Five Mile Beach weekly journal., 1923-04-06

railroad roper as by
the Commission, so as to assure ade-
quate transportation for the people of
the United States.
"This fair return was at first 6 per
cent per annum, and now it is fixed
by the Commission at 81 per cent
per annum, but the railroads in 1922
realized only slightly in excess of 4
per cent upon the Commissions valu-
alton, which is considerably below the
book value of the carriers. This Con-
gressional mandate places the respon-
sibility upon the Commission to see
that a fair return is earned in every
year by the railroads. 1t likewise
made the carriers responsible for the
efficient and economical operation of
their properties, but, unfortunately,
our governmental policy in many way
prevents them from exercising ordi-
nary business foresight and promptly
taking the action essential to salts
factorily discharge that important
responsibility.
with a firm determination to be
helpful OF the part of the Federal
and state authorities and commissions
much could be accomplished, notwith-
standing the serious restrictions in
the present state and Federal laws and
regulations.
"The railroads do not plead for
appropriations for government monies,
nor for any government guarantee
they ask only for the freedom, under
reasonable regulation, to so operate
their properties that they can earn
from remunerative rates a fair re-
turn upon their investment by render
ing a greater and better public SER
vice, and thereby create such a mar
gin of credit as will warrant the rails
ing of the new capital urgently re-
quired to currently expand and i'm
prove that service"
An important part of the report
deals with the further u%nification of the
Pennsylvania Railroad System by
carrying into effect the leases of 16
branch and subsidiary lines, covering
over 5000 miles of railroad, all of
which are operated directly by the
Pennsylvania Railroad Company in
stead of by their own separate organi-
cations. The whole system is now en-
braced in four operating regions, ex-
cept the Long Island Railroad Co., the
Baltimore, Chesapeake & Atlantic
Railway, the Maryland, Delaware &
Virginia Railway, and a few narrow
gauge or electric lines.
Another significant section refers to
the coal miners and railroad shop
mems strikes during 1922. In this
connection the directors of the COM
pany point out:
Public opinion was strongly ex-
pressed against these strikes, SO that
it should now be understood that force
and intimidation will not induce the
American people to acquiesce in the
paralysis of their transportation SER
vice and industries, especially when
the questions at issue can be impair
TALLY decided through available me-
diation or arbitration proceedings.
Your railroad and other railroads of
the country in the closing months of
the year and throughout the winter,
under great climatic and physical
difficulties, performed extraordinary
transportation service, and thereby
largely offset the disadvantages to the
farms, mines and industries caused
by these strikes. Nevertheless, it was
impossible for the railroads during
that active business period to provide
transportation service sufficient to
handle simultaneously the
lated coal, agricultural and industrial
products"
The Pennsylvania Railroad System,
as a whole, spent for improvements in
road and equipment and for the en-
largement of facilities, during 1922,
over 81, 900 600. New equipment or
dered during 1922 and thus far in 1928
aggregated over $40, ZOO, 900.
There is considerable space devoted
in the report to Employe Relations,
showing the results of the operation
of the Employees Relief Department,
Saving Fund and Pension Depart
ment, and progress in direct dealings
with employee representatives as to
wages and working conditions. The
system is at present disbursing in
wages over 81, 200, 900 per day, and at
the close of 1922 the total pay roll car
ried 243 ,459 employees.
The Board takes special cognizance
of the loyalty and efficiency with
which the officers and the employees
discharged their duties during the
strike period, and point out that their
efforts not only saved the company
from heavy losses, but protected the
public and the industries from a Sc
rious lack of fuel and other supplies
during the fall and winter.