The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1903-10-20
III DIVIDENDS
Figures Given by the Annual Re-
port for Year Ending June Both.

railway for the year ending June Goth
gives some interesting figures. and a
clear insight into the financial opera
tons of the system.
The report shows that two large
dividends have been declared. leaving
a total of $707,417 TO go to the profit
and loss account.
1t shows gross earnings TO have IN
creased S4,365,S SCI, or 11.49 per cent.
and net earnings $473.152. an increase
Of 4.3i per cent. Total income in
creased S~SS6,260. and 2 balance Of S.
I0l,4W is shown for the year. From
this, one dividend of 81. 800, 900 was
paid and an equal amount reserved
Tor the dividends payable in October,
leaving S'vI,4I1 to be carried TO the
credit of profit n loss. This is u
decrease OF 1888, APO as with
1so2- Inc balance to credit of profit
and loss is now So, go, 56l. The figures
in detail will be found elsewhere.
Inc increase in operating expenses
for the yea was 49, $50, 70S, or 14.37
per cent. OF these. conducting trans
portation cost s. .621, 913, or about 60
per cent. of the total increase in gross
earnings for the year. The increased
NoSI u 1oSl accounted 1Or - per cent.
OF these increased charges and $751;
81, or 80 per cent. was in cost of
train. station and terminal expenses,
due partly TO increased wages and to
increased cost of material.
To the ross earnings of $40, 354. O5e
Tor the year. passenger traffic contri-
buted $l3,69S,2N, an increase of 11.35
per cent. over 1902. The passenger
train earnings per mile were 5 1921, an
increase of S.26 per cent. Freight traf-
fc contributed sos. OS1 .034, an increase
of 11.67 as compared with the previous
year. The freight train earnings per
mile of road We're $3,93S, an increase
of $50 per cent. The number of tons
carried totalled 1917. 4S4, an increase
Of 1859.
In his report to the stockholders
President Samuel Spencer says that
the increase in income from other
sources of 1886, 752 is due chiefly 70
dividends on Mobile and Ohio stock
pledged for the certificates, dividends
on Macon stock n interest on Geor-
gia n Florida Railway Company and
other bonds owned by the Southern.
The income account for the yea In
| cludeS the results of operation of the
| South Carolina and Georgia Extension
| Railroad Company.
President Spencer adds hat while
the increase in gross earnings is large.
! it could have been exceeded if equip
| mentS, yard and shop facilities had
been equal to the demands upon them,
and the net results would have been
| much improved if congested conditions
| had not been the rule.
Funded debt increased S9,63S, 421
during the wear, the additions includ-
ing the joint bonds of So, S94, 321, issued
with the Louisville n Nashville on
| the "MOnon" purchase Equipment
! truSt certificates amounting tO 81 900 -
! 900 were issued for 5000 freight cars,
| eighty-nine locomotives and other roll
ing stock. The total charges to capt.
tai account during the yea for real
| estate, extensions. second tracks, and
| equipment were 1854, SS4.
Among the properties taken over
and investments made during the
| year We're the Southern Railway-CarO-
lima division. the securities Of the st.
| Johns River Terminal Company, own
ing important freight terminals In
| Jacksonville, and the securities of the
Atlantic, Valdosta n Western rail
way. The road arranged for New Or
leans terminals by the purchase of the
outstanding first mortgage bonds and
capital stock of the New Orleans Belt
and Terminal Company. which is to be
consolidated with the New Orleans
| Terminal Company, organized by Fris-
co interests. An interest was acQuir-
ed also in the Terminal Railroad AssO-
citation of st. LOuis
Revisions of grade and curves and
improvements in yard facilities were
made throughout the system. the
| charges to maintenance of way and
| structures amounting to s., 1873. 997, a
decrease of IS per cent.
In conclusion, President Spencer
says that industrial growth through
out the Southern States served by the
| company has continued during the
year in a most satisfactory and en-
| c~ouraging way. The number Of new
industrial plants completed during the
| year was 735. In umber and other
wood enterprises more than 1000. 900
| was invested and 1000, 900 acres were
| sold to northern and western pur-
| chaSerS for investment.