New-York tribune., 1921-05-25
interest Earned
On Its Bonds bv
Frisco in 1920
surplus Over Requirements
for Incomes Indicated :
Nearly S9,OOO,OOO Avail
able for 6 Mos Interest

/ The St. Louis~San Francisco is earn
Iss its interest charges on both the
cumulative adjustment bonds and its
;ane bonds. The indentures secur-
Iss these bonds provide that the in
Isst on the income bonds must be
lifued in the fiscal year ended June
81 for which the dividends are to be
BID.
ID the six months ended December
SS+ 1920, the gross income of the Frisco
En S896S 900, which included S2,341,
EN for two months guarantee of net
ftome by the government. After pay
ks taxes and rentals there was S.
E:,0OO available for interest charges.
ID the first three months of 1921 the
|kzpany had s3,976,000 available for
Rssrest charges after the payment of
Ealhls and taxes. This is at the rate
L approximately S8,000,OO0 for the six
E'lths. In the six months ended De-
F'nber 81. 1920, fixed interest charges
Etlsd for $4,s26,000 and interest on
Esa cumulative adjustment bonds called
Ea N,l77,000. The interest on the
Eft1na bonds for six months called
EI NO56,o00. There was, therefore,
f 1ufplns for the first six months of
Hl@l0O0 and if the three months,
siFFl to June, inclusive, are as good
II the three months. January to March,
IaausiYe, there will be between ST.
ENeOO and $2,000,000 surplus over the
Ei'ssest requirements of the income
Binds
Ia the fiscal year ended June 80, 1920.
F'Rh included eight months of govern
fsnt operation and four months of
EYsTnment guarantee, the interest on
Ee income bonds was earned by d
plight margin.
E9r the calendar year ended De-
feaoers31, 1920, the. consolidated in
sne account showed total operating
EeVsnaes of $98, .000-an increase Of
|ka per cent over 1919. The total op-
|EEaHhg expenses amounted to S39.S87,-
E@-sn increase of over 40 per cent,
Is compared with 1919, and operating
E.s0he, after the payment of taxes,
kIq was s2,900,000, as compared with
FAlIS000 in 1919.
'ashsportation expenses increased
S:S per cent and amounted to $44,-
ElAVVO' This is accounted for by the
|E.eease In wages, cost Of fuel and by
sas increase in traffic handled, The
EM Ssss tonnage of revenue freight in
IVY 4, was 24,7lS,000, an increase o.
S.s'VvO, and the ton mileage in
Erased almost in proportion. The
%x! ssa number Of passengers carried in
XIV vas l5,556,000, an increase of
F'SgVV ~ over the previous year.
iae principal change in character of
sAg was an increase of nearly II
q vent In the tonnage of the products
l'nes. In 1920 products Of mines
sss,ished ~, more than SO per cent Of the
ssSs A tonnage carried. The tonnage in
Eso Esog was 0,743,000, and in 1919 $685.
III PRODUCTS of forests also furnished
sager tonnage, the total in 1920 be-
~ o"os,eOO, an increase OF more than
T II pse cent, as compared with 1919.
Il .ae increase in lumber and lumber
Aoducts probably was g. factor in the
hSs,er trainload. The Southwestern
is,sas ~ need traffic northbound which
I'M pc used to fill out trainloads, and
uMn is not time freight comm modify.
Sss+apef from Louisiana furnishes the
$50 with this class of traffic. The
Issa &c fralnload of revenue freight in
||sss ny Wss 3eS tons, an increase of 1876
ISg oyer 1919. In the st. Lous-San
7 FhssS.co ,ssisco reorganization elaborate
.Sles OF operating efficiency were
k,.esss,, out prior to 1920 the practical
has were not obvious in the COM
sg g annual reports. Even with the
,s.. M ol 10 tons the trainload is com
fsgIslvely small.
IN, aas Following table shows the prin-
M f,,s ngures for operation of the prop
Ky consolidating the government and
'tOaIe figures for 1920:
hs,s,. 1920 1919
Ss,sn s,ssn revenue. sss .sas .s22 s5s.s5S,494
Asissfn revenue. 26.24I,5L1 2369O,25I
I s ssa. operating rev.
lsnisss, sGsss -. ss,72s.o4o s2.2o2.o1o
asBts5sst sra structures. ls.sss.5S7 1s.o51,814
| nss, nance OK equip
sssSs s,sss1.r; :; 80. 2l.1s7,s7o 14.5o15s2
is'sI''s oOsr.,,,,..... 44.l1s.sss al,s5a,o7s
ssssase' sssss ....S"... so.sss,545 s4.oss.s24
ssssatir... .,s...... 3,533.5t4 2.789.445
| NJ 'hcofne,.. 2.8a9,655 14,t76.271
a's .ae balance sheet shows S6,963, 900
sna. on hand, at the end OF 1920 as
ls,ap with $3,062,o0 at the end of
kiskse at at the end of 1920 there was
Asyssi., y, audited accounts and wages
II, e. 5N. Anis reflects a situation which
Snsa0 0eIome - worse, railroad men say,
sslroas1ae end of the calendar year.
Fe,,Vsas, both in the East and in the
asdItoas arc delaying the payment Of
ebsy ~ ~ accounts with the result that
side ste piltng up on their liability
bses .ts large volume of bills as between
Isp essIa ssher which shows ;ac. of work
b tsap sp'.al M and is, in part, tho result
x Eli. hs goyernment's delay in paying
70 Aa railroads. -