The Detroit times., 1911-02-08

er, George II. Russell; secretary, a.
f. Peters; general manager, f. W.
Brooks.
No announcement was made regard
ing the traffic arrangement which
said to have been made with the
Michigan United railways. When
questioned upon the subject Mr..
Hutchins said that there was nothing
to say about It. He also refused 70
discuss the action OF Mayor Thomp-
son in threatening TO block sucn a
plan.
There were about 10 stockholders
present in the meeting, most OF the
stock being represented by proxies.
Preceding the meeting of stock
holders the old board OF directors met
to accept reports Of the business for
the year Directors present in the
meeting which began at 10 O'Clock
were: r. w. Moore, of Cleveland; j.
M. Wilson and "A. j. Ferguson, OF
Montreal; J. c. Hutchins, r. w.
Brooks and A. Z. Peters. OF Detroit.
and Arthur Pack. of Pontiac. Neither
of the New York members OF The
board was in attendance. c. M. Swift
and George III. Russell, the two other
Detroit directors. were unable TO al
lend.
The annual report submitted by
President Jere c. Hutchins at the
stockholders meeting showed most
PROSPEROUS year for the company. The
net income from all lines was 1885,
299. ~, bringing the surplus account up
to $4.230,107.47. With the successfui
completion of pending financial plans
much of this is available for dividends.
In addition there is reserve fund
for depreciation. ETC., amounting to
$i,S54,51O.67. There was 100000
added 10 this account out OF the in
come for 1910. The total bonded In
debtedness of the road is S23,333,O00
but against this there Is an offset OF
S2,732 900 for bonds held In the treas
ury of the company.
There was 121O7 miles of track
added to the company's lines during
the past year, making total OF 75S.63S
miles now In operation. The rolling
stock consists OF 1,079 closed passen-
ger cars, 204 open passenger cars, 299
freight and construction cars. "a line
cars, 81 express cars. IL miscellaneous
and two locomotives. There are
eleven power-houscs with combined
capacity of $4,000 horsepower. two
storage batteries and % sub-stations.
Gross earnings for 1910, from opera
ton were $9,345,219, compared with
sS,O47.554 for 1909. Operating ex-
penses during 1910 amounted to So
SS1, 065 against $5,O42,724. the year
before. The increase in operating
hi Ia
the increase in operating expenses
was $939,000. Net earning from opera
ton amounted to $3,364,154 against
$1,000, $50 in 1909. Interest on bonds,
taxes and deductions for depreciation
amounted to $2,530,622, leaving a net
income of $9S6,299, against net in
come last year of S769,534, an increase
of $216,765 applicable to dividends.
Statistics of operation show that
there were 220,538,011 passengers
carried on the lines of the company,
of which 165,920.735 were revenue
passengers. On the Detroit United
lines proper, which include besides
the city lines, the Wyandotte, Orchard
Lake, Pontiac, Flint and Crosse
Pointe divisions, the total revenue
passengers carried was 152 1864 ,098.
The receipts per revenue passenger
on these lines was S.0469. The re-
ceipts per revenue passenger on all
lines operated by the company was
s.O529. II is a notable feature of the
report that the receipts per passen-
ger on the. city lines proper Is not
given, SO that there Is no basis Tor
conclusions on the profit in city
fares.
President Hutchins says: ''The
company, has, as in previous years,
made liberal expenditures for the
maintenance of it's tracks, rolling
stock and other properties. Larger
expenditures than usual were incur
red, during 1910, for extensive renew
ais OF tracks and foundations involv-
ing heavier construction to meet in
creased traffic conditions1on various
city lines"
The total amount spent on road
and equipment was $1,55S,562, br
against this there Is credit for the
sale of the Woodward-ave. barns and
an exchange of Harper-ave., property
amounting to $120,700. The amount
spent on the road was $934,945 and
the amount on equipment $623,261.