Evening journal., 1921-01-13
INCREASED COST
.CUTSR. R. Income
Net Income of Delaware
Road Falls Off 81, 7OO.39
During Year
co. DIRECTORS
ARE REELECTED
nnclnl Id Thn Evnnlnr InnrnaI

Special to The Evening Journal.
DOVER Del, Jan. i3.-The sixty
ninth annual meeting OF stockhold-
ers and directors Of the Delaware
Railroad Company was held at the
company's office here at noon today.
The following directors were elected :
John p. Green, George V. Massey,
Philadelphia; Henry Tatnall, Joseph
Bancroft, Wilmington; John Hum,
Wyoming; Edward Hart, Townsend
Alexander p. Corbit. Odessa; Walter
d. Honecker, Smyrna: W.Watson Har-
ringiOn, Dover; James j. Ross, sea-
ford; Oliver A. Newton, BridseNille
William II. Records, Laurel; John VI.
Dennis, Baltimore. DR.. n b. Colds
borough, Cambride, Md. Nicholas H.
Johnson, Pennington.
The annual report shows the f0l-
lowing statement OF finances;
Income from lease OF road, t92n,
Si26.g7f.5O. a decrease from 1919, OF
Si.6i25O; gross income, Si6yuo6ti,
decrease OF S2,39i.59; net income,
SEB2. ..glJ. IS: decl ease OF S2,lo.39. us
position OF net income; DIVIDENDS
paid July and January, amounting
10 SiO6, ,262OO: income applied 70
sinking funds. S3j,USS.63: balance
transferred 10 debit OF profit and loss
SS,39i.S5, an increase over 19i5 ol
81 ,992.52
Profit and loss statement. Amount
10 credit Of profit and loss, DeceIinPle,,, ll,,,
"a 1919 1851 .2S3.gS; deductions deDil
/ balance Of income for year, So,3yi -
I balance 20 credit, December 81, 1870
S9is.S92i3. -,
Tie annual rent prescribed in IN,
lease OF the road TO the p. B. and w
n. r. Company, being an amount equa
To the interest OF the funded debt anG
dividend OF per cent on capita
stock. was received. There was als'
/ received the further sum Of Si2,Oeis
/ 81 representing interest on cash an'
/ securities In treasury and in sinkini
fund. provided for redemption o
Tsxes aggregating 800. 1880. whicl
were levied by the United States Gov
ernment and the States In which IN
property is located, were also pai'
during the year but SSiO6l OF IN
amount representing tax upon incom
from securities and cash owned ~
the company. will be refunded 10 IN
lessee.
Investment in the road was increas
ed by S3i .2S7.2S. During the year IN
trustees OF the sinking fund purchase
S37 900 OF the IA per cent. bonds ina
had been issued under the genera
mortgage. They were Cancelled by On
trustee OF the mortgage. The Out
standing amount OF such bonds now
$4,000.
"The Interstate Commerce Commi:
sion was directed 10 establish sue
rates as would insure to the railway
for two years from March 4, 1920,
net railway operating income fr0l
5ik 10 per cent. upon the aggregai
value Of the property as determine
hy the commission" says the an
uual report Under this power n
commission has already made sui
! stantial advances In the rates
/ traflc, but the abnormal Increases
, the rates OF wages authorized durir
Federal control and the subseque
/, guaranty period, and the radio
I changes made in working condition
and standards upon which the con
Z pensation Of the railway employ
{ had heretofore been based, tOgeth
with the increased cost OF SUPPLE
and materials have so largely aDsOrl
ed the increased revenues thus ol
tanned that the railways must ha'
further relief TO assure tho mali
/ tenance OF their credit and OF the
= ability 10 furnish adequate facilitl
TO the public which are the chief Ol
iects sought 10 be obtained by q
I transportation act"