The sun., 1916-11-21
Surplus Is ,688, or
7.30 Per Cent. on Its S15s..
817,468 Of Common Stock.
CONGESTION A HANDICAP
President Willard in Report
Outlines Plan for c., H.
4 d. Reorganization.

The Baltimore and Ohio Railroad
earned a surplus Of 31l..si.sss for ito
Si5c.3i7.iSs Of common stock In the year
ended June 30. 1915. equivalent to 7.ss
per cent. compared with 5.is In the pre-.
eedins year. Gross earnings were the
larees, In the ~company's history. amount.
ine TO si11 .ess.6s0 and exceeding 1915
gross earnings by $1s.s52.sS3, or 81 pef
cent, and the record earnings Of 1919
BY slo.li2.54s. Net earnings were sS2.-
Sts.s1s. or practically Is per cent.
greater than in 1915. Gross income was
S34.4s3.t39. o. 3%l.s4o.ss4 more than in
the previous year. and net income 313.-
Ss?.4as. or 32.sl1.sss more. After de-
Quoting dividends and sundry a~ppropria.
lions to sinking and other reserve funds
there was q balance Of 1881. SIS.
which was transferred to credit of profit
and loss.
President Willard In his report to
stockholders points out hat a heavy ex.
port movement Of freight and shortage
OF ships caused q severe congestion AT
terminals, which daded greatly TO trans
portation costs and hire Of equipment
charges.
The report outlines the plan Of reor.
saniza,ion for the Cincinnati. Hamilton
and Dayton n points out that 1t has
been decided to issue to the Baltimore
and Ohio for its Interest all the stock or
the new company and $50. 900 900 OF its
adjustment and Improvement mortsag1
bonds. Tho report states:
"The ultimate outcome under the reor.
gan!zation can now be foreseen, and a
reasonable estimate made OF the value
OF the assets accruing to the Baltimore
and Ohio Railroad Company. Tn net
ultimate investment Of your company on
account OF the Cincinnati. Hamilton and
Dayton Railway Company will approx.
mate SIS. $50. 900. while \ conservative
estimate places the value OF the securi.
ties Of the new company which your COM
pany is 10 receive under the plan at
SIS. 900. O0o.'
Hugh l.. Bond. Jr.. general counsel OF
the company. was elected a director at
the meeting In Baltimore yesterday. The
other directors were reelected.
COLORADO 4 SoUTHERN-Gross earnings
for second week Of November were s5,3. 3ss.
Inc Saioi; from July l. gross ss'.:',los. inc.
GRAND TRUNK-aross e~arning~ for second
~ We WV ss-'
DETROIT Z MACKINAC-Gross earnings
for second week Of November were ee<. <s7.
Inc, s9s; from July l gross s4s5,ss. Inc,
G5.2k.
MINNEAPOLIS Z II @LouIs.cro.s Earn.
ID. inc. tis.%7a; from July 1 gross N.sso.so7.
Inc :oi. "a.
OREGON SHORT ~LINE-Repor.s to l. G. c
for sept gross earninss ts.5ss s:s: Inc. c,s''
~: maint. equip. ~t?is.asS. inc. sis,7s,; trans
portation s53>, $50. inc. t7..Is: net after taxes
si.:t.: 100: inc. $3.50 SOC. For three months
1905. $50: maini. way and .iruct. 500. al. dec.
$50. SOL: maint. equip. Ss7. Gi0, inc. s., 3s. trans
portstion si.tsj 300. inc siSi.sos' nss after
taxes 3.37s.+l7. inc. eaS.<f.
TON cO.-Reports TO ]. c. {. for Sept. gross
earnings Sl.sos.ot5. inc. t2ss.oss; n,aln, way
and struci. sci. s.7. inc. Hi.7ce; maiut. equip.
Inc. sir. ss1: net after taxes ssss.si.. inc. Nj.
81 For three months ended Sept. gross earn.
ings IS. ,s3s. inc. S77l.s22; maint. way and
sio,sss. inc. ts.M9: Transportation N.tS. Os4
inc, S3i3. sos; net after taxes N.So.s2A. Inc.
BE.
PHILA.. BALTIMORE 4 WASHINGTON
800 H.aSls. IL inc. sns. sss: ma,n,. way and s,ruc,'
inc, iss.ois: transportation 'sii.is. inc. SIT.
three months ended sept. gross earnings %
7s. .7., inc. 3e6S.05I; maint. way and struc.
So :, -. IS: ,l ,sI;sa; , %si1' j.. s; ;S1 ~. M ;:s7: ~:
co.: net after taxes Si.s5i. ot0. inc. S?Os. 3o7.
PlTTsBuRG. 4 LAKE E~RIB-Reports TO
I. Z for Sept. gross earnings y-ias:osi.
SO, Inc, ss6.sas. maint, equip. ssls,977. inc.
Ei.sss: ranspoTtation sass ,esi. INC: 1881:
ne, after taIe: t:Osa.i o.. dec. sIi.l7s: Thrss
Inc. N.03s $50. mAint. way and eAruc. $685.
-. inc. slO,eii: maint. equip. es5i.ss. inc.
te.tS.: transportation u $780, So. inc. xH.-
rs; net after tsxss s.iss.sts. Inc. e2oo.t ss.
~PITTsBuRG. sHAwhUT = NORTHERN
dec. $3.50: net after taxes e6.g7%. inc, SIS.
co, For three months ended September 30
f.o,s Was sSisHs inc. H,oS: net after taxes
I1.sh. dec. t2.e6S.
ST LOUIS / SAN FRANCIsCo-Lss. Hir.
s;nson ~, : s 60 snS BE &c S sMs any, Mus. %.
ssse . per cent. bonds s.r,es "B." Bonds were
offered at 90 10 yield SIS.
TEXAs 4 PACIFIC-Gross earnings for aec.
oni week of November were Sie.0e inc. Sl9.-
~; for hrst two weeks Of November gross
SNllo. inc. S0,2Js.
.r WABAsHmRepo,.: 20 I c. e for SEPT,
way and struct. tsss.lI. inc. S1s: maint.
sseaulp;, t67.i.s: inc. 81. 500; transport alton 81.
49,. Inc Sl05.,sS: net after taxes Si.iS..
sM Inc. s.S's2s. For three months ended
Transportation san SIS. inc. sssS, COZ; ne;
after taxes ss,m?,i: inc. Sy71.sss.
WESTERN PACIFIC-Gross earnings for
september were Ssas $50: inc. Si52. 7os; net after
ssnned September 80 gross was Se.4is,iIs inc.
~"fp: net after taxes s67. 1862. inc. Jei7, lss.