If:
&
Ki..
NG TELLS COUNCILS
t . .
. ' TT? A "NTSTT T .F. A SF, TS T J NF A IK
v
-frwn rnfsOnt
flhmulro tho company to rIvo a
or security for faithful perform-
f;tho contract.
ik. xl eliminates mo main sun-
ft, of the company the union
Company as a party to the
and lease.
The city Is not Riven tho right
"rcpturo of Its own lines with buy-
the entire Mock of tho Fhlladcl-
Rapd Transit Company.
fCf The provision that the city
I thave the rlitht to nurchase all
r'oapltkl stock of the lessco at any
.durinir the term of tho contract
rt doubtful nvnll to the city.
LfeMveath. Satisfactory control of
Is not provided, as all rofcr-
i to control apply, cither directly or
llrtctly' to the high-speed lines or
Lrteetit system only.
.Twelfth. Tho terms rccardlne the
i"''. tkle. payments for and financing of
t of eaulcment aro such that at the
Miration of the contract the city will
rtuauy nave paid twico ror mat pan
i'tho cqulpmont amortized at that
Pllt;Thlrteenth. The proposed method of
tanctng the equipment might be ery
rwKjaavaiuaKeous iu ino cu.
ew ourteentn. ine company biiuuiu uui
W',"fc allowed to obtain new capital by
" Mtessment on the stock or tne union
f Traction Comnanv on a 6 per cent basis
rwlthout the city's approval at the time
''yen capital 11 riiiseu.
IWB'lfteenth. No provision for amortt-
kiauon 01 tne new investment. Dy tne
tiempany In surface lines or extensions
pkas been Incorporated In this draft.
k Definite provision should be made ror
fine amortization 01 new capital invcsieu
Am Ilia prtninnnv'd flvafpm
IViSlxteenth. Tho clauso covering pro-
&,08d surface extensions Is lmprac
RuMCable, since Interpreted literally It
f', Wight bar tho construction of cxten
trons by the company or city.
it-
, Seventeenth. Charges necessary for
the eltv's deDreclatlon reserve fund
'P.ahfmld come before tho company's 10
ilrcent reduction from tier Inmmp.
kw .i.uA..v mi.. .1 .inn..
(Vj . .....1 l- 1 . .
j-arperve mm lur uiu lessee h system
:; posses to tne lessee at tne expiration
btthe contract, and tho charges to It,
i. therefore, snouiu not be left for deter.
, snlnatlon by tho Director and company
& Nineteenth. Proper consideration Is
,V6t given to the equipment and opera
nt tlon of the company's lines outside the
elty limits.
Twentieth. Any war tax or other un
expected form of taxation in the futuro
Would be saddled on the city alone to
the Immunity of the company.
Twenty-first. The proposed Nine
teenth street station on the Market
, street high-speed lines is inadvisable.
Twenty-second. The proposal In
. fcvor of the proposed equipment bonds
to be floated by the company would
IVg, debar the city from plaelng any lien
lj the company's structure.
ik- .nveniy-iniru. juinor aeiects, sucn as
aj3T Wnrfltnr nnd nhrasAnlnirv
f J , THE SUMMARY
The Director, at the beginning of his re
NKt, summarized his findings as follows:
("'The department's study of tho comnanv's
'proposal shows It.to be wrong In principle,
unfair and costly to the citv. and very
ITftuIty In detail. Short of complex tcchnl-
i twlties, the proposal alms not to leaBO the
iftty'a property to the company, but to lease
ktfc company's property to the city at a
Med. rental of $1,500,000 a year, the com-
ny remaining In charge of operation wlth
t a proper degree of responsibility.
JVVThls rental, carrying with It an Insur-
e of all underlying rentals and obliga
tor of the Philadelphia street railway
em, protected by the reversion to the.
anys treasury or about 1800,000 per
now paid to the city, It poslthely
ranteed by an automatic charge for
nafers. Thus, for fifty years, the com-
ny would be relieved of all the risks ln-
ent in. -the street railway business: the
Lly would be called on to supply the greater
BjBjrt of the fresh capital needed to keep up
jlwkh the growth of population ; and tho
fatty would be saddled with the risks of the
wslness in so far as return to Its own ln
V'VMtment is concerned.
sMjfThG company, being a monopoly. Is un
$ler obligation to provide adequate local
-transportation service. Thus It faces on
one hand the futuro demands for con-
tatructlon funds under the risks usual to
-he business, or, on the other hand, com-
i&jyetltlon. In the face of these alternatives
gjJI riusitcaljci:i. iu mane uuiiuvaaioiiH, una
IvJMb is the co-operation to which tho city
entitled.
