| Show Q Q AMERICAN MERICAN FLIERS LAND IN ENGLAND NO OBJECTION I MADE TO 7 1 CENT RIDES Street Car Company Says It Is At End of Its Rope I UNDER ADVISEMENT Bond Hold Holders rs In Position to Force Company Into Bankruptcy Not one single objection was made mado to the tho request ot of the tho Utah Rapid Transit company tor for a seven cent taro tare when the tha case was pre pre- presented pre presented seated to the public utilities com corn commission commission mission at the hearing this thib morning In the cull civil ch 11 court room In the city hall ball There wore were no protests what what- whatsoever whatsoever whatsoever tiled filed with the tho commission I nor the tho hearing At tho the conclusion ot of the hearing the tho commission announced It w I take under advisement ment the tho request requestor for tor cased fares tares McKAY PRESIDES I The meeting was HIS co convened ened at atI I 1030 o'clock with Thomas E I Mc- Mc McKay Kay Mc-Kay Nay Kay ot of Warren stout stout- Stout Stout-ner ner ot of o Salt Lake Lako and Judge E L E Cortman also of Salt Lake present as of the commission S J JS SS JS S was official reporter ot of the tho proceedings tor for the commis commit commission commission sion D U L Stine attorney made the opening talk In a brief state state- statement ment presenting the tho case and out out- outlining outlining out outlining lining the tho status of ot the Utah RapId TI company and the financIal condition of the comp company n P H 11 Mulcahy general manager tor for the tho Street treet railway ny was sworn Sorn S orn and the tho remainder of ot the tho hearing of his testimony In regard to the tho case which Is entered officially In Inthe inthe inthe the records as number STIN TIUS LS L'S STAT It was as as bought out In Mr statements that the tho company compan has hns been operating in Ogden more than to 20 O years ears that th there re was as now moro more than SI 39 miles of track and that the company had never operated operated ed on an any other than a five cent fal fate e 1 basis 1914 to 1918 1913 during war war- wartimes times Mr s ild wages and every commodity had increased tremendously It was considered at that time to apply for tor an In- In In Increase crease In tares fares but later decided that bi hi bettering the tho sen service Ico It would be possible to set get et more moro busi busi- business business business ness and this policy was maintain maintain- maintained ed d until the company has reluctantly reluctantly reluctantly come to the conclusion that Increased service will not solve the financial pI obi em SOME 11 Tl ST STATISTICS TICS It was as pointed out that there thero are 97 care carll passing T Twenty fifth nty street each day dlLY or one ono cr c r ir every 6 66 6 soc eec sec seconds 54 per hour Si Sl SI hundred and five cars make the depot loop each elLch day or one ono every minute and eight eight- tenths eight tenths The Tho total deficit on 31 1924 was as according to the statement and tho the com company panT has failed tailed not only to make a re- re return re return turn of eight Ight per cent c nt on the tho In- In investment ve in-ve vestment but has hns not even made enough to pay the Interest on the funded debt ot of the company Mr lIr said cald We e have havo deferred maintenance to the tho point where it Is almost almot tin un- un-nite un site lt but we cannot go TO on with Im im- im Improvements until we e ha have hase 0 the cash which we hope to secure by the addition of ot t two 0 cen cent cents on the tho tare fare 1 iho he evidence will show that there it Is over O 1000 Invested In Ir the tho enterprise hl which h has paid a penn penny to tho the 0 owners nero I T i T iT E J 01 01 ROPE HOPE During th the first five months of 1924 tho the revenue was less lees than during the corresponding period In iLlS We have hate Incurred d A loss lose oss of thus far In 1924 1 24 and we cannot longer loner operate In this man man- manlier manner liar ner The Tho company Is so far tar b be behind hind In tn Its Interest i that the bond holders could place It In receivership force It to liquidate and aDd sell oll out We Vo would rather try to go on with a ft five cent faro tare than to consider anything else less loss than 7 cents Frankly tho the company Is lit at tho the end of ot it Its rop rope ON STAND Mr Mulcahy presented the th group roup with typewritten exhibits e showing the tho financial condition of the tho company and Its revenues and an expendItures tor for the past four years The Tho Indebtedness of the com corn company company pany puny consists of ot IL a first consIsting of or gold bonds for tor 1 1 which matures In 1940 lUO cd oo on Page laR Two V PI 17 7 1 CENT FARE FARE CASE IS HEARD Continued from Page Pago One and call for a sinking fund to be- be begin begin Cin be-Cin gin In tn April 1925 he h said ald The Tho Th remainder of ot the tho th debt li Is lill ll which ts I a taX taic lien that that matures mature at the th rate rato rat of ot 10 per percent cen cent t a year y ar and th thus us tar far three thre ma- ma maturities ma have hav been b en met mt The track track- age e and equipment h havo hav 0 depreciated 36 since 1920 1120 which Is i ithe lath the date dat of the Incorporation when the nw noW company was w segregated from the Utah-Idaho Utah Central Rail Rail- Railway Railway Railway way company At that time tiro each Individual line was os wa appraised In appraising the line for tor the transaction transaction transaction tion the th extreme war prices were ere not used nor the extreme depress depress- depressed depressed ed depres-ed ed prices but a IL medium of ot war ar and war pre pro pr- pr ar scale cl of ot prices was used In determining the th value of the holdings Tho The total deferred deterred maintenance amounts to 23 which Is necessary for the tho th of the company and the th community alike The Tho company's company Inability to op operate rate at a fair profit Is I sho shown II by the fIgures 44 which represents Bents the th sum the company has lost In the tho th last lut four tour years The company has ha 44 U cars three trailers trail trail- trailers trailers ers and five work cars The average a cash cah fare tar in 21 29 cities over population In tile the United States Stales Is 7 31 21 cents Th Thera re are only four tour independent companies com com- panic corn in the th country still on a cent 5 fare one of ot these Shreve- Shreve Shreveport Shreveport port LIL La recently raised to 7 cents The one on at Hamilton Ohio I la In the tile h hands ds of a receiver r while the one on at Lorain Ohio has other sources ot of o revenue b by selling pow pow- power power er cr to other railways The commission completed the hearings by 12 30 10 and adjourned taking the case cose cas under ad advisement t The decision will alit be announced lat later r |
