Evening star., 1918-01-20

Former offfcerS were reelected. as
follows: Clarence p. King, president;
W. F. Ham. vice president: Allen C.
Hoyt, second vice president: s. r.
urer. and William L. Clarke, assistant
secretary and assistant treasurer. No
action was taken in filling the position
Of treasurer made vacant by the death
in November of Charles E. Brown.
Tho executive committee remains the
same with Mr.. Norment chairman and
Messrs. Allies, Bell. Blair and King. The
present legal staff also continues. It is
composed Of J. 8. Barbour. general at
torney: ]. J. Darlington. general coun-
Sci, and George p. Hoover. attorney.
Loss in Gross Revenues, $37, 7,412.
The loss in gross revenues of the COM
pany was but $37.412, but the payment
Of the s II per cent on the common stock
made the company dig into the surplus
for $SS3,351. The great loss came
depreciation. not separated in the re-
port, but calling for $514.14S more than
in lJ16.
The income account of the Washing
ton Railway and Electric Company for
1917. including the Potomac Electric
Power Company, follows:
Income for 1917.
Gross earnings from
ai.esi;.a.eu. Income: sssss ',ss
Gross income ss,ses see SO 81. .4l2. 70
Operating expenses Gn-
cluding saxes and de-
preciation) ......... a.7pl .2es 81 $50 o777.2s
Gross income. less op-
Grating expenses.
faxes and deprecia-
tion .............. .7ss. .2es 4s Ss4s. 1901
Fixed charges ........ l.e24.14s.50 .30.114.6s
the year .......... ss14.l4s.es s1s,sos. q
sInerease.
Disposition Of Surplus.
Surplus income for the
Payment @ Of sss dividend '4''s
on preferred stock. $425 900 90
Payment Of 61sE divi-
dend on common stock ~, 10000
|--sf --..- - s47.soooo
=. sass s5l 90
Sinking fund require
ments. P. e. P. Co.. $106, 90
Miscellaneous items
net credit 8S.O60.63
------ 7s1o.s7
PROFIT and loss dedcit
Tor the year ...-............ $401, ,S61. 30
Balance in surplus account Of WASH
ington Railway and Electric Com
pany December 81, 1917. .S77c, ,SS5 6S
Effect Of Strike and Low Rates.
It was explained that the losses in
revenue due to the strike In the spring
of 1917 and the reduction in rates for
electric light and power ordered by the
Public Utilities Commission. effective
August l, 1917. had more than counter
balanced the normal increase in earn
ings due to the growth of the city,
making q decrease in gross earnings
for the year of $47.1o6.57.
The operating expenses, including
taxes and depreciation. amounted to
$3,7s1,263.S4, an increase Of more than
half a million dollars compared with
the preceding year. This increase is
in connection with the strike, together
with the constantly increasing cost of
labor and material and the Increased
burdens Of taxation. Taxes alone in
creased $65.991.S8. while the company's
coal bill was Ss7,649.S9 in excess Of the
previous year.
Earnings of Company.
The figures show that under all these
conditions the company earned more
than the dividend on its preferred
stock, and that the dividends on the
common stock were paid from surplus
accumulated in former years. The rate
of dividend on the common stock,
which has been per cent per annum
for several years, was reduced to the
rate Of 5 per cent for the last quarter
Of the year. The balance in the surplus
account of the Washington Railway
and Electric Company at the end of
the year amounted to $772.S55.65, as
compared with $1,071, ,922.94 at the be-
ginning Of the year.
nance and depreciation was kept up
to the standard OF previous years, being
secs, ,104.S1.
5o,e46,225 Passengers Carried.
1t was announced that during the
year the railway carried so.94s,225 pas
sensers, 19.702.1O4 of whom were car
ried on free transfers.
The company has been considerably
Handicapped during the last few weeks
on account Of the severe weather con-
ditions, which have not only caused
Interruptions to service, but have put
many of Its trainmen on the sick list,
which. 1t was stated. combined with
der present war conditions, has made It
impossible at times to operate its full
complement Of cars.
special report to the stockholders
OF the Potomac .E, E1sctrie ,hst nower .h. com eo
pany ts now serving 3S,20S customers,
an increase over 1916 OF $3.50 users OF
current for lighting and power pur-
poses.
Addition to Benning Plant Made.
Owing to the great demands of the
1rn,ted states government in its war
work and the great increase in popu-
lation OF the city due to the activities
of the government, the company has
found that the additional 10000 horse
nower turbine installed in 1917 at the
RenninE plant will not be SUFFICIENT to
furnish all the power required and At
the same time maintain the neces-
sary reserve. The company has, there
fore. been compelled to provide for q
large addition to its Benning plant.
consisting Of an extension of its general.
ing room and boiler room and the install
lation Of an additional 10000 horsepower
turbo generator unit complete with ali
necessary boilers, stokers and auxiliaries.
In addition, many large expenditures for
additional facilities for the government
are required.
TO provide for all Of these expendl-
lures the Public Utilities Commission
has recently authorised the issue of
81, ,592 900 bonds. These bonds are in ad-
dition to the $7B0,000 bonds which the
company issued and sold during 1917.
On account OF the urgent demands for
light and power. the company has found
GRAFTON Of its auxiliary plant at 18th
| N AH "a : q