The Washington times., 1913-02-02

| 1t does not appear from tne report VI
| the Potomac Electric Power Company,
fled with Congress yesterday. and
printed in The Times. what has been
the disposition of the balance Of the
new 900 Of stock authorized by
the stockholders last year. Only $780,
O0O of this is accounted for and shows
in the statement OF capital stock,
which Is given as 100000. This leaves
81, 000,O 900 of the new Issue unaccount-
ed for.
BY refernce to the annual report of
the Washington Railway and Electric
Company to Congress. II Is seen that
the whole $6, 0O02O of the stock is set
down as the property of the railway
company. There is no reference in the
annual report of either company to the
increase in capitalization of the Po-
tomac Company to S10.0O0,eO0. although
the statement at the Recorder Of Deeds
office shows that on January 81, l9l2,
the stock holders unanimously voted
the doubling.
Valuation Jumped SI,5oo,ooo.
1t is also interesting to note that the
valuation of the property Of the Po-
tomac company is set down at an ad-
vance of $l,5OO,OOO over the estimate of
a year ago, SIS, 900. 0O0 although the COM
parative figures for the actual cost Of
property" are $40, s20,05s.ss on December
81, 1911, and l,lb4, 10S.40 just year
later and just one month ago, diff
ference of little more than half mil
lion, leaving about a million dollars
evidently to be accounted for by ap-
probation in value in year. or corre-
spending roughly with the amount of
the increase in stock issued last year
to the Washington Railway and Elec-
trio Company.
The facts become the more interest
ing in view Of the price of electric cur
sion OF Maryland for Baltimore, S11
cents, as compared with the 10 cents An
the District of Columbia, and the at
tempt upon the part Of the peoples
counsel over there last week to force
the price still lower when 1t was dis
covered that the company had some
$500. 900 more than had been considered
in connection with the fixing of the S1s-
cent rate, for dividend purposes.
Nine Per Cent Earnings.
An examination Of the report shows
further that the earnings of the COM
pany for 1872 after deducting all
AoI6cos oiiouhiCo W HlOiC thoh pSi
cent on the present stated capital stock
of S6,0Oo.0oo, or about 5h per cent on
S10,000.00O. This was a much better
showing than the very favorable one
made by the Washington Railway and
Electric Company as whole.
The report for the present year, 1913
ought to show even greater increases.
for the company Is now supplying the
current for the washington. Virginia
railway system. which became a part
of the Washington Utilities Company in
December
Merger Seems Probable.
With the failure of Congress, how
ever. to establish public utilities COM
mission, 1t seems entirely probable. not
wtthstanding the Districts suit to the
contrary, that the Washington Utilities
Company will show to Congress a year
hence a report including the operations
not only of the Washington-v Virginia
Railway Company. but Of the Washing
ton Railway and Electric Company. and
the Potomac Electric Power Company
as well.
patent conclusion also seems to be
that I'm the absence of a public utilities
commission the Potomac Electric Power
Company. with its new SO. .00o. 900 capital
and It's S13. 900 900 valuation. will be able
to argue that IL is entitled to earn per
cent and thus block any movement
looking toward a reduction in the price
of electricity TO the public.