Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-01-16

Power Co. no income was received by
the Washington Railway and Electric
Co. on its investment in stocks Of sub.
sidiary companies.
During the year the carrier
hauled l01 ,S29.572 passengers, of
whom 24,323,9S6 were carried on trans.
fers, leaving 77.5o5, S3J revenue pas
sengers. This indicates a decrease in
revenue passengers Of 2SI ,039, or
about one-third of per cent.
az compared with 1924, refuting the
popular opinion that buses, second.
hand and moderately priced automo-
biles were dealing death blow TO
mass transportation systems. This
relatively small decrease, as compared
to that suffered annually since 1919.
leads the company to believe that the
downward trend Of traffic has reached
its limit
The Potomac Electric Power co.
passed through a successful year,
showing increase in business as com
pared with previous years.
The program of capital expendi.
lures to be made in 1926 is in excess
of 81 500 900. Of which over 81 go. 900
will be required to care for general
and customers extensions. and the
balance to provide additional equip
ment and improvements TO the power
plant and substations.
Preferred Stock Sold.
The demands upon the Potomac
Electric Power 90. 10 provide the nee
essary funds FOR future expansion re-
quired adjustment Of the financial
structure in 1925. when arrangements
were completed and approved for in
creasing the capitalization Of the com
pany to $40 900 600. divided into 500
600. 900 OF preferred non-voting cumu-
lattve stock md $40 900 900 common
stock. In October. 1925. the company
offered 10 its consumers and employees
10000 shares preferred stock. per
cent series OF 1925; it vas oversub-
s"rib"d more ts:4n six and a half
times
During the past year 54G24 appIi-
cations for refund on electric light
bills we're rendered and paid within
the period from August !, 1917 TO De
cemher 81. 1874 had been filed, aprov-
cd and paid. refunding TO the consunl-
ers through this medium, the sum OF
50 .297 ,650.4i. Payments are conttnu-
ing as applications are filed and claims
proven.
The agreement provided for a Slid
ing scale OF rates 10 be adjusted an
nuaNy. One of the provisions states
that when the return for any one year
exceeds ~ per cent OF the valuation
of the property OF the company one
half Of said excess IS to be use. in the
reduction 81 ra-C: to lie charged the
public the"eafter The result OF the
operations ui the agreement applying
10 the year 1925 Indicated that fur
ther reduction i'll rates to consumers
should be made in 1926. The com
pa.ny voluntarily agreed 70 have the
rates adjusted 50 as to make them Ell
fective with the billing of January.
1926, with the result that the maxi.
mum rate fuv current charged for f.
Illuminating purposes Is now cents
per kiloWatt hour, as comps red with
the i1=-cent rate put into effect Jam
uary. 1875.
New Bonds Planned.
On January I. 1925. $3.50. 900 Poto-
mac Electric Power Co. general de-
benture 6S. and on February I, 1925. |
S1.S9o.oo0 Metropolitan Railroad first
mortgage ) per cent bonds, matured.
funds for the retirement Of which
We're temporarily obtained from the
co1npany's treasury. Authority has
been obtained from the Public Ctili- |
ties Commission TO issue and sell
s750,0o0 Potomac Electric Power Co
general and refunding mortgage, |
series &C" SIC per cent 3o-year gold !
bonds. to reimburse the company for |
the retirement of the general deben- |
lures, and to issue and sell s1,S5O.O00
Washington Railway and Electric
Co.'S general and refundiug mortsae e |
b per cent lo-year gold bonds to REIN. |
purse the treasury for the retirement
OF the metropolitan first IS.
81 toll
debtedness of the Washington Rail. |
way and Electric Co. and subsidiary
companies including the Potomac
Electric Power Co.. is now S2S ,2so 900
which, added to the SIS ,OOO. 900 canitaI
stock of the parent company. and
*2,493,7o0 outstanding capital stock
or subsidiary companies. makes the
totai Outstanding capitalization De
cemoer 81, 1925. s43.376,650 This
excludes bonds purchased for the
sinking funds and for temporary in.
Yestment.
The record of stockholders as of the
close Of 1925 indicates a total of > $50
or whom 1,240 are woman. trustees
charitable, beneficial or religious or
ganizatioris. The record indicates that
1,431, or SO per cent, of the stockhold-
ers are residents Of the District of
Columbia. |
Repeating Wnat was said in the an
nual report OF 1919 relative to merger |
proceedings, Mr.. Ham said such a
merger should include the railroad
lines of the w. r. and E. Co. and the
Capital Traction Co, located within
the State of Maryland as we'll as with
in the District Of Columbia, and should
be combined with plan for service
at cost providing a reasonable return
upon the value Of the property and