Milford chronicle., 1921-01-28
ANNUAL MEETING OF
DELAWARE R. R. co.
BECAUSE OF THE INCREASED COST OF
MAINTENANCE FURTHER RELIEF IS
NECESSARY-ELECT DIRECTORS.

The sixty-ninth annual meeting oi
the stockholders and directors of the
Delaware Railroad Company was held
at Dover, January 18th. The annual
report shows the following statement
of finances:
Income from lease of road, 1920
$426,971.50, a decrease over 1919 OF
S1642.5O; gross income, $469, 9,O56.11
decrease of $2394.59; net income,
S432, 2,955.78, decrease of $2,7OO.29.
Disposition of net income, dividends
paid July and January, amounting to
| $406,262. Income applied to sinking
funds, $35,085.62. Balance transferred
to debit of profit and loss, $S291.85, an
increase over 1919 of $1992.52. Profit
and loss statement: Amount to credit
of profit and loss December 81, 1919,
$957 7,283.98; deductions debit balance
of income for year, $SS91.S5; balance
to credit December 81, 1920, $948,892.-
12.
Under head of general remarks the
annual rent prescribed in the lease Of
the road to the P. B. G. w. r. R. Com
pany, being an amount equal to the
interest of the funded debt and divi-
dends of per cent on capital stock
was received. There was also receiv-
ed the further sum of $42,O84.61, rep
resenting interest on cash and secur-
tiles in treasury and in sinking fund
provided for redemption of debts.
Taxes aggregating $100,128.29, lev
led by the United States government
and the States in which the property
is located, were also paid during the
year, but $840.67 of the amount, rep
resenting tax upon income from Sc
curities and cash owned by the COM
pany, will be refunded to the lessee.
Investment in the road was increas-
ed by $S1, 1,287.28. During the year the
trustees of the sinking funds pur-
chased $4,000 of the 4 1-2 per cent
bonds issued under the general mort
gage. They were cancelled by the
trustee of the mortgage, the outstand-
ing amount of such bonds now being
$375, 900.
The Interstate Commerce Commits
sion was directed to establish such
rates as would ensure to the rail-
ways for two years, from March 1,
1920, net railway operating income
of 1-2 to 6 per cent upon the aggre-
gate value of the property as deter
mined by the commission. Under this
power the commission had already
made substantial advances in the rates
on traffic, but the abnormal increases
in the rates of wages authorized dur
ing Federal control and the subse-
quent guaranty period, and the radi-
nh1nonC
and standards upon which the COM
pensation of the railway employees had
heretofore been based, together with
the increased cost of supplies and
materials, have so largely absorbed
the increased revenues thus obtained
that the railways must have further
relief to assure the maintenance of
their credit and of their ability to fur
nish adequte facilities to the public
which are the chief objects sought to
be obtained by the Transportation
act.
The following directors were elect
ed by the stockholders as follows:
John P. Green, George V. Massey,
Philadelphia; Henry Tatnall, Joseph
Wilmington; John HUM,
Wyoming; Edward Hart, Townsend;
P. Corbit, Odessa; Walter
c. HOffecker, Smyrna; w. Watson, |
Dover; James J. Ross,
Seaford; Oliver A. Newton, Bridge
Vile; William T. Records, Laurel;
John M. Dennis, Baltimore; DR.. R.
r. Goldsborough, Cambridge, Md;
Nicholas R. Johnson, Pennington.