The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1900-07-20
Preliminary Statement Submitted
at Meeting of Executive
Committee.
TO PAY FOR ALL EQUIPMENT.
After Wiping Out Car Debt Small
Surplus Will Remain-Presi-
dent Ingalls, Talks-Gencr-
al Railroad Notes.


REPUBLIC SPECIAL.
New York. July IA meeting Of tho
Executive Committee of the Board of Direc-
tors OF the Cievelarl, Cincinnati. Chic 80
cad 81. Louis Railroad Company WAS held
at this Grand Central Station IL tbs cts
this forenoon. W. X. Vanderbilt. President
VI. L. ingalls,. Vice President }. ID. Laying
and Others were present
A preliminary financial statement for tho
fiscal year ended June 80 Was submitted.
showing net earnings s2.lco.A1. Dciuct.ns
from this amount the $4,000 required To
pay the per cent dividend on the preferred
stock left sl.s;J.slj 10 be applied to other
purposes. This sum was still further in
creased by the addition of $1-i0 income
from Investments. making a total Of sI,1il.-
su5 TO be divided among the holders OF the
common stock and credited TO surplus Az
count.
A second serniannual dividend of IL per
cent on the common stock wss declared to-
day. making per cent for the year. After
paying this common stock dividend, dmoAt
Ing ~ sSiO.eJG for the year. the Big Four
directors found that they still had a sIs-
plus OF 1851 sv6. About a year ago Il large
quantity of rolling stock was purchased. To
be paid for In instaliments extending over
four years. The first years iustallment
fiscal year just closed and this forenoon
u resolution was adopted aIthrEiziEs the
payment of all the remaining iastal.meuJs
at once out OF tho surplus on hand II
viii require So. $50 TO wipe out this car debt
and a net surplus OF s-lc.stJ Will stIli re
main.
president ingalls, said that the forthcom-
Ing annual report OF the Cleveland. C!Ht iH-
matt, Chicago and 81. Louis Viii make a
IemaTka bic showing. Last year was IN, ban
ner year OF the Big -Four - stem. AM q
IS now in condition 20 hS.hi.e tGe 4aTss
amount of traffic that has coa-e to +.
4 regard the ouilooA Tor me cutEe:t
year as very promising, said Mr.. ingalls,.
TO be sure. there Is a cOusiIe!dbtc id..l..s
OF IL tonnage just now. but jhdt Is NO. =
than onset sy he splendid Way IN WHICH
rates are now maintained both .astUvGnG
aid wcstbouat. Ih- TATE situation IS a.
ideal one. ! have not known period IL my
thirty years az Tal.rOa,llNg ia Wdtcn the
freight rate situation vs. II better COnd!-
tin.
Another favorable feature is the marked
decrease In The cost OF railroad supplies
within tn, pas: three mc@tEs. Pretty much
everything has CONE down, keep, iCcl ami
labor. and in some Instances. Tue! IS
cheaper Il an IL was a short time ago.
President Ingalls, was asked about me re-
ported purchase Of the M0non system tChi-
Caso, Indianapolis and 81. Louis tot t-G
Big -Four. ana ne said that the M. ter had
not been spoken OF In the B!s fOGr al
rectors' meetings for more than lhree
months. There Was no plan under consider
-.
prepared 10 say what might De done IAdt
was Z matter for others 10 settle. Ih9
Monon was bought by ]. Pierpont Morgan
to protect tho ChSSapeake anu ONO W 9vn
the les:-named road Was sold TO the New
York Central and Penns ylyania Jointly MI
Morgan did not care 10 Dispose " u!
AIoIOI. and he stun controls l. Ask I
whether the possession OF tho MoHon would
be of advantage to the Big -Four, Mr.. H.
gals said:
'of course, the control OF the Chicago,
Indianapolis ard ST. Louis Railroad would
be of advantage 10 tie Big -Four system,
Just as he control 81 any railroad u! a
competitive line would be AZ advantage.
President Ingalls, said that he Was weary
OF denying the persistent runlOrs That ne
was 10 retire from the presidency Of the
I.s -Four. such runners Were .sts-itsS, anu
he could not GnGeTs -aan Why ,hcy Should
10 put forward periodically. a:tsg Bis eA-
lnc!t statement regarding the Wattc: l."
!uUrt!.s ago tie las been asked 10y AR
Vanderbilt; and M-. Morgan 10 retain the
presidency. and !e INTENDS 10 30 so