The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-10-04
M. ( ST. I. REPORT
SHOWS DEFICIT
POOR CROPS AND NEW TRAFFIC
COMBINATION RESPONSIBLE.
The Roads Annual Meeting Is Held
Today and President Edwin Hawley
Presents a Detailed Analysis of Pres
emit Conditions Good improvements
Have Been Made in the Year.

At the annual meetingsof the stock.
holders of the Minneapolis & ST.. Louis
railroad company in the Guaranty
building today about 10000 shares were
President Edwin Hawley was received.
Three retiring directors were re elected:
Edwin Hawley, f. E. Palmer, L. c.,
Weir: Following the stockholders
meeting the directors met, but ad-
1ourned to re-convene on call of the
president. 80 '..,, !. FL. ], r
President Edwin Hawley's report for
the year ending June 80, 1904, shows
no change during the year in the mile
age of main line track operated. The
gross receipts and expenses for the
year, compared with the corresponding
figures for the previous year show:
Gross earnings ..... SO, $50, 5e517 s414, 9o7 20
Receipts over operating -
Additional income 49,. 275,247ss ..........
~, Total receipts 81, 435,721.22 .........
Taxes, interest trackage
su rnG other rentals 153 3a So. 80 ....
Dividends were paid in the year of 5
per cent on preferred stock, 100000,
and 21a per cent on common stock, $780,
of SOL, 922.iS. The report says: wv
BAD drops E1t Earnings.
The regular semi-annual dividends Of
2h per cent on both classes of stool,
We're paid in the first half of the fiscal
year, but owing to the unsatisfactory re-
suits from operations for the last six
months, the semi-annual dividend on the
preferred stock, only was paid for that
period, making in all per cent on tho
preferred stock and 21s per cent on the
common stock. The decrease in Transport
tatlon receipts for the year resulted in
the major part from the effects of bad
crops for, two successive years, in, the
section OF the country served by these
lines. In addition to this, there was the
loss of traffic to and from the. Iowa and
southwestern territory of the Chicago,
Rock Island & Pacific railway which,
previous to the completion of that line
from Albert Lea to the cities Of St. Paul
and Minneapolis, was delivered to this
company for transportation to points on
Its road north of Albert Lea.
Permanent Improvements Made.
The ratio of operating expenses to
gross transportation receipts for the year
was 5929 per cent, as against 5s.45 per
cent for the previous year. S5%%y-,....!
Included lin the expense of snaainten-
ance of way and structures is the cost
OF relaying during the year S.13 miles Of
track with new 80-pound steel rails to
replace lighter rails, the aballasting Of
1899 miles Of. track, the building of 2.7O
miles of, .sidetracks,% and the filling of
1888 lineaE feet of .trestling.S The expense
of maintenance was decreased, as COM
pared with the previous year, during
which period some extensive improve
ments We're made. The cost of maintain
ing equipment was substantially the
same as for last year, the equipment be-
ing FULLY maintained. T.. l4- . 81 X,
- After alluding to the purchase of the
Des MONIES & Fort Dodge road and
showing the advantages Of the deal, the
report closes: e..
While the prospects for business for
the ensuing year are somewhat prob
lematical at this writing, the present
conditions indicate that there will be
more wheat harvested in that section Of
the country served by these lines than
last year. The oat crop shows an i'm
provement over last years crop, and the
corn crop is likely to be, better also.
The farmers are receiving higher prices
for their products, and this should slim
ulate the general business of the whole
northwest territory.