New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-11-24
TIE S. P. REPORT
Gross Earnings Shoe Slight
Decrease OCer Last Year.

The annual report OF the Southern Pacific
Company for tie fiscal year ended on June
50, which was issued yesterday. shows a
balance of 10.23 per cent available for divi-
dents on the common stock. against 80
per cent on the amount of stock out
standing a year ago. Gross operating
revenue was SllOs46, ie5 a decrease Of 81
s99 1852, and total operating revenue amount
ed 10 Sl3o,52l.So a decrease Of 3. I55,el2
Operating expenses. however. showed a
decrease Of SsIS.6l9, and total operating
expenses a decrease Of s902S,s17. standing
at s795s4.S75. the net operating revenue.
$40 9S7.5s4 being S6.273.so larger than for
the fiscal year ended June 81. 1878.
The large cutting down of operating ex-
penses represents decreases in all tie
items making up that account. among them
being s4,S5S007 in transportation expenses.
s.. 55OlOl in expenditure for maintenance
Of way and structures and S,o5933S IN
maintenance or equipment
Total income. including S5.z72349 income
other than from transportation operations,
was $40, S.. Deducting $17.6i3.537. rep
resenting fixed charges less rentals. and
81. $50. $50, representing other charges. the
net surplus over charges was S26S'S.4o-
The balance available for dividends, after
deducting S54. l6e for appropriation for sur
vevs. etc. was Ses.S149f0 Subtracting the
amount Of the preferred dividends for the
year. S4ese.196 the sum available for COM
mon dividends remained as S21, So, SS4 After
pavrneut Of the dividends on the common,
Se3i4 Sos. tie surplus for the year was
Sq47-.q;6. The preferred stock has been
retired since the close OF the fiscal yeaT
The total current and deferred assets OF
the Southern Pacific and It's proprietary
comUauies as of June so. exceeding onset
ting accounts between them. were Sls3.3sS,-
So including SO. 1870 997 cash and sll. $1,000
demand loans and time deposits; and the
current and deferred liabilities were Es-
e06 565. the excess of assets being SIS. ~ 81
The list of stocks owned shows an Increase
i'm the company holdings in the Associated
OH COMPANY OF 5IE.s1l. making the total
holdings SZ0.o690o3 or a clear majority It's
holdings Of s.. 0to000 stock of the Kern OIL
Company. $500 stock OF the Rio Bravo
OIL Company, and sl,566,644 OF stocks Of
other oil companies are unchanged from q
year ago, and IL SIN holds the sl,55o co.
Wells-Fargo stock reported then.
Among the holdings ina the present report
is the S75o0Goo stock Of the Southern Pa
cinc Railroad Company OF Mexico. which
& Pacific Railroad Company. the $50 90
capita! stock Of which no longer appears
in The list Of stocks owned by the Southern
Pacific Company. one If the new acquisi-
tons is that Of the entire capital stock OF
$4,000 of the Corvallis < Eastern Rail-
road Company.
In his address TO the stockholders Judge
Lovett, who was elected a few weeks ago
To succeed the late l. H. Hartman as
president but who signs the report as
chairman Of the executive committee. SAYS.
The effect OF the general business depres-
sion Nuich set IN during the fall of 1901
continued to the close of January. 1909
Ia consequence. the first half year ended
December 81. lsoS. closed with decrease
ia the gross operating revenues Of Sb.3.5,-lA
against The first half year ended Deem
sion. which was first evidenced in @ slight
Increase III the EeHuCs for February. 1873
Increased the gross operating revenues IN
ne seconG hSlf year ended June ID, lsl9
s.. SOS. 1876 over the second half year. ended
June 30, 1903. leaving a net loss I'm the gross
operating revenues for the year of S-,'o5,-
There was appropriated during the year
for additions. betterments, equipment, ter
or acquisition of new lines the sum OF si5.-
lo2, a. The expenditures for account or
these appropriations amounted 20 S'l'elt ~
leaving Ni,'94.7s- uneApended, Whlrh
amount has been brought over into the
current fiscal year
The concessions granted for tho construc-
zion Of certain lines IN the Republic of
Mexico. referred 10 IN the last annual re-
rort. were on June a 1903. transferred 10
The Southern Pacific Railroad Company OF
Mexico. Tie new company acquired all
the rights property and franchise of the
CananCa. Yaqui River & Pacific Railroad
Company. and tho several concessions
granted by tho Republic OF Mexico 10 the
Cauarea Ysoui River & Pacific Railroad
Company and 10 the Southern Pacific Com
psuy.
Under these concessions there We're COM
ulatcd during the year -al-ti miles OF rail-
Uay a total Of 7S2 s. miles completed 10
limo 90 1919. ont of l501U miles projected
Tho advances 20 the Southern Pacific Rail-
road Company OF Mexico. after Cyeditng
AGAINST them the proceeds from the sale
81 me barcinbeforc mentioned bonds
amounted June 20. iH9, % S29SN',l02
The general balance sheet Of the south
ern Pacific Company as OF June 60. 1902
..-.r,-,...ree q follows.