The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-01-15
HAM SUBMITS
1920 REPORT
Tells Stockholders Increases
Are Needed II Companies Are
To Pay Returns.

Stockholders OF the washington
Railway and Electric Company to-
day were informed that additional
revenue WAS needed To assure them
a reasonable return on their invest
ments.
William f. Ham. president OF both
companies, In submitting his annual
report to stockholders, stated that
the financial conditions OF the COM
panies had improved considerably
but the earnings were still insult
ficient.
WILL SEEK INCREASE.
While he did not refer specifically
to the need for higher electric rates
and street car fares. his report clear
ly Indicated the company would soon
seek higher rates.
President Ham pointed out that the
Increase Of one-half cent per kilo-
watt hour for electric rates, granted
recently, did not provide the relief
required. He did not touch upon the
recent refusal of the Public Utilities
Commission to increase street car
fares.
The report pointed out that there
was general understanding that
ly function under existing conditions
at as low rate of fare as might be
reasonable to the Capital
Traction Company. He said also
that official recognition had been
given to the fact that there must
be a uniform fare on both street
car systems.
PEPCO HAS RECORD YEAR.
The Potomac Electric Power Com
pany, the report states, has by far
had the greatest year in its history.
1t is pointed out that electric light
and power customers has increased
from 1850 in 1919 TO 1922 in 1920.
President Ham points out that in
every character of service rendered
by the electric company there has been
material increase. He states that
today the company sells 1O2 600, 600
kilowatt hours compared to 100000
in 1906 He also states that meter in
stallations have increased during the
past ten years pa per cent.
After pointing out the progress OF
the company in expansion. President
Ham declares the only thing needed
is reasonable rates lie states new
capital is necessary and in order TO
attract new capital the company must
De ming IL TcdsOHdDIc IttuIh upoI
its investment.
Regarding the Washington Railway
& Electric Company, Mr.. Ham re-
ports that this company carried on its
lines last year 1l2,913.416 passengers.
or whom 25,130,632 were carried on
transfers. Pay passengers decreased
in comparison with the previous year,
4.4Os.575 or AIS per cent.
The company, he states, spent ST.
136.277.1S for maintenance and i'm
provement of way and structures and
declares further that this Is the least
amount the company should spend
yearly IL the properties are to be
kept in proper condition.
Efficiency in all departments has
shown a noticeable decrease, sys Mr..
Ham. He states that the number Of
accidents has increased % per cent
and the number of claims reduced by
so per cent.
Detentions in service has decreased
43 per cent, as result OF the high
class condition of the equipment OF
the company.
President Ham states the need OF
legislation to reduce the taxes OF the
company. pointing out the efforts that
have been made in the past to have
this Hesitation passed by Congress.
Inc report States tndl the " ash
ington Railway and Electric Com
pany was authorized to issue $54l 900
general mortgage per cent bonds
in order to reimburse the company
for capital expenditures previously
made. The report says these bonds
are unmarked table and have not been
issued.
bonds NOT DISPOSED OF.
Mr.. Ham also points out that the
Potomac Electric Power Company
was authorized to issue $1,400, 900
general mortgage s per cent gold
bonds. but states the company could
not dispose of them. He states the
needs were temporarily met by nego-
tiating bank loans with certain of the
bonds as collateral at rs per cent of
their par value.
Payrolls Of both companies have been
the largest in history, the company
paying out $4.3sS.O0. an increase of
14.7 per cent, or 3562,aol over the pre-
cedins year.
The financial statement to the
stockholders shows that the gross
earnings from operation and miscel-
laneous items of the two companies
Melted for the year S11,227,65S, an
increase Of &4,1+3,439.97 over the pre-
ceding year.
The operating expenses, including
depreciation, taxes and miscellaneous
items, amount to $8,s5S.615.69, an in
crease Of $1,616,322.6s. Interest
charges amounted to &l,56S,2S9.99, an
increase of $107.s8o.6S over the pre-
vious year.
The surplus income for the year
was $500, 1899, which IL an increase
OF s41s,13s57 compared with the pre-
ceding year.
DIRECTORS ELECTED.
The following men were elected
directors at today's meeting of the
board of directors held in the com
pany offices. Fourteenth and G
streets northwest: Milton T.. Allies
Charles ]. Bell, Woodbury. Blair
Edwin C, Brandenburg, ID. ]. Gala
han. Emory Coblentz w. T. Galliher
julius Garnnkle, william i. Ham,
Robert N. Harper. Leonard II.
Mitchell, Clarence +. Norment, Har-
old b. Thorne, Bates Warren, and
George w. White.
The officers OF the company will
probably be reelected at the meeting
of the board this afternoon.
Norponfor ~ I oo&,,ro