CITY WOULD CONCEDE
ft'if'Th Is nothlnir to nrevent the pltv
rotn leasing Its lines to an independent
rator, in which case financial returns to
1 city would be greater than the city can
ect to obtain by nny arrangement with
.Philadelphia Rapid Transit Company.
rclty Is aiming, however, to obtain the
.possible transportation service ror its
tns, and as combined operation of high
d and surface lines is necessary to that
J, the city in its part can afford to make
ncessldns.
K'The principal concession purported to
LM made oy tne. company is mat it is ac
iatDttng a fixed rental of 1,500,000 per year.
whereas in the current fiscal year its earn-
1 aro estimated to bo over i3, 600, 000.
r'clty should not treat this as a conces-
until it has confirmed the company's
ktement by accepted standards of service
i'.d. maintenance.
I'j'f ""Moreover, caution should bo exercised
..basing a rental on the results or this
nr, of unexampled activity in nil lines of
lriess. In the proposal the city's inte'r-
rts are subordinated to the company's In
terests In every particular. Although the
elty" would be supplying 78 per cent of tho
-KPltal required ror the development, ex
"ttraordlnary protection and reference aro de-
PHOTOGRAPHERS TO NAME
1918 CONVENTION CITY
ypsf
larrisburg or Baltimore. Will Be
? tihosen Sessions Concluded
Here Tonight
BfHarrlsburg and Baltimore hae been
commended ror the 1918 convention head-
irtera for the Photographers' Association
:the Middle Atlantio States.
EfKElcctions held thiH morning at Scottish
?jmf Mail, the Dresent convention head
irtert, resulted as follows: A. H. Dlehl,
rtcktey, Pa., president; j. ai. ranter,
rrlstowji, N. J., vice president; w. u.
Htman, aieaainu, tra., ucuuicr, u .
Klnllng1. Baltimore, Md, secretary.
pbuid W. Phillips, president. 01 tne
iraphera Association or America, ana
J, Hoffman, secretary or tne .Na
il Association, addressed the members
kt'afternoon. The convention closes to-
SV 1..- l.(..1 .vhlklllnn nf h.
c witn ii iiiiviiiiai Mitiuiiwn m ...w
T -. r, ,........ in ti... .Tanar...
1
il'L si.U 4 ritli4 anil Qnnln
XP UWU " v""" """ "!'""
LlCWT YORK. Marcn zn. uoiu to tne
tnt 10t fpyu.UWU was wuuuruwn iiuiu
i-aubtreasury today ror snipineni to
tVMore than $50,000 was taken for
iV
mil t HIGR
0
fret Taller ' -r Dry Mea
.IL I 1 1 II NIB vvu
at vmi'i m noor
C ,...- Tfcat you will sureur
deffVlM appreciate l the only
n wu rvuvf
TO MOB OUR NSW UNB Of
te r4r COVOO
jJ,-!T",-faSi'
SPMSE PUTS THE
manded for that part supplied by tho com
pany. Although tho city Is asked to hold
the company harmless from every con
tingency of the future, the city Is Rlon no
direct or effectivo control of tho manage
ment or service.
"Tho preferential payment asked by tho
company Is based In tho main upon an en
tirely different principle from thnt of the
Now York preferentlals. Tho proposed
Philadelphia preferential Is merely for pro
tecting tho company against loss of net
Income. The New York preferentlals wcro
devised to mako tho pooling of revenue
practicable and to establish tho company's
credit so that about SO per cent of tho new
capital could bo obtained through tho com
panies. "Tho compnnles aro protected In very
little degree against lost by reason of traffic
diverted, although tho bulk of the loss
will fall on the contracting parties though
subsidiaries. Tho estimates of financial re
sults of operation made by tho consulting
engineers show that there will bo deficits
of from $4,000,000 to JB.000,000 per year
to the city In tho earliest years of tho
contract.
