The Minneapolis journal., 1903-12-19

The total tonnage of the year
amounted to 1,S36,S94 tons, q decrease
of ,5.33 per cent.
The decrease in gross receipts was
7.7S per cent, part of which, as fully
explained by Mr.. Hawley, was due to
the withdrawal Of the trackage lease
by the Rock Island. This withdrawal,
of course, not only caused Shrlnkage
of revenue directly but also had good
deal to do. doubtless, with the falling
off in lumber, cement, etc, carried 'On
the line.
The adherents of the road point out
that the earnings Of the road, under
the most adverse conditions possible,
show the dividend of per cent earned
on the common stock. During TINS
particular year the road received
practically no assistance from any out
side road after the first five months.
The working arrangement with the
Illinois Central. designed to make up
in part at least for the detection of
the Rock Island. was of little. or no
value. The actual value of this con-
nection remains to be demonstrated.
1t also remains to be demonstrated
what the road can 90 in a crop year
without adverse conditions The
present year, 1904. will not. demon
strate this question. The movement
of grain this year will not greatly ex-
ceed that Of last year, if it exceeds
it at all. Neither will the full benefit
of the Illinois Central alliance be DEM
onstrated this year. In fact, the pres
ent year Is not likely to be much, bet
ter than last, tho it can be stated that
there is no intention on the part of the
management to cut down the div1-
dends until it appears to be clearly for
the benefit Of the railroad.
One remark in President Hawley's s
letter to his stockholders is taken to
show the policy Of the management
r6 q II n
property:
If there should be a reduction in the
volume Of traffic for the coming year it
will be practicable, especially as the
property has been so greatly improved
during the past seven years. to effect
greater economy in the cost Of mainten-
ance and transportation without detriment
to the property.
There is a great deal contained in
that remark. The reduction Of main
tenance is q. simple matter, but the
only way the cost Of transportation
can very we'll be cut down is by re-
ducing the regular train forces, num-
Der of incidental employees, ETC., or by
reducing wages. Mr. Hawley car
probably cut down his forces if traffic
falls off badly, but the train forces
can only be reduced in direct ratio
with the falling off in traffic if the
service is to be maintained.
Some criticism is leveled against the
management on account Of the reduc.
tion of $1S5,732 in maintenance o.
way charges. The critics hardly seen
justified by the facts. The mainten
ance charge this year out Of earning!
was $40 per mile against an extra
ordinary charge of 1892 last year.
appears that the reduction was rathe
in the nature of a return to norma
conditions than a sign of timidity.
The other current criticism Of tn
road ON the ground that too mucI
was charged to capital account durin
the year is equally without goo
ground. The items for which thi
money was spent are fully detaile
and not a dollar Of it is not correctl
charged to capital.
There is, perhaps, just ground fo
criticism in the apparent abuse Of tn
rolling stock in 1908. The conpan
put out of commission seventy-on
freight cars of various kinds withoU
replacing them. Only 63 per cent {
the freight, equipment is classed a
''in good order and fifty-two out {
siXty-seVen passenger cars are classe
as in good order. 1t is expressly state
in the body of the report that the ger
eral condition of the equipment wa
maintained during the year, but tn
figures hardly seem to justify the re
mark.