The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1900-09-27
RAILROAD NEWS.
New York Financial Paper Dis
cusses Santa Fe.
Makes Comparison With Chi
cagO, Milwaukee g. st. Paul.
ONE SHOWS INCREASE.
Operating Expenses the Theme
of the Article.
Santa Fe Has Evidently Been
Very Economical
ONE SHOWS INCREASE.

The New York Post, a financial paper,
says of the Santa Fe report:
In its last fiscal year, the Atchison
increased its gross receipts by S.. 71S,5S0,
while its operating expenses, excluding
taxes, decreased by $S5,1S2- saving in
working charges relatively 50 enormous
and so exceptional among railroad OPP
eratiOnS in the past year directs the
attention of those examining the Atchi-
sons report chiefly to the causes which
led to this result While no other large
company has, like the Atchison, actual
" reduced its operating expenses in the
past fiscal year, it is worth while to
recall that a few other important lines
have also been exceptions to the gem
eral tendency of railroads to report an
expansion in expenses beyond all rela-
ton to that in gross, the ST. Paul for
example The natural and inevitable
comparison of Atchison results will be
with St Pauls exhibit of an increase of
$4,3S4, 303 in expenses, excluding taxes,
with a gain of So, 574, 100 in gross.
With both companies exceptionally
prosperous, and both capably and hon
estly administered, such radical differ
ences in the course OF their expenses in
the same year apparently indicate the
cries of administration essentially diff
ferent. They have to be examined in
their effect on the valuations of the two
properties. The Atchison saved last
year in the expenses which were en-
Iarged on the st. Paul. Its mainten-
ance-of-way charges decreased 81, BIS, 900,
or IL per cent, while on the St. Paul
this item increased g, Asa, 900, or As per
cent, and this amount does not include
all the roadway Improvements charged
against expenses by the St. Paul AS
the Atchison is the newer property, it
might be supposed that with the two
companies gaining heavily in gross, the
Atchison IA per cent and the St. Paul
about per cent in the year, the former
would find the greater demand for the
81
assuming the two arrangements to be
equally DESTROYS of bringing their prop
critics up to the best standard.
This point may be admitted Taking
the operations of the two companies over
a series of years, it would be difficult
to determine which has carried further
the policy of improving physical condi-
tions by appropriations of earnings
Differences in accounts make compari-
sons doubly difficult and in equipment
expenses quite impossible, these not be-
ing reported in sufficient detail by the
St Paul. For maintenance Of $685.
miles of track, including second and
third track, the St. Paul last year spent
1854, 1888, for maintenance of way. be-
sides $1,550,0O0 appropriated for renewal
fund, or IS, 900 altogether per mile of
track. This is 81 1850, as against $50 per
mile Of road on the Atchison. In 1899
the expenditure was $1,091; lin 1898, $1,194;
and in 1897, 1911 per mile. On locomO-
tive repairs, the St. Paul spent, exclusive
of the appropriation of 81, ATS 900 for adj
ditional equipment, which was not dis
tributed between engines and cars in
the accounts. the sum of s1,315, 100, or
81, 500 per engine. The Atchison, how
ever. expended $2,06S per engine; $3.50
per passenger car and $S1 per car, each
of these accounts plainly indicating that
the expenses included much more than
ordinary renewal charges. Both COM
panies. in fact, spent large sums out of
earnings for new rolling stock
While the two companies move about
the same amount of traffic, the St Paul
operates 6,423 miles of road, against T.,
1926 miles in the Atchison system. The
former road, therefore, has the greater
traffic density, carrying $4,000 tons per
mile, against the Atchison's 465, 600 tons
per mile. With this heavier traffic move
ment, its maintenance of way expenses
must be relatively larger than those of
the Atchison in the nature of things.
The difference between the 1870 per mile
and 1890 per mile spent by the Atchi-
son and st. Paul respectively in 1900 is
greater than can be entirely accounted
for by the difference in traffic carried
per mile. If Atchison'S expenditure for
maintenance of way is larger than track
repairs alone would call for, and there
is probably an excess of at least 800
per mile-$742, 500 on 7,425 miles operated