Pine Bluff daily graphic., 1902-10-12

Southwestern Railway company OF
Texas. has issued it's eleventh annual
,anort OF the board OF directors to
tbe stockholders, for the fiscal year
%aded June 80 last, including reports
by Edwin Gould, president, and F. II.
Rritton. vice president and general
manager, says the st. Louis Republic.
Mr. BrittOn states that there was
no change in the number Of miles OF
main track operated for the year, the
average number of miles operated be-
;ne 293. Gross earnings were 81
9e7 259 10. a decrease of S119.914.61;
operating expenses, $5,173,O66. 10, an
increase of $54O,174. 81; net earnings,
S2O94.193, a decrease of $G60,0S9 "a;
all other receipts $S9,01S. SO, an in
crease of $6,S23..42; total increase,
s21Sa.21159 decrease of S635 ,26o.52;;
total charges anaginst income,
g, l:,3 G22.51, an increase OF $l13,5l9;
surplus, $72S,1S9.1S, a decrease OF
s>oG 7St,32. The net income account
stuW; a credit balance of ST, 5o,ol109.
,"Thr decrease in gross earnings .
due largely to the drought during the
past season throughout the country
tributary to the line, which resulted
in a largely diminished cotton clop.
i ARys Mr. Britton. "The transporta-
II - of cotton forms an important fac
fn,. in the revenue Of the line, directly
and indirectly. Any decrease III the
WELD adversely affects the genel al
business of the country, and is mark
ed by a falling off in other classes OF
traffic. both freight and passenger.
Notwithstanding the decrease in
the cotton movement, a Ihigh-class
commodity, there was a substantial
gain in the total number OF revenue
tons carried, $50 per cent, whereas
the total freight revenue decreased
1.72 per cent. which was due to the
Increased movement of lower-class
commodities. as evidenced by the de-
crease of 1914 per cent in the aver
age per ton per mile. The increase
of / / Gj per cent on operating cxrenses
is accounted for principally by the
liberal expenditures for maintenance
of way and structures and for main
tenance equipment.
THE company has made extraor-
binary expenditures for the better
ment of the roadway and track.
More than Isl miles of 56-pound steel
were reaid with 75-pound rails: "A. s
miles Of 35-pound steel were relald
| with 56-pound steel. The total eN-
an average cost of 81 $50. % per mile
of main track operated, an increase of
$203 "a, or "a per cent over the pre-
ceding year New locomotives and
other equipment were purchased.
"The extension of new industries
kalong the line was marked by num-
7Gkber OF important additions. The
m policy of the management to encour-
age and foster new enterprises de-
string to locate in the territory adj
jacent to the railway brought salts
factory results. The adaptability of
the country for the growth of vege-
tables and fruit. is attracting much
attention, and a largely Increased
acreage is noted The general con-
dition Of business in the southwest
is unusually good and the prospects
are bright for an increase of traffic.
The improved condition of the prop
erty placed the Cotton Belt in bet
ter condition than ever before to eco
hon nj, mo
of traffic.
President Gould calls attention to
the common capital increase of SIS
booo00 "a No portion of this authoriz-
ed lnci Ease has been issued. The
total amount of the company's first
mortgage certificates of 500, 900 600
nave been issued and are outstanding.
he second mortgage income certifi-
. fates have also been issued in the full
mount authorized but $6,727 500 par
alue, of the $4,000 900 have been eX-
hanged at the rate of 80 per cent of
helf par value for the new first con-
olldate mortgage per cent gold
onds' and are held by the Bowling
| reen Trust company. the trustee
the first consolidated mortgage,
part of the security. The author
eo issue of the first consolidated
[oftgage bonds is limited to $4,000
w. OF which amount $9.000000 are re-
FlVed for the purpose of effecting the
kchange of the second mortgage jim
Pme certificates. the remaining bonds
ing lsf liable for the funding of out
ahdlng car trust obligations and i'm
ne oYement of the property.
III + !. +
u Railroads Revising Maps.
0allfoad systems having headquar
5 IN st, Louis are all preparing new
ps for the coming year. These
Nv aps will show the almost daily
"a ahges and announcements of new
'"F es purch3sed leased or proposed
n;a construction which have been