The herald., 1898-10-01
tue ATChlSON REPORT
STATEMENT AND SHOWING ron
,-@- THE YEAR
REPORT on KANSAS BANKS
An Order in Bankruptcy-Wheat Gro
Of the Northwest-Ddviden
Notes
OFFICE OF THD HERALD

e OFFICE OF THE HERALD.
Los Angeles, Sept. 80, jlS9S.
In common with other large weste1 rail-
road systems the Atchison, Topeka and
Santa Fe Railway makes an excellent
showing In Its annual report for the year
ending June 30, which has Just been ISSUED.
The result exhibits not only earnings ade-
quate to pay the full per cent yearly in
terest upon the company's $51 ,794,OOO OF
adjustment bonds, but a surplus over such
interest equivalent to about ~ I6er cent
upon the preferred stock The report, 1t
is true, does not justify the hope9 hereto
fore entertained of an immediate dividend
upon the company's preferred sha(es. Ta>
ken In conjunction, with the c4n:inued
large earnings of the property they would
encourage an idea that The presett fiscal
year may result in a division of profits
among the preferred stockhoderS, even II
for the time being such payments cannot
be relied on as a permanent thing The
comparative statement of earnings and ex-
penditures for the year Just endsd and the
preceding year Is as follows:
Year ending ; Changes
June 80 1s9s 1897. Increase
Gross earn'ge. .sss' '2l!9s9 s33' 'Sss sS4l $3.50, ,4sc
Operating ex. 2s,Sod,Ss0 5,Ss7,al1 a,26s,l24
Net earn gs. $40, ,7O7. .784 s., as $2311 1895
Perceritage expenses to gross earnings,
1885, 1853; 1897, 1904 decrease, 2.;S.
Adding to the net traffic earnings given
above the sum of $lS2027, derived from mis-
cellaneous sources, the total net revenue
for the year is $lO.SS9.791. From this was
deducted s2,007,2lS for taxes and rentals
and $4.992. .14S the amount Of the company s
obligatory fixed charges, leaving So, 500 425
out of which the per cent interest dle
November /. 1898, on the adjustmen. bonds.
was declared The latter paymert re-
quired s2.O53S4O, leaving balance of 81, $685. =
6s5. To this the statement adds the sur
plus earnings for the fiscal year ending
June &c. 1897. which were $52.221. making a
total surplus of s1.1sS,sO6
While these results are by no means phe-
nomenal In the sense that SUCH word
applies to the earnings Of otherlFcorgan-
ICED transcontinental systems. ley are
eminently satisfactory, since the ktchison
reorganization was earlier in the te than
that of either the Northern or Il Union
Pacific roads. and, coming almos on the
heels of former reorgar ization, seal
ing down Of capital was IN the casVpf the
Atchison necessarily conducted up0i less
severe plan. In fact, the Atchisons per
cent adjustment bonds occupy iL a wa the
same position which In more recent or
ganizations has been 'nken by prefat red
stock. and the payment OF fun interest," on
that class Of the company's bonds OUT of
the earnings of the past year may belre-
1aI <,r1i II f,,I
in Its way as II the bonds were reaFE q
preferred stock, and were. thanks to th@ in
creased earnings Of the company, pldced
on what seems to be permanent divide d.
paying basis.
AS regards the general finances of 1.-THE
Atchison company aud the operations of
the system the repor, leaves little I'd be
desired In point Of completeness. The
company has no floating debt and In spite
of the large expenditures which are still in
progress for Improvements. the funding
debt increased only $741,00o. The chief
event affecting the bonded debt was the re-
tirement Of the guarantee per cent notes;
which are being taken up with genera,
mortgage fours. When this operation Is
completed on November III will reduce
the annual charges by $112,22O. This re-
tirement OF the guarantee notes also i'm
proves the position Of the company's gen.
eral mortgag ge bonds, as they become first
mortgage on all parts Of the system except
sixty miles covered by the 81. 800, 900 Issue of
Chicago & st. Louis bonds. IL Is noted in
the report that considerable amounts have
been expended upon the Santa Fe Pacific,
formerly the Atlantic & Pacific road, which
property Is being brought up to the stand
ard Of the balance Of the system. 1t should
also be borne in mind that report treats
the Santa Fe Pacific as an integral portion
of the entire mileage: Of the property cov-
cred by the report, being 6,496 miles
Traffic statistics exhibit large increase
IN every department. The total tonnage
carried by the Atchison lines for tho year
was 9,979,5 tons. against 8,57S 1903 tons in
1897, and the number of tons carried one
mile amounted to 2.779,555.O 900 ton-miles,
against 2,o07, ,S75.0Oo in 1897. The rate per
ton per mile shows, however, a decrease,
the average being 1.029 cents per ton per
mile, against 1.ObO cents in 1897, decrease
Of 0.O22 cents from the preceding year. The
number Of passengers was 4.0O1 ,678, against
8616,Sg1 but the rate per passenger per mile
also decreased proportionately with the
falling of In freight rates, the average fare
per passenger per mile being 2.256 cents.
against 2.2S8 cents. 1t is also interesting
tc note that among the items OF tonnage
agricultural products furnished 30 per cent
Of the Atchison's total freight traffic, min
erals q per cent animal products 13 per
cent, manufactures 10 per cent and lumber
percent, the balance being divided be-
tween merchandise and miscellaneous
freights -