Evening journal., 1922-01-12
DELAWARE R. R.
annual Meeting
Railroads Hurt by High
Wages and Working Con-
ditions, Says Report
RETIRE S3S,OOO OF
BONDS PAST YEAR
Special to The Evening Journal.


Special to The Evening Journal
DOVER. Jan. 12.-At the anual
meeting of the Delaware Railroad
Company at the company's offices
here today the SEVENTEEN annual
report OF the company was submit
ted and the following directors were
elected; John p. Green, Henry Tat
nall. John Hum. George V. Massey,
Edward Hart. Joseph Bancroft,
Alexander p. Corbit, Walter o. Hof-
fecker. William II. Boyce, James ].
Ross. oliver A. Newton. William T.
Records. John NJ Dennis DR.. b. W.
Goldsborough. Nicolas r. Johnson.
A. ]. County was elected as addi-
tional vice president on October IL.
and J. Taney Wilcox was reappoint-
ed as an assistant secretary. The
directors reelected the old officers.
The annual report showed income
statement for the year ended De-
cember 81. 1921. as compared with
year 1920:
Income from lease Of road, SAL
1871. Increase OF s14.S02.21; gross
income. s4S3, ,953.Ss.. increase OF
S14S977S; deductions from gross
income, including interest on fund
ed debt, interest on unfunded debt,
maintenance Of organization. etc,
6.O92.6s; net income, s447.S61.21.
increase OF s14,9O5.4S; disposition
OF net income dividend OF per
cent. paid July 1, 1921. and jan
uary 8, 1922. s406.262; income ap-
piled to sinking funds s35, ,616.99
total Of s441. .S7S.99; balance trans
ferred to credit OF profit and loss,
$5.982.22. increase OF s14.374.O7.
Profit and loss statement; Amount
to credit of profit and loss. Decem-
Der 81. 1920, ss4s,S92.13; add to
sundry net credits, s126.s6; credit
balance Of income for year, s5,-
9S2.22; balance to credit December
81. 1921. 1855. .OO1.31.
The lessee paid during year taxes
aggregating S103.17S.S3 which were
levied by the United States and the
States in which property is located,
but s506.S7 of this amount repre-
senting tax upon income from cash
and securities owned by company
will be refunded to the lessee and
appears in the income statement as
miscellaneous tax accruals.
During the year the trustees OF the
sinking fund purchased $4,000, Of
the AZ per cent. bonds that had
been issued under the general mort
gage. they were duly cancelled by
the trustee OF the mortgage. the out
standing amount of such bonds now
being 1897. 900.
The report adds;
The advanced rates put in force
by the interstate commerce COM
mission in pursuance OF the provi-
sions OF the transportation act OF
1920. have failed to yield to the
railways OF the country the net earn
ings specified therein. owing some
what to the diminished volume OF
traffic, but mainly to the fact that
but small decrease amounting TO
about twelve and one half per cent.
and taking effect July, First. 1921.
was effected during the year in the
wages Of railway employees. while the
working conditions established by
the government through the national
agreements during its control and
operation Of the railways OF the
country, were substantially continu-
ed
while further efforts have been
made TO reduce wages and change
working conditions so as to bring
them more into harmony with those
prevailing in like branches Of indus
try the action taken by the Labor
Board in such matters instead offbe-
ing helpful toward a result so vital
TO the interest of the public, has
been Of a character that has necessi-
tated an appeal by the representa-
tives OF the system to the judicial
tribunals in order that its powers
may be clearly defined and no un-
warranted Interference permitted
with the management OF the rail-
ways or the making OF agreements
between them and their employees.
"As under the provisions OF the
articles OF consolidation OF the roadl
forming the company, It is requisit,
that three members OF the board o,
directors reside in Sussex county, the
removal Of S. S. Pennewill. who had
been a member OF the board sinc
1914. from that county necessitate,
his retirement from your director
ate. oliver A. Newton was dul.
elected in his place. on January Ia
1921"
The report also says that w. Wat
son Harrington, who had been a di
rector four years. resigned when ap
pointed a State Judge, and forme
Judge William II. Boyce was electe