Forest City press. (Forest City, Potter County, D.T. [S.D.]) 1883-19??, 1912-08-29
of lsl2........ So, 2ls, $50 sss22, 152. 4ss SIS, 721,7 s1
Total receipts
of 1911. 1900. 81, 54s, 6c2 so.ss4, 1ss IL, 1913. a77
....... Ga, 233 1,26S, $50 527, S14
Exp. Priv. deb.
1912 ..:........ 12,s s4,s $50 1s,o5s.754 1904, sss
Exp. Priv. deb.
1911 ........... 12.744.421 4,2s4.2ss 7,24s,e11
....... l40, 100 To,5lS 59,CS5
Total OPP. rev.
1912 ........... II, $50, S26 Ii, G92, 7739 S,416,915
Total OPP. rev.
1911 ........... 1o,sls, ISL 1s,5se.e27 7,94s,o ss
....... 5l2, 034 1872, Sl1 1885, 29

AIiCICStSc -. JlG,Uuf iJ-,Sll iOS, ~
These increases in total operating re-
ceipts signify a slight falling Oft in vol
ume of express business offered generally
throughout the country compared with
percentage of gains in preceding years.
Such shriakage as operating revenues eH-
hlbit is due, according to an official of one
OF the companies, to a reduction of some
of the rates applying OH intro-state ship
ments and on several rates where state
commissions have co-operated to regulate
straight haul interstate business.
Operating expenses, strictly apart from
the operating privilege charges paid to
the railroads over whose lines the express
companies operate. show measurable in
crease. They, to about 90 per cent of their
total amount co"naprehending cost of
pickup and delivery and handling in
traEsit-correspond closely to cost of
transportation charges as reported by
railroads and the advances they show are
in unison generally with advances in
transportation costs reported by railroads
for the above period. Operating expenses,
net revenues, taxes and resulting totals
of operating income make the following
comparisons with 1911 figures:
ADAMS 1s,I EXPRE IS;
Total OPP. exp. $40. los. $40 s 1923, $50 s476,s4o
op. ine:..:.:.: Is, So 7 7ss.sss "a: .as,ss
AMERICAN EXPRESS.
Total OPP. exp. SIS. 0sS. 70 s14, 2o2. 6s2 sss6,ocs
o dnseS he. 7 7SS' M, III S9z' 20 AZ s7' sss
UNITED STATES EXPRESS.
Total. OPP. ines S,315,591 $ 7.50O,65 ss14.937
o dp1e inc. def. us 1.sss fss si,sss s ss,5 SIS
Decrease. iSurplus.
Wells Fargo earnings having been re-
ported for first eight months only, do not
admit of a fair comparison with earnings
0P tL1 0tI- 49,. l-% Al.-- .L..-...
indication that it's nine months statement
will make a very favorable comparison.
The report stands as follows:
Total receipts. .s2l. Isl, o14 SIG, 73o,317 4,490. ss7
Emp. priv. deb. 1905. 6s7 7.slS,467 2,1s6. 22o
TIL oper. revs. IL, 403, 500. 1.3c4. 22l 1853, 34S
OPP. Income. l.s14,sos ~1,44s,151 ss,a7
The relatively heavy increase in operat-
ing expenses, together with expansion in
gross over the eight months of last year
is accounted for in the fact that at the be.
ginning of operations this year the COM
pany acquired more than 16. 800 additional
miles of steam lines. through obtaining
operating privileges over Missouri Pacific,
Wabash and Texas & Pacific systems and
tributary lines.
AS the last three months of each year
arc good months for the express COM
pan.es from a revenue point of view, and
as no rate reductions of any account We're
made in that time. 1t is reasonable to as
sumo that the companies will conclude
operations with about the same margin Of
surplus as last year, except United States
Express which for nine months shows an
operating deficit Of 81 1882, as against u sur
plus of 1885,. 7S9. Last year these COM
panies earned dividends as follows:
1911. Cap. stock. Earn. Divs. Surp.
Adams ......$12 COO, 900 16. 7l% 12Ts s SEE. Ss32
American I. I. 5000. 900. 23.1 12 1891, 904
U. 8. ....... 10000 7.6S 15O,S21
Wells Fargo q, 1854. 400 las 10 1,O93,152
Only one of the companies. Adams, with
$50. Geo. 900 of collateral trust As outstanding.
has obligations in the nature of liked
charges. Adams Express earned the above
indicated surplus after a deduction of
1886, 600 as interest on this bonded indebt-
edness,