New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-21
I'D Commerce M

ating revenues for 1916 were s5l,oso'-
500. compared with s44,7S6,73l IN lsl'
and s42.545.97S in 1914. Total income
amounted to s24.647.15s, against sl9.-
916.519 in 1915 and sl9.570,354 in 1914
The balance of Sl6,200,l4S, aVaiiaole
for dividends, compared with slO,so0'-
40 in 1915. and was equal to 1881 per
cent earned on s42 900 capital STOCK
compared with 1898 per cent on the
same Capitalization in 1915. President
Truesdale said in his remarks to stock
holders: "The railroads have all been
severely taxed 70 perform the trans
portation service required OF them III
handling The business OF the country
and their earnings have been larger
than in any previous year. This COM
pany has enjoyed its share of the pre-
vailing prosperity. Its gross earnings
show an increase OF 1917 per cent
over 1915. The earnings from the
TRANSFORMATION of coal increased ST.
11l.237. notwithstanding that the rates
of freight on anthracite coal from the
mines to many points were reduced BY
the Interstate Commerce Commission.
The tonnage of coal produced from
Lackawanna collieries and washers
was larger than in any year in its his
tory, aggregating 9,42S,462 tons, an
increase of 663.2O5 tons. The business
and earnings of the company from the
TRANSFORMATION of miscellaneous freight
would have been larger during the
past year had it been possible to make
prompt deliveries at points OF destina-
ton. The shortage of ocean vessels at
all seaports, congestion at connecting
lines and embargoes against deliveries
70 them existed more or less through
out the year"
Southern RaiIway.-The company has
arranged a short-term loan TO renew
maturing notes and provide addltonal
capital. The board of directors, 1t was
announced yesterday by Fairfax Har-
rison. president Of the company, mas
concluded that in the present condition
of the investment market long-term
bonds cannot be sold on terms suiii-
GENTLY advantageous to justify the as
sumption at the present time OF the
additional fixed charge contemplated by
the plan for the creation of refund
ing and improvement mortgage and for
the exchange of the development and
general mortgage 4 per cent bonds
which has been under consideration
Consequently, although the deposits OF
development and general mortgage 4
nor cent bonds, in response to the cir
cular OF October %, 1915, have been
satisfactory. the board has determined
not to proceed at once with the crea-
ton of the proposed refunding and I'M
provement mortgage, and therefore the
deposited bonds will, upon request, be
released and no further deposits Will
be accepted
Pacific Telephone and Telegraph
The company reports for 1916 surplus
Of s225.796, equal to 125 per cent on
the S1s,OoO,OOO common stock, COM
pared with 0.56 per cent earned in 1915.
Gross earnings amounted to S2l,255,-
ATS, against s2O,114,45S in 1915.
Tide Water OiI.-The stockholders
have authorized an increase in the
capital stock from s30,000,000 to S4O,-
600 600. OF the new $4,000, 900 stock.
$1,000 900 will be distributed as a 10
per cent stock dividend on the present
s29. 900 900 stock outstanding. The div
idend will be paid to holders of record
February IS.
Detroit Edison.-President Dow OF
the Detroit Edison Company, one OF
the largest coal consumers among cleo
trio generating companies, had this to
say to stockholders in regard TO the
outlook for the coal trade in coming
months: "Thc deepest cause of the
present unsatisfactory condition IS that
the railroads have neither cars nor
motive power to move the Limited
amount of bituminous coal being mined
There is market, at home and for
export, for more coal than can be got
out this winter. Mining operations are
now limited by lack of transportation
and can be increased more rapidly
than the railroad deficiency can be rem
edied. In our own case we expect de-
laycd delivery of contract coal to be
followed by higher mine prices, and
that it will be months before the coal
market will be normal"
Great as is the value of thrift from
the point of view of economies, yet its
value is not limited wholly to that field.
The training afforded by its practice
calls for the exercise of qualities that
are predominantly moral in their char
acter. Thrift means self-control. It
means self-mastery. II means that we
must learn to forego immediate pleas
ure for the sake of some more distant
good.-F'rdhk &. Mortimer.