The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-01-22
N. R. &c. GIVES
YEAR SEARN|NGS
As s6,110,135
Report Shows Passengers Fell
of Over 2 Per Cent From
1920 Record.

~ 49, - - sSs'
1920 Record.
A balance on hand Of $52s,2s7.S4
for the fiscal year ending yesterday
II shown In the annual report of
the Washington Railway and Electric
Company. which was made public
yesterday prior to a meeting of
stockholders Of the traction corpora
ton.
According TO the statement, the
gross income for the year was
$6,110.135.17. The company's ex-
penses for the last twelve months,
including payment Of per cent
dividend on preferred stock and in
terest on its funded and unfunded
debt, was $5.6S0.s97.63.
Two changes were made in the per-
sonnet Of the officers of the traction
company. H. M. Keyser. claims at
torney Of the company. was named
secretary. to succeed 8. r. Bowen:
who was promoted to the post Of
vice president and general counsel.
All the other officers were reelected.
Unearned Income High.
In addition to the gross earnings
from operation of the lines. the mis-
cellaneous income, including divi-
dends from the Potomac Electric
Power Company, totaled $654,511. 56.
unfunded debt of the company was
$772. S60.5S. Payment Of 8 per cent
dividends on preferred stock amount
ed to $425.000.
According to the report of the
company, no income was received by
the concern on its investments in
stock of subsidiary companies, with
the exception of dividends from the
Potomac Electric Power Company.
The subsidiary railway companies,
however, II was pointed out. show an
operating profit to the parent COM
pany of $30.005.30, as compared with
an operating loss in 1919 Of $780,.
1896.
There has been no interruption to
the rapid growth Of business OF the
Potomac Electric Power Company,
the report continued. It's customers
have increased from 4S,122 to $3.50.
an increase Of 6.764.
The total bonded debt Of the Wash
ington Railway and Electric Com
pany and its subsidiaries, including the
electric light company, now outstand.
ing with the public. il $30,707.850.
During the year Just past the rail
way SYSTEMS cars carried HILL
052 passengers, of whom 25,629, 1896
were carried on transfers.
The. number OF pay passengers
carried as compared with 1920 de.
creased 2,S01.0 or about 2.62 per
cent, according to the report.
During the year the operations Of
'one-man' safety cars has been ex-
fandnd IN that fhara in a
ton thirty-three such cars, all
equipped or being equipped with the
most modern safety devices"
The company spent $1,0S1 Ssh
for maintenance and depreciation Of
tracks and railway.
AS for the Potomac Electric Power
Company's growth Of business, the
report states that SAB new meters
were installed in the year, and 2,213
house services installed.
The plans Of the company for 1922
include capital expenditures Of ap-
|proximately $1,250,000. This will pro-
vide for a new 12,500 kilowatt cycle
turbo- generator, the erection OF an
additional sub-station, and extension
Of cables and additional substation
apparatus.
The board Of directors met i'm.
mediately after the stockholders
meeting, and elected the following
officers: Chairman, Milton e. Allies;
president, william F. Ham: vice presi.
dent and counsel, s. r. Bowen; secre-
tary, H. NJ. Keyser; treasurer, A. M.
Fischer; comptroller, A. G. Neal; as
sistant secretary-treasurer, William
L. Clark; assistant secretary, H. W.
Kelly. and assistant treasurer, V. d.
Brooke.
The executive committee was elect
ed, consisting of Clarence +. Nor
ment, chairman; Mr.. Allies, Charles
J. Bell, Woodbury. Blair, Edwin c.
Brandenburg, William T. Galliher.
Robert N. Harper. and Mr.. Ham.
president, ex-officio.
The auditing committee was elect
ed, consisting Of Messrs. Blair, Nit.
chell and White.
The board of directors was elect.
ed, consisting Of Messrs. Allies, Bell.
Blair, c. Brandenburg, Daniel ]. Cal.
lahan, Emory L. Coblentz. Galliher.
Julius Garfinkle, Ham, Harper, Len.
nard II. Mitchell. Norment, Harold
B. Thorne, Bates Warren and George
w. White.