The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1914-10-19

.-'" "N. LL" LN w o. n
per cent lu lptt property invest
mcut Wa t~6att29O0o. AN increase oi
more than 2iuU.0O O 900 since 1908.
while incom, was but S33.o1O.g COO. coz
slightly less than iu 1908 aud repre-
scented hut Sos per cent ON the i1-
ycstmDnt.
Tho fiscal wear 1914 was not a pros
perous one fur Tho Santa Pc. Total
operating rcNruues amounted Go SIN
10000. a decrease OF S5.7SG.o0o from
The revenues of 1919 Operating exc
pcnses amounted 90 t13.4Gg.000 % dee
crease Of gi.113,OOo. Hy Gar the
Rrvator part OF the decrease 10 ye,-
euucs was caused by "a falling Oh in
freight business. The total tonnugc
carried In lsIt was 26.034.00O tons,
or only "a comparatively small num-
beer of tons less than IN 1913 t~25.UG2.-
600 tousp. Dr the other hand. the
average length ~ haul was but 292
miles in 1919 3s against 81 miles ln
1874. Tho tonnage of product. OF
mines ia 1919 was t0.2t4OoO tons. In
1918, s.32t GOO toms This onnage is
comparatively short-haul uusi1css.
Tn, touuaEe Hf products of agfiUuI-
NNN' .NNNiHNNNN.'A N' NHNN'fNNF NNNNH 600
l0ll or 1873. per cent Of the total
tonnage, and lu t9t3 to 5.23T,0Ou toms.
or 1u go per cent of the total tonnage
Lumber and forest products furnished
g.16f.uUO tons ln 1915 or Nst pcr
cent cot the total tonnage, and in 1913.
2,G27.U0O tons cog loiS per ,oEt of
the total TONNAGE The uroportiouJtr
amount OF D. . D. tonnage or mcr-
Dhondisc ON tho santa Fc ls large. lu
I9i4 l,fag 600 toms. or 5.s9 per cent
of the total tuuuage was morehau-
disc, iu 1913. 1.jG3,0 600 tons. cor GA.
per cent Of jHe total t~oanaEe.
10 was impossible 90 reduce Dpcrlt-
iur expense boo su mount that would
Offset the decrease in business TIN.
reduction boa operating expenses cod
S%4I73.o0O was effected thtough %
smaller expenditure Tor maintenance
ut way ay 40 geo. and 1 reduction
boo ti5nsportIf.on expenses of St.3I1.-
600. Detailed expense accounts show
that the principal reductions Iu main
teuauy, OF way were In the amount
spent for tr.oh labor. for hridses
t~r,-tios and .ulgcrts. and for build
ins-. for h2-Ur.- and grounds
The economic .7 transportation cN-
reuses were lI,. apparently. Co. e ro-
duotiuu in trs.eht-train mileage
hiOh reduction. however. was NOT
quite comm .r-IrIto with the flIIIue
Oft ln ton u.Is1sp The decrease 90
iun m,leag, U's sos per cent. fHp
decrease in il.Iaht-train milcur,. t,,
por cent. TH. average tralu.o,d Iu
leI4 was a.. toms % iu 1918. laa
tons. The a.,rs-e carload per loaded
car 1915 tom Loo 1'1t and la.li toms
30 1913.
so additional securities were sold
Dos the Atch.-ar. Topeka a Santa Te
Boo 1874 and interest charges were roe
ducod by SaHs.0oo through The cone
version OF s. 900 8 per cent bond.
injs stock. AZ th, beginning of 1919
There was ya".H9G. 600 cash or hand.
with, of cot mo- loans or bills pay
able and total working liabilities OF
Nl3,u2iOOo. so the end cog The year
th'r" was uG3.uuu cash. with total
working lia. Iilcs Of {Iu.Ilt.uoU. Il
the InDum, ..lteH.,ut of the Santa g.
were as SAT factory as lts balance
sheot there Wuuld bc no need for
IIcsidcui lapl,Ns Naruil Co. stock
HiGDrs The Santa DO .s In .uuu.
cr position. insofar 1s th, r,atiuu of
the amount of Dos d,lt to ifs stock Is
concerned. than most other ruaIs AL
the eud 90 l9lt there was &aos.s .a
600 stock o-utsiaudIlr and yaIg.ItI-
600 bonds
The following paragraph lu rr,si-
dent Ha.l,. s letter OF tr1usmittal ul
the annual report ia worthy uf most
careful .uusidcrlHuu:
your directors f,,l that H,Iy> rD
spousInilf.,s deyoIt. on them boo .ho
pros,ut state ol governmental active
ties dIr, Tod az the railroad industries
10 bias been found almost impossible
Goo mas, even uu approximate yst.-
mate uf .ho cost ut regulation which
has been imposed ON us by Ga, state
and national governments without
cullrillHE ne policy ol proper super
vision b. Is fair tu -ly that many of
the laws are not only expensive. but
Iu the opinion Df your officers uuur.
essary and -suptrnous. Constant
whIttIi.r of rates. plus constant leg
islatiuu which adds Geo your expenses
without .ldlne O." revenue. have had J
their Inevitable effect Your own (
company has been less crippled Dos
these conditions than some of those
less fuffln $50, but the reference Co
I.nG ii Dutotuo ac.ou1u IL HIl be
seen 1u how narrow % margiu sac
have been working There are SOME
evidence of a disposition ON the part
of thu-, 100 authority go realize that
great injustice has nceu done la tuo
guise oi regulation ANA that % is time /
Co., call halt, but The relief which /
the railroads need cannot come until
This opposition shall uc TRANSMITTED
from moro expressions of IrieudIIutss
into pu-.r .e remedial measures. Geu-
oral words OF sympathy w7Il ao.um-
pl.sh nothing 30 governmental Hg,u-
cics continue Boa each specific instance
t1 impose additional burdens or tn