New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-10-12
s.. 7O4, e45 s., 1873. 54s
Decrease.

There vas at the close Of this fiscal year
Z balance % be absorbed Of 1854. 6O4 10 IN
discount on securities, resulting principally
nom the large sales Of development ahG
-s.-elsI ruortgage bonds in the year ended
June so, 1863. ln transferring the balance
OF income over charges for the year ende9
IuDe 30 1910, TO the credit OF proht anu
loss the boar Of di. ectors deemed II proper
10 cuarse $2.SSl 459 81 Of this discount 10
profit and loss, thus reducing tne .1nhoLl t
still 70 be absorbed to S4.SO5.l44 %. ne net
balance remaining to the G. edit OF pFoIt
and loss as Of June 80. lglO. AFTER SUN
credit and debit was sS6S5.S59 al. This DIS
count Is being charged OH partly by pro
pOrtiOnate charges to income IN the IKE o.
he securities and partly by eXtraord1nary
charges 10 profit and loss. The charge 20
profit and loss this year viii result II SUD
stantial reductions in such charges 10 N
come n subsequent years in dlspoSlng o.
the balance now in the account
TIE income statement reflects the I'M
proveTuent il business in the year. Freight
revenues increased 1LsI per cent, passeneeL
revenues qgc Der cent and total operating
revenues le.9G per cent. me increase ia
total operating expenses In the year almost
kent pace With the increase IN revenues
being g9l per cent The operating rauo'
excluding taxes. was however. 6s3 per
cent. as compared with 0o:V4 per cent t t
year and 1901 per cent IN 1917, the I'M
prOvement in the three years belnS !arSeIy
the result OF the improved transpo tatlon
conditions under the wage scale heretohoFo
in effect.
Late il the year general increases were
made I'm the rates OF pay OF employees
proX5mately s. 100000 70 the annual payroll
OF the company. Important changes nave
taken plaR. in the capital account The
property investment has been increased
81 J6l 558 %, Of hich S},925.59S 20 is in road
and 80 49, .S64 80 in equipment. The increase
in the road account was due 10 addluon5
made in the year, but the Increase IN the
eoui-ment account is largely a TeadJuSt-
nleu- made necessary better 10 meet the
requirements of the new uniform system
OF accounting prescribed by the Interstate
Conner. - Commission. There were. how
ever. actual ret additions to equipment
costing SS44 ~ Is.
The result Of all financial operations IL
respect 10 the funded debt has been that,
despite the acCTual this year Of fun
wears interest on the S41.SS3.O0 900 Of develop
rneut and general mortgage bonds issued
in the year ended June 90 1909, the amount
laid for interest on funded debt and equip
ment obligations vas less In the year ended
June 30 1910. than in the preceding year.
The net increase OF so IA &c in the charges
accrued in the year for interest on funded
debt equipment obligations and rents ac-
crued for lease Of other roads which Items
include all the company's fixed charges,
was due TO an arbitrary increase in the
year OF $4,000 in the rental paid the At
lantic s. Danville Railway Company under
the provision Of the lease made in 1899
TIE report. both in respect to results
shown from the CDeratiOnS of the road ana
% IFS detailed and valuable info nation re-
gariing the property. Is the best ever Is
sued by the company