".While the city will be groaning under
this load tho company will be carrying no
part of It, Its Incomo being securely pro
tected whatever tho contingency. It will
be qulto as hard for tho city to carry this
deficit by additional tuxes ns It would be
for tho company to carry part of It by for
going a portion of Its dividends. Although
the company's credit should bo strengthened
by tho proposed contract nlmost to n. de
greo of guaranty by tho city, tho company
asks such latitude In securing new capital
that Uie fixed charges which nre deducted
before tho city's sharo might bo made far
greator than the money market may war
rant, Tho city might suffer to tho cxtpnt
of $30,000,000 from this cause during the
term of tho contract.
"It goes without saying that an Instru
ment of this character, covering a period of
fifty years, affecting tho comfort and Wel
fare of every citizen, Involving tho ex
penditure of over $200,000,000 and tho col
lection and disbursement of over $2 000.
000,000, should.be drawn In unmistakable
terms, safely guarding the Interests of both
the parties. Tho form of tho proposal sub
mitted contains many Important clautes
which leave tho city open to largo losses,
or which aro uncertain of Interpretation."
oni: fivi:-ci:nt fare
Discussing what tho Director holds to be
tho Inadequacy of a universal live-cent fare,
the report reads:
"It must be evident that underlying nil
of this controversy la the bedrock fact that
tho authorized and established rate of fare
will not meet tho demands of the present ,
system as now constituted, nnd carry tne
city's program as well. The city Is not
willing to ngreo In such lncrcaso In faro
as would benefit tho company becauso tho
present fare would bo ample for its needs,
if the company were not overcapitalized.
"In any contract which may bo formu
lated between tho city and the company
the preferential payment or any similar
payment from one system to tho other Is
only necessary when, on account of tho
cost of co-opcratlon or friendly competition,
the faro is insufficient to cover the require
ments of both systems, and the company
(which has no other sourco of Income) Is
to be protected. The city, which has other
sources than the fare, must assumo any
shortago of net Income.
"The certainty of a largo deficit may bo
regarded as Inevitable If the city's pro
gram of construction and fares be carried
out as now planned, and this deficit will
be larger with the Philadelphia Rapid Tran
sit Company as the operator of the city's
system than with an Independent operator.
Tho advantago of the Philadelphia Rapid
Transit Company largely disappears if the
fare be Increased on the high-speed lines
or If a charge for transfers be made. The
advantage of co-operation with the Philadel
phia Rapid Transit Company In this under
taking was to have a unified system, with
a universal five-cent fare and free transfers.
AVOIDS DETAILS
Tho report carefully avoids making spe
cific recommendations as to exactly how
this estimated deficit should bo met, and
recommends that City Councils take steps
at once to settle the terms and conditions
under which the new system bhall be oper
ated. In connection with the Director's Inti
mations that an Independent operator for
the system might bo preferable to having
the transit company operate the lines. It was
learned today that part of the legislation
drafted by the Director, which Is now ready
for Introduction In tho State Legislature, Is
dcslgnod to broaden the powers of tho Pub
lic Service Commission to such an extent
that the company could be compelled to
transfer passengers to or from the city's
system If It were being operated by a com
peting company.
The definite suggestions which Dlrectoi
Twining advances as tho basis for a fair
contract between the city and tho company
follow:
First. Tho company shall, If pos
sible, adopt a program which will ulti
mately effect a readjustment of Its fi
nances by refunding or other approved
means, and the city shall adjust its
program of construction so as to bring
the estimated deficit within reasonablo
limits as recommended by tho report of
Ford, Bacon & Davis. 1
Second. The city shall not guarantee
the company's system as to capitaliza
tion, management or operating results
In nny way, either directly or Indi
rectly. Third. As the growth and net earn
ings of both the city's and the com
pany's systems fluctuate from year to
year and depend upon factors bevond
the city's control, any payment ifrtho
company for Its co-operation should not
be based on gross, net or diverted earn
ings of either system, but should bo.
If at nil, a payment based on the ex
tent to which the company really co
operates In tho city's program, and In
determining Its amount the city shall
recognize the company's obligation to
be lesponslble for the result of capital
Investment in the rapid transit facili
ties at a normal rate.
Fourth. The payment or fee to the
company for acting as manager or
operator of the city's system shall not
exceed the anjount which would be paid
for the same service under Independent
operation and preferably graded and
proportioned to the relative gross earn
ings of the two systems.
