The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-11-21
TRACTION COMPANY
! ELECTS DIRECTORS
sToCKHoLDERs OF VIRGINIA
RAILWAY AND POWER CON-
PANY MEET HERE.
COMPl. MINIS OF AK S
REPORT SAYS RATE is ExCEs-
SIyE--ELEcT OFFICERS IN
NEW YORK TUES
nay
COMPLAINS OF Ak

With practically all the shares out.
standing represented the stockhold-
ers Of the Virginia Railway and Pow.
er company met yesterday at noon III
the company's offices. elected d.rec
tors. received and approved the an
4 nual report and transacted o'L.I
business.
! On account of tho lack Of a quorum
the meeting of the board was pos.
| poned. The meeting will be held IN
New York Tuesday when officers VIII
be elected.
! Election -. Officers :.
/ More than 172.0eo of the 1s6,4Sl
| shares outstanding were represented
at the meeting OF the stockholders at
| which time the following directors
" ere elected:
Frank J. Gould. New York city;
Thomas s. whelewright, Richmo nd.
Va: Fritz Sitterding. Richmond, Va,
Henry w. Anderson. Richmond. Va;
r. Lancaster williams. Baltimore,
/ Md: Percy Nj. Chandler. Philadelphia,
Pa: Guy Phillips. New York city;
Nathaniel A Campbell. New York
city; George III. Taylor, New York
city: Frank O. Briggs, Trenton. N. j.;
! F. w. Rcbeiing. Jr. Trenton, n. j.;
Caldwell Hardy. Norfolk. Va; Fer
gus. Reid, Norfolk. Va: James L.
| Sci man, Baltimore Nd
The report complains OF the rate
Of taxation of the company declarin <
that it. is excessive as compared with
, that borne by the other branches of
industry in the community.
According to the report the taxes
and licenses paid by the company for
the fiscal year amounted t. $685.
1928. an increase of $9,4S7.3s over
the preceding year. This does not in
clude amounts paid for street paving
required by the several municipal
franchises or less on special rate tick
cts commonly known as school tick
ets'' and labor tickets" which the
company In required by the terms OF
some of municipal franchises to sell
which items are. in fact, taxes and
charges exacted by the public as a
part OF the consideration for he use
OF the streets. II the amount paid
during the year for pa and losses
on special rate tickets aforesaid be
added to the actual taxes and licenses
paid. the result will be follows.
Taxes and licenses 49,. s2ss.TS9 IS
Paving charges during the
year OBSERVATION-DISCLOSURES. 1os,3T2 Is
Loss on school and labor
tickets, at 2 I-2c. each.
as compared with the
regular ticket at 4 l-6c.
each .............. 71,see 90
Total ...-..........s 4ss.9ei Al
This amount IL approximately 10
per cent of the gross earnings Of the
company from all sources.
Consolidation Satisfactory.
The report states that 'the results
of the acquisition Of this company
OF the properties of the Norfoit- and
Portsmouth Traction company by
merger which became effective July
1, 1911. have been satisfactory. A
number OF economies have already
Seen effected and the operating con-
ditions improved. BY the consolida-
ton of the management and the
Standardization of methods thu SER
vice will he improved as rapidly as
poss BILE, with increased economy and
effciecy in administration"
The total assets Of the company are
given as s4s,s6i,044.2l, an in :ieasu
over the preceding year of $S7.0is.39.
The gross earnings of the company
for 1912 were sa,55s.1s3.s2 an In
crease for the year OF $23l,sss. Ths
operating expenses increased $751;
227.54. The operating revenue over
operating expenses and depreciation
was $2.13S, 290.19. an increase Of
sl40,7e0.46, and the gross income,
$2,204.sAS.ss an increase OF $l63,-
s23.i2. The surplus over fixed
charges was S72s.76s.2S. of which
ss23.s4s was paid out In dividends,
leaving a surplus of Sl05.s20.23.
by the terms Of the agreement of
merger and consolidation between this
company and the Norfolk and Ports
mouth Traction company which be-
came effective on July /, 1911" says
the report, the auth orized capital
stock of this company was Increased
from 100000 preferred stock AMI
$500, zoo common stock to $4,000
600 preferred stock to $f2,000,0o0
common stock ard provis,on was
made for the exchange OF the pre-
ferred stock of this company for the
preferred Stock OF the Norfolk and
Portsmouth Traction company on the
basis Of share for share Of equal par
value. and fer the exchange OF the
common stock on the harris of one and
one-half shares Of common stock OF
this company for one share of COM
men stock Of the Norfolk and Ports
mouth Traction company"
Resolutions in honor of William
former president of the
company. who died on June I l. 1912,
q 20 AN, hodioA In fha report