The record-union., 1899-08-03

~. 1899. covering the earnings in Cal
ifornia: Passenger $:2e22,S63.93: freight,
1926 ,553.53; mail, $35, 641S9; express,
S34. 11O.S9; miscellaneous, SO, 1859
total, $1,129,O19.13. Expenses: Main
tenance, 1888, 2S6.96; equipment, $780,
%; transportation and traffic, $5O4.-
0S7.44; general expenses, $33, 774.1S-
total, $l,5O7, S92S1. To this are add
placed at $4OS, 6S7.6S.
Major Maginnis was asked what his
| road was taxed at in Arizona. He said
the tax was formerly put (by his COM
pany's consenD at S50CO-this year,
by agreement, $1,000. He explained
that, by Act of Congress, his company
was not assessable in the Territories
! They had voluntarily agreed to pay
taxes in Arizona, knowing the needs OF
the Territory. In New Mexico the COM
pany had won its cases, and the Su-
preme Court of the United States had
decided that the road need pay no
| taxes.
What effect will the competition of
your system have on the Southern Pa
| cific system?'' asked Mr.. Beamer.
That's hard to tell, but l believe it
will build up the country so as to in
crease the volume of business, as has
been done in Chicago and in Southern
California. One firm in Los Angeles
has paid $125, 900 freight in a few years
for shipping flour and wheat from
Minnesota and that vicinity. You
see, we figure on a per capita income;
| and every man, woman and child who
| moves into the country contributes to
| u.s. We get about 80 cents each year
from each person who moves in. We
expect to get some business in time
from the Oriental line running into San
Diego"
The Southern California Railway
Company, a part of the Santa Fe sys-
tenn, was also considered. The fol-
lowing facts appeared by the, filed
statement: Value of the entire road
way, roadbed and rails in the State,
$2,224, 42O; length of railway in the
State, 419.5O6 miles; rolling stock con-
sists of $50 pieces, valued at $685. 800.
Earnings: Passenger, $726, 1919;
freight, 81 ,612, 514.02; mail and express,
| S11S,644.15; miscellaneous, S31 DAG. Al;
total, So 1914 ,S69.97 Expenses. Oper-
| ating, $1,76S, 57246; taxes, S,249. SO;
miscellaneous, $1O5, 095.57; total, ST.
951 ,917.91. Interest payments, $751;
| 72O; sundry charges to profit and loss,
| 1913, 439.4S, leaving a deficiency OF
$50, POI. A.
| Recurring to the report of the Santa
Fe Pacific, the following figures were
| adduced under the heading of operat-
| ing expenses: Station cost, $50, 1910;
| superintendent expenses, $27, 1900;
train expenses, $685., 202S1; water ex-
penses, $15, 1876. Oh; office, $11 1892; legal,
5,3IS.52: repairs to track, $160. $50. 81 !;
| repairs to engines, Sal, 194.64; repairs
| to cars. 500, 93S.6O; repairs to build
| ings, wharves and bridges, $120, 991 .04.
| Mr.. Toland seemed to think that the
| operating expenses were very high, but
| it was explained that much of the re-
| pairing was of an extensive character.
| AS to the Southern California Road
| Major Maginnis stated that much of
the road was of heavy steel, though the
branches and the line to San Diego are
of light steel. About half of the road
was of heavy steel. Among other
| things, he said:
THE road has never paid a dollar in
dividends, neither has it earned inter-
est. Its history, with the exception of
| three years, is record of deficits, and
| it's losses have been a million dollars.
We have not yet set aside a sinking
fund"
| Under the heading of operating ex-
penses for the Southern California ap-
peared these figures: Legal expenses,
S11,1SS; repairs to track, S312, 1907 ;
repairs to engines, $1O9,937.25 repairs
to passenger cars, S49, 0S1 .03; repairs to
freight cars, 500, S5S.2S; repairs to
buildings, wharves and bridges, Sill
OSS.69; insurance and miscellaneous,
$75,775.37.
1.-The Southern California has never
been in the hands of receiver; it is
not on the market at all, for it has no
value" said Major Maginnis, but the
Santa Fee preferred is worth 63 cents,
the ordinary, II cents. The road has
| no immediate prospects of earning a
revenue. If it were not for the through
business our losses would be greater
than they are now, as the local bust
ness is only about half of the total.'
Cr"n0r 1rNCrTC