Five. Tho city's system shall be
Mahogany Mantel Clocks
Manufacturing conditions
at the present time make it dif
ficult to supply clocks, even
at advanced prices.
We are fortunate in being
able to offer a limited number
of very desirable mantel
clocks, striking the hour and
the half hour on cathedral
gongs, at $15 each.
S. Kind & Sons,
DIAMOND MERCHANTS
smspmismm$ampssm
BURDEN ONTHE CITY;
i
operated for tho city's benefit. Phys.
Ically the company's and the city's
systems may bo operated as a unit, but
financially they must bo kept separate,
each system to count ns its earnings
whatever cash It receives on its lines
It may bo assumed that tho transfers
will halanco each other.
Sixth. Tho city may equip ns well
as build Its own high-speed lines, thus
owning outright Us own Bystcm com
plete. This provision is not a necessity
If the company will furnish the equip
ment on fair terms, but It will obvlato
any necessity for the company to make
uho of tho clty'B guarantee on Its
operating results In order to finance tho
equipment of tho city's lines. It also
makes It possible for tho city to take
over a. completely equipped system If
It should decide to recapture its own
system nt any time.
Seventh. Tho company's system e-f
surfaco lines shall bo financed by tho
company and the company must not bo
permitted to uso the city's credit either
directly or Indirectly, but must stand
on Its own feet, and Btnnd or fall as a
result of Its own management nnd
acts.
Eighth. Tho city must bo left freo to
regulato tho company's servlco under
the Public Kervlce Commission.
Ninth. Change of fnre or charge for
transfers to bo left to the Public Serv
ice Comrrlslson, but no Increase Is to
bo for tho company's benefit until tho
city's capital Is treated ns well as tho
company's.
Tenth. The contract of 1007 to ho
modified ns llttlo as necessary to cor
respond with tho conditions of this
contract. Payments now due tho city
thereunder not to bo abated or mod
ified. Tho company to cancel all claims
on unearned and unpaid dividends
cumulate o slnco 1007, and change date
to that C per cent dividends may bo
cmnulatlvo from date of tho contract.
Second Tho terms of tho contract
shall bo fifty years or preferably of In
determinate length, with provisions that
tho city may recapture cither Its own
svstem or both systems nt nny time,
after due notice, on stated terms.
These suggestions aim to prevent the
company from placing on either the
tnxeB or the faro any burden not due
directly to the city's program and to
prevent tho company's using the city's
credit for Its private advantage.
Instead of guaranteeing tho results
of the company's co-operation and par
ticipation In tho city program to an un
certain extent, ns' the company's plan
proposes, this plan proposes no guar
antee of any kind to tho company. In
stead It places a certain definite ahd
fixed limit on the burden to be placed
on the company by tho city, this burden
representing the company's obligation
to tho city In return for Its position ns
a monopoly.
EXPERTS REPORT
The contention of Director Twining that
tho operation of tho proposed system would
mean an annual deficit to tho city Is borne
out by tho analysis of the. lease made hy
Ford, Bacon & Davis. Based upon their
own tables, tho Ford, Bacon & Davis re
port holds that, "under tho company's pro
posal, Investment by the city of $87,300,000
with a five-cent fare and freo transfers will
show after 1S21 for the first fifteen years
of complete operation an average deficit of
between $4,000,000 and $5,000,000 per an
num. '
"This largo operating deficit," says the
experts' report, "Is caused principally by
tho following:
"First. Tho proposed outlay for trans
portation facilities Is to bo made within a
period shorter than that necessary for a
proportionate growth of population and
traffic.
"Second In the early years of opeta
tlon the new highspeed lines will largely
duplicate the service of present surface
lines.
"Third. Tho present revenue from ex
chango tickets Is abolished.
"L'nder tho terms of this proposal and
with a five-rent rate of fare, and assuming
financial results an average between the
maximum and minimum estimated limits,
the city will not begin to recelvo net in
come to apply to tho payment of Interest
and sinking fund charges upon city bonds
Issued for transit development until about
ten years after tho commencement of op.
eratI6n In 1921 of the tratiblt lines; tho city
will recelvo tho full amount of Its interest
and sinking fund charges In about twenty
five years after the commencement of op
eration In 1921.
