Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-04-02
GROSS EARNINGS,
PRESIDENT SAYS,
OVER S1o,OOO,OO0
Is Increase Of S179,750.07
Over Those of the Pre-
ccding Year.
OPERATING EXPENSES
ARE CUT DURING 1921
&C apitar' Expcndit urcs,
Wheelwright Reports, Pre-
cludc Dividend Payments.
TRAFFIC. FALLS OFF s,4:s,14a
T"'"' Number Carried los. 1nc.s3,. OF
which. IL Is Asserted, 1S,55g,s5,
Were Free,
OPERATING EXPENSES
ARE CUT DURING 1921
TRAFFIC. FALLS OFF s,4=a,,4a
r"f"' Number Carried los. inc.s3c. of
which, IL Il Asserted, 1S,558,S53
Were Free.

Addition OF 399O.OoS.Sc to its ac-
cumulatcd surplus after allowinr for
all charges and depreciation, was
the result of the operations of tho
virginia Hallway and Power Com
pany and leased and operated COM
pantes for tho calendar year. 1921
according to the annual statement
issued yesterday. DeductinE n
STOCK dividend Of s5o7.i37. payable
February |. 1922, the company had
an accumulated surplus of sl.7S3.-
1912 on Dccmcber 81, 1921, the re-
port shows.
cross earnings OF the company
for the calendar year of 1921 amount
ed to sl0.lT3.334.53 or an increase
OF SlI9,159.9T over the preceding
twelve months. Operating expenses
during the year declined sl2,4o7.67.
giving the company an Increase of
Sis2,i66.6i In operating revenue over
operating expenses. The gross in
come for the year totallcd s3.34I-
l2S.i1, out of which was paid S6os.-
ll2.0i in taxes and licenses, leaving
net operating earnings of S2,6ia,-
01'.16. out OF which to meet the over
head of sl.65:.slS.9i. representing
interest on outstanding obligations,
rentals and other charges.
Unable to Pay Returns.
While the financial statement OF
the company shows that it is earn
ing money on its combined proper
ties. the company is in peculiar
position OF being unable to pay any
returns to the stakeholder. accord
N
president OF the companj, Yesterday.
This, he said, Is because the surplus
over operating costs is needed to
meet capital" expenditures which
are constantly necessary to main
tain and reinforce the service.
The amount thus charged to cap
ital account for the year 1921 Is
sl.7O9.ll3.9S and further commit
ments for the capital account have
been made and the work is in prog
rcss." Mr.. WhcclwriSht declared. He
pointed out that the capital expcn-
ditures represent extensions TO the
plants and equipment and that in the
absence of market for the COM
pany's securities II has to pay for
improvements out OF earnings until
such time as II can, through mod
ern railway franchises, establish its
credit base and thus develop mar
ket for It's securities"
Property In Good Condition.
The annual report shows that the
property OF all departments is in
good physical condition. 1t shows,
also. that there has been consider
able Improvement I'm operation. the
cost being considerably less. For in
stance. the expenditures for main
tenance OF way and eauipment
amounted to s1.OSo.952 or 1915 ner
cent OF the gross railway earnings.
against 2l.37 per cent In 1920.
In addition to the regular charges
Tor maintenance OF way and eouin-
ment the sum Of sSlO.40OOs, equal 70
b per cent OF the gross earning. for
the year. was included in operatin~
expenses and credited to reserve 10.
depreciation. This policy was adopt-
e" Ten years ago and the deprecia-
ton and renewal reserve n,,,,
i amounts 10 Sl.s2a.Slo.ji. A reserve
OF sl'6'667.is for injuries and dam
ages has also been built up. all OF
which. except sl0.o65.5o, was accu-
INFLATED in 1921
The total railway revenues for 1921
were S'.i3s.s236s. decrease OF $50.
Sa9.Sl over the preceding year Tho
railway operating expenses for 1eo,
were Si.560,9i7i9 or s26.7O4s5 lee.
than the preceding year. six ,.r
cent OF the gross railway earnings
were included in the operatinr az
penses To rUver the depreciation re-
serve.
Total light and power revenue,
Tor 1871 amounted to S4,733.7I0s5.
an increase OF S2S0,53s7s over 1870.
The total light and power operat.
ing expenses amounted to 52.5c6..
'ii.3?, an increase OF $1+.297.is over
1929
Passenger traffic during the year
1921 fell on St23.l43, according 10
the statement. The total passengers
carried in 1921 is put down at 1885,
1890. Of which is.a5s.sS3 wero
free or transfer passengers. and s7,-
ose were revenue transfer psssen-
gers. The Tree transfer passengers