Smyrna times., 1921-01-19
DELAWARE R. R. DIRECTORS
MEET IN ANNUAL SESSION
FINANCIAL REPORTS SUBMIT
TED SHOW NEED OF RELIEF
Increased Cost of Maintenance a
Question of Much MOment-Direc-
tors Reelected For the Year.

tOIS RS-elcCLeQ FOr the i ear.
The sixty-ninth annual meeting of
the stockholders and directors of the
Delaware Railroad Company was held
in Dover Thursday. The annual re-
port shows the following statement of
finances:
Income from lease of road, 1920,
$426,971.50, a decrease over 1919 of
$1642.50; gross income, S469, 9,O56.11,
decrease of $2394.59; net income,
$432,955.78, decrease of S2,7OO.39.
Disposition of net income, dividends
paid July and January, amounting
to $406,262. Income applied to sink
ing funds, $35, ,085.63. Balance trans
ferred to debit of profit and loss,
$8291.85, an increase over 1919 of
qI992.52. Profit and loss statement:
Amount to credit of profit and loss
December 81, 1919, 1857, ,283.9S; de-
ductiops debit balance of income for
year, $8391,85 balance to credit De-
cember 81, 1920, 948,892.12.
Under head of general remarks
the annual rent prescribed in the
lease of the road to the P. B. &
w. R. R. Company, being an amount
equal to the interest of the funded
debt and dividends of 8 per cent on
capital stock was received. There
was also received the further sum
of -$42, 2,084.61, representing interest
on cash and securities in treasury
and in sinking fund provides for re-
demption of debts.
Taxes aggregating $1O0,128.29,
levied by the United States gov
ernment and the States in which the
property is located, We're also paid
during tn year, but $S4O.67 of the
amount, representing tax upon in
come from securities and cash
owned by the company, will be re-
funded to the lessee.
Investment in the road was in
creased by $31,2S7.2S. During the
year the trustees of the sinking
funds purchased $4,000 of the Az
per cent bonds issued under the gener
al mortgage. They were cancelled by
the trustee of the mortgage, the out
standing amount of such bonds nov
being $375,000.
The Interstate Commerce Commis )
sion was directed to establish sucl
rates as would ensure to the rail
ways for two years, from March
1920, net railway operating incom
of $1s to per cent upon the aggre
gate value of the property as deter
mined by the commission. Under thi
Z power the commission has alread
\ made substantial advances in the rate
on traffic, but the abnormal increas
I in the rates of wages authorized dun
ing Federal control and the subse
X quent guaranty period, and the rad
4 cal changes in working conditions an
y standards upon which the compenss
X Llon of the raliway employees ha
Z heretofore been based, together wit
y the increased cost of supplies an
X materials, have so largely absorbe
z the increased revenues thus obtaine
" that the railways must have furtht
W relief to assure the maintenance {
n their credit and of their ability to fu
" nish adequate facilities to the publ
|D which are the chief objects sought I
" be obtained by the Transportation &C
W The following directors We're elec
jN ed by the stockholders as follow
N John P. Green, George v. Masse
81 Philadelphia; Henry Tatnall, JOSEF
W Bancroft, Wilmington; John Hun
N Wyoming; Edward Hart, Townsen
81 Alexander P. Corbit, Odessa, Walt
W o.. Hoffecker, Smyrna; w. Watts
n Harrington, Dover; James ]. Rol
~ Seaford; Oliver A. Newton, Bride
W vile; William T. Records, Laur
II John M. Dennis, Baltimore; DR..
~ R. Goldsborough, Cambridge, M
vi | Il IL