The morning call., 1894-11-13
EXPERT LlTTLE'S
On the Financial Standing of the
Company.
BRANCH LINES A BIG DRAIN.
Still Ii Is Not at Present Deemed
Wise to Break Up the
System.

NEW Y DIRK, Nov. 12.-The report of Ex-
pert Little, who has been investigating
the accounts of the Atchison, Topeka and
Santa Fe Railroad Company, has just
been made public. It's salient points are
as follows: The net revenue for the year
ending June 80, 1894, exclusive of the At
lautic and Pacific. the Colorado Midland
and the st. Louis and San Francisco
lines, was SIS. 956614. This includes an H.
stallment of $350,000 Of the Sonora Rail-
way Company subsidy, which should be
deducted in considering the earnings as
a basis for plan of reorganization. If
this subsidy is deducted, the net earnings
would be reduced to $5606.61 The in
ierest charges, which are prior liens to the
in terest on the per cent gold bonds,
leave the sum of S4Sl6. 264 applicable 10
the interest Oh SIPS, 365. Cos bonds out
standing in the hands of the public. which
is equal only to 8. 70 per cent. The Atchi-
son Company lost S95 1924 by operating the
81. Louis, Kansas CITY and Colorado Rail-
road. aud the net earnings would have
been increased S341 401, the amount con-
tributed by the Atchison Company under
the tripariite agreements with the Atlantic
and Pacific and st. Louis and San Fran
CloOu 1tdiL odu Company. uSSc 1WO SuulS
added to the net earnings would bring
them up 4.09per cent
In accepting these figures as the basis
for reorganization it must be taken for
granted that the present floating debt of
the company will be provided for and not
be charged against further revenue. but
while it may be said the interest on gen.
eral fours has been substantially earned,
the earnings depend to some extent on the
maintenance of the integrity of the entire
system. The auxiliary companies are a
severe drain upon the Atchisou system
under the present system of fixed charges.
The loss for the year of the Atlantic and
Pacific was S1.S60,034 halt chargeable to
the Atchison; the loss on the Colorado
Midland was $647, 754 and on the s.. Louis
and San Francisco $685. $50, all chargeable
to the Atchison. On the results of the
adjustment that may be reached with these
companies. if retained in the system, de-
pend the real surplus available for the
payment of the interest on the Atchison
general fours.
Taking the earnings for the year ending
June 80, 1894. as basis. the net floating
debt of the entire system, exclusive OF the
indebtedness of one company to another
now overdue, and accrued interest on the
funded debt is S9,149.5SS. On the Atlantic
and Pacific it is $3.50, 500, on the Colorado
Midland $1S3, 1885, on the st. Louis and San
Francisco $4S7,752. The gross refunded
debt is $15. Ice, 1881 and the gross assets
81, 500, 179, making the total net
of unfounded debts $1O.410, POP. The
Indebtedness April 80. 1894, of the
Atlantic and Pacific was So, $50, 535 to the
Atchisou Company and $685. 200 to the
st. Louis and San Francisco. The indebt-
edness of the st. Louis and San Francisco
to the Atchison was S1,661. 269. and of the
Colorado Midland to the AtchIs0n 81 .595,-
GIG. which claims. aggregatipg Sic, 040. 920,
are apparently worthless. and should be
written to the debit. profit and loss ac-
connt. The interest on the funded and
unfunded debt and the deficiency in each
year, from 1891 to 1894. is as follows: 1891,
interest $7,169.164 deficiency $1.964, 2S5 :;
1892, interest 1914. Ill. deficiency $50, 93S :;
1898. interest S. pc, 433. deficiency S134,-
S25; 1894, interest SIS. 1864. S57. deficiency
S300S, 242. Making total deficiency for
the four years of SIS. les, 292