Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-01-19
STREET RAILWAYS
LOSS IN REVENUE
LESSENED IN 1929
Decrease Declared Smallest
in Nine.Year Period Since
Passenger Slump Began.
w. R. &E. SToCKH0LD ERS
RECEIVE ANNUAL REPORT
Riding Public Realizing Disadvan-
tages Of Crowded Streets.
Saws President.

While there has been a continuous
loss in the number Of revenue pas
SenRer5 carried by the street railway
companies OF Washington since 1920,
william F.. Ham, president Of the Wash
ington Railway & Electric Co., IN his
report to the stockholders 1T their an
nual meeting yesterday stated that the
decrease in trafic suffered by his com
pa.ny in the year 1929 was the least In
the nine.yeer period.
ut is our belief" added Mr.. Ham.
that the daily increasing congestion
in vehicular trafic, added to the grow
ing lack of parking space, Is impreSSinE
the riding public with the difficulty Of
attempting the daily use OF privately
owned automobiles for transportation to
and from business centcrS, bringing
about a realization of the real con-
venience afforded patrons Of the street
cars
Merger Plan Discussed.
Mr. Ham briefly discussed the finan-
cial condition Of his company, the pro-
posed merger with the Capital Traction
Co. and the efforts of the two COM
panies to obtain authority from the
Public Utilities Commission and the
courts for an increase in car fare to 10
The Supreme Court Of the District has
set January 80 as the date upon which
1t Will hear arguments upon the petit
lions OF the two companies for permits
sion TO increase fares.
The new merger plan proposed by
the Public Utilities Commission, Mr.
Ham declared. Is not acceptable to his
company in its present form. He said
1t contains certain terms and condi-
tons which we feel should be elimi-
mated or modified in order TO justify
its consideration by the stockholders
OF this company"
On behalf Of the board Of directors
Mr. Ham submitted q condensed finar-
cial statement for 1929 as follows:
Gross earnings from operation, S.
78s,s7s.26; miscellaneous income, in
GLIDING dividends from the Potomac
Electric Power Co.. 81, sos, l02.55, giving
gross income, $7,Ss5,0Sl.sl. L..
... Operating Costs Listed.
Operating expenses, including depre-
citation, taxes and miscellaneous charges,
| $4,7S4, S43.27; interest on funded and
unfunded debt, $685., 503.64; payment OF
| dividends on preferred stock, $425, 900;
payment Of dividends on common stock.
SASS 900, making the total operating
and other expenses, including dividend
payments, se,Ss3.s47.0I.
This gives q balance OF income Tor
the year 1929 credited to profit and
loss Of 1901 .234.so, to which Is added
S3S2,035.2l for miscellaneous items
credited to profit and loss, making q
total credited to profit and loss during
the year OF $1,SS4 ,07o.01.
Aside from dividends from the Po-
ton1ac Electric Power Co., included in
this statement, MIR. Ham said no in
come was received by the company on
its investment in stocks Of subsidiary
companies.
Mr.. Ham called attention to the fact
that the number OF automobiles regis
tered IN the District In 1929 increased
l6 per cent over those registered In 1928.
which was practically the same increase
- that in 1928 rs compared with 1927.
Yet, he said. the loss in revenue pas
sengers in 1925 was but 1881, ss
compared to 1,2se, s2s In 1928.
Says Lights SLOW Traasc.
Mr.. Ham said that what appears TO
US an unnecessarily large number of
trafnc light installations placed on
routes OF the street car and bus lines"
! has resulted in slowing down opera
tons and produced \ congestion Of au-
tomobiles, thus adding to the incon-
The policy of liberal expenditures for
maintenance and Reconstruction of way
ana structures" has been kept up by the
company. according to Mr.. Ham. The
amount expended In 1899 for general
maintenance or track and roadway, to-
gether with allowances for depreciat ton.
amounted to &7e5,0o0. He said the more
important projects completed during the
year included the rebuilding Of 1853
n INA aSN,tk 49, al
9,606 feet Of overhead trolley ut q cost
Of approximately. sos 600.
MT. Ham said the Potomac Electric
Power co. has again passed through e
successful year, showing an increase in
business as compared with previous
years. The volume Of current sold
amounted to 2Sl ,262 ,210 kilowatt hours.
an increase OF II per cent over 1928 and
$40 per cent over 1919. The number of
meters In service December 81, 1929, was
l64, 22e. an increase Of per cent over
those the yeRr before.
Added Responsibility.
The constantly. increasing business
enjoyed by the Potomac Electric Power
60. brings added responsibility upon
the company" said Mr.. Ham, ito pro
vide the necessary facilities for AIDE
quateg handling such business, an6
during the year 1899 our capital en-
pendttures aggregated $4.4S4,lll." -
the program OF capital expenditures
to be made by the Potomac Electric
Power Co. in 1880, Mr.. Ham said. would
aggregate &S,7e0,50o, the largest In the
company's history This viii be needed,
he explained, to complete the projects
made necessary by the disposal Of the
companyiS property located In the Gov
eminent triangle south Of PennsylVanis
avenue, to acquire additional sub
station and street lighting equipment.
and for the regular general extensions
necessary to serve the company's
customers.
Reductions in the rate charged for
electric current according to Mr.. Ham.
viii mean q saving Of $3.50. 900 this year
to customers Of the COMPANY.
Trihats ~ gnsslsyes.
Nj Ham concluded his report with a
railway company for their "enthusi-
aStic and efficient support" 80,
The following board OF directors was
elected: woodbury. Blair. Edwin C.
Brandenburg, Daniel j. Callahan, r. W.
Doolittle, Robert v. Fleming, Julius
oarfinekel, Edwin Gruhl. william. F.
Ham, Robert N. Harper, Cloyd H. Mar
vim, Lennard H. Mitchell, Clarence r.
Nerment, Eugene =. Thompson and
Herley p. wilson, +
The board met Immediately after the
stockholders meeting and elected off,
GERS as follows: william r. Ham, presi-
dent: s. r. Bowen, vice president ard
counsel; A. q. Neal. vice president and
controller: II. M. Keyser, secretary ana
assistant treasurer: A. NJ. Fisher, treas