The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-09-19
a Careful Analysis Of the Boards
Annual Report Shows splen-
did Progress.
It's Liberal Allowances for Mainten.
ance Please Wall Street Crit
les Greatly.
Special to The Journal.

Special to The Journal.
New York, Sept 1s.-Ihe Minneapolis, ST..
Paul s Saplt Ste. Marie publishes this year the
best annual report that it has ever submitted
to Its stockholders, The progress Of the road
~ the matter ct gross earnings has been splen-
s The IT net safnnas = also s
ever, will find the most gratifying features of
the 500 report In the ttemized account of expen-
ditares, and In the table on page II OF the re-
expenses with the same details In ether years,
The management Of the 500 Line has been
severely criticized at different times for Its
failure to make liberal allowance for the
maintenance OF the property and equipment.
The following table Of maintenance charges for
the past four years shows clearly that the
policy OF the road this year Is far more liberal
In this respect than ever before,
Maint' lance. 1908. 1902. 1901. 1900.
Of eaaipmsnt s7ssas
The maintenance Of way charges in 1903 are
S547 per mile; the charges for the same item in
1900 we're $4l7 per mile, an increase of $1a0
| equipment the company spent in 1903 $452 per
mile, and in 1900 $s47 per mile, an increase Of
$io6 per mile, or 80 per cent, In addition to
sases t. the
appropriation for additions and betterments, In
1902, $500, 600 was charged of in the same way.
TINS being the hrst year in which such de-
CALCULATING leu the surplus on the same basis as
in 1000, the four years show the following re,
suits IN surplus;
s.; ss ri $50 ase asss
Pet H. c So ,.,o,t 50 a,.,.,,., IS &!
road is at present doing far more toward the
maintenance Of Its property and equipment than
ever before, and 10 at the. same time earning
money away beyond Its earning power in 1900,
IN the matter OF mileage, the road has ad.
yanced from 1856 miles in 1900 to Laos in 1908.
me road has been particularly conservative In
this respect, but 1t is gratifying to note that
MhAe me mileage IN the four years has In
creased but IA per cent, the gross earnings pei
mile have increased from s4,0Oe to $Ae4s, OF
nearly 20 per cent. The figures would seem to
indicate that the gradual improvement Of the
wisely built. Ns esse
The table Of traffic and mileage statistics
anows thae the road has been favored during the
current year In the matter of rates on both
passenger and freight traffic. The passense,
earnings per mile this year are 228 cents
against All cents in 1902: The average rate
In 1900 to 745 mills in 1908 This advance
OF near Is per cent in four years is to be ex,
p.alnea by the tact that the high-grade tonnage
OF ona. dhe road west-bound has been greatly in,
creased during these years thru the settlement
OF the Canadian northwest and North Dakota
ana the consequent creation OF the demand fol
.ne products TO- OF the east Manufactured goods
than low-grade freight like grain and ore Il
is understood that the percentage Of this high.
grade freight to the total tonnage shows 4
grat1Iy1hg increase. 1t is unfortunate that the
company does not see At to publish list oi
the various commodities carried, as there ia nc
petter way to demonstrate a change in tho
nature OF the traffic than by list of this Kind
s nns otner ROADS OF the northwest all publish
The trend of traffic is we'll illustrated by the
STATISTICS OF empty ear mileage, which show
tnat trains north and east decreased their einnty
ear. mileage oy about 800, 900 miles, or about
per cent while the south and west bound ira FAC
shows an increase otfnbout zoe, 600 miles or :
per cent On the whole, the empty car mile
age OF the road shows decrease OF about 400
600 miles, whichsis gratifying step in the d.
rection OF economy desperation -
Inc 1naa average number of loaded cars In train,
IN 1908 IS the lowestsEsince 1900. The average
number OF passenger cars is lower than IN
eitner 1901 or 1902. but Is ahead Of 1900, a.. X
appears that each average freight train ON sths
800 Line consisted Of almost twenty cars. nfoni
s sA ot Wnlch were empty. The average train
Iuau ot trelght shows decrease Of nine tons
per traln put the average carload shows an n,
1902 ~ compared wlth
THESE statistics are very mixed. but f. would
appear from them that operating conditions nr
the road have not greatly changed sinca last
year Inc reduction in the trainload, and in
the number of cars per train ia somewb Al dt4a
cult to explain in view of the fact that tha
equipment OF the road was considerably I'M
proved last year, and that thru greater nor+
OF the year the operating department had moro
irelgnt imam usual to handle. It is prohab1y
que IN large part to the operating of light naw
.hinh On tne outlying divisions Of the road.
Witch . would also serve to account for the very
large increase in the, total mileage of Iosdas
freight and passenger cars