Worcester Democrat and the ledger-enterprise. (Pocomoke City, Md.) 1921-1953, 1922-08-26
A Comparison ORR.
Wages And Dividends
Statistics Compiled By Vice-Presi-
dent A. J. County, Of The
Pennsylvania R. R.

Ah ANPiy w oA w INV bhC
employees Of the Pennsylvania Rail.
road have fired, as compared with its
stockholders, by reason of the wage
dividend changes made since the pre-
war period, Mr.. A. j. County, Vice
President in charge of accounting, has
authorized the following:
"In 1914 wages on our Railroad av-
eraged $3.50 year per employee.
Today, after all readjustments, in
Guiding those effective July l, 1922,
they average $3.50. Our wages are
therefore 81 per cent higher than in
1914, while the cost of living, accord
ing to Government statistics, is 81 per
cent higher. This means that each oil
our 100000 employees, on the average,
is able to buy considerable more of
the desirable and needful things of
life than his pre-war wages would OBJ
tain.
"Our stockholders are in a differ
ent position. They number 100000.
Most of them own less than so shares
each. The average ownership is II
shares. Before the war II shares
yielded an income of 1913 per year.
In 1921 our directors were forced to
reduced the dividend on Pennsylvan-
ia Railroad stock from the rate of 6
Ter cent to per cent per annum. This
cut the return of the holder of the
average number of shares to SAP per
year. He is now getting one-third
less dollars than in 1914, and in addi
ton, like the employee, he has to meet
the higher cost Of living. This means
that the actual buying power of his
present income from dividends is
much below that of his pre-war re-
turn.
"Our management feels an obliga-
ton, which has been publicly stated,
to restore the per cent rate as soon
as that step can be wisely taken,
without risking deterioration of the
property. Even then our stockhold
ers' incomes will merely be restored
as to the number of dollars, but not
as to purchasing power, as long as
the cost of living remains above nor
NAL.
GAS between the stakeholder and
the employee of the Pennsylvania
Railroad, the burdens of the war have
fallen entirely upon the former. The
same condition, of course, is true of
the railroads in general, and has I'M
doubtcdly been an important factor IN
accounting for the failure of the men
who are at present on strike against
the recently authorized very moderate
wage establishments, to enlist the
support of the public,
at is, and long has been, the de-
clared policy of the Pennsylvania
railroad to pay its employees the best
wages and offer them the most fav
orable working conditions in coun-
try, or for that matter in the world.
The stockholders of the company have
consistently supported the manage
ment in this policy, in order that 10y
al, efficient and satisfied working
forces might be maintained, and the
public receive the best service posi-
BILE. Most of our men. are, and always
have been, Of this type.
"In the present crisis, the great
majority of our shop forces have re-
manned loyal, wisely accepting con-
sentative wage readjustment which is
fair to their interests, and necessary
as measure of justice both to the
owners and the users of our railroad.
Moreover, among our men there are
doubtless thousands whose course OF
action has been influenced by knowl-
edge of the facts that the railroads
have had to accept reduction III
freight rates, and that wages on our
railroad, even in a depressed year
like 1921, took over 81 cents out of
every dollar paid by the public for
service; whereas after paying those
wages, taxes, material and supply
bills, fixed charges, ETC., less than two
cents remained out of every dollar OF
revenue to pay dividends and main
tain the credit of the Pennsylvania
system"
Same Old Story But Good One.
Mrs. Mahala Burns, Savanna, Mo