The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-10-01
SEABOARD AIRLINE
ANNUAL REPORT
Shows Large Increase in
Gross Earnings For
the Year.
IINCREASEIN THESURPLUS
THE TOTAL RECEIPTS WERE
NEARLY $4,000,000
| THE PROGRESSIVE MANAGEMENT
THE PROGRESSIVE MANAGEMENT
The Physical Condition of the Rold Has Been
improved, and the SeabJ4d Has Carried
Out Broad and Comprehensive Plans
For Attracting Immigration.
Manufacturers Record.)

| TOT HtudCtihS iiiliiiS fdto'i'
Manufacturers Record.)
The annual meeting of the Seaboard
and Roanoke railroad Company, which
is to be held on October at Portsmouth,
| Va. Is arOuslng consldera BILE interest in
financial circles, owing partly to the con-
| test which it is expected Will be made
with the view of placing control of the
line IN the hands of Northern parties. As
readers of the Manufacturers Record
are well aware, the Seaboard and Roam
oke Railroad Company is the controlling
railroad OF the system known as the
| Seaboard Airline, since it furnishes the
outlet from the system to tidewater. In
connection with the Old Bay Line of
steamers operated by the Baltimore
Steam Packet Company, it forms a link
connecting the territory trayersed by
the Seaboard Airline with Baltimore
and the North by the way of Chesapeake
bay. Prior to the annual meeting of the
company in 1896, number of reports
were circulated relative to its financial
condition. Most of those reports were
from anonymous sources, and were APP
parently published with the view of in
| fiuencing security-holders against the
management. The attacks, however.
proved unsuccessful, and President r C.
hoffman and Vice-Pres:dent Z. st. John
were reelected.
| The Manufacturer Record has OBJ
tanned statistics realtive to the present
condition of the Seaboard Airline and
the Seaboard and Roanoke Company,
which are herewith appended. They,
show a very gratifying increase in the
company's revenue and the condition of
affairs which will doubtless prove very
satisfactory to the various stock and
| bondholders.
| The total receipts of the Seaboard Air
Line system from all sources for the year
ending June 30, 1897, amounted to 3d.
| 777,641.17. Deducting operating ex-
penses and taxes gross income was left
Of $1,000 0S5.SS. Deducting from this
amount sums paid for leases. also losses
of every character and dividend OF
| $4,000. there is left for the year a sur
I plus of S1S9.S42, compared with S15S.-
076.52 for the preceding year. an in
crease of S:1,T66 For the year ending
June 30, 1896. gross earnings from all
4 sources were S3,52S,639 showing that
during the past year there has been an
increase of S24S.002 The Georgia. Car-
DINA and Northern division of the Sea
board Airline is leased to the Seaboard
and Roanoke and the Raleigh and Gas
ton companies. The 50 per cent of gross
earnings paid the Georgia. Carolina and
| Northern under terms of the lease were
! S305, 1854 93-&37 1854 90 more than the
interest on it's bonds.
This surplus was applied to reducing
the debt of the Georgia, Carolina and
Northern road to the lessees. The re-
ceipts of the Seaboard Airline Belt
Railroad amounted to $50. 7SG. OF. giving
a surplus of SAG, 60026.
The report for the Seaboard and Roam
noke Railroad Company for the year
shows gross revenue from Transportation
of SS9S.67S.3S, and a net revenue of
1886, 691 Is after deducting operating ex-
penses and taxes. Income from other
sources swelled it to 1878, O33.95. From
this amount a surplus was left for the
year of $55.199.49 Gfter deducting
charges of all kinds and dividend on it's
preferred stock of per cent. This is
an increase in the surplus for the year
o. $31 $40, or nearly double the amount
reported in the preceding year. The
gross revenue shows an increase Of about
100000 over the preceding year. the gain
being contributed by both the freight and
| passenger departments.
! The financial status of the system, as
| indicated by this report. has not been
brought about by neglecting the physical
condition Of the road or restricting legi-
innate expenses for maintenance OF way
and transportation, as several reports
SHOW larger approximation made for
these purposes. Nearly $4,000 more was
spent TOT the maintenance Of way during
the past year than in 1896. an increase
or over IL per cent, while the increase
In the maintenance of continent a
mounted to $20,3S0.32. or over o ner
cent, making total of about $40 600
! more than the previous year for these
purposes. During the year nearly S1OO
900 was expended for additions to the
property. This included $4,000 for ter
minals at Portsmouth for wharf pur-
poses. Equipment to the extent of S33.
S44.49 was secured from car trust, while
the report shows that $161 1861 was
paid towards equipment already purchas-
ed and what are known as the A. b. c..
car trusts. In addition to the wharf at
Portsmouth, a stOrehouse, pattern house,
electric plant and other buildings were
constructed at this point at a total cost
of about $4,000 The company built
fifty-six new freight cars and rebuilt
tWenty-nIAc. also SIX locomotives \
branch line TO the Henrietta Cotton Mills
was completed and surveys made for an
other 10 Roanoke Rapids on the Sea
board and Roanoke section Of the sys-
TEN. The new freight station at Allan
TIA, which has recently been opened, was
also completed during the year at a cost
of over 100000. This is one of the fin
est buildings of it's kind in the country.
These figures indicate that the system
is in the hands of board of officers and
directors who combine conservatism with
ability and fully appreciate the RESPONSE
bility of the charge entrusted to them
AS very large amount of the securities