The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-03-10

ciaTed as follows ................... ass %
OUT 81, THIS stRPLts TIE FOLLOWING
APPROPRIATIONS HAVE BEEN MADE
+ o. t aoai.ionai property acquired and
For Improvement funds to pay in part
nor snSn ITS to oI road and equip Az, 0o ~
s.ncs January the net iacome has Been fur,
ther increased BY si.1I3,s0o.ep. being 5 per cent
gage bonds, owned by tae st. Louis. Iron Noun
Iain and S9utnern railway Company. and this
amount. although applicable to the business Of
ls9s. Will be tGken into income account for
Interest. dividends from investments and in
come from sources other than operation amount
ed 70 s2 AZ l39 So or SEA per cent Of the aIn.un,
charges, 50 tat only Ills per cent of the gross
s e opesa tTo or ST. per cent OF the
the fixed interest and rental charges of the sys-
ts TIE sross earnings per opeIatsd mile nile, were
s na lr3a called upon to NEE, S f
enc fhaSss seT m applying ''
During the last year the large amount Of re-
weather during much Of the winter oecasionsd
serious obstructions to and congestion Of traffic
privins the Iron Mountain road Of the us use Of
its main shops at Barring Cross during consid-
adverse conditions which encountered. mill
,ated against economical operation
Increased cost Of transportation during the
progress of reconstruction work. planned to Sc
cure efrciency Of operation. Is an Incident which
come effective. a large amount of Improvement
work VIII be finished during 1898. A complete.
extensive. modern shop plant is in operation at
Barring Cross
RfSER a ri GULF SSg p1Vfsfo& s
The necessity for the development and expan-
sion OF the Iron Mountain System to meet the
present large volume OF traffic which severely
s dhs Of I'll. ana 70
made necessary a. comprehensive pan to meet
This has been accomplished BY the authorize
ton Of new issue OF bonds TO be secured oy
win nlst the plSeeed sn of the Bonds 70 be
as the river and gulf division first mortgage. y,
Issued under the mortgage is $50 0o0,ojo of wnich
seo.OO.eO have been appropriated anu sold Tor
i. To purchase addltional terminal properties
in St. Louis and East 81, Louis ,,,,, ,,o,, r,s,
St. Louis TO Thebes ILL.,. with branch to the
& To extend the present Iron Mountain system
from Batesyille Arb TO Gss,aass No Nc , ama
0a.9 To o's extend the ron Mountain system along
the mississippi River Valley from West Mem
n iins of the Texas and Pacific Railway Company.
at Clayton. La: els miles -
this additional traffic. and the operating econ
oniies to be secured as a result OF the operation
income a substantial surplus over the amount OF
interest charges on the s10oU.0oo of bonds issued
The balance of the bonds secured by the mort
gage are to be issued only under carefully re-
ceeds Appropriated for building or acquiring other
a Snas psr . 81 COMPETED
line railroad. and for actual cost OF additional
property in connection with or necessary to the
Development OF the mortgased property. ,,..,
upon the mileage and other property above speci-
fed, and bonds are reserved to complete sys-
Of the Mississippi River TO the bridge now being
built at TheSes IL and On the west sias on
with the Texas and Pacific Railway at Clayton.
La and By 2. this so1nt fo
to New Orleans. which is forty-e ght miles shorter
'n Also 'ae first and ony lien upon diagonal line
from the above described valley line near West
nection with the Missouri Pacific system at Car
thage Mo. and by this connection Completing g
about 4se miles. which is shorter than any ex-
listing line between the same points rs and which
per cent. as against grades Of per cent by any
By building this 254 miles a new main line of
dense traffic is created between Kansas City and
The company has acquired all Of the bonds of
the Memphis Union Belt Railway COMPANY pns
Ing important Industries and occupying an i'm
postant s5aess Location With s aG The ne,
earnings q the system on traffic consigned To
The necessity Tor acquiring these bonds and of
developing the property. and thus adding to the
earning capacity Of the system. win be empha,,
radaes from lu Memphs and d Is to be by
the river and Gulf divisions mortgage 80 these .s
river and Gulf divisions mortgage as additional
security therefor
TIE mileage and other property acquired and
to be acquired by the sale Of these bonds. should
the operation Of the Iron Mountain system.
BUSINESS CONDITIONS.
There was a heavy falling on in the movement
of grain and live stock during the year. due 10
the almost complete failure Of the corn crop OF
1901.
This fact together with Instructions to the
movement of traffic already explained. resulted
in a smaller surplus than was secured for the
year 1901. but under these conditions the man
satisfactory.
The crops for 1902 were abundant and the pros
pects for a larger business In 1903 are bright.
CONCLUSION.
Attention Is invited to complete reports of the
vice presidents. and to the statistical statements
of the general auditor. which accompany the
same.
To these officers and to the other heads of de-
partnents and to employees generally. credit
should be given for the satisfactory results &C.
co,npished. Respectfully submitted,
GEORGE L GlIIIxD President.