The Washington times., 1923-03-21
BIG GAINS.
MADE BY
PEPC)
Operating Revenues Two and
q Half Times Greater Than
Ii Year 1914.
By VINCENT CALLAHAN.

VI
The prosperous Potomac Elec-
trio Power Company is earning
more money today than any time
in its history. Dividends Of 10
and Ill per cent on $4,000, 900
capital stock are being declared
regularly year after year. This
year will be no exception, except
that the dividend may jump 1 Or
2 per cent.
Case Involves s.. co. 900.
This company's valuation case
now before the United States su-
prene Court, concerns 5000
OF what might be called potential
dividends. If the company wins.
the money. or q great part Of It.
win be distributed as dividends. II
the company loses. the money goes
to the people of the DISTRICT. IN
either event, the company VIII
continue to- prosper.
An examination of the reports OF
the electric company for the past
nine wears. 1914 to 1922, inclusive.
il contradictory of the claims OF
the company that the present rates
for electric current are unjust and
unreasonable. When the commits.
sion in 1917 reduced the rate from
10 to 8 cents per kilowat hour,
the company Immediately rushed
into court and made all sorts OF
claims about disastrous results OF
the new rate.
Profits Bigger Than Ever.
But what has actually happened
since this new rate became effective?
Has the reduction hurt the prosper
GUS company? Positively no, for the
company's annual reports indicate
that each year they are getting
profits Of many thousands of dollars
more than the year before.
Here are a few facts which give
an insight to the condition Of the
electric company.
From the period Of 1914 to 1922.
inclusive, the company's total Operat-
ing revenue was $20, 1928, 791 80.
The net corporate income for this
period was $6,214 ,799. 53.
Dividends declared totalled S.
46O, 900.
The surplus after dividends had
been paid totalled SITS, O72.25.
These figures no doubt are sur.
prising. They show that the com.
pany is getting along a little more
than comfortable. They also show
that the company can get along
very well without the $4,000, 900
which was collected in the i'm.
pounded fund. They also show that
the company does not need a TO-
eent-per-kilowatt-ho rate to keep
from-shall we say starving?
Valuation Made in 1914.
The Public Utilities Commission =
valuation of the electric company
was of July !, 1914. Take a look
and see what happened to the com.
pany during that year. Here's
what happened:
The cOnlpany's total operating
revenue was $2,O45, 1896.
The net corporate income was
$6l7, 424.55.
Dividends declared tOtaled $780,.
900.
Surplus after payment Of diyI.
dends tOtaled $l7,424.55.
Big Gain In Surplus.
These figures are for 1914. In
comparison with 1922, the figures
show:
In 1922, the operating revenues
totaIed $5,115,328.81, or two and
0nc.llaf times greater than 1914.
In 1922, the net coTpOrated in.
come was $959, 1871 ,35, or 80 per
cent greater than in 1914.
In 1922, dividends declared were
10000 and the same i'm 1914.
I'm 1922, the surplus, after nav.
ment Of dividends, tOtaIed 1888. 1855.
90, or more than twenty times
greater than 1914.
These figures all come from the
annual reports of the electric com.
pany as made to the Public Utilities
Commission.
Here are some more interesting
figures:
The average total revenue of the
electric company from 1914 to
1922, inclusive, was S3.3l4.3lO. %:
net corporate income, $500. 53S. 30:
dividends, $500, 666.66, and surplus,
$50, 452.45.
Child CAa1AA1 L..