New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-11-17

Profit and s. SEES 221 Inc 81 sal 25
ignoring the charges for improvements the sur
plus left after deductng dividends and sundry ad
justments 1851 425 in 1903. against s341s5O2 in
1902 The surplus after preferred stock dividends,
improvements and sundry adjustments IN 1893 was
S7.S51. 9O7. equal to 6.32 per cent the total
of outstanding stock If allowance
made for Improvements. the surplus after pre-
ferred stock dividends would be Sill S519O7 equal
to 913 per cent on the common stock.
The decrease in the expenditures for maintenance
Of way and structures did not result in the lower
ing of the standard, but secured mainly
through the perfectng of an organization which
resulted in a reduction Of forces and saving Of
terial Another reason for the reduction that
a great deal Of heavy work done during the
previous year. The wages in all departments Of
the service were increased during the year to
cord with the conditions prevailing throughout the
country. and in making these increases not only
wages adjusted to agree with similar prac-
tees on other roads. but adjustments were made
looking to the proper compensation with regard
to the responsibilities OF the place occupied and
the services performed In the capital assets cost
Of road" shows increase of SSH 991 19, covered
by stocks and bonds Of sUndry companies which
have been acquired during the year. and placed
with trustees under the provisions of the respec-
tive mortgages. and construction expenditures for
the year charged to cost of road
The ledger value Of stock owned by the company
shows for the year an increase of So 23 33 Al. due
the purchase Of large holdings Of both preferred
and common stock Of the Reading company the
requirement of the outstanding stock Of the Fair
port Elevator and Warehouse Company, which
vests the entire ownership in the Baltimore and
Ohio Railroad Company. and OF additional stock
of the Southwestern Equipment Company and sun
dry other corporations after deducting the value
of stocks. which appeared in the report last
year. but which have been since transferred to the
trustees. as provided in the respective mortgages.
with some minor adjustment. The Reading COM
nd IS
of New-Jersey, forming essential part OF the
through line to New-Yorz. t was deemed essential
to the interests of the Baltimore and Ohio Rail-
road Company that the business relations between
the companies should be secured in the most sub
stantiaI manner. and favorable opportunity having
offered TO secure a large block of the Reading
stock. the purchase made. Other increases in
the assets of the company forth In the gen.
eral balance sheet. The aggregate expenditures
for construction and betterments for the twelve
months were s. 500 800 o. an increase OF 50 M $50 49,
and in addition to the foregoing there charged
direct to income account the of S5I33T4 80 for
improvements in the nature OF substantial better
ments and additions the property, which were
not capitalized considered properly charge
able as an expense incident operation. The re-
port in detail where these expenditures were
made.
In the year there were 57s.E miles OF track bal
lasted Sc 1870 of s. and LOO pound steel
rail laid. and 1291394 new cross ties were used in
renewal and construction. In order meet the
| increased demands of industrial establishments and
to provide facilities for the movement of traffic.
SIP miles of Sidings built. and several small
branches constructed for the purpose of developing
| local traffic There were added in the year to the
system 36S7 miles of main track 5S63 miles of sec
ond track. 81 miles of third track and 81 miles OF
| fourth track.
Results of the lines controlled and affiliated with
the Baltimore and Ohio showed gross earnings OF
S. 729042 an increase of sos 500 and net earnings of
| s.. 559 O04 decrease Of $z02.C99
The general balance sheet as of June So 1873
/ compares with the preceding two years as follows
Assets 1903 1902. 1891