The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1906-09-12

system in ten years that 1t mas been N
operation. MI Mora WITT said that It
had been decided to give out this in
formation so that the public could have
the benefit of II at the earliest date.
Earnings for 10 Years.
The Santa Fe gross earnings have
increased during the last ten years
from $40. ,2S0 to sS1,344. s59-17. or
1856 per cent. Its net earnings, be-
fore deducting rentals. taxes. and 9TH
er charges have meantime increased
from s7.754.041.29 to $S0.777,S22
or 1868 per cent. Its outstanding
capital obligations have increased from
$500, 396,2SO to $491,6S4, $50. The adj
ditionai capital was devoted to extern
SONS and the acquisition Of new rolling
stock, and it is stated that this policy
of expansion will be continued in the
future.
Regarding the expected dividend on
the common stock Mr.. Morawitz said:
The next dividend on the common
stock will be paid on December l, and
will be fixed and declared by the d.
the regular board meeting to be held
ON the first Wednesday ! October"
Earnings Last Year.
The extracts from the annual report
issued yesterday set forth the fact that
the net earnings on common stock in
cent, including the undivided surplus
income of auxiliary companies. For
the last five years, it is pointed out. the
net income applicable to dividends on
the common stock has averaged about
8 per cent.
In view of the expectation that at
the October meeting the common
stock will be put on a high dividend
basis, interest attaches to the follow
ing reference to the dividend policy of
the Atchison management. The report
says on this point.
However, in the opinion of the
board, the whole amount OF the net
earnings of the company shown by the
accounts is not properly available for
the payment of dividends on the COM
pany,s stock Prudent management
requires that part of the surplus in
come during years of great prosperity
should be reserved for the purpose of
improving the company's property and
increasing the stability of the invest
ment of its Shareholders Further
more. every large railroad system in
the United States is obliged to expend
annually considerable sums for inn
provements and additions that are not
chargeable to the ordinary operation
and maintenance expenses, but never
theless ought not to be charged to
capital account
The statement of earnings for the
last year compares as follows with that
of 1905:
1905. 1905
Gross earnings from
operation 49,. -. 1904, BAT $68, 3T5ss31
Inc. from other
sources -. -. 1.s4e.4O1 sls.so2
Inc. from all sources, 79,ss1.76s SO, 1Ss. 73s
Op.expenses. includ-
ing taxes, rentals,
and other charges. 81, 0s5.355 1885. 1873
s2s.s55.sss s2l85s.s5s
Fixed charges in
GLIDING accrued in
terest on adjust
ment bonds -.-.- 1882 1874 9.611, so
Net income ........ s27, 738. 2os $11,742. GAG
From this net income Of s17. 7Ss. POS
there was deducted for preferred stock
dividends Sc. 70s, $50. and for common
stock dividends 81, 07S go, and there was
charged of to fuel reserve fund $21S, 8S4
and for betterments and improvements
81. 500. 000
The surplus incopee @eter all these o.
/ auctions amounted to So, 227. 314, equ-z
alent to an additional 3 per cent on the
coTnpany's stock The total surplus &c
the credit of profit and loss. after vari-
Gus adjustments of the surplus as pre-
viously reported. was s19,985, 1872 on june
l go last
Discussing the expansion Of the road
l in recent years and the probability O