The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-11-17
1t Shows the Largest Gross and Net
Earnings from Operation In the
History of the Road.
MUCH MONEY WAS EXPENDED
OVER NINE MILLIONS FOR CONsTRUC-
TION AND BETTERMENTs.
Condition of Relief, Savings and Pen
sion Funds-Good Showing by the
vandaIia in September.

Baltimore yesterday, and the present board
of directors was reelected as follows:
Edward III. Bacon, John X. Cowan, John
p. Green, Edward II. Hartman. James
McCrea, s. NJ. Provost, Samuel Rea, Nor
man B. Beam, Jacob B. Schiff, James
Speyer, Charles Steele and James Still
man.
The annual report shows the largest gross
net earnings from operation in the history
OF the company. 1t covers the operations
OF the Baltimore & Ohio Railroad Com
pany, including the b. e o. s. W.. and also
gives the total earnings of the controlled
or affiliated lines. These lines, while oper-
ated by the Baltimore g. Ohio Roailroad
Company. are not wholly owned by that
company, and as follows: The Valley
Railroad OF Virginia. II miles; Ravenswood
Spencer & Chenille Railway, S2.5 miles: the
Ripley & Mill Creek Valley Railroad, ID
miles; the Cleveland Terminal & Valley
Railroad. ss.3S miles; the Cleveland. Lorain
Wheeling Railway, 1914 miles, and the
Ohio & Little Kanawha Railroad, 7426
Of the Baltimore & Ohio Railroad Com
pany, including the Baltimore Sc Ohio
Southwestern Railroad on June 30. 1903,
was 39S5.12 miles, and the mileage OF the
entire system was 4397 miles. The gross
earnings of the entire system, including
the controlled or affiliated lines, were $685.
1Sl,676.36, and the net earnings S25, ASS, 67433
The percentage of expenses to earnings
was 62.69.
The general income account of the Balti-
more Ohio Railroad Company, including
the Baltimore e. Ohio Southwestern Rail-
road Company. shows gross earnings OF
$63. AS, 633.S7. an increase of $5,5 ,13s. %.
The expenses were as follows: Mantle
nance of way and structures. Sc, 175. 1851 a
decrease of 1000 273.31. Maintenance of
equipment, sS,270, 1868, an. increase of
$3.50 s25; 81 Conducting transPort ia 49,
653, 1000, an increase of 81, 706, SS46O Gen.
eral expenses, $1,470.91105, an increase of
$3o,542.f, making total of $50. $3.50. an
increase CT S2,562, 1927 The net earnings
crease of 1894 1886. Other income
amounting to s1,6O9. s5O.19. an increase of
s3l4, is. making the gross income $685.
auctions from income were as follows: Net
earnings, Washington branch, 1886 1856. Sc; in
terest and rentals, SS,934, 1927; taxes, ST.
239, 1852; miscellaneous improvements, $685.,
37432; typographical and right of way sur
veys and maps, so, $50 IS; discount and COM
mission on securities sold, s513, $685. so, total
leaving net income for the year of 49,
S1S.163.42, an increase of s4644. $3.50.
From this net income for the year the fol-
lowing amounts were deducted: Appropria-
lions for additions and improvements, 49,
100000; dividend on preferred stock, % 2 per
cent, payable March 2 1909, A2oo,Ooc;
eent payable sept. i. 1908. di Rdr
dend on common stock, per cent, payable
Sept. /. 1903. Sass APO, total of $685.
241.20, leaving surplus, which has been car
ried to profit and loss. of $685. 2.22 The
amount to credit of profit and loss June 80,
1902, was 81. 625 221 .6S, total of SS,O5S go
From this amount is deducted the dividend
on common stock, per cent, paid March 2.
1903, amounting to 81 ASS. 20, and deduct
ing sundry adjustments net balance OF $780,
255.S7. leaving Il total of $2.551, 1867, there
is left to the credit of profit and loss on
June 30, 1903, $500, 647.33.
The aggregate expenditures for construc-
ton and betterments for the twelve months
were 1899 Is. increase of $3,164,
$50 49, and in addition to the foregoing there
was charged direct to income account the
sum of 1913. 374.S2 for improvements In the
nature of substantial bettermentS and addi-
tions to the property, which were not cap
italizeC nor considered properly charge
able as an expense incident to operation.
The report shows in detail where these ex-
penditures were made.
During the year there were 57S.15 miles Of
track ballasted. 81, 1853. 20 tons of new eighty
five and 10O-pound steel rail laid, and 1,291,-
1874 new cross-tes were used in renewal and
construction.
In order to meet the increased demands
of Industrial establishments, and to provide
miles of sidings were built. and several
small branches constructed for the purpose
added during the year to the system So 81
miles of main track. 5S.63 miles OF second
track, 81 miles of third track, and all
miles of fourth track.
The equipment in service on June 80, 1903,
including the controlled or affiliated lines
and the southwestern Equipment Com
pany, comprised i, ioJ locomotives, lloo pas
senger equipment cars. and S4,742 freight
equipment cars in revenue service.
The marine equipment included eleven
steam lighters and tugs, ninety five barges
and floats. two pile-drivers and one wharf
| boat, to the value of S7S7, 46S.0S
The report of the relief department
showed balance on June 80, 1902. of $780,
| 1908, and receipts during the year ended
June 80, 1903, of s7I5, 6464S. total of s1.579
1906 The disbursements included death
benefits both accident and natural, dis
ablement benefits, etc, amounted to $780,
lO2. 80, leaving a balance to the credit of
the fund of $S47 654.09. The membership is
| IL, 7SS, an increase of 1,765 The assets over
liabilities are $3.50 05S.02, an increase Of &c.,
9S4 SO.
The savings feature had a cash balance
on June 80 OF 81 POI 9S, the disbursements
being SS0S. 1881 and the assets 1858, 1874 So.
The number of depositors were 1897, an in
| crease of 3SS.
The pension fund showed a cash balance
OF sos 49, the total assets being 1885, S41. SO.
| The disbursements were s64.l71.17. The total
number of pensioners since Oct. I, 1854, were
772 The number decreased 437, leaving 335
| on the roll on June 30, 1903.
VandaIfa Finances.
The report of Volney T. Malott, receiver
| Of the Terre Haute G. Indianapolis Rail-
road Company, for the month of Septem-
Der. 1903. filed in the United States Court,
| shows:
Cash on hand Aug. 31............ .904 26
/ Receipts during September....... S596s6 II