Evening star., 1935-02-16
PEPC0 SALESUP
SHARPLY IN YEAR
Total, Exclusive Of Railway
Volume, Is 1922 Per Cent
Above 1888.

William Mcclellan, president OF the
Potomac Electric Power Co., told the
stockholders at the annual meeting
yesterday afternoon that kilowatt
sales in 1894, exclusive Of sales to
railways, were 1872 per cent higher
than in 1888 and that operating rev.
enues from: such sources showed an
incrase of 81 per cent. But due to
increased expenses the net income OF
s983,873 in 1884 was SO per cent less
than the net income in 1888.
In explaining the higher costs,
President Mcclellan said that during
1884 there were substantial increases
in the price of materials and labor
costs were increased by reduction Of
the working week from 48 to 40 hours.
on the general principle Of no reduc-
tion in the weekly pay. Owing to
additions to property and the usual
write-offs representing property no
longer used and useful, the appropria-
ticn for depreciation was 1878, 8,485
more than in 1888.
The company closed the year with
pay roll of 2.269 and 160,470 Gus
toners. an increase of per cent. The
average kilowatt hours consumed by
domestic customers were 8.4 per cent
better than in 1888. Eighty-six new
air conditioning installations were
made during the year.
Gross expenditures for additions
to property and plant in 1884 amount
ed to S3,435, ,256, and upward of s4,000,-
900 will be spent in the coming year,
the report stated.
Directors Are Reelected.
Stockholders reelected the same
board Of directors. including William
F.. Ham, chairman; E. c. Branden-
burg, Daniel j. Callahan, F. w. Doo-
little, Robert v. Fleming, Herbert c.
Freeman, julius Garfinckel, Robert
N. Harper, Cloyd H. Marvin. William
Mcclellan. l.. H. Mitchell, Alfred G.
Neal and Clarence Norment.
The directors elected the same OFF,
GERS, including President Mcclellan,
A. G. Neal, vice president and gen.
eral manager; j. F. Ferry, vice presi-
dent and chief engineer; G. M.
Thompson, secretary and assistant
treasurer; j. E. Tenly, treasurer; E..
D. Detwiler, assistant secretary, and
H. G. Hayden, controller.
The only changes in official per-
sonnel were the appointments of C.
L. Carr to the position of assistant
controller and w. L. Jones, formerly
assistant controller, to be assistant to
the vice president and general
manager.
w. r. & E. Officers Named.
The same directors of the Washing
ton Railway & Electric Co. were also
retained in Office. The holding COM
panys officers also remain the same
for the coming year:
William F. Ham, president; A. G.
Neal, vice president; G. M. Thompson,
secretary and assistant treasurer, and
j. E. Tenly, treasurer and assistant
secretary.
President Ham presented his an
nual report, reviewing the financial
set-up since the merger of the operat-
ing section of the company with the
old Capital Traction Co., now the
Capital Transit Co.
Regular dividends on the Washing
ton Railway g. Electric preferred and
common stocks were paid during the
year and an extra Of $40 q share was
added on the common. The extra
payment was made because the di-
rectors thought that with the discon-
tinuance Of active operations less
working capital was required.
The financial statement showed an
income in 1894 of $2,646, ,668.53, and
deductions for expenses, taxes and in
terest of $288, ,39O.04, leaving a bal
ance for dividends and surplus Of
$2,368, ,278.49.
The company has assets and ia-
bilities of ss7,7s2,3s5.ss, the balance
sheet reveals.