Evening star., 1916-01-15
Washington Railway and EIec-
trio Company Shows Re-
ceipts of $5,191,627.34.
OSCAR L. GUBELMAN
is NOW A DIRECTOR
Succeeds William B. Hibbs, Who
Resigned-Board Holds
Annual Meeting.

|
ton Railway and Electric Company
made gross earnings from operation of
S. 191, ,627.34. being an increase OF Sl43,-
I19211 over the returns from operation
| during the previous year, according TO
a report made at the annual meeting
of the board of directors today.
The gross income for the year was
5.213.955.47. an increase in comparison
with the returns of 1914 of S131.629.64,
| a loss of s11.562.57 in the item mis-
cellaneous income being responsive
| for the apparent discrepancy between
returns from operation ana gross IN
come
The vacancy created by the resigna :
ton of William &. Hibbs from the al,
rectory of the corporation was hlIeo
by the selection of Oscar l.. Gubelma n
of the we'll known banking hrm OF
Knauth Nachod & kuhne.
The new director has broad ex-
perience in corporate management ana
general knowledge concerning pubic
utilities
Private Autos Hurt Receipts.
william F. Ham, vice president of
the company. when asked regarding
the effect of jitney bus competition on
the Washington Railway and Electric
story given out by officials of the Cap
ital Trac ction Company. to the effect
that it was the privately owned auto
mobile that was cutting into passenger
receipts, much more than the Jitneys:.
He also referred to the fact that IN
Boston and many other large cities
it was impossible for owners to leave
automobiles standing in business dis
tricts, and that the Inconvenience was
causing many former patrons OF street
car service to return again.
William Loeb. jr.. of New York city.
in whose name a very large block OF
the stock of the company still stands.
came down for the meeting. Mr.. Loeb
is now with the Guggenheims. and the
fact that their interests in Mexico are
very large gave the impression that
the former private secretary to Presi
dent Roosevelt may have made the visit
to Washington in their interests and
was commented upon. but Mr.. Loeb de-
clared that he had come down simply
to attend the meeting of the corpora
ton.
Full Board Of Directors.
The full board Of directors elected to-
day is as follows: Milton E. Allies.
Charles J. Bell, Woodbury. Blair, Clar-
ence P. King, William Loeb. jr.. Clar-
ence F. Norment. George Truesdell.
William F. Ham and Oscar L. Gubel-
man.
The directors reelected the officers.
the personnel for the current year
being Clarence p. King, president; Will
Brown. treasurer: S. r. Bowen. secre-
tary. and William L. Clarke. assistant
secretary The executive committee re-
mains the same. with Clarence F. Nor
ment, chairman, and includes Messrs.
Allies. Bell. Blair and King.
The general staff appointed for the
year consists of John S. Barbour, gen.
eral attorney; Charles s. Kimball. en-
gineer of way and structures; j. T.
Moffett, superintendent of transporta-
ton; ]. H. Stephens, superintendent of
shops and car houses; r. W. Crowell.
purchasing agent; L. w. Glazebrook,
chief surgeon; L. E. Sinclair. gen.
eral superintendent, Potomac Electric
Power Company. and John C. McLaugh-
lin, advanced from chief clerk of the
lighting company to the executive po-
sition in the commercial department
made vacant by the recent death of Ed
win S. NARROW. As heretofore, J. ].
Darlington will continue as consulting
counsel, with George p. Hoover acting
as attorney.
The Annual Report.
The report for the year shows a ma
terial increase, the complete statement
of the railway and subsidiary COM
panies. including the Potomac Electric
Power Company. being as follows:
INCOME ACCOUNT FOR THE YEAR 1915.
Inc.
1915. over 1914.
Gross earnings from
operation .....-... 51s1 s27.34 sI43. 49, /
miscellaneous income. 22.32s13 I'll .jt2. 81
Gross income w s5,213.s55.47 Sl3I go. "a
Operating expenses
tincIuding taxes and
depreciation -. &3.oOe.o71 slI5. SO
Cross income, less
operating expenses,
taxes and deprecis-
tion ..-.....-..-..- 2,2o4. $3.50 16 %; Gs
fihed charges -.-..-.. l.1s1S1.22 1O.sT9 80
Surplus income 81 iol6 ss62s $54l3.o9
DISPOSITION OF SURPLUS INCOME
Surplus income ................. SlOl6 Ss6 .s
Pa syment of 5cs divi-
dend on preferred
stock ..-.--........ $325, ,0OO. 90
Payment Of 1Ts diyi-
dend common
stock ..-...-....... 45o.ooo.oo $4,000 90
-....--..... 1876, $50. IS
Distribution TO
ductors and motor
under profit
sharing plan ...... l5,527.14
Sinking fund require
ments Potomac .
Electric Power Com
pnny ..............- los. 400. 90 .....