The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-09-18
500 DIVIDENDS
ARE UNCHANGED
PREFERRED DRAWS 7 AND COM
MON PER CENT.
Annual Meeting Of Company Is Held
Today in Which Old Organization Is
/ Retained Report Shows Gross Earn
ings Increase Of $2,s5s,ooo, or 1913
/ Per Cent-More Extensions Ordered.

policy which has guided the directors
of the company in the past prevailed
and the October semi-annual dividend
was declared today at 31A per cent on
mon, the old rate, at the nineteenth an
nual meeting Of the shareholders of the
Minneapolis, St. Paul & Sault Ste.
Marie Railway company, held in the
500 line building. The old board Of
directors was reelected Something
more than 900 shares of stock were
represented at the meeting.
The new board of directors met i'm
mediately. after the shareholders
s i@saa' s5 P"y"Ole Oct: 15' Books close
The directors are as follows: Thomas
Lowry, w. D. Washburn, G. H. Petit,
e. Pennington, A. H. Bright, w. L.
Martin, G. R: Newell 2: A: Young Sir
r. G.. Shaughnessy, Sir w. c.. Van
Horne, R. B: Angus. The officers are:
President, Thomas 5, Lowry; r yif g pfesi-
ton; second vice president and traffic
manager. w. L. Martin; secretary and
treasurer, c. F. Clement; auditor, G..
w. Gardner.
President Lowry Presides.
Tomas Lowry, in renewed health,
ter, assistant to Sir Thomas shaugh-
messy, president of the Canadian Pa
cifc road, represented that company's
interests. Mr.. Drinkwater left today
for Duluth, where the annual meeting
of the Duluth, South Shore & Atlantic
road will be held On Thursday. ~ >,
| Sir Thomas assistant was enthusiast
tic over the condition of the Soc line
is looking fine, - said Mr.. Drinkwater.
".Matters are in frst-class shape. I am
glad to see everything moving along
so well. The 500 is progressing SO fast
that it is hard to keep up with the
rolling stock, which is good sign.o
New Road Planned.
The intention of the 500 line to
! season, the expected appropriation Of
$6,500,O00 for betterments, and the Ill
! innate entry to Duluth, has already
been commented on in The Jour
nal -. -. -,. .-..- Lii
! = The annual report of the road, issued
! today, shows comparative figures as
/ follows:
Gpssst SaEn'sf pensss
Net earnings :: S. 5ss se e s4,214o %
| Income, other sources $62,965.22 $66, 1886. 5S
/ Total net earns $5,s52s67.43 81, 2so, 349. s3
; Fixed charges, taxes,
! BE- etc .......'...... looolol.ol I,1lo'5o4.S1
Surplus income eco. So, 2o7, ese.12 2oes 81
In the annual address. which Is
signed by the president and the general
manager, a resume Of the year is given
as follows: = ~. , H..
/ r. Some Of the Figures.
l. ttTLo'. ,.,,,.,,- o,o..,,,;,,r, sLorr ~, ~
crease Of $2;s57, S4O.41, or 1928 per cent
over the previous year; the surplus,
$l,204, 271.2l, an increase of 58.4 per
cent over the previous year. The op:.
Grating expenses were SO per cent OF
the gross earnings. The work Of re-
ducing grades and correcting the align
ment, Minneapolis to Paynesvillee,
has been completed and similar i'm
p1ovement extending to the Dakota line
!: is rapidly nearing completion.
s"With the exception of one or two
short grades this work will be entirely
] completed this year and when done will
leave a maximum grade of 8 Of l per
) cent for eastbound traffic into Mime.
apolis. Since our last report the line
J from Thief River Falls to Kenmare has
t ness beyond expectations. The extern
sion from Underwood to Garrison is also
t in operation.
D line from Flaxton, N. D., westerly t
Ambrose, a point about twenty miles
l east of the Montana line, distance Q:
s ifty-one miles; line from Drake, n
9 Of eighty-four miles, and an extension
of the Garrison line, north to a connec
tion with the Plaza line at Max, y: D.
e distance of fourteen miles. Thes
= lines will be completed during the yea
f 1906. 81
e Twin City Terminals
q "The rapid growth of the company
,. business made it necessary to acquir
n additional property for enlargement 0
:. terminal facilities at both Minneapc
lis and St. Paul; large additiona
freight house at the former place
20 building and the work Of etending th
, % St. Paul is under way. These termi1
y. ais in both cities are second to non
= in location, and will greatly increas
Ia the independent position Of the prof.
- erty.
~ fhe mileage east Of Minneapolis
w w shown to be 632.37 and west of Mimi
> apolis 1,4s376, total, with spur line
in of 2,134.73 on June 80, 1906: Trackae
T. facilities over twin city terminals ado
ST ! 1852 miles. 8 - ~ -. -. -
H. Division of Earnings. ~.
r. The gross earnings were divided {
10 follows: Passenger, $2,427 $780,
20 freight, $S,46s ,674.79; mail, express an
70 re- ellaneous, 1878 ,24s.26. Of til
IT. Operating expense total, So, 450;287.e
Id was devoted to transportation, viii
the maintenance of equipment CO..
$l.O90,4sO.37. s ! 5 s
The expenditure account, GOVERN
construction and equipment, amounts
to $6,247, O39.75. The betterments
en- the main line, charged to capital a
c. count, amounted to $257 ,050.50, whi'
er was reduced $40, 13l.0l by. the disma
ar Ting Of the Gladstone oredock and Il
es destruction Of the 'Pembina icehouse.
81 Expenditures charged to the fund a
he propriated for additions and bette
to ments amounted to $763,966.70. Tt
amount deducted from the balance.
he crtdit June 80, 1905, Of $183,977.i
rs plus $1,O50000 appropriated from t
CHI surplus, leaves balance forward
er, $40 ,0l1.04. u
nd nd Equipment Account.
st Additions to the equipment we
ere 1900 boxcars, 80 refrigerator cars,
I'll, locomotives, 10 coaches, 2 dining ca
es 2 combination coaches baggageva
'st mail cars 4 sleeping cars, wreck
ole crane, 2 ballast unloaders, tool Ct
amounting to- $1,945, 900.85. The 70
es, has now on hand III locomotives l
.rA passenger. cars, liz 1862 freight. cars a
dy I173 miscellaneous forms of rolling sto'