The Indianapolis journal., 1899-09-16
MOST PROSPEROUS YEAR
PRESIDENT INGALLS's REPORT FOR
THE YEAR ENDING JUNE 80.
The Largest Earnings in the Roads
lott, Of the Vandalia, for July.

The tenth annual report or the directors
of the Cleveland. Cincinnati, Chicago st.
Louis Railway Company for the fiscal year
ending June 80. 1S99 TO the stockholders
shows the gross earnings Of the c., c., {.
&c st. l.. Railway Company proper were
H4, us, ,362.6s; operating expenses. including
taxes $40 645 554s3 net earnings, $4.073, ,so7.Io;
interest and rentals, 81 $40, 70s.69, leaving a
balance to credit of income of 81. .2OO, ,09S.06.
Deducting from this four quarterly divi-
dends of IL per cent. each on the preferred
stock, 100000, leaves surplus of 500 .o9s.O6.
to which add sundry balances of accounts.
So, $500, making a total surplus of S723,-
690.36, which, added TO the income account
of the previous year, sSO5, 1910, makes a
balance of 81 029, ,442.76. The mileage of main
track from which these earnings were de-
rived has been the same as in the previous
year. The Mount Gilead Short-line (two
miles in length), operated by this company.
earned. gross, "a. .305. "a. a decrease of sSs.1
compared with the previous year; the op-
Grating expenses were s611199, showing
loss for the year of 81. 5000. against a loss
Of N,5l5sO for the previous year. The Kan
kakee e. Seneca Railroad (42.0S miles in
length), operated jointly for account of this
company and the Chicago. Rock Island Sc
Pacific Railway. earned, gross, s97,6os.1s; op-
Grating expenses were s79,S40.S5; net earn
ings, s17767. 80. against % last year.
The Peoria e. Eastern Railway, from
Springfield, o., to Peoria, ILL., (3o2 miles in
lengthy. earned. gross, 81 ,sO3 2l7.35: operating
expenses, $.44s.s .s7ss7; net earnings. $685.
s3s6S: fixed charges, SAL. .369.67, showing
surplus o. $12.469.0l as against surplus of
s15.161.9 SO last year. The above lines make
total mileage OF track on all the system
operated and controlled by this company.
including double track and sidings, of 3,1SO.9S
miles. The total gross earnings of the en-
tire system have been SIG, 724, 1885. an in
crease of s421 424 Al; net earnings, s4543 607. II
an increase of Sis, 36S.29 compared with the
previous year.
The number of tons of freight carried one
mile shows an increase of 3 per cent, while
the revenue from freight shows decrease
or II per cent; the average receipts per
ton per mile falling from 545 mills to 5.4l
pills: The average .raina1ad re,ghS WAS
trains per mile increased. the average num-
ber Of tons in each freight train increasing
freirht trains al 90 from 4, % - 70 "a" sls notw,tS. =.
standing the slight decrease I'm the rate.
The number of passengers carried one mile
shows an increase of AT per cent. and the
passenger per mile falling from 1915 cents
to 1.S41 cents. The passenger train mileage
decreased I6.IbS miles. 1niS. with an IN
crease in mail and express earnings, car
ried the passenger train earnings per mile
UP 10 H.0942. from 9942 cents the previous
freight Have Seen 5 AGAINST mills
and it is hoped that in the coming year
Rass msy Snangd TO an
better than a year ago. 1t is encouraging to
state that the rate per ton per mile for the
last six months of the fiscal year was much
average receipts per passenger per mile
show a. decrease. due chiefly to the large
summer and fall. At the writing of this re-
port. rates are better maintained on this
class of traffic than has been the case for
years. The success of this department OF
traffic for the year is evidenced in the in
crease of the train earnings from 80 cents
to A:o9 per mile-a large earning when 1t Is
considered that ii includes all the short
commuters trains on the different divisions.
The business of the company over it's ex-
tension into Louisville has further in
creased and has fully justified the expendi-
ture OF previous years for that develop
ment. The charge for taxes, state and
municipal. has been very large, but practi-
The increase in general expenses" which
Will be noted. is due almost entirely TO the
internal revenue tax. which is becoming a
On the 1st Of last May 100000 of the
company's first mortgage per cent. bonds
fell due. for which. under the terms of the
to sell its general per cent. bonds. Your
directors thought IL better to make a loan
for the payment of these per cent. bonds
and hold the per cent bonds until they
could be sold at a price nearer their fair
market value than was current at that
time. The. company had in it's treasury
S.14.000 of general mortgage per cent
bonds which II had received in repayment of
expenditures made for additions and better
hundred and thirty-four thousand dollars
of these were sold in June and the pro-
ceeds carried into the general account
When these bonds are sold their proceeds
in excess OF the amount necessary TO pay
funds OF the company. BY the payment
Of 100000 Of per cent. bonds and their
replacement with 4 per cent. bonds there
viii be saving of $4,000 in tile interest
charges for the coming year. less per cent
upon the 81 100000 Of bonds In the treasury,
a portion OF which have been sold. making q
net saving in the fixed charges of the COM
pany for the coming year of $50 CO., By the
settlement with the Peoria & Eastern Rail
way Company. as hereafter stated. there
miscellaneous securities. An examination
of the balance sheet OF June 90. 1899, will
show that the company was In very COM
Portable financial condition. its available re-
sources being more than enough TO pay
its current liabilities. There have been nc
charges TO construction account during the
year. and the surplus earnings. amounting
10 about zie per cent. upon the common
stock. have been carried into the income
account and the money used in extinguish-
ing liabilities of the company. There is nc
reason why from now on distributions from
the future net revenues OF the connpany as
ascertained from year TO year should not bs
made among the stockholders. Ii Is sis
saSne f gpoH wai is
stock. During this time the floating debt n,