Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1902-11-25
LOUISVILLE VS.. ST. PAUL.

Almost exactly one year ago we pub
ished in Circular No. 81, entitled Com-
parison Of L. & n. wi;il ST. raul
In that treatise we MADE re eAe ea9isfac-
ton of ourselves and a numnsr ol ~. ~
Correspondents that If St faui WEI" ':
worth Ia tine, price at walcn ls Vic
should be worth lbs. for the reason that
whi.e the tolmer company was tneh
maning 1l.2S Per cent: on It's stocA, LUZ,
Vile and Nashville showed lO.Sv per cent.
sarned on its stock. And at that time
Louisville was selling at lO4-Sn pr
share less tnan st. Paul.
singular to relate. s6 paul Is I,h iolua y
was quoted one year aSo. viz: l'f' "nlie
Louisville and Nashville has az
vanced 10 IA, consequently there Is 70
gay difference in the market value or
on4y sou per snare against $40 per snare
this time last year, from which we may
lalrly infer that a porton OF the ln'est-
ing public has cone TO the conclusion
that Louisvi,ie was relatively cheaper
than st. Paul
Now, the object of this open letter is to
maze another comparison, based on me
fiscal Year ended June 81, 1907, OF the
STOCKS of these great corporations. SO
that we can pace before our CORES pom
form their own opinion as TO the rela-
i've merits of the properties.
INCOME ACCOUNT.
For fiscal year ended June 80. 1907:
st. Paul. L. Z, n.
Gross earnings -. .s456l3.lA $50. Il2,zoI
operating expenses
and taxes 81. l96.e9o~ Il, i5i,olo
Net earnings sic, 4l6,22s ss,y77.747
Income from other
sources 4o4, ol4 1,uu1,o-I
Cross income -. l5,s5O,544 ss,y7S.76S
r. SeA charges, ETC.. 6,2lJ,USb i.3Si ,UZi
Net income rs 9,61o,45s s4.s91,747
Additions and bet
terments charged
to operating eX-
Lou u and Nash
vi-les share Of
profits of Louisville
Chattanooga a nd
St. Louis and the
Atlanta. Knoxville
and Northern Tor
fiscal year ended
June 81. 1902. ....... $4,000
Increase in net
earnings for July,
August, and Sep
TENDER, 1892. 256C0o s92,G0o
A a5oeR eai'-su o.slseo2,25s s7s5s,o24
Which is equivalent
to-per cent. 125i lo.U3
on stock outstanding
'66 per cent.
srll per cent.
In other words, Louisville is earning
more ne.S on ITS n a'os S. 'f Paul
expenses is charge Of s2.475.o65
credited to renewal and IMPROVE
ment fund and sl,2so,soo for better
s., 1U5, SEQ This sum, together with
july. August and sep5em5yr. 1902.
adasd TO the ne. 1ncom ne lo r. the ias q
psr share s1al' on N St. Paa sio4 $500
q. preferred and common stock:
Included in Louisville and Nash
charge of sl,4S7,zl7,, expended during
the fiscal year ended june 30, 1892:
for equipment. Improvements, and
additions to the 1,] propFerty spabt OF
penditures prior to June 81, lssi,
count; witch J., ACCENT q n mas nsT bee been
earIings for July, August, and SEP
tember. 1907 ana their share re Of ., the
pro and sh Ies ana a
anita, Knoxville. and Northern for
the fiscal war ended June 80. 1902,
added to their net income Tor the
per snare on Louisville and Nash
ville's S6o,0C0,t00 of STOCK.
Net assets in treasurery-St. Paul
| s24,9iSS56; Louisville ard Nashville
81. AIS .SUi.
From these figures it will be seer
that the Louisville and Nashville ha:
s54, 1884 of treasury assets, which i:
more than 30 per cent of its capital
whereas. ST. Paul has S24.34S,t.6 of tlIa
sury assets, which is less than Is pei
cent. OF its capital stoca.
MAINTENANCE ACCOUNTS.
st. Paul. L. & n.
way and struc-
lures ...... ........s 7.2l9.l26 4;5355, $50
Main. equipment -. 1888, o95 4,440251
Renewal and i'm
provement fund.-. 4,475.oo0
| Total .s1s, o5;:.5sl s,s7slsl
Which is-per cent. $3.50 1890
OF gross earnings,
equivalent topper
For the last Six years. after paying 9, al
expenses and charges, and all dividends
distributed to the stockholders OF IN;
Louisville and Nashville, there remained
s June 80. iss7-surplus income. ss7s,1so
sinking fund. ETC., s374,025: improvement Is
Sos, $50, Total. 81, 537, 7706.
June 80 1855 Surplus p! income. s1e32,sol
S6Ss950: Total, s.. 537. TO. IA =
June 80; 1s99- Surplus income, sfls,900
IT,