed
upon them OF paying tho entire
cost OF maintaining street crossing
policemen.
AS TO REMEDIAL LEGISLATION.
"Since then certain bills have been
introduced and extended hearings had
by the Committee OF the District of
Columbia of the House OF Rcpresen-
tatives. beginning January 81. 1920.
and ending February "a. 1920. and we
are anxious that some remedial legis-
lation covering the above points, and
also relieving the company from Ger.
tain paving requirements, may soon
BE- enacted by Congress.
1T has been recommended by the
Federal Electric Railways Commits
sion appointed by the President Of the
United states that street railways
should be relieved OF burdens of
such character.
I'm view Of tho foregoing and the
desire on the part OF the company to
keep down the rate OF carfare as low
as consistent with the ability to fur.
nish proper and adequate service
without casting any heavy burdens
upon our patrons, We have asked the
small increase involved and such as
we believe, in the public interest is
necessary 20 enable us to continue
to meet present high operating costs
to adequately maintain our property
and provide the service and facilities
demanded in tho Nations Capit,L"