The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-10-13
NEWS OF RAILROADS
ANNUAL MEETING OF THE ST.
PAUL 81 DULUTH TAKES
PLACE
NO CHANGE IN THE OFFICERS


Increased Gross Earnings Are Due.
President Hayes Says, to the Gen
craI Prosperity of the Country
The Equipment of the Line In
creased During the Year-COnsoi-
datiOn of the Branch Lines.
The annual meeting ofathe st. Paul &
Duluth railroad was held yesterday noon
at the St. Paul general offices. There
were present President r. -Sopners Hayes,
of New York; Francis II. Legget, of New
York; Clarence S. Day, of New York; \.
B. Plough and ]. L. Riker. of the board
of directors Of the road. Owing to I'M
avoidable circumstances, A H Stevens,
G. G. Haven Jr.. Thomas Denny, all of
New York ard William r. Merriam,
members of the board, were unable to be
present. Beyond the presentatien-=of the
annual report of the road the business of
the session was brief. There was no
meeting Of tho board of directors, though
the stockholders proceeded to the election
of members of the board to fill expired
terms and vacancy.
A. r. Plough, of st, Paul, vice presi-
dent and general manager of the road,
and John /. Itiker, of New York, were
elected to succeed themselves. One va
cancy on the board was filled by the cleo
tion of Francis H. Leggett, OF New York.
AS previously predicted in the G l o e
the old officers We're continued without
exception The meeting of the board of
l,.,1l IL,
The presentation of the annual report
OF the road vas the main item of in
terest The presidents statement showed
a surplus of earnings over expenses of
1923, SO2.13, considered most excellent. The
number of passengers carried was 3d.
z33. Passenger earnings increased $1S,-
1928. The figures devoted TO the sum-
mary of the work of the freight depart
ment for the year show that 1,464993 tons
were handled, an increase of 223. 757 tons
over the preceding year. Total freight
earnings We're. M,3650t2, an increase Of
$780, COS over the preceding year.
Commenting on the showing OF the road
for the year. President Hayes says In his
annual staten ent:
The gross earnings for the year were
very satisfactory, and are due to the gen
eral prosperity Of the country. The in
crease noted this year in the item of
conducting transportation is due to addi-
the handling of increased tonnage at sta
tiOnS. An increase s also noted in main
tenance of equipment, due to heavy repairs
on locomotives and the charging to re-
pairs on freight cars of the proportional
cost of 200 box cars purchased and added
to the equipment during the year. A
pTopOrtionate increase in all expense ac-
counts is shown this year, due to increase
in pr-ces. for coal, supply materials and
wages.
Two hundred box cars. were purchased
riJN.1,
cent basis. which payments are charged
each month to Operating expense, main
tenance- OF equipment; The reduction
Of grade and change of line at Mahtowa
ana between Willow river and Sturgeon
Iake-fs-ur -prUgT9gs- will be COM
pleted during the season. It is estimated
that an addit 0nal expenditure Of $4,000
will complete the entire work of reduction
of grades and change of alignment be-
tween ClaymOnt and Carlton, which can
be accomplished next year, Considerable
progress has been made in placing auto
matte cOupleFS and air brakes on freight
equipment and it is expected to finish the
entire equipment within the time required
During the year eight miles of seventy
pound steel has been laid on the main line,
III, 449 cross ties placed, extensive I'M
proXementSs made. on the flour sheds at.
DQtutlf passenger Equipment. thoroughly
renovated and zreffnished,- sixty engines
repaired IN the company's shops and re
pairs made on 766 freight cars belonging
nine. freight cars received automatic
couplers and 63 automatic air brake,
equipment.
1t is earnestly recommended by the
management that during the next year
the passenger equipment should be yes
tIbuIed, heated by steam and lighted by
the most approved methods.
Contracts have been made and a new
f11ruSst-has been arranged on a 40
per cent basis for 3GO box cars and 5
f heavy locomotives, EpayabIe in twenty
tSf y yea "a 5&P G deT sPRsaF win If
be made after it's close.
one million dollars of first consolidated
mortgage Bonds WERE sold, and the pro-
cSeeds applied as prescribed in the circu-
lar OF t!ebs 1s5l atst $3.50 ,756s40 was return
ed to the land and stHmpage trust fund
and the balance used in; payment of con-
sstruction, improvements and betterments
There remains $780, 800 of these bonds to be
USED for completing automatic couplers
and air brakes. The balance of the
S5,O1OO]0 of the first consolidated mort
gage bonds authorized are. reserved for
retirement of the outstanding. bonds of
the main line and branches.
In accordance with the plan of SALE
purchase and reorganization the amount
returned to the land and stumpage trust
fund was used in retiring preferred
stock, of which $691, 800 was canceled all
of Which has been surrendered and paid
Tor, with the exception of 4S shares for
which -, 500 is held in the treasury.
The plan Of consolidation of branch
lines, approved at the annual meeting
held in 1883, has received the approval
Of the stockholders and resolutions have
been adopted authorizing the purchase
of all the rights, property and franchises
of the following companies, subject to
their bonded Indebtedness: Saltwater &
St. Faul Railroad company, TayIors
Falls 6, Lake Superior Railroad company
Excepting its land grant and it's property
held in. the hands of trustees for the pay
ment of its mortgage indebtedness), Du-
luth Short Line Railway company,
Grantsburg, Rush City & st. Cloud Rail-
road company and St. Cloud Grantsburg
& Ashland Railroad company.
The case Of the receivers Of the North
ern Pacific Railroad company to deter
mine adverse claims to ownership of
about $500 acres of the land grant of 4
the st. Paul 6, Duluth Railroad company,
in conflict with that of, the Northern Pa
Citic Railroad company, has been decided
adversely to the st. Paul & Duluth Rail
road company in the Second judicial dis
trict court of the state Of Minnesota. The
case has bean appealed to. the United
States supreme court.
The changes in the relation of the
branch lines to this company, and the re-
tirement Of the preferred stock alluded
10, cause certain changes in the Cost of
road and equipment" and Investments"
the details CT which are shown in the APP
pended statements Of the auditor.