The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1913-01-08
CAPITAL TRACTION
NET INCOME SHOWS
LARGE DECREASE
Annual Meeting of Stock
holders Is Held and
Finances Deported.

The Capital Traction Company in
creased its passenger revenue by $2,S6I 81
in 1872 over 1911, but It's net earnings
hsow a decrease OF 23,l63n, according
to annual statement submitted to the
stockholders of the company at the
annual meeting this afternoon. The
total operating revenue shows an IN
crease of &,565.46.
Interest charges increased by $ol,lIfsz,
and taxes $2,l34.l3-
All of the directors were reelected
as follows: George E. Hamilton, Henry
Manice, John S. Larcombei David s.
CARL, and Benjamin w. Guy.
The directors will meet this after
noon for organization. No change in
the personnel of the officers Is said TO
be contemplated
President Daniel willard and Second
Vice President George NJ. Shriver. OF tne
Baltimore and Ohio railroad, were IN
New York yesterday arranging detaiis
for the meeting of the board tomorrow
which will take action on the seml-an
maui dividends on the compsny's stocks.
II is anticipated that the rate OF 3 per
cent will be maintained on the common
and the usual dividend at the rate OF
per cent will be declared on the pre-
ferred.
A report from New York was to the
effect that these officials were also ar
ranging to meet the companys future
financial needs through the medium of
large bond issue. The company has $50
0l1 90 of three-year notes due In July,
which must be provided for. To meet
this requirement. 1t was reported than
Speyer & Co. and Kuhn, Loeb Co, ana
associates had arranged TO take Saa,ooo'-
900 OF convertible bonds.
Vice President Shriver, who is at the
head of the financial department of. the
company, said this report was prema-
ture It was assumed these bankers
would participate in any future of the
Baltimore and Ohio as they have nearly
always had a hand in Its financing since
the reorganization.
II was not denied that the officials
were at work on a plan which will take
care OF all the copany's needs for a
long time TO come. II Is accepted IN
financial circles that the directors have
in view the issue of a blanket mort
gage for at least $500 600 This will
furnish President willard with the
means he has said he needs to bring the
Baltimore and Ohio up to the physical
standard he has set out to attain. The
$50. 900, 000 already spent is only the be-
ginning of this work.
The opinion of william Cabell Bruce,
general counsel to the Maryland pub
lie service commission, given to the
commission in the case OF the Console
dated Gas, Electric Light and Power
Company of Baltimore. Is Of interest
in local circles owing TO the gas situa-
ton in the Capital. Mr.. Bruce's opin-
ton is that the easements Of the Con-
solidated Gas. Electric Light and Power
Company should be included in the as
sets of the company for rate-making
purposes to be taken into consideration
by the commission.
If accepted by the commission. Mr..
Bruce's opinion may add 100000 to
the capital on which the company may
base its earnings. If IL per cent be
taken as the proper rate Of earnings.
this would mean $S50.o00 annually from
the public as revenue to the CONSOLE
dated growing out Of free grants from
the people This is equal to 10 cents
on the gas rate.
It is believed that Chairman Philip d.
Laird. Of the commission, will disagree
with Mr. Bruce's conclusion.