New-York tribune., 1907-09-11


5sse s.f & Is /.
E9 aI "a ::'s, rs IS f4s f5s faa faa fis
r,.,1. s37- -7sl 8sf t2s 4s7 765 Inc t28Tssls
Nain5saanes q way So - .sa 7s7r.. s4ss7s1
istatsnsnee O. s9g-R 7s s3 ss55s9s 55 mo- 1isssss
S51;i'9s Se5srSI eSpsrsss 5s5iss Slaa2 Inc: 6s5
Total. .5145s5 s17os46 SIS Inc s. .ss sI
.set earnings H. SO s45 IL 42slsl 55.1 +as &
7a5s5s't Rents senl ae(oHa: 5s6so 5as4 IS
o-,, ,,,r,. s1T- -73s 7as 81 5ss asa rao. Si5eses
In+e-ss, on funded debt 2 sO7 S06s 145 I1c loS00
ooisa5 sss5S s5s aS5 ne ne: s5 sa
RsH5s q tracks. ter-
PrGDsTty a59si1 .a.a... o,asr oerT 1888 a
~. TOTALS 1:ou. ZOO 8is 74s2591 Dec sssS
From the ret income have been deducted; For
payment TO Pocahontas Coal and Coke Company
on account OF deficiency OF interest joint bonds
s2fS 600: for minor charges 10 income. STILL ius
dividends on adjustment preferred shares. Slsos'.
for appropriations for betternents. Sz00CO. and io
additional equipment S996. .652. making the amount
carried 10 profit and loss for the yssr SiooS's--
The amount 10 the credit OF pront ana sS Ioss -
June 80 1906 S,S)a,S54, from which diTosa.S
OF So 22S $50 are deducted. the balance being Sot
2e4 which added 70 the profit and loss crsclt Io1
the year Just ended makes q total OF s5,l4ozo
Subtracting s573.s0O, discount and commissions "a
securities sold. the balance TO credit Of pront a
loss on June So 1907. IS shown s4.+72Aa
onerated. and the net earnings, $50. Operating
expenses were s. per cent OF gross, AGAINST .
per cent last year The betternenr fu1d - -
its credit on June 80 1906. S1iS.7. and S2o0o va
credited to II out OF the surplus earnings rcr
wear ended June so. 1907 making total OF 2ss'.
There was charged against the fund during - 80
year S21a4 122. leaving balace to credit oL 80
fund on June so last OF s. $40 IN his snnus.
report 20 the stockholders President Johnson sss
"Ths rapdIy progressing development Of fhs cc4
areas tributary TO your lines makes It increaslnes
evident that the demands upon your nlanase.,
for TRANSFORMATION cannot be properly net
the complete double tracking OF the Inc troLn sr-
cord to Columbus which Will involve the oOnss
tion Of fsO miles Of second track, In additlon 70
already authorized. together with such anoiAo -
passing sidings and other facilities east OF -
cord and elsewhere and such eqliprnsnL as 1,,sx -
necessary to maintain eauihoriurn N in7 0'
| capacity Of the SYSTEM
This work while important 10 the interests =
the stockholders. is equally important 20 tlo
fare of the commonwealth traversed oy your -
and to the property of their citizens wpo aFe
and tn broaden the market for their mineral - -
other products. 1t therefore goes WITHOUT -
that anv policy which hampers the dsVetopiD7n
railroads or by depicting their revenues 4osfs
tbair c~e4tt and thus repels investors who woul4
otherwise purchase their securities AT rslr -.
cannot but be fraught with disaster ootn - .ssr
states and to the railways. II - not oeHessu
s,rb poIfCy will commend itself 10 tne u,
s,onate Judgment OF the communities served :.
vOur lines or that in the effort to correct ao-ss
that NAV exist unjust treatment VIII os acSo- :,
10 corporatlOns that are honestly endeaVotIn.s
fulfil the purposes for which they we're cnAi' cns
On Julv l. 1907 the ciassifcatfous Of revenues ,rx
expenditures prescribed by the s+,or %
uerce Commission. in accordancs WIN 80 -, irto
Of an act to regulate commerce. We're - Hsx
effect by your company. These ciassfncs stlol ard
in many respects from those hsreforoEe IN ~ssulo
will render it difficult 10 compare operating
with those of previous years