The Washington times., 1904-10-23

class shape, and the inside lines on a
good paying basis. Every Improvement
I viii be made consistent with the just
dividends on the money invested. until
/ the Washington hallway and Electric
/ Company has, as said before, the nm
est service and equipment TO be found
I I'm the country
/ In connection with AIr. AcDermott S
! statement. the following showing, from
I a financial standI oint, has been secured
! from the records Of the company. The
/ prosperous condition Of the majority Of
/ the roads. and the splendid outlook viii
/ come as a distinct surprise TO many who
/ have claimed that the Washington Rail
way and Electric Company has been
/ staggering under a burden that would
l prove too heavy.
I Assets and Liabilities.
The company has a capital Of $780,
T 600, OF which IS. sol, 900 is preferred . per
I cent. and So 800 .000 common stock. There
I is an authorized bond issue OF ST. 500 900
( consolidated mortgage 4 per cent bonds.
I The total amount of funded debt at the
end of the year 1893 was SO, 3g7, $50. The
I cost Of the property is given as S25, 1885,
41ISZ4 which includes ownership OF the
/ franchise, equipment real estate, and
/ an other property of the original Wash
iuEt0u and Great Falls Electric Rail
/ way. the Columbia Railway, and the
/ metropolitan Railway companies the
Potomac Electric Power Company, and
q controlling interest in the stock OF the
AnaeuStia and Potomac River Railway,
the BrlghtWOOd Railway, the Capital
I Railway. the CITY and Suburban Rail-
way, the Georgetown and Tenleytown
Railway the Washington and Rockville
Railway, the Washington. W0Odside and
Forest Glen Railway and Power, and the
+ Washington and Glen Echo Railway
/ The Potomac Electric Power Com
pany is "a larger single source of reye-
nue. than any one OF the integral rail-
way lines. Its capital stock is all owned
B py tne washington Railway and Elec-
tElc company, On September 30 1902
/ IL purchased all Of the property. fran
/ chIses. etc, OF the United States Elec-
JriC Lighting Company. thereby console
dating the two companies The com
Iany was chartered ia 1895 and re-iucor-
on August -. 1902 The company ap-
praises the present value OF the electric
+ light plant at 100000.
Earning Of Power Company.
/ There has recently been issued s.. 500. o.
/ 600 per cent first mortgage gold bonds.
secured on the entire property of the
/ company. The property is also subject
I 10 an Indebtedness OF $3.50 co. owed by
f tne United States Electric Lighting
/ Company which natures May i. 1891.
I The authorized bond issue is 100000.
+ III which S550,000 IS reserved 20 retire the
Indebtedness OF the absorbed compauy.
$4,000 can be used from time to time
I Tor the cost Of extensions, improve
+ ments, etc. The remaining s., 900 900 can
/ De issued from time 10 time 10 paw
I I0r % per cent Of the cost OF extension
etc. with the restriction that none can
z pe ISSUED before the LIST OF January, 1877
e Do EE d F. Id
airy .. 1905
The interest on the $3.50 0J5 at g Ter
/ cent ana on the Sl50O.000 at per cent,
! amounts ~ an 70 STA 900 per aunum. The
/ gross receipts Tor the year OF 1901 we've
! s5e5,goe.5J and the total expenses Sz8I o
tg9-l1, giving net income OF SZ53 Az d
10 ~ - the receipts. were sos 62t59, Civ
Z -5-h = ASt income or Sz63,5a5-5 IS. For 1903
( t--5 HBltes were respectively s64s 752 81
{ tl5d,ls5z5 and E29l $500. For the 6rst
{ I'VE months OF 1894 the figures are ss1I =
e-a.oo s-5l.3-t A. and s155 1914 AT this
/ ta-e tne business for 1905 viii snow a Det
I income OF S5o8s l54.24. Deductiug from
/ ltiLa amount the sll4000 due for Interest
J there ls lett f-1y. I54 q TO be added -to tba
. net income OF the Washington Ra7Ir1-1,-
d ana Electric Company. Last wear fhe
-eFS4-e obtained ia this way amounted
& 10 So 556.Q-
Dividend Is Assured.
7 The payment OF the per cent diyi-
+ uend on the preferred stock Of the
F Washington Railway ana Electric Com
pauy Tor the coming year. and. ln fact
LoI the next three years. Is assured
mere IS $4,000 or preferred stock. and
F TO pay the dividend OF per cent. which
. is cumulative viii require sfgF 90 "a
+ year The surplus Of the ron7rar,-
amounted TO sol, Us 75 iu 1902 In 1893 il
amounted To SzZi. SIS 81. The fgurae IN
me Iist part Of the present year show
very large increase These amounts
are available 90 meet the dividend
from These various sources the com
ttHt mas tp ITS credit IN various bank
-hs l.slL-lUus considerably more than
. Ln5iiloa l9llars, which means that the
ptrA earned and set aside
Value of Securities.
Ira tae scheme Of reorganizsrjon Of
the original Washington Traction ara
Electric Company which defauIted ON
June ]. 1871. the holders OF the ~ per
cent bonds or the original company.
which were authorized FOR issuance To-
li-e extent OF go .9J.095. were permitted
10 exchange every $1,000 Of the AZ Der
cent bonds for $3.50 in new 4 per cent
bonds, $500 iu preferred stock and $500
common stock
lA The plan Of reorganization IL was
stipulated tlaL The voting power Of rh.
7-r-t- a-aa-] De vested Iva "a committee
a. trustees. consisting Of John Crosby
c. HHa
son. Luther kouutze. and George "
lr-HS. Both the common and prefer
te- STOCK are held Dy the committee iu
o l-i Tor % teru Of five years. and until
the preferred STOCK shall have paid 3
E per cent dividends for three consecutive
years The dividend upon the preferred
st9eA became cumulative Ola ana after
Z j LLe J. 1904
Effect Of Rev Union Depot.
A feature t3 be- considered ia the fu-
tuIe OF the road is The new Union deU5t.
F us situation Is most favorable 90 the
+ " washington Railway and Electric Com
F Dauy- u the officers or that compar.
. had been given the selection Of the sir.
. l1ey could NOT have chosen "a better l5-
cation. 10 ls at the heart OF the system
ana in The center OF the network OF
/ lines chat compose the system.
The Columbia Line from Trfrraarrr.
street ana New York Avenue. rlfr-ir5--
Gown New York Avenue, passes tnrg.If-.
The new station and ou 10 tGa mo-
Llicalg settled section of rHe Nrr7Fs