The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-10-26
LIKE BIG
DIVIDENDS
GREAT NORTHERN STOCKHOLDERS
SATISFIED WITH PRESIDENT
HILLS ADMINISTRATION
ARE NOW DRAWING 2 PER CENT
THINK HIS STRIKING ABILITY AND
ACCUMULATED CAPITAL SHOULD
FURTHER INCREASE PROFITS
WOULD THEN BE SATISFIED
Average Freight Train Load Han
Been Increased From 25a
Tons in 1895 to 8s2
Tons in 1901.
ARE NOW DRAWING 2 PER CENT
WOULD THEN BE SATISFIED

NEW YORK, Oct 25.-(SpeciaI )-rhs
general opinion prevailing today in Wall
street In regard to the Great Northern
Is that Its distinction rests chiefly upon
TWO circumstances. One is the fact rhat
the financial administration was so sound
that dividends were paid without inter-
rGptlon through the hard times of 1S94-g7.
and are now at the maximum rate The
other is the extraordinary efficiency OF
It's transportation management Ii Mr..
Hin should now employ his striking abiI-
lty and his accumulated capital exclus-
1Vely in getting more and more net in
come out of given amount of trans-
portation work on the Great Northern
lines, which have been his most memor-
able achievement annually for many
years, foregoing indirect profits to be
drawn from the purchase of the Burlfng-
ton and such like, some of his critics
would be better satisfied.
Moreover, in view of the per cent diyI-
dend paid yearly from 1852 to 1896. 8 per
cent In 1887, 6A per cent in 1893, and 2
per cent since that time some of the
conservative Great Northern stockhoId-
ers are inclined to advise that wen
enough be let alone, As to the success
of the Great Northern administration
well grounded in Mr.. Hills methods and
under his oversight, in moving freight
with superlative economy, no question
can be raised.
In 1895 the railroad system, with S15.uOO,-
600 of gross earnings, required S2.7 per
cent of the total to pay the cost of con-
ducting transportation and general ex-
penSeS. In 1860 gross earnings amounted
to SIS, $4,000 and transportation and gen.
eral expenses absorbed 29.2 per cent of
that sum. Last year gross earnings
dropped matter of s560,O00, and though
the shrinkage in revenue was small. con-
6I50Tincr fra nd
lenses absorbed 32.1 per cent of the gross
receipts. Presumably the details OF
operating expenses would reveal, in high
er cost of material and labor, as well as
in diminished ton-nile revenues, the
reason for this movement.
Noteworthy Advance Made.
But, measured by the standard of oper-
ating. efficiency, more familiar to most in
quirers into railroad affairs, the company
disc1oses another year of uninterrupted
and noteworthy advance. Comparing 1901
with 1888, 1t appears that the average
freight train load has increased from 252
tons to $50 tons. The year 1900 showed a
jump of twenty-one-ton miles per train
mile in the loading, from S35 to S57 tons,
following an advance of almost exactly
the same amount the previous year. This
movement was significant, but the last
year has more than equaled 1t, the gain
of 1901 over 1900 in the freight train load
being no less than twenty-four tons. Rev.
enue ton miles fell last year from 2,5O0,0OO
to 2.4S2.0 600, and at the same time the
freight mileage was reduced from 603S,00O
to 5,62S, goo. In 1895 the Great Northern
secured average earnings of S252 per
freight train mile and in 1901 it Increased
the receipts to 1888.
Numerous well known railroad men,
trained in the Great Northern school, are
applying the lessons learned there in
other fields None of them have sur
passed their instructor in skill In this
particular Cheap transportation depends
not only upon good motive power and ca
pacious equipment, coupled with roads Of
as low grade as practicable, but also
upon the human factor of intelligence and
interest in the work, from yardmasters
and station agents up Ability to erect
savings in this department will go far
toward minimizing disasters IN the next
period of industrial depression.