Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-03-11
"DRECS" WILL QUIT
IF THEY DON'T WIN
P. r. T. insurgents won't
Play" If Mitten Triumphs
in Proxy Battle
WILL LEAVE BOARD FLAT

Insurscnt directors Of tho Rapid
Transit Company. who arc seeking to,
curtnil the powers Of Thomas F.. Nit
ten. president Of the company. an
nounccd today that they would resign
from the board unless they received
enough proxies TO carry out their pro.
posed policies nt the annual meeting of
stockholders on March 10.
This announcements was made in Il
by the following directors: W. !. Mont
Comcry. W. Y. Tripplc. e. j. Math-
thews. Frank Buck and !. J. Sullivan.
Text OF Statement
The statement in full follows:
ITO the stockholders OF the Phi!ad' =
phin Rapid Transit Company.
Tho president of tie Philadrlphin
Rapid Transit Co,npany has sent TO tic
Stockholders of tine company an annual
report which was not Submitted to lh"
Board of Directors and which the oth"?
five members Of the board do not APP
prove.
An analysis of the company bat
ancc sheet now published confirms tho
statement W" hay" previously made "a,
TO the inndvisablity of any dtvid"n'
in the near future. II disclorr>:
Audited accounts ana other cur .
rent liabilities .............. VOL .1,l IL
Accrued rcna!s. interest and
cvrr, NJ. lia6hirir. Drc 81 .'-.,,
!?-l .,'',..' ..',''., .'..... i'i-N.> .>n>.7-
TO pay these the company had on
hand. according 20 figures taken from
The statement furnished to the D"laI =
mcnt of Transit Gf the city:
cash ...........,....... G.SiH. %
~r'rar dGposits ,............. 80
Miscellareous accounts r"""iN- ,
Ma t-rial and sGDNlics ......... $685. ~
n,Ssr EsT"'y,nis Ss,Isn, ,.:s;. :tt@S.3, t !,
s. ,59i -
i:%"css Of current liabilities
over current assets ,.,.... 81 80" \. III
''rhc surpu> of SJ.TiS .!)>O.S4 showI
on the balanc" sheet aud stated on pHgf
! of the Presidents report. represents
he entire capital expenditures out ui nci
earnings put back into the property
during the period 1911 1921. which =
only about $500 900 II year on u prop
, crty of over 611 miles OF road ana oprr
ating som" $500 cars together with
power houses. car barns. ctr.
1--WE believe in policy of conStruc-
| tive co-0peratiom with the city. TIC
public and the company employees undcr
I the exi>,n working agreement. ana W.
;ook forward to the time when the
company. II economically managed. ma
I b" in Il position TO pay Il dividend 10 it,
stockholders.
AGAINST Present Control
! 1--WE have had no other purpose in
our recent cOmmuuical ions than 10 maize
| clear to you. the owners. that we d.
: not approve the present method Of con =
trolling II. and arc not responsible for
roliric> adopted. or financial or oth2"
III rnnscments which hnv" been made.
without our co-OUcratlOn nnd Tor the
I most part without our knowledge.
Having informed yon "i the fact our
+ duty is done and the whole matter i il
/ your hands. Il we do not receive Sutli =
lent proxies 10 control III" meeting. We
,.Gtll not vote tho>" We lGv" received,
as we will not expect II divided re-
, S,onSibiliry. and no one "t us would
! under any circumstances. lrlnlin long, =
on the board under present conditions.
Nv" think II is p:op"f 10 ~tal" thu,
tho expense Of ,ni" and uur iornl"r com =
! nunlcnt ions. together with cost of adj
vcrii>inG and legal services. was born
BY the undersigned. and no l"n,i, Of the
comunny have been US".l for THIS par
pose.
MIR. Triple declared to-day that Il
Mittcn roccntly called ull him and Of
fcrcd TO buy all his =. L. 7. storl, n
well ns that of the t"lr other directors
who share his views regarding man.
agcmcnt ui the company.
Il got in touch with my colleagues.
said Mr.. TripHlc. land We nII refused
tn soil -