Every evening, Wilmington daily commercial., 1922-01-12
ADVANCE N RATES
FAILED TO INCREASE
TOTAL NET EARNINGS
Unsatisfactory Conditions Are
Shown in Delaware Railroad
Annual Report.
MEETING TODAY At DOVER


Special Dispatch "a Every Evening.
Dover Jan. i,.--At the annual
meeting OF the Delaware Railroad
Co. held here mt the compsny's Of
nccs today. tho SEVENTEEN annual re-
wrrt wns submitted showing income
statement for the year ended Dccem-
her ~. 1921. ms compared with year
lpso. as follows;
Income from lease OF road. $l%1.-
T7a7i; increase OF siA.so2.2l.
Gross income. stSs. ess.Se; increase
Of tis.ssT.Ts.
Deductions from gross income, IN
cludine interest on funded debt. In.
tcr1st on unfunded debt. maintenance
OF organization. etc. sse.oe2.ss; de-
CREASE OF s765.
Net income, sat7.s6i.ei; increase OF
sit.eob.ta.
Disposition 81 net income: Divi-
dcnd W per cent, paid July !. 1891
and January z. 1922. $aos.26e; incom,
applied TO sinking fund. Ss5.6l6.s9;
total. tiii.s 80; balance transfer.
red 20 credit OF profit and loss. S..
pSe.2e. increase OF siAs7so7.
PROFIT and loss statement: Amount
10 credit Of profit and loss. Dcccmbcl
al. 1899. seSs.Se21s. add 10 sundr,
net credits, si2Ga6; credit balance o
income Cor year. ss.eS2s2; balance {,
credit. December 81. 1921. 1886, 00i.3i
rho lessee paid during year take.
nsircgatinr slo3.l7SSs. which wer,
levied by the United States and tn,
Ia. l.. 4
but ssoeSi OF this amount represent
ine tax upon income from cash an,
securities owned by company. viii b.
refunded 90 the lessee and appears IN
tho income statement as miscellane
Gus tax accruals.
During The year the trustees OF tn
sinking fund purchased SIS. 900. OF IN
4ois per cent bonds that had been is
sued undcr tho general mortgage
1hey were duly cancelled by tn
trustee of the MORTGAGE. the outstand
ine amount of such bonds now bcinl
$4,000
Tho advanced rates put in force h,
tho Interstate Commerce Commission
IN pursuance Of the provisions OF III.
Transpor Act OF 1890. have faile,
o. yield 20 the railways Of the countr,
she net earnings specified therein
owing somewhat 20 the diminishe,
volume Of traffic. but mainly 20 IN,
fact that but small decrease amount
ins 90 about ieis per cent. and takin.
eject July 1. 1891. was effected durin.
tho year IN the vases OF railway en-
ploycs while the working condition.
established by the government through
the National Agreements during IL
control ana operation OF the railway
Of the country, were substantial.
continued While further efforts hav
been made 90 reduce wages and chang
working conditions - "a 10 bring Their
moro into harmony with those prevail
ing in like branches OF industry. m
scticn taken by the Labor Board q
such matters instead OF being helpful
toward a fNsulf. 80 vital 20 the intcres
Of the public. has been OF a characte
TINT has ne.Issitatcd an appeal b
fhc representatives OF the system {
she judicial tribunals. in order tina
its powers may De chsrly defined an
no unwarranied Interference permit
ted with the management OF the rail
WAYS or tho making Of agreement
between them and their employees.
As under the provisions OF IN
Arilcics OF Consolidation Of the road
forming tho company II is requisit
that three members Of the Board c
Directors reside in Sussex count,
tn. removal oi :. :. pennewin, VIII
had been a member OF the Board sine
1914. from that county necessi,ate
his retirement from your directorat,
oliver A Newton was duly elected /
his place on January 3. 1921.
William Watson Harrington. WI
had been a director FOR four year
having been appointed % the bench
tho State OF Delaware. and havin
by reason thereof presented his rests
nation. William "a. Boyce was electe
on October II. 1921. io'fl the vacanc
Ihu following directors were cleo
ed John y, GREEN. Henry Tainai
John Hum. George V. Massey. r,
ward Hart Joseph Bancroft. Alexar
der 4. Corbitt. Walter O. Hoffecke
William IL. Boyce. James j. Ros
Oliver A. sNew,on. William T. Re
ords, John NJ. Dennis, DIR. Il. w. Gold.
borough, Nicolas n. Johnson.
A, J. County was elected addition
vice-prcsldcnt on October II. 1921. ar
J. Tancy Wilcox was reappointed a
assistant secretary, effective Januar
1921.