The labor world. [volume] (Duluth, Minn.) 1896-current, 1920-04-17
IAISSEhIE1;blY::H WANTS
people TO OWN
Street RAILWAY
Declares City Can Protjtab|y
Run System Without: In. !.
Cleasing Present Fares
(Confinped. From Page. - :

(Continped- FEom PAGE IL
statement SHOWING the capitalization,
bonded indebtedness, perating
charges and all other charges. assets
and liabilities Of the company. It
is claimed that the physical value Of
the property, according to the trend
level OF prices. is 33,SS6,023; that it
has on hand working capital Of $780,
000,. and claims for going con-
Germ value $600,000.00, maing a
total value Of $4,67s,023:0Q. =: -. -, ~
ut is further elaine ed that~the cost
of reproduction, based upon the 1918
and 1919 level Of, prices, would be-
s5,e3S,os3.oo. This, with working
capital of S192,000.O0 and g. going
according to the companys figures,
make the property worth $6,430,093.
I'm 1919 the Duluth division of the
Duluth Street Railway company had
passenger revenue of $1,466,8S4.95.
It's total revenue from all sources
was s1,477,7o1.6o. 1t claimed way
and structures expenses amounting
to s15S,211.39, of which $S7,614.70
was charged off for the depreciation
Of way and structures. It also
claimed to have expended $166,173:38
for equipment expense, of which ST.
742e7 was charged off for deprecia-
ton Of equipment. 1t paid for power
$l63,81l.15 and charged off $1,5972S
for depreciation Of power plant,
buildings and equipment. The cost
OF conducting transportation. IL given
at $567,So6.99. It paid $1,034.60 for
advertising. General and miscellan-
eous expenses, which includes salar-
les and expense of general officers,
general office clerks, legal expenses,
stationery and printing, is given at
$167,956.50. The total operating ex-
penses were $1,218,659.1e. out of
which was taken $116,954.so for de-
probation of ways, structures, equip
ment and power plant. There was
also set aside from the earnings 1884,
O52.24, making the total amount re-
served for the year 1919 s151,00714.
The net rail way operation revenue
amounted to $259,042.41, from which
Is deducted 385,124,52, which repre-
sents taxes assignable to railway op-
erat1ons. The operating income is
given at $173,917.S9. There was a
incorporating income of $1S,286.
making the gross income $1s2,2o4.14.
The interest on bonded indebted
ness amounted to $125,S82.27 and
there was set aside to the credit of
the general mortgage sinking fund
requirement $20,696.48, leaving a
oalance OF $46,125.39, to be dis
rlbuted among the stock. holders, al
though the sum Of $47,9s7.58 was
paid in dividends. -:
THE Duluth Street Railway COM
pany Is capitalized for $1,8OO,0O0.0
Of which $1,799,3o0.0o of the stock
is owned by the Duluth-Superior
traction company Of New Haven,
Conn. The company is bonded for
Ss'5Vo'o00.00. of which 32,5O5,3O0.0O
IS chargeable to the Duluth division.
VI the capital stock $1,000, 100000 is
chargeable to the Duluth division. so
the total capitalization and bonded
Indebtedness of the Duluth division
IL SS'7o5,3o0.00 as against a. physical
value claim of $4,67s,o23.0o, which
includes the s6oo,0o0.oo item which
Is called going concern, value,
In 1905 the Duluth Street Rail-
way company began to set aside q
depreciation fund. During that time
mere have been taken from the
profits of the company and charged
up to cost of operation, covering a
per'od OF 10 years, $1,490,S12.50.