The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1903-01-23
WHEELING
STATEMENT
Road Made Good Showing Though
Not Yet Ready to Pay
DiVidends.
REPORT OF last YEARS EARNINGS.

The statement Of the Wheeling Sc
Lake Erie, which appeared recently,
was the best showing that property
has ever made, and yet it gives the
stockholders but very little hope or
encouragement for the future. says the
Cleveland Leader.
The little line, which has been stag
gering under great burden for a
number of years, and which is just
now out Of the hands Of a receiver,
made good showing in the second
year of its release, but is far yet from
the list of the roads that will remun-
crate those who hold the stock. The
financial statement seems to incline
to the belief that the best for the
present stockholders is to wait until
those secureties are turned over 10
the holding company which the
Goulds are taking, and to accept in
the place of the present issues some
larger issues of stock which are mar
ketable.
The gross earnings of the Wheeling
of s3,537 ,022.69, and the operating ex-
pense of $2,5S3,S02.81 indicated that
the operating expenses amounted to
over 73 per cent Of the whole. The
average is perhaps high, but It is ac-
counted for In the enormous improve
ments that were made, where heavy
rails were substituted for light; steel
bridges for wooden structures. ard
filed places for trestles. General Man
ager Blickensderfer makes the state
ment with confidence that the road
is now in position to take the heaviest
equipment that is handled. The ex-
pense, howvr, necessitated the disrc-
garding of the stockholders. There
are three sets Of these. One issue
Of common stock is of 10000, 900. The
first preferred stock is of $4,135, 800 4
per cent non-cumulative. The second
preferred stock is an Issue of $11 ,567,-
900 per cent non-cumulative. If the
bond Issue were taken care of, the
fixed charge of which is $572,296 and
the interest on the stocks were paid
of S1G5,432 on the first preferred, and
$4s2.716 on the second preferred, il
wonld require net earnings of 1870
44i without taking into account the
other incidental expenses, such as in
terest, discounts, and taxes, and the
company's share in the w. e l.. r..
Coal company. The outlook is better,
and 1t rests somewhat with the man
ayers of that road what is done. IL
the operating expenses during the
coming year are reduced to the nor
lauol n lacc ha >f
the gross receipts, and IL the earnings
are what President Ramsey predicts,
$4, 100000, there is vague hope that
the first preferred stockholders may
have a share in the divisible earnings
of the company This possibility,
however, is remote.
The whole report of the Wheeling
was good this year. The operating
expenses were very light for the in1-
provement work done. The traffic
statement was especially encouraging.
The road carried 5,258,274 tons of rev.
enue freight, with an average earnings
per train mile of $2.16, and with an
average earning per car mile of 1887
cents.
The passenger receipts show that
the total number of passengers car
ried was S53,6S3, and that each pas
senger rode on the average Of 27.SO
miles. The average earnings from
each passenger were 52.28 cents, while
the average rate per passenger per
mile was 1873 cents. This is one OF
the best showings that have been
made by any of the roads in this ter
ritory.
1t is recalled that Mr.. Ramsey made
the remark that both the freight and
the passenger earnings per unit are
low, which he accounts for by the
excess of low class freight ard the
number Of excursions. Even with this
reduction, however, the passenger rate
of the Wheeling is well up compared
with Inns of its size. The freight earn
ings per train mile are good, but the
classification as to the unit Is rather
unusual and difficult to compare with
other roads, most of them adopting
the ton mile basis. The train loads,
however, were very light, due no
doubt to the necessity of using old
and small engines, on which account
the freight showing is the more re-
markable.