The times. [volume] (Washington [D.C.]) 1897-1901, 1901-02-03

leytOWnD snow an increase OF 300, 100 III
operating expenses.
The total net earnings Of the lines for
1900 we're s56l 662, as will be seen by de-
| Quoting operating expenses from total re-
ceipts. Two of the lines. the Tenleytown
! and the Brightwocd. showed net def
ciencies aggregating SS.O52 only, and the
other five net earnings Of $5697i4 the diff
ference being the net on all the lines.
This showing is excellent when compared
with that of the previous year. For that
| year the net earnings are not available in
the Tenleytown and the Brightwood OF
the five lines showing net for 1899. three
showed earnings of Si6S. los. and two
! showed deficiencies of S15,961. The in
crease on these five lines for 1900 was
therefore $117.7OS, or &c per cent. The
difference on the two other lines was
small, evidently. and would not alter this
figure greatly.
The best showing made by any one line
for the year was that of the Anacostia.
Gross earnings were S197 1851, as com
pared with only sos 400 so in the previous
year, an increase of nearly 500 per cent.
Operating expenses were Sl5S.fT069, as
compared with Sc. 9S7.06 The line has
| deficiency for operation of SS,577.56 for
1899 and during the past year it had net
earnings of s9S.724.42. The increase was
therefore S47.3O19S.
The City and Suburban showing was also
excellent Gross receipts were s235 92S IS,
as compared with s1S2. 497.47 in the pre-
vious year. an increase of nearly 100 per
cent. Operating expenses were $751;
3i2.06. as compared with Sl49, SS0.95.
There was a deficiency of 81, $685. As in 1899
and last years net earnings were sS7, 1856
F, %. The increase was therefore S4j, 500 40.
| The Metropolitan gross receipts were
| slightly less than on the previous year,
| but the operating expenses were cut DOWN
| also, SO that there was a slight increase
in net earnings. S3,003.2S.
The Columbia report shows good in
| crease on both gross and net earnings.
| The net earnings were S10S.92114. an in
| crease of SIC, 1885, 40. or IS per cent.
The Washington and Great Falls Road
had gross receipts of s7SS61.50, as COM
pared with Sal 5000 in the previous year.
| The operating expenses were sec, 1921, as
compared with 2S,26S44. AMI the net earn
! ings were slS.46919. as compared with
| $13 1866 in 1899, an increase of S., 1854,
or rs per cent
The syndicate has expended very large
sums for, new construction and equip
ment during the past year. The figures
| are not given as such in the annual re-
| ports, but they may be arrived at ap-
| proximately by comparing the cost of
| road and equipment In the reports for
the year 1899 and 1900. These figures
| show that S512, 90 has been spent on
| the Anacostia line, s369,362 on the
| Metropolitan, S1S9, $500 on the Great
! Falls. SOL, 0S6.39 on the City and Subur-
ban. s53, 1872 So on the Columbia, s32, 041 IS
| on the Brightwood, and s3f. LETS on the
| Tenleytown. The total of these expen-
ditures for the year was s.. 23S. 012.92.
| The fact that the total expenditures tor
| the year 1900 were greater than the total
receipts is of course not in any way a
| disappointment or a poor showing. The
expenditure of more than 81 $50. 900 for
| extensions and equipment will not have
| to be made again. Already this money is
coming back rapidly in increased earnings.
| This expenditure is capital invested ard
! not lost
Business men generally who have exam
| ined these reports are of the opinion that
| they make very promising showing. The
| lines that have been drag on the syn
| dictate in the past are now showing net
earnings instead OF deficiencies.
The Brightwood and the Tenleytown
| lines are now the only ones showing de-
/ ficiencies and these only small ones.
| whereas in 1899 four of the seven showed
| deficiencies.
| what the Earnings show.
Something may be learned as to the
| financial condition OF the Washington Trac-
though the data is insufficient for the
| most part.
The net earnings OF the combined lines
of the system as stated above were about
1851, ss2. The total interest due on all the
| bonded Indebtedness of the lines was sp-
| proximately S435, 900. and the dividends
| paid during the year were s24, coo. or s
| per cent on the Columbia stock, and $685.
| 77I.25, or 10 per cent. on the Metropolitan
stock. The total OF interest and dividend
payments was therefore about s557 $50. or
| trife less than the net earnings. The
/ syndicate owns approximately all the stock
| Oh which dividends were declared, and a
| considerable portion of the bonds. Sup
| posing for illustration. that II owned the
| entire stocks and bonds OF @Axs various
| lines the net earnings would thus just
| about cover the interest and dividend pay
| ments, and 1t would realize these fun net
| earnings for itself as interest on it's in
| vestment.
To the extent that the bonds are held
| by outsiders the railway earnings did not
reimburse the syndicate for what it was
| Obliged to pay out in interest on those
| bonds. and its returns we're SO much less
| than 1851. e62.
| There is. however, considerable float
| ing QGDt owen Dy SdTlOuS Oh the ctmpd-
| MES, the aggregate being 1857 800 AZ The
| interest on this debt Is probably at least
! nearly $50. 900 or per cent. Added to the
| interest and dividend payments already
shown this makes a total of Si7. geo in ex-
cess of the net earnings.
The Electric Light Companies.
The reports Of the two electric lighting
companies owned by the syndicate are
not made TO Congress and are not avail
able TO the general public. These com
panies are earning something over the in
terest on their bonded indebtedness il Is
understood but not sufficient TO contrib
ute very largely 10 the Washington Trac-
ton earnings. The suppostion that the
total earnings of the Washington Trac-
ton Company proper may be sufficient Ia
pay the 1-2 per cent interest on its
bonds is perhaps not an extreme one. The
bonds outstanding are supposed to be
about S13. 900 600. The annual interest Oh
these bonds is $685. 600.
At any rate II is evident that the com
pany is not falling behind greatly on its
operation account. The new construction
cost of 81 800. 900 above noted is appar-
emily identical in part with the floating
debts of the companies. approxima tely
81 0G0 600. This money has been advanced
it is said, by the larger Washington
Traction bondholders themselves.
The outlook for the company is con-
sidered by its officers and larger bond
holders to be excellent. An increase OF
| Sly coo in net earnings in one year is an
| increase of nearly per cent on the total
bond issue of Sl2 600 600. This increase