"At the end of the flftv-year period of
tho contract the Indications aro that tho
net deficit. If any, to the city fiom opera
tion for the entire period would probably be
small In comparison with the value at that
time of the city-owned rapid transit sys
tem, which the city would have substan
tially paid for through the operation of the
city's sinking funds."
Ford, Bacon & Davis mako the following
recommendations for meeting the city's
deficit during the early years of operation:
"One. An increase In tho tax rate
amounting, as a maximum in 1926, to about
twenty-flvo cents per $100 and gradually
disappearing thereafter.
"Two. A charge In 1922 of a slx-ccnt
fare on both high and surfaco lines, with
free transfers or an alternate charge of
eight-cent faro on high-speed lines and
five-cent faro on surfaco lines, with uni
versal free transfers.
"Another point should not be lost sight
of. The Indications are that at a five-cent
fare the city, for tho entire fifty-year lease,
would show neither surplus nor deficit; In
other words, tne deficits or early years
would bo made up by tho surpluses toward
the end of the lease. Consequently, If
higher than a five-cent faro be charged in
early years, lower than a five-cent faro
could be charged in later years if the lease
permitted,
"Tho deficit may be lightened by a num
ber of other expedients which If made use
of singly or In combination, might mate
rially reduco the amount that will have to
bo raised by increased taxes or fares, and
likewise shorten the period of deficit. Prin
cipal among such expedients nre:
(a) One mill personal property tax,
surrendered by tho State to the city.
Cb) Abnormal Increaso of nssess-
nVfts and tax.s on leal estate die to
rapid transit Investment.
(c) Temporary Issue of city bonds
to pay deficits In whole or In part.
(d) Deferring of construction of cer
tain high-speed lines until construction
costs aro reduced.
(c) Postponing portions of tho city's
program of rapid transit development.
1110 Chestnut St.
JBWELBRSHBVERSMITHS
(f) Assessment of construction cost
upon tho real estate benefited.
(g) Grading tho sinking fund charges
of futuro bond Issues.
00 Modifications of tho, company's
proposal.
"Wo have shown In our report tho esti
mated financial valuo of each of these
methods of providing for or reducing tho
city's deficit. In gcncrnl, however, tho prac
ticability or legality of somo of theso sug
gestions Is doubtful, and with others the
Incomo produced would not bo applicable to
pay for the city's deficits, or Is compara
tively small.
"While every practicable advantage
should be obtained from these suggestions,
we do not believe thnt they will wholly ob
vlato tho necessity In yl-ars of early opera
tion, either or raising the rate of taxation
or Increasing tho faro as nbovo Btatcd.
INCREASED-COST DEFICITS
"The original report of tho Transit Com
missioner of July, 1913, which wo owlsted
in preparing, comprised a system of high
speed lines designed to provide for tho Im
mediate needs of the city, nnd nt tho same
time lepresented ant investment which
rcndlly could bo supported hy the city nnd
company with tho levenuo produced by In
creases of traffic In a city tho size of Phila
delphia, The total estimated Investment In
tho cost of construction of recommended
subway and elovated lines was approxi
mately $51,910,000. comprising tho North
and South Broad street subways, with de
livery loop, and tho Frankford and Darby
elevated lines, to bo operated until 1927
through the present Market street subway
elevated line. Duo to tho enlargement of
this program by tho .addition of Bovcral
new lines and extensions of original lines,
and on account of tne unprecedented rise
In the price of labor nnd material, tho esti
mated Investment by the city has Increased
to $87,300,000. Of this Incroaso of $35,384,
000 about $19,292,000 has been clue to en
largement of program, $11,792,000 to in
creased prices and $1,300,000 to tho capi
talization of city's Inleicst nnd sinking
fund charges for tho first year of operation,
which Is now permitted by law.
Comparison of financial results of depart
ment estimates under varlousTprogrnms of
construction and operation:
Kstlmateil I'lrst 'r
maximum Bhowins
Year Kstlmit- dptlelt of nil city
estimate rd cost of clly nt Ti- chargpa
was made, construction, cent fare, earned
1013 $51,010,000 $1,280,000 1027
11IH B4, 002,000 1.8(10,(10(1 lfl3."i
liiir, (u.oss.ooo u,ii.iri.oin l4i
10 1.1 (reviled) . 04,420,0(10 2,181.000 lOSt
1017 K7,.100,000 "5 107 0011 10"
4.4SS.0OO 1011
'Maximum and minimum limits.
