The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-10-09

EreSfuent ingalls,, OF Jne Cinclunatl, InOlanap-
oils & St Louis system, yesterday issued his
sixth annual report, in pamphlet form, covering
the fiscal year ending June 3d. 1885. This report
shows the gross earnings of the road to have
been So, 414, 300.25 operating expenses. 81 SAL :
500. no. net earnings, 1872, TOO So. The Kankakee
81 Seneca and Columbus, Hope & Green Bay
road have been operated by this company, but
their accounts are kept separate from those of
the c., l., st. L. & G. proper On June 80. 1885,
the company owned and controlled 3SS.07 miles
of main track, los. SO miles of second track and
siding, 494. 06 miles of track altogether
ty-seven locomotives, eighty eight passenger
cars, 1908 freight cars; ample depots and sidings
in the cities of Cincinnati, Indianapolis and
Lafayette, which have been procured at great
cost. The total liability of the company for all
this, including bonds of the main line and bonds
and stocks Of branch and leased lines not owned
by this company was 1929 600, being at the
rate of trife less than $24, 600 per mile of main
track, and little over $1S 900 per mile of track
very low debt considering the cost
and condition of the property. The
report of the ticket and freight
accountant shows reduction of over Is per
cent. in the average rate per ten on all freight
carried, as compared with previous years. Pres
ldent ingalls, says this is due to no fault of the
management or to causes over which it had con-
troll, but to the apparent innsane attempt of
the trunk railways of the country to destroy
| themselves He adds: The history of this war
| Its cause and progress are too we'll known to
| need repetition here. By friendly cooperation
with our immediate connections and competitors,
the loss has been confined to as small portion of
| our business possible, and fair rates obtained
on much of our traffic. 1t is very difficult, how
ever, to maintain about the same rates on grain
from Chicago to Cincinnati as are daily made
from Chicago to New York. more than three
times the distance. In April last, the rates to
the seaboard were reduced so low that your
management decided to withdraw from
that class of business until the
for the expense. The net results since have
more than justified this radical move, and have
further shown that it is possible for this com
pany to live and pay something to its owners,
and give UP all seaboard traffic. The danger of
such course is that our shippers will be taken
from us and get accustomed to other lines. 1t
was thought better to take this risk than waste
our property by staying in the market at the
rates that were current then, and have been
since. Exhaustion, if nothing else, will bring
settlement in time and then a large increase in
our revenue may be looked for That your
property has earned SO much under the disas-
trous condition of affairs for the year is
matter of congratulation, and assures
when railway business resumes It's normal con-
dition. The cities and towns along our line seem
to be fairly prosperous and show signs of recev-
cry from the depression of the last year. The
winter wheat was almost entire failure in the
section of country tributary to our lines this
summer, and its loss is shown in the decreased
| earnings for July, August and September of the
new year This has been nearly overcome by a
decrease of expenses, and with the largest corn
crop in our territory ever known, now assured.
the balance of the year should compensate for
the loss of the first quarter. President Ingalls,
says that for the first time in its history, the
for current operations. and there
are enough floating assets to pay this.
In closing his report President ingalls, says the
company is out of debt and with wise and
economical management in the future, avoiding
unwise expenditures, keeping clear Of floating
debt, and only dividing what Is earned and in
the bank. the company will constantly improve
and have prosperous future. That the trains
of the company have been handled with their
usual freedom from accident and for the sue
cessful results of the past year. the thanks of
the company are due and hereby given to all the
officers and employees. The above report must
be highly satisfactory to the directors and
friends of the road, when the disadvantages the
road labored under during the twelve months is
taken into consideration