The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-10-09
IN1ERURBAN RAILWAY REPORT
S,.RpLI'S EARNED by METROPOLI-
TAN LINES S3,5O0, $3.50.
cnl, $50. OOO short Of Guaranteed Per
cent. Di,idend-Recent Attacks Have
Talked Of . Deficit Of Milli0ns-In.
creased Earnings OF disturbed Year.

Talked Of . Deficit Of Mllli0ns-In.
creased Earnings Of Dasturbed Year.
A very detailed report Of the Inter,rban
Stree, Railway Company for the year ended
lime 80 was issued in pamphlet yesterday.
This is the first full year Of the operation Of
the Metropolitan system by the Interurban
company as lessee. The income account
which is given in two parts, one for the
METROPOLITAN and the other for the Third
Avenue lines, shows the gross earnings OF
the entire system for the year to have been
s2l SAC, 5A5, an increase Of S61s ,377 over 1902
Operating expenses amounted to S1l $3.50 100,
leaving net earnings Of S1O,l6O, 4S8. The
operations OF the Metropolitan lines re-
suited in surplus Of So, 500 $3.50, which is but
$50, As2 less than the amount required to
pay the full guaranteed dividend OF per
cent upon the capital stock OF the Metro
potan Street Railway Company. The
cross income earned by the Third Avenue
Ines was s2,ii3,OOO but payments OF In
,,rcst on funded debt and taxes resulted
in a deficit of sl4l 1884.
President Vreeland, commenting on the
increased gross earnings. states that they
we're considerably less than they would have
been had it not been for the subway con-
s,rrction which necessitated the partial
suspension Of operation upon certain lines
and seriously interfered with traffic upon
others The operation OF several i'm
portant lines was practically suspended for
q considerable part Of the year by the work
Of installing the underground electric
system, The operating expenses were
adversely affected by the same conditions,
as we'll as by substantial increase in wages
and the high prices for fuel, materials and
supplies.
Fixed charges were increased by $431, 40
for interest upon 81 900. 900 Of Metropolitan
Street Railway Company per cent. re-
funding bonds. which were issued pur-
s,ant to the Interurban- Metropolitan
lease, a. part consideration for the sum
Of s?2 900 900 in cash payable by the Inter-
urban company Hereunder. President
vreeand states that although the increase
in earnings for the year was not sufficient
to overcome this additional fixed charge,
the increase in net earnings which will
follow the completion of the extensions and
improvements which are now in progress
and which the issue of bonds made possible
is expected to exceed largely the required
amount. Forty-five miles have been added
IN the year to the electric lines comprised
within the system. The total number OF
passengers carried was 822 OIL ,722 of which
the etropolit an lines contribute 469, 1884,
~ and the Third Avenue lines, 1852 1888 ,27S.
Of the 500 OIL ,723 passengers carried, 433,-
Ms.524 paid cash fares, while 1888, 483, l9a,
or about 43 IL per cent. of the cash fare
passengers. Used transfers. The average
fare was 2 40 cents.
In concluding his report, President Nrea-
land tes ifies to the improvement in ii e
morale and stability OF the employees,
and states that the pension system and
thegraduated scale Of wages for conductors
and motormen have produced most graf
flying results
The pamphlet report was given out after
the meeting Of the directors Of the Metro
politan Securities Company held at ~ Lib
erty street. President Vreeland in ex-
planning II remarked incidentally:
This a the most complete report Of the
kind given out by any street railway sys-
tenn"
Regarding the discrepancies alleged in
the Amory suit, Mr.. Vreeland said:
Formerly no regular annual reports
were issued but whenever a stakeholder
or stockholders wished for report it
wasgiven to them. Sometimes stockhoider
lines. and this would be given to him. Then
another stakeholder would get report
on the Metropolitan system, and the dis
rrepancies between the two would be in
the millions. This accounts for the dis
ere pancies over which so much was made
In recent attacks on the Metropolitan COM
pany. During the last two months num-
Der OF attacks have been made, and they
all placed the probable deficit of the Metro
politan lines at 100000 to S300O,0 600, but
This annual statement shows that the def
cit is less than s2OO,OO0, which is due to
expenses incurred In the building OF new
power houses. new lines. rev equipment
and the rebuilding Of old lines
John D. Crimmins was elected director
~ the Metropolitan Securities Company,
succeeding f. W. Sayre, who resigned some