Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-06-14
STREET CAR
COMP ANY'S
LOSSES Big
Reports of Directors
for Two Years Is
Public.
MONEY is NEEDED
Revenues Not Enough
to Provide for
Operation.
MONEY is NEEDED

A deficit of S242 1917 for the year
1921 and an actual decrease Of S414, 4,0432 21
in earnings, or more than 81 1874 a day
in 1920, are shown in the annual report
of the board of directors of the Indian
apolis Street Railway Company, submit
ted to the stockholders today.
The losses are attributed, by officials,
to titney competition. The loss was re-
couped in a measure, the report states,
by the revenue taken In from transfers.
decrease in the net earnings Of the
Terre Haute, indianapolis & Eastern
Traction Company is shown in a report
made at another meeting today. This
loss is said to have been caused by motor
bus competition and the business de-
preston.
Taxes in the sum OF S71,51s-2s were
''saved" when the street railway com
pany surrendered It's franchise June I,
1921, the report shows. Included in this
amount is a small credit allowed Oh ac-
count OF Implications of taxes by the
State an .dcOunty.
A 5-cent fare and 2-cent transfer
charges are said to be insufficient to
meet operating expenses, fixed charges
and sinking fund requirements and at
the same time provide a return to the
stockholders.
FORMULATING PETITION
FOR DTFINITE ACTION.
In reference to the committees ap-
pointed by Mayor Shank to investigate
the financial needs of the company and
TO make an audit Of the books, the di-
rectors say they are now formulating a
petition to be presented TO the public
service commission asking that some
definite action be taken on the reports.
What action Is not specified.
The greatest necessity Of the car com
pany. It is related. Is the construction
Of six substantions in different parts Of
the city, TO insure a full supply Of power
for all, lines. This improvement, which.
Il is pointed out. has been recommended
repeatedly In previous reports, would
cost approximately $4,000 Negotia-
tions for financing the project are under
way Il Is said. New car shops, addl-
tioual cars and car barns are said TO be
needed and q IS recommended these be
provided as soon as the company is in
a position to finance them.
balance of 500. 1904 Is shown to
be In the Golfers Of the traction com
many. A not earning Of Sl.39J166 70 with
out the subtraction for taxes Is shown
for the year 1921
elected by the board Of directors. are
President, Robert J. Todd; vice presi-
dents, Henry c. Thomson and John Ap-
pei; secretary treasurer, Joseph A. Nc
Gowan; assistant secretary treasurer. W.
T. Mn olland; auditor, L. J. Z. Foley
and superintendent, James =. Tretton.
The executive committee Is composed Of
Henry Jameson, Henry c. Thomson and
w. T. Durbin. The board of directors.
elected by the stockholders. consists Of
Mr.. Jameson. chairman: Mr. Thomson.
Mr. Durbin, Walter J, Ball r. K. Will
man, Mr.. Appel. Henry ]. Hornbrook
and Mr.. MCGOWAN. These men were re-
elected.
The officers and board Of directors
for the Terre Haute, Indianapolis &
Eastern Traction Company. all were re
elected They follow: President. Robert
I. Todd vice president. John J, Appel ,
secretary treasurer, Joseph \. McGowan,
and auditor. lie Roy r. Hixson: board
Of directors, Randall Morgan, Mr.. Todd,
w Kesley Schoepf, Mr.. Appel, Mr.. Nc
Gowan, James W. Lilly and Mr.. Hlxson.