The times. [volume] (Richmond, Va.) 1890-1903, 1898-08-23

--fS5s-- ISL
Cross earniugs....5n,7ss 500 sioUs ls2si
Cpcratg expenses
maintenance and
taxes.-.-. ....... TsS2.sOs.e7 72S5, 1918
Net oarnines......s8sS.20S sagauael
Fixed charges. etc.. 3lS77hQ9 3.nSSuss
Surplus over all
chargcs...... ....s eiS50g29 so2.5n.75
TIE company earned from IT'S line be-
tween Lexington and Louisville operated
under trackage contract with the Louis
vile and Nashville road S5H2if5l az an
expense including rents. interests, etc, OF
s2e2 1879. leaving a net profit from this
line OF Sn .lo7s which amounts are not
included in tho general earnings.
President ingalls, says in his report the
operations OF the last year on this line
have demonstrated the Judgment OF its
directors that IL would be a profitable
contract FOR the company.
LARGEST GROSS EARNINGS.
Continuing. the President says the gross
earnings OF The company for the year just
ended are the greatest On It's history ex-
cecding by cnore than 100000 the largest
previous earnings. All classes Of traffic
show an increase, but that of freight is
the most.
Tho PASSENGER earnings show a slight
increase received from each passenger
per mile, but there is an increase I'm the
number OF passengers. ana tho passenger
trains show a gratifying gain In tho earn
ings per mile boing for the year just
ended 1915 cents. as against 6l.I cents the
previous year.
The tons Of freight carried ono mile
show the very large increase OF % per
cent? the rate per ton per mile. how
ever. decreased from 40 mills % $40
mills. remarkably low average. due 20
the increase in the lower class OF freights
and 10 the excessive competition In tho
coal trahmc the seaboard rate per ton
per mile % the latter tralic dropping 20
259 mills from 2.N mills last year
II Is also gratifying, says President
I ingalls,. to state that all expenditures
made during the past year, including
those for additions and betterments have
been charged 90 operating expenses and
no additions have been made 10 con-
struCuon accounts during this period
IMPROVEMENTS
Tho piors 40 Newport News destroyed
by fire last year have been replaced by
new ones at an extra cost Of $loLsl-. 80
over and above tho insurance received;
also. am additional pier for the handling
OF lumber and coarse freight was built
ot n cost of S35535.c2. on of which has
been charged 10 operating expenses.
In addition 90 this $5a.53i.O was eX-
pended by this company for improve
ments 20 the elevator and the rebuilding
Of its c0uveyOre. which were also injured
by the fro that destroyed the piers.
Three and thrce-tcnths miles OF double
track through tho city OF MaysVille ana
slX-tenths Of a milo at Dunlap have been
opened during the year 40 "a cost or Vs.
81, 81 and charged 60 operating expenses.
During the year 26.9 miles of siding
have been added az cost OF N3 iz5. ID"
an OF which was charged 20 operating
expenses At the same time certain
sidircs on the old line that were not
needed have been taken ~ ana q credit
for tho rails PASSED 90 the account max
ing the net cost of such increase or sld-
lngs that has entered into operating ex-
ponses ss3-5J.51.
During the year 9.1G3 tons OF 7o-pound,
75-p0uul and 101-pOund steel rails nave
been laid. the cost OK this. after deduct
tnr the old rails Sold being S32oyLsl.
owing TO the very low price at which the
new rails contracted for in the previous
year.
The old limo between Gordonsville and
sencer trains run was subject 90 over
flow and washouts, and tho grade has
been raised and some OF the wood tres
ties replaced with permanent work ar
cost OF g85.89l11. and 200 feet " wooden
OPENINGS have been replaced by stone
and iron and solid embankmcnt
The usual renewal Ot ties and ballast
and bridges has been carried on and the
condition OF she property fully main
taincJ.
A new hotel and station was built at
clifton Forge. Va, for the companys
use, 40 q cost OF s536s8.73. the company
turning over % tho Chesapeake and Ohio
Hospital Association Gladys Inn.
NEW ENGINES.
During the year twelve heavy consou-
dated engines were purchased OF q cost
Of Sle0CO, TO replace twelve lght en-
g.ncs. which were too small for the eco
nomicai handling OF the company s. traf-
tic. 4 large sum was spent az tho COM
pany's shops IN replacing air-brakes and
automatic couplers on the freight equip
ment and IN rebuilding cars 20 replace
those worn out Last August a contrac,
for l. 900 box cars was made, payable 10
per cent cash and tho balance IN thirty
six monthly payments with per cent.
interest. This 10 per cent. and all month
~ payments as made have been charged
% the repairs OF freight cars the total
sum 50 charged during the year FOR new
freight cars being slsl,3Zl&, equivalent
TO f34 new cars.
The total output and distribfGon %
coal and coke during the year was 4.4li.-
30 tops against 3ggs.0u tons during the
preceding year.
The interest charges for tho coming
fiscal year will be s3,l30l2l, which IS less
than those for the year which ended
juno 30th last The reduction was
brought about by the exchange OF per
cent. bonds for S2.2S7.OO0 OF s per cent.
bonds which fell due during the year.
President ingalls,. in closing his report,
speaks Of the loss the company has sus-
tanned In the death OF William =. An
derson. who had been a director OF the
company from its inception, and OF VII
Tam p. Walker, Jr.. freight traffic man
ager.
The profit and loss account shows 4
balance 70 its credit on June 2Oth last Of
81 III, %. OF which amount $50. $50 90
was 10 the credit OF the account on July
I, 1897.