"If tho city desires to keep within Its
Immediate resources for rapid transit. It
can, without relinquishment of Its ultlmato
purpose, defer about $22,000,000 of con
struction work until moro practicable finan
cially, under which condition the remaining
cot of construction, about $65,000,000,
would bo provided for by tho funds already
vottd for transit development.
PREFERENTIAL TAYMENTS
"With reference to tho propriety of the
city granting the company a piefeientlal
payment to represent Its existing net In
como before the payment to the city of any
of Its fixed charges, we believe that the
history of rapid transit development In
large Ameilcnn cities, especially New Yoik,
shows the desirability of somo such pro
vision wheio extcnslvo developments arc
undertaken,
"As the preferential pioposcd In Philadel
phia becomes practically a gu.nnntce by
the city for a period of fifty veals It Is of
great Importance that tho foim and amount
bo studied with care.
"This preferential, when pructli.illy guar
anteed by r.u automatic incieasp in late of
faro by a chaigo for transfers, as provided
in the proposal ot the Philadelphia Rapid
Transit Company, Is moro f.uoiablc to tho
company than tho fixed prefeientl.il de
pending upon a fixed rate of fare piovlded
for In the New York lontiact.s.
"For tho detailed reasons stated In out-
report, if ii n automatic Increase In f.ue be
permitted in the agreement, wo believe that
tho city's Investment shou'd fairly rank
on a parity with tho company's stock. In
stead of the dividends on this stock being
paid before any payments aro made to the
city It this automatic Incrckso In faio be
Albodon stands highest in cleansing
and polishing properties. It is safely
antiseptic, free from grit ond coloring
matter, and will not harden. HAS
A DELIGHTFUL "SMACK" thak
children like.
" f je. of drug stores oni toiltt counters "
Trial lube jtte on requtst to
ALBODONCO.,154W.18thSt.,N.Y.
$7.50
Smart Perforated
Buckle effect
In gray kid, gray suede,
$7.60, white washablo kid, ?8.
This is a beautifulfy
made pump and an ab
solutely perfect fit at
instep and heel. The
long tapering .last, and
the neiv perforated
buckle effect give the
foot the most graceful
and distinguished ap
pearance imaginable.
SlEDERMAN
930 Chtitnut
mnd
Mt.. .
IV A BRUSH YOUR TEETH WITH I
ANP THEY'LL BE CLEAN I
La
t.
DIRECTOR TWINING'S REPORT ASSERTS
TJ 1 ' 7 . " !7" ...,... i in. . dm rltv'n Interests in tho particulars ills.
eliminated from the agreement, wo believe
mat tne company Is ralrly entitled to m
cludo In the preferential a dividend on Its
stock. Without a study of the service of
tho company, and until nn opportunity Is had
of analyzing the audit now being made, wo
cannot advlso whether such dividend should
begin at as largo a rato ns C per cent on
$30,000,000.
MISCELLANEOUS
"Wo advise against building tho Nine
teenth street station In the present Market
street subway for reasons stated in our
report.
"Wo bellcvo that tho Market street sub-way-elevated
tracks east of Thirtieth street
can be used by the Datby lino until June
30, 1924. or later.
"Wo recommend that tho straightening
of the Market Btrect lino, under City Hall
bo deferred until It can 'bo dono without
Increasing tho maximum nnnual deficit,
which the city will have to meet on account
of transit development.
"If under tho company's proposal tho
funds for cost of equipment be provided by
bonds bearing Interest at 6 per cent, tho
Interest chargo nnd consequently tho deficit
of tho city would bo greater by more than
$590,000 annually than If the equipment
vvero financed by the city nt a rato ot 4
per cent per annum,
"Tho provisions for transfer of tho equip
incut to tho city nt tho expiration of tho
contract aro not clear, but appear to.mako
It Incumbent on tho city to pay tho com
pany for the entlro cost of equipment nt
the expiration of the contract. During the
term of tho contract tho cost of equipment
will havo been largely amortized by the
Kinking fund provided for that purpose, and
Patriotic Meeting
To protest against the
United States entering War
South Broad Street Theatre
Sunday eve., April 1, 8 P.M.
