New-York tribune., 1910-02-24
LACKAWANNA's BIG SURPLUS.
Earnings for 1909 Equal to 52.97 Per
Gent on Company Capital Stock.

Inc report of the Delaware Lackawanna
Nesteri. Railroad for the year ended
Decehnner 81 shows surplus after op-
efaIhs expenses. taxes and charges. OF
a'S'S'ls5, equal to 52.e7 per cent on the
soo'- ''oVo stock, against 40.S per cent on
s-e'-oo'Voo stock in 1908. Gross earn
lngs were s34.S15.01I, an increase Of ST.
sle'ele and net earnings, s15,o3s,6S7. an
increase OF S1,1S914S Other income in
creased s2.793.s5s to s23.51S5e5. while
charges decreased s6ss.6es. leaving q sur
plus of S15.919,195, compared with slo,-
eSf,l25 in 1908, sl0,0se32S in 1907 and
sS.e2.,of2 in 1906. After dividends there
was balance of s10,141. 500, against So
49'l2o IN the preceding year. S4,S49,32S
in 1907 and S5S7,07o in 1906
fhe balance sheet as of December 81
last SHOWS cost of road. equipment and
other permanent investments amounting
to s32d'S,ol2, compared with s30,
OOs,1S6 on December 81 1908; cash, $1.565.-
SIS, compared with s3,20I.457; coal on
hand s130.052. as against s3,302, ,lSs; capi-
tai stock. sS0.e77. .0O0. against s26. .20C, 600,
and profit and loss surplus of $27.756.-
605, contrasted with $S463S996 on De-
cember 81, 1908. The report shows that
the total amount of extra dividends in the
year was as follows: July 20, 1909, so
per cent, s13100. GOO: August >. 1909, Is
per cent, $3.50, 600. and December %,
1909. 10 per cent. s3,014O10 making a
total Of s20,044.370. which, added to the
s2,S17,2le regular 10 per cent dividend,
makes S22,S6l,5S6 paid in dividends dur
ing the twelve months ended December 81
last.
In his report TO the stockholders W. H.
Truesdale, president of the company says
The business generally of the country in
all lines of activity is on sound and sub
stantial basis. with every prospect that the
coming year VIII be more prosperous and
the business of the country larger than in
any previous year of its history.
There are some features of the situation
ana outlook, however. that are at least dis
quoting and unsatisfactory from the stand
point of the railroads. Notwithstanding the
experience of 1907 and the great slump of
business which followed the financial de-
preston in the latter part OF that year, the
results of which We're most serious upon
the railroads of the country and all indus
tries and interests dependent upon them
for their business and prosperity, there still
prevails a feeling in certain quarters that
the railroads need additional regulation and
restraint through the enactment of laws
that shall further limit the control of the
owners thereof as respects the manage
ment and operation Of their properties.
In view of past experience and present
conditions. IL is difficult TO understand why
this should he required. As a matter of
fact no adequate or convincing reasons have
been given why it should be necessary. The
only reason that can he urged-as in fact
the only one that can be glven-is that eX-
igences of the political situation require II.
II is certainly most unfortunate that tne
great and valuable railroad propertleS OF
this country should be made the shuttle
cock of the game of politics. II cannot pc
questioned that If this policy is pursued II
must eventually result disastrously 10 the
railroads of the country and all interests
dependent upon them