The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1894-11-14

NEw York, Nov. l3 The report o
Expert Little, who has been investi-
eating the accounts of the Atchison,
Topeka d santa Fe railroad company,
has just been made public, being is
sued at the same time in New York,
London aud Amsterdam. It is ad-
dressed Go r. $. Hayes, chairman of
the Santa Fe general reorganization
committees Its salient points are as
follows.
The net revenue for the year end
ing june 30, 1891. exclusive of the At
lantic & Pacific, Colorado Midland and
ST. Louis 81 san Francisco 3incs, was
Sj.95G,GtA This includes an iustall-
ment of $3.50 600 of the sonora railway
company subsidy. which should be de-
Quoted In considering earnings as a
basis for a plan of reOrgan zatiun If
this subsidy IS deducted the net earn
iugs would be reduced TO S5. 400, GA.
Interest charges, which are prior
liens TO the interest on the per cent
general gold bonds leave the sum of
SI.Sl6, 2G4 applicable TO the interest on
SIPS, 365. COS Of these bonds outstand-
ing in the hands Of the public, which
is equal to only 3.75 per cent
The Santa Fc company lost S9i s2f
bv operating tho ST. Louis, Kansas
City and Colorado railroad, and tho
net earnings would have increased
S3il, 40l being the amount contributed
by the Santa Fe company undcr the
tripartite agreements with the At
lantic and Pacific and St Louis and
San Francisco railway companies.
These two sums added To the net
earnings would bring them up to 400
per cent.
AUXILIARY COMPANIES A DRAIN.
In accepting these figures as a basis
for reorganization, it must b. taken
for granted that the present floating
debt of the company will be provided
for and win not be a charge against
future revenue But while it may be
said that the interest on the general
fours has been substantially earned,
the earnings depend TO some extent on
the maintenance of the integrity of
the entire system
The auTiliary companies are q se-
we're drain upon the Santa Fe COM
pany under the present system OF
fixed charges, the loss for the year on
the Atlantic 81 Pacific being 81, 800, O3l,
one half being chargeable to Santa
Fe, the loss on the Colorado Midland
S647,70l, and on the ST. Louis 4 San
Francisco $500, GG9, all 'chargeabl3 to
the Santa Fe. On the results of the
adjustment that may be reached with
these companies, if retained in the
system depends the real surplus
available for payment of interest on
the Santa Fe general fours. taking
| hf ina fI 4 Itsa 40 ttt Ia
80, 1894 as a basis
The net floating debt of the entire
system exclusive Of the indebtedness
on the one company to another now
| overdue and accrued interest on
funded debt is 50, li9, 5ss; on the At
iantic q Pacific, $685. 500; on the Colo
RADIO Midland Sl63,3 35S; on the st.
Louis q San Francisco, Sis7,752 The
gross unfunded debt is SIS, 100 3sl and
the gross assets "a COG, l79, making the
total net unfuuded debt $40, O,4lO, 9O2.
DEFICIENoy FOR FOUR YEARS,
The indebtedness April 30 1894 OF
the Atlantic and Pacific was IS, ss0,-
535 TO the Santa Fe company and
Sc, $40, 200 to the ST. Louis Il San
Francisco The Indebtedness Of the
ST. Louis 81 San Francisco TO the
Santa Fe SlGGl 200 and of the Colora-
do Midland TO the Santa Fe 81, sos, 9l6,
which claims aggregate $40 0i0, 20,
are apparently worthless and should
be written to the debit of profit and
loss.
The interest on the funded and ur
funded debt and the deficiency in
each year from 1891 TO 1894 is as fol,
lows: 1891 interest 81, 169 lG4 defcien-
cy, Sl,a64, 2s5; 1892, interest, S7,941,-
III, deficiency, 500, 03s; 1893 interest,
IS 92O, 435. deficiency, si34, s25; 1894
interest, IS, s94, s57, deficiency. 3.OOs,-
ei2, total deficiency for the -four
years of So, los, 202.