The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-09-20
MEET TO REVIEW
THE YEARS WORK
Annual Meeting Held by Stock
holders and Directors of
500 Line.
NO CHANGE rs MADE
IN OFFICIAL STAFF
The Road Shown to Be in Excel
i lent Condition-Outlook
Good.

Shareholders of the 500 line held
their seventeenth annual meeting this
morning in the office of the president,
received the annual report and elected
John Martin, w. D. Washburn, Sir w.
G. Van Horne, Sir T. G. Shaughnessy,
G, II. Petit, A. H. Bright, G. 4. New
ell, E. Pennington, R. B. Angus, Ebert
A. Young. About 100000 shares were
represented.
The directors met at IL am. and re-
elected officers as follows: President,
Martin; second vice president and gen
eral manager, E. Pennington; secretary
and treasurer, G. F. Clement; auditor,
G. W. Gardner. Charles Drinkwater of
Montreal, secretary of the Canadian
Pacific, held the proxies of c. P. mem
bers of the directory.
A resolution to ratify the action Of
the officers and directors in the pur-
chase Of the Bismarck, Washburn &
Great Falls railway and property was
passed by the shareholders. Otherwise
the business was perfunctOry.
President Thomas Lowry expressed
satisfaction over the good grain pros
poets of the line. An infinitely better
crop than has been predicted is prom
ised in the roads territory. The traf-
&c of the line is in fine shape and in
creasing.
Annual Figures Quoted.
The address of the president and the
general manager contained in the an
nual report is as follows:
."The gross earnings, expenses, ETC.,
were as follows:
In steel bridges $50 900 charged oper "l0''''''
In replacing eo;;pound rails with 80
pound rails, Minneapolis to Hoffman,
about 141 miles, and about II miles
east of Minneapolis (cost of relay
ing charged to operating expenses 1888. II
in ballasting, Minneapolis to Glen
In extending side and passenger ''0 0 "
tracks, about ............-...... 100000
."The gross earnings, as compared
with the previous year, decreased $211, :
690.07, or 80 per cent, while the oper..
ating expenses increased $26,S57.86 and
the fixed charges $38, 803.62, resulting
in decrease in the net earnings of
1928, 447.93, or Sc per cent, and in the
surplus of $277, 25l::55, or 1876 per cent.
that prevailed thruout the year are con-
sidered, the result is most encouraging;
O. comparatively small wheat crop in
1903 was followed by a very severe
winter, making operation most difficult
and expensive; the heavy snowfall of
the winter, coupled with an abnormal
rainfall in the spring, resulted in very
disastrous washouts in North Dakota
which paraIyzed traffic during the busy
spring season and made expensive re-
pairs necessary. The late opening OF
navigation on the great lakes in the
spring Of 1904 eliminated very large
volume Of business usually handled over
the lines east of Minneapolis, and great
" reduced business activity thruout the
entire northwest. When these unfavor
able local conditions are considered
and the abnormal condition of business
generally turnout the entire country
The fact that the gross earnings were
cent of the most favorable year in the
company's history, reflects the wonder
full growth of the territory along it:
lines, and certainly offers brightest
prospects for the future.
Dividends and Betterments.
"On DOT. Is, 1908, the company paid it
the surplus earnings OF. the calenda
year 1902, being the full dividend of
per cent on the preferred shares and
per cent on the common shares i
April, 1904, second dividend was paid
the preferred shares receiving 312 pc
common shares per cent from tn
earnings Of 1902. The company ais
appropriated from its surplus earning
of the current year $250,000 for better
ments and improvements to the proper
ty; 100000 having been appropriated
from the previous year for similar pur
poses, the Improvement fund aggregated
$450,000, and was expended principal.
as follows:
1904. 1908
Gross earnings from
openatina
, Net earnings. :. SO, 1886, 8727o $3,573, 500
Fixed charges. taxes, =