The Washington herald., 1913-02-25
FILL DETAILS
OF YEARS WORK
Pamphlet Report Of Railway
Company Full Of New
Facts.
REQUIRES NEW CAPITAL
Loeal Stocks Easier-Wan Street Weak
and Erraie-Personal Mention.
Favorable Investments.
Nv I. A. FLEMNU.

BY /. A. FLEMING.
The pamphlet report of the "ashihs
90, RaiIwav and Electric Company COW
.ripe 1919 will be mailed to stockhoioe's
/, tho corporation within day or two'
THE following paragraph, covering the
matter of future financing Is Inter
esting: 49,, zach
for new construction, addl-
,ionaI eouipment. extensions, better
r,ents and improvements have been at
tho rat. of approximately Sl,WSooo per
arnuu For the year 1912 the eNpendi-
lures including balances due or 10 DC
com. due on contracts for cars ana other
cuuipment, have been considerapig III
cyrass of the above average The sta
hility and growth of the DISTRICT OF W
> bia and adjoining territory Is as
ii and indications are that Wash
on will go forward in a larSert way
he future than in the past. and that
... additional requirements of the COM
...y are likely to be even greater than
I'D. -. of the past seven years, ana there
therefore, urgent need that some
nrial plan be devised for meeting
tai expenditures. While the com
rvs financial conditions Is enihehtS
sfsCtory, and the company is perfect
q
cmcuts as to maintenance and up
e., il is not in a position to make
II. extensions without additional cap
The company has practically
p. he'd the limits of its borrowing pow
under existing mortgages. All of the
-.r cent bonds of the Washington Rah-
and Electric Company reserved Tor
.r constructions, extensions. additiohs
., improvements. have been issued. and
- tgacc bonds Of the Potomac Electric
...r Company remain to be issued for
, purposes.
he entire matter of providing plan
permanent financing for the future
been given careful consideration by
directors and officers, but no final
be-. fusion has been reached. The prob
is one which must be solved. how
r.. al no distant day if YOUR company
, keen pace with the growth of the
II is a matter in which the citi-
... of Wa shington have vital interest.
.- ter even than is the interest of the
kholders Of your company. With an
lc surplus and high credit. such as
ow enjoyed by your company. it can
ler all reasonable service to the com
co.. ily far the present is con-
ed. but the extension and improve
t Of facilities both as they relate to
lbllNbN company anu til' isl'NSi ~
Int Company. cannot be provided. un-
some plan Of permanent financing is
isrd Such a plan should be made
cover tn" necessities of your prop
critics and nf the community over long
p,I."d of years. II il the intention of
YOUR directors and officers to work stead
il, toward some such plan of permanent
iranriu- as will l." feasible and prac-
Ii'ahl". having constantly in mind also
III.
tn"s.. Of your stockholders. And TO this
"ud it is hoped that public authorities.
stuckh oldCrs. and the patrons of your
property will give earnest. patient, and
fair consideration
Maintenance.
The amount set aside for the main
tenance of property in l91. was S674.
49,. the largest in the history of the
corporation. The expenditures for the
last five years 10 this account total
So %iiS,lOJ. distribution was as fol-
lows: In 1905, s51@.26G: in 1909. $780,
800: in 1910. s6G9.63l. and in 1911,
s651,S7S.
In addition to the maintenance
charges S65,573 has been charged as
depreciation on equipment. Since 1909
the depreciation in equipment charged
off has totaled $245,573.
The company carried S3.961.241 pas
s-ngers. The pay fare was 1905 cents
per passenger. and the pay fare. in
Guiding transfers. reduced the average
TO 1921 cents.
During the year the Potomac E1ec-
trio Company increased its service to
3235 new customers. and at the close
Of the year was serving 19,447 Gus
toners.
The years requirements for the sink
ing fund totaled sS4.700. and this sum
was deducted from the earnings and
partially invested in Potomac Electric
Power Company's consolidated IS.
During the year 1872 the Washing
ton Railway and Electric Company is
sued $4,000 4 per cents for extern
sions and 3250.0O0 in exchange for a
similar amount of BriEhtwood SIS, ma
tured.
Bonds Issued.
The Potomac Electric Power Company
issued seSs00O consolidated IS. of which
s3sl.O50 were sold and the proceeds used
10 pay for betterments. extensions, and
improvements. OF the Potomac consoli-
dated issue but s211.0OO remains in the
treasury unissued
Announcement is made to the effect
that during the year the Washington
Railway and Electric Company trans
ferred its interest In the Great Falls
w dttl o"tI NOIilpdiS ~
Electric Company.
OF the sl0.O00.0o0 authorized capital
stock of the Potomac Electric Company,
but s6.000.0O0 have been issued, the re-
manning s4,OOo.0O0 being in the treasury
and Herewith mystery as to what be-
came Of the 100000 is dispelled
Accidents during the year resulted in
500 claims for damages and the payment
of S132, ,7Sl, with 2o2 claims still pending.
or ninety-eight suits the company re-
ceived the verdict in forty cases.
Potomac Electric Extension.
The Potomac Electric Company has Sc
cured franchises and lighting contracts
in Takoma, Kensington. Gaithersburg.
and Washington Grove, all in Maryland.
Comment is made anent the Interstate
Commerce Commissions ruling on pas
sengers standing on the footboard of
cars, with the expression of belief that
such ruling cannot be enforced save
with the passage of a law making it a
misdemeanor to stand on platforms and
footboards.
Considerable space is given in the PAM
phlet report to the welfare work of the
company, profit sharing, the relief aSso-
citation, which has distributed s91,6A in
benefits. a savings department, with
loans to members at 6 per cent and pays
6 per cent on savings, medical depart
rnent, reading, rest and recreation rooms,
&c.
Local Securities.