Evening journal., 1915-01-14
RAILROAD Shows
Increased receipts
Officers Elected and Inter-
ing Reports Made at Della
wares Annual Meeting
IMPROVEMENTS
MADE DURING YEAR

Special to THE EVENING JOURNAL,
DOVER, Del, Jan. 1.-THE sixty,
third annual meeting OF the stockhod-
crs and directors Of the Delaware Rail
road was held here at the company's
Office at the railroad station at noon
today, with President John p. Green.
presiding
After reading the tabulated reports
of the income statement, profit and loss
account. President Green submitted this
summary of the years work:
Under the terms of the lease of your
property, the Philadelphia. Baltimore
and Washington Railroad Company has
paid the rental as shown in the income
statement, representing the guaranteed
dividend upon your stock and the in
terest upon your bonded debt; and in
addition thereto there has accrued dur
ing, an applicable TO, the year covered
by this report, further sum of $50
53llT payable by tho lessee covering
the income tax of the United States
Government and the taxes imposed upon
your property in the States through
which your railroad operates
The total expenditure for road dur
ing the year amounted TO S112,7S9.71,
made up as follows:
Income for year. rental, S431 .764.
From other sources, S63, 1T.
Gross income, 494,941.2S. Increase
of S2,3O3.96 over previous year. Total
deductions. $24.76O, leaving net in
come Of S470,1S1.19. Transfers TO pro-
fit and loss account, 0,44G, leaving
total amount to profit and loss ac-
count, S57O,213.
lnterlocking, north of New
Castle ................S 56264I
Crossing bells, cast on
Cambridge Commemorative. 6sO.5O
Track changes, Harrington 505.7l
Change and extension of sid
ings, Farnhurst Center
vile and Easton ........ 2,l2OO2
Commercial sidings, Har-
rington and Cambridge lO00Ol
Extraordinary expenses for
roadway and structures 95O66.sS
Right OF way ........... 0,s26.O6
Total ....:........... sI5o2a.5o
Less credits for property
abandoned ........... 3l33.ss
Total ............... sll27S0.Tl
Oi this amount there was furnished
by the lessee and charged against its
surplus income in continuance of the
policy which your company had pursued
prior to the present lease and repre-
senting extraordinary expenditures for
roadway and structures, commercial and
other sidings slight track changes. in
terloek, crossing bells, etc. SlO2. 725. O6
The balance amounting to S lO.O63. rs
Less adjustments on account
OF the cost Of removing
property abandoned and
the sale of real estate. 2445
Leaving a net balance Of s 10000 30
IL viii be noted in your balance sheet
that your Road Investment Account
shows a decrease of 5000 s3345. account
sd for as follows;
Expenditures for road during year, as
shown above, increase, SlO.O30.3O.
Transfer to separate account. Paw
ments, Account of Edge Moor Yard. -
December, S207 $500.
value Of property abandoned and not
replaced December, S2,0SS.S3.
Net decrease, S20O.S 33.45.
The payments made during the wear
on account of the Edge Moor Yard.
amounted to Sl3703.74.
In pursuance of the requirements of
the interstate Commerce Commission
the amount heretofore added TO your
protlt and loss account by reason of
the payment Of your Delaware and
chesapeake Railroad bonds out of
your sinking funds, has been with
drawn from that account. and is in
Guided under the heading, Funded
Debt retired through income"
lt IS with profound regret that
your board record the loss during the
year Of two of their number. Mr.
Thomas Curry, who died on February
"a, and Mr. William w. Lobdell. who
died on October 10. The minutes
adopted by the board in commemor-
andom of their long and faithful serv-
ice will be found attached to this re-
port To fill the vacancy caused by
the death of Mr. Curry. Mr.. Simeon 5.
Pennewill was elected director on
April IA, 1914, and to fill that caused
by the death of Mr.. Lobdell, Mr.. Alex
ander p. Corbitt was elected a direc-
tor on December z, 1914.
John HUM was elected vice president
on January s. 1914, Mr.. Lobdell having
declined reelection on account of in.
health.
Under an Act of Congress approved
March l, 1913, the Interstate Commerce
Commission was authorized and direct
ed TO make a physician examination OF
the railroads coming under its iurisdic-
ton.
Work was commenced by the engi-
neers of the commission upon your rail
road in December; and in connection
Herewith, and to properly protect the
interests of your company, c. A. Pres
ton was appointed valuation engineer.
effective November l, 1914
Together with the general balance
sheet OF your company of December 81.
1914, certified by the auditors. there are
hereto appended the statements of the
two sinking funds provided for the re.
demption OF your debt, and of the SCI