EMERGENCY PEACE FEDERATION
That this has been so for many years is an eloquent triWute to the SECURITY and PROTECTION
afforded by the GENERAL ACCIDENT, whose organization encircle the Globe.
OVER SIXTEEN MILLION DOLLARS IN CLAIMS HAVE BEEN PAID IN THE UNITED STATES 7
We respectfully suggest if you want
Compensation or any other kind of
it with tho
Philadelphia Branch
421 Walnut St.
A car built to out
rank the ordinary
and confound the
commonplace that
is the National. To
drive one is to know
motor merit at its
height; to own one
is to realize elegance
at its climax.
S.
V.
tho provision for tho division of net In
come Is such that tho sinking fund chargcH
virtually come out of tho ciiys mm.;
Tho city would, therefore, In effect bo pay
ing twice for tho equipment, which, it in
tended, In not equitable.
"Tho Blnklng fund charges on city bonds,
or tho portion of such" charges equivalent
to n proper depreciation reserve, should ne
deducted from net earnings before tho
company's 5 per cent dlvWend Is deducted.,
RECOMMENDATIONS
"Wo bellcvo thnt a buslness-llko method
of handling tho problem now presented to
tho city Is comprised In tho following plan:
"First. Cut tho program of Immedlato
construction of rapid transit lines ns nearly
.as practicable to the amount of the ap
propriation. "Second. Defer for a period of lower
prices such portions of the construction ns
will not Intcrfero with tho valuo of tho
rapid transit system to the public.
"Third. Devote to tho payment of fixed
charges on the city's Investment In rapid
transit such part as practicamo 01 tne an
normal Increase of taxes on real estate
caused by rapid transit development.
"Fourth. If thcro should still remain a
deficit In the payment of tho city's Interest
nnd BlnklnR fund charges nil cost of con
struction, Increase tho faro In order to
mako the unrtei taking self-supporting; first
by 11 chargo 'for transfers between high
speed nnd surface lines; or second, If this
be not sufficient, by charging bIx cents on
high-speed lines with a flvc-ccnt faro on
surfaco lines; or third, by charging a uni
form six-cent fare on both high-speed und
surfaco lines.
"Fifth. Formulate a working contract em
bodying the foregoing changes and guarding
Service
The Wanamaker Store, one of the country's greatest
successes in mercantile enterprise, is the dream of a
great man come true. It entertains thousands upon
thousands of Philadelphians every shopping day and
scarcely a stranger comes to this city who docs not
take advantage of the privileges offered by the
greatest club in the world.
Very few realize, however, what wonderful precau
tions are taken for their safety whilst they are in this
store. The fact is that nothing is overlooked. THE
GENERAL ACCIDENT COMPANY, through its
Inspection Service, carried out by its Safety Engineers,
is one of the principal agencies employed in guard
ing the patrons. This great Casualty Insurance
Company, whose Home Office is in Philadelphia,
protects Wanamaker's by Insurance and by
SERVICE.
reliable Automobile, Burglary, Public Liability, Elevator,
casualty insurance that you ftquest your broker to place
GENERAL ACCIDENT
FIRE AND LIFE
Assurance Corporation, Ltd.
General nulldlnir, Fonrth and Walnut Sl.. Flillndelphls
FREDERICK l!ICirAI!DSON. United State Manager.
United Mates Trustees, Glrard Trust Company, I'hlladelplila
MIGBWST.VMII
HURLEY & EABLEY, Inc
E..Cr? ftrwd and RaeSti. Philadelphia
'
tho clty'B Interests in tho particulars dis
cussed In our. report."
Mann 4 Dilks
1102 CHCtTNUT STREET
Ladies and Misses'
Tyrol Wool
Suits
r
Nciv Sprina Modeta
Original in Designs
Exclusive in Colors
Tyrol Wool Suits aro individual.
In model and color they represent
an exclusive beauty not to bo had
at any other store. New high
lirrht colors.
$23.75 to $34.75
Sports Hats
Chic and authentic.
Mann & Dilks
1102 CHESTNUT STREET
and Safety
Six Cylinders
185Q
OiOgIvp Cylinders
2250
National Motor Car &
Vehicle Corporation
Seventeenth Successful Year
Indianapolis
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