Evening star., 1924-01-19

Payment of 1870
dividend common
etock -...-'-.--..- Z3o, ,foo.D .-.. . .
Balance Of income for year 1928,
credited to profit and loss sl51327e9
AiseelIaneous items Gargeiy profit
resulting from sale of real
tatel. credited to profit and loss
during the year 1923 3.......... 1886. s.
Total credited TO profit and loss
during the year 1923 s$2S7 ,906 g.
'The above figures are subject 10 revision
upon final audit Of the accounts for the year
1Oe,719,O87 Passengers Carried.
During the year the system carried
S1,51S.607 revenue passengers and
25,201, ,490 transfer passengers. or a
total of 106.719,097, a decrease of l.
.19S,14 as compared with the previous
year.
Bills have been introduced in the
present Congress requiring the rail
way companies to return to the rate
Of fare existing before the war.
namely cents cash or six tickets
for 25 cents" said Mr.. Ham. 1T is
impossible to return to a pre-war
rate of fare until other conditions
over which the company has virtually
no control are again upon a pre-WaI
basis. Wages. coal and other ma
teTldlS are anywhere DU per Cent
to 125 per cent higher than they were
before the war. Unless wages are to
be reduced to the old basis, and un-
less materials can be bought at prices
formerly obtaining, both of which
are now manifestly impossible. we
coul dnot revert TO the old rate of
fare"
Under the proposed fare our oper-
ating expenses and taxes would ex-
ceed our operating revenues within
T. l. IT,.
than 81 100000 annually, without any
return whatever upon our invest
ment. Hearings on this proposed leg
islation are to shortly begin before
subcommittee of the Senate District
committee. It is inconceivable that
presented, will favor the enactment
of such legislation" he concluded.
New Equipment I'm Use.
The company placed in operation
during the year thirty cars of the
pay-within type for two-man opera
ton, and ten cars of the pav-withfn
type for one-man operation, referred
to in the last annual report, the deliv
cry of which was completed the early
part of 1923. 1t also added to its
transportation equipment seven
busses, making the total number now
in operation fifteen.
Building operations within the Dis
tr1ct have been continued on the same
large scale as for the last two years,
thereby, on the one hand, enabling
the Potomac Electric Power Company
to enjoy large business, but, on the
other hand, requiring large expendi-
lures for increased extensions and
facilities. The electric light and pow
er customers now total 1928, an in
crease of 1903 over the previous
output OF the plant at Benning was
269,865,217 kilowatt hours, or TIA PEI
cent greater than in 1922. The cleo
trio company has spent approximately
$10,o00,000 for extensions and addi
tions to its plant and equipment dur
Quirements for 1924 approximate
$3,000,000.
New Financing Reviewed.
for necessary extensions and to re-
tire s3.600,000 general mortgage
bonds, which matured July ]. 1928.
the company issued and sold on June
l. 1928, s4,000,000 general and re-
funding per cent mortgage bonds.
1t will be necessary during the year
to provide for the financing Of our
construction expenditures and also
for the retirement of s75o.0o0 deben-
ture per cent bonds, which mature
January /. 1925.
The Washington Railway and
upon to make new financial arrange
ments during the year by reason of
the maturity on December ], 1923 of
its general mortgage 6 per cent
bonds in the amount of $1,000, 900.
In order to provide for retirement
of these bonds, and to reimburse the
company for capital expenditures
heretofore made from it's current
funds. it obtained the necessary au-
thority to place a new mortgage of
issue hereunder s2.645,000 of its
general and refundinG mortgage
per cent bonds, dated November 1,
1928. None Of these bonds have yet
been sold but some of them are be-
ing used as collateral for a loan made
in connection with the retirement on
December 1. last, of per cent
bonds.
Plans for Present Year.
During the present year considera
tion will be given to necessary finan-
cling in connection with the maturity
on February 1. 1925, of $1.s50.000
Metropolitan railroad company first
mortgage per cent bonds.
The regular dividend on preferred
stock, at the rate of per cent per
annum, was continued throughout the
year. On June 1, 1923, after lapse
Of four years, payment of dividends
on the common stock was resumed,
three dividends of IL per cent each
having been paid during the year.
The total pay roll for the year
1923 of the company. and subsidiary
companies. including the Potomac
Electric Power Company, was $4-
185.72O.S9 an increase over that Of
the previous year of $174,S89.5S.
Stockholders Number 2,3O5.
The record Of stockholders as of
the close of 1928 indicates a total of
2,30b, of whom 1903 are women. trus-
tees, charitable, beneficial, religious
or other similar organizations. 1t is
of interest to note that 1,4S6 or 81
per cent of the stockholders are resi-
dents of the District of Columbia.
Finding that many of its employees
were Interested in becoming stock
holders. and believing that such re-
lationship was mutually beneficial,
the company decided late in the year
to offer a limited amount of pre-
ferred stock, which had been pur-
chased in the open market, to it's en-
ployes upon the partial payment plan.
A total of 554 employees subscribed
for 1,063 shares of stock under this
plan.
The operation of busses has been
somewhat extended during the year