The times. [volume] (Richmond, Va.) 1890-1903, 1898-09-13
Not income

EXPENSES.
The operating expenses. including taxes.
were 10ls per cent. OF the gross earn
ings. and inclusive of taxes, SLY per
cent. The gross earnings were SLID and
tho net earnings were $40 per mile of
road operated. The earnings. both gross
and net exceed those OF any previous
year I'M the history OF the road. AS COM
pared with the results of operation for
the year lS96-lS97 Including three months
operation by the receivers, and nine
months of operation by the company.
the gross earnings show an increase OF
$685. 400. or 6 SO per cent. The operating
expenses show a decrease Of 1881. or
OBJ per cent and the net earnings show
an increase Of S15.75l. or 2L17 per cent
The balance TO credit OF profit and loss
on June 90. 1897. was Si59slS. add net in
come for year ending June 30 1898. 1.13s.
gis: making a total Of Sl5eS.1e6. Deduct
ing dividend No. 1 on adjustment pre-
ferrod shares. paid November l5, 1897
S227 0O1. and dividend No. on adjustment
preferred shares. paid February q, 1SsS
1927 197. leaves "A balance (surpus) June
90 1893 OF 5l.1H.5g8. A third dividend on
the adjustment preferred shares was
paid August -. 2 per cent, requiring
s45i136.
INCREASE N BONDS.
There is an increase of {3L100 I'm the
c0mpany's first consolidated gold bonds
outstanding June 30 1897. These bonds.
and certain shares Of the adjustment pre-
ferred stock were taken from the se-
curities I'm the company's treasury. and
exchanged for certain securities Of the
old company. which the holders had neg
lected 10 deposit with the Reorganiza-
tion Committee. The exchange was made
substantially in accordance with the plan
OF reorganization. but subject 90 a PEN
atty one hundred thousand dollars Of
South Side Railroad Company consoh-
dated mortgage third preferred per cent
bonds that maturod January ]. 1895 have
been extended 10 July 1. 1909 at ! l-2 per
cent interest per annum. The last mort
gage Of $4,000 on land owned by the COM
pany in HagerstOWn. Md. was paid dur
ing the year The items appearing 10 the
balance sheet under the head Invest
ments in Other Companies" We're in-
creased during the fiscal year by SS5 200. Of
which S60OOO was for the purchase Of tho
mortgage Of that amount upon the pro-
perty of the Virginia company. the en-
tire stock of which is owned Icy this COM
pany. The remainder 5000 represents
the company's subscription 10 the capital
stock Of the Norfolk and Portsmouth
Belt Line
THE FUNDED DEBT
ON June 60 1s9S. tho company funded
debt outstanding exclusive OF equipment
obligations and exclusive OF bonds DO the
company's treasury. aggregated $42.429-
$50. and the interest charges for the year
ending June 80. 1899 are S2.2l06j1. In
Guiding equipment obligations. the funded
debt is yiG.SOl. $50 and the interest charges
for the year ending June 90, 1899 are
S. l32. 1880
There is no floating debt.
The following expenditures have been
made during the year for construction,
equipment and bettermants. and charged
10 capital account:
COnstructiOn..... CO.. ....... ......... S-2o.3il
Equipment....... ......... go. ...... go 900
Air brakes and automatic
cOuplers... ....... ........ ......... 263.1lS
Branch lines and spurs ...... ..... 36. 7j2
Improvements and betterments o.. 16i.l3
IOtal .....-. ...-..-........ Al,33i, 80
The expenditures for construction in
clude doube-tracking new sidings and eX-
tensions OF old sidings. balasting and
fencing road crossings. telegraph wires.
ntcrlOcking plants and signals, engine
houses shops and turn tables. general
offices. fuel and water stations The main
items charged 10 Improvements and bet
terments are a portion OF the cost of re-
placing temporary wooden trestles by
masonry and embaukments or iron and
steel structures, and by substituting new
and stronger iron and steel bridges for
Old. weak structures A portion of the
cost OF this work has been charged 10
operating expenses. in accordance with
the instructions Of the board
Traffic statistics follow.