The Washington herald., 1914-09-11
RAILROADS SHOW
FURTHER LOSSES
c. & o. and N. & W. Have a
Poor Start on the New
Fiscal Year.
MAPS SELLING RAPIDLY
Dealers Say. However, that Change
in Europe Means Great Expense.
Pipes to Go Up.


but falling OF in other income and
higher charges and taxes resulted in a
decrease Of about S42. 800 in net corporate
| income. as compared with the corre-
spending month last year
| During the fiscal year ended June 30
last the company earned between 4 and
s per cent on its outstanding stock. as
compared with IA in the previous year.
II viii be recalled, however. that at the
August meeting Of the board action on
the dividend was deferred. Obviously the
proper net results for July, together with
| the unsatisfactory outlook for the rail-
roads as a whole. had an important bear
ing on the decision Of the board at that
time.
The Chesapeake and Ohio. in accordance
with its agreement with bankers at the
time the $50, 900 5 per cent notes were
| sold. must eXpend 81. 900 900 from surplus
earnings during the next five years. for
I improvements and betterments to its
property, divided as follows: 100000 for
the fiscal year ended June 30, 1875; 5000, :
900 in the year following. and S4OOO.O 900
| each In each Of the succeeding three
years.
| II Is apparent that the MANAGEMENT Is
taking no chances with respect to the
disbursement of dividends in view OF this
eXaction on the part of the bankers. OBJ
I
substantial surplus this year in order to
| live up to its agreement, and il there is
no improvement in revenues during the
remainder Of the year. it is apparent that
! II will be impossible TO pay a per cent
! dividend to stockholders and provide the
necessary 100000 for improvements.
Failure Of the Interstate Commerce
Commission to grant satisfactory Increase
in freight rates was a disappointment to
I 0 -.
I Ohio, as was the case with the manage
ments Of other Eastern lines Even ~
the full per cent advance had been al
lowed, the amount realized by the Chesa-
peake and Ohio would have been Compara-
| lively small, but the sentimental effect
| II was expected. would have been such
as to have stimulated business in all
lines. Conditions abroad. however. have
| completely upset the movement OF freight
in this country. and whereas 1t was safe
| TO predict a heavy movement OF traffic
few months ago, II would be impossible
TO venture such an assertion at this time
Map Maker. to Lose.
While Just now trade for the map
makers is brisk. II any boundaries are
changed as a result of the war the loss
to the big firms making maps will be
tremendous
All OF their old maps covering terri
tories which change hands will have to
be remade. and changing a boundary on
map means a great deal more than
shifting a line and adjusting the color
processes. All good maps are printed
from wax plates. one of the most ex-
pensive processes OF engraving. and IL
the political changes are great entire
plates may have to be thrown away.
But for the past month the mapmakers
have been pushed to their utmost To
provide maps for those who wanted 10
buy. Men and women Of many nationali-
ties and classes are so thoroughly inter
ested in the war that they want 10 follow
every move of the armies reported in the
newspapers. StatiOners say that when
ever they sell map to customer they
can almost always sell him sets of cOIored
pins. so that he can shift the positions OF
the armies as reported.
In all new editions Of our maps at
lases and Biographies We will have all
official changes" said an agent for Rand,
McNally & Co. yesterday. But the only
official change that has been made so far
is remaining St. Petersburg. The new
maps will undoubtedly have the new
name. and the old name in smaller type
and In parentheses.
while we are selling many more maps
than usual now, in the end this war will
cost US thousands Of dollars. The making
of a map is a matter OF infinite detail, is
costly and requires a long time.
'On a good map every tiny curve in the
line of a river means that the riva
actually curves in that degree. even II it
requires a microscope TO notice the curve
on the map. The thickness OF lines de-
noting rivers are all in proportion.
1T takes highly paid engravers months !
to complete a map. II the war only |
means that We have to change the name |
of St Petersburg to Petrograd 1t would !
cost many thousands of dollars"
n. 6 w. shows Loss.
like those OF other companies which have !
thus far reported for July. show a poor |
start on the new fiscal year. Gross earn |
ings OF S,I43,5S were of Sll4.950, or |
per cent from the corresponding month |
last year. but compare favorably with |
preceding years. In July. 1872. the gross |
earnings were s3.579,S4 and in July. 1911, !
they were $O5S.7i2
The showing in net was less favorable !
than in gross The net railway Operat- /
ing revenues of fI.22S.I66 represented a |
drop Of SS7.Ss6. or per cent from July. /
1913, and was the poorest showing since !
March this year. 4 year ago the July |
net operating revenues Of S-2SS,5S2 were [
the best month up to that time in 1913, /
except January. Inc net income tcr July
after taxes and fixed charges. was
$Teo. .sSS, a decrease Of SSSS23, or s per cent,
from a year ago. This is the smallest
net income for July since 1911. The net |
income for July. 1913. was SS29. 261; for
July, 1912, il was $3.50, $50. and for July.
1911, Il was &S45, $50.
The advance in railway operating costs
in the last few years is demonstrated I
by the fact that ratio OF operating eN-
penses to operating revenues Of Norfolk
and Western in July this years was 67.l9
per cent. compared with 66.6S per cent .
a year ago. $50 per cent two years ago. I
and 64.II per cent three years ago. The
road Is nevertheless making some prog
ress in getting its expenses under con-
troll to correspond with decreased gross.
as the operating ratio in July was the
lowest of any month since last December.
when it was 67.Ii per cent. In January
IL rose to s1.6 per cent? in February IL
was $50 per cent; March. 67.sI per cent:
April. go per cent: May, 6T.47 FER cent,
and June. sac per cent
Among brokerage houses there is
better feeling IN account OF the way in
which money Is coming in from custom
ers. When business was suspended on
July 30 many accounts were in weak
condition, but good progress has since
been made In bringing margins up TO
reasonable requirements. and In a great
many instances the customers who were