The New York herald., 1921-08-01
GREAT NORTHERN'S
NET INCOME LESS
Reports S19,3O4,O97 for 1920
Against !S22,139,585 in
1919-Traffic Gains.

The report of the Great Northern Rail-
way for 1920 shows net corporate in
come, after taxes and fixed charges. of
S19,304.097. equivalent to $7.73 share
on the $249,558.41S OF its capital stock.
outstanding In contrast to SO. .139. .5S5 In
net income, or 1857 share. in 1919.
The company's gross operating rev.
enues In 1920 totalled s122e1s.776,
against $106,562,145 in 1919. It's oper-
ating expenses totalled $113.9s9,659,
against sS6.7S6.273 in 1919, the princi-
pal increases lying I'm expenditures for
conducting transportation and for main
tenance of equipment. way and struc-
lures.
After showing s3.273,o5s in operating
income for ten months Of the year,
S4.7s1.162 of Federal compensation for
two months and $19,747.5o1 In non-op-
Grating income, the main items OF the
roads corporate account for 1920 ap-
peared as follows:
Gross income. .s27 7.soi,71o $50 os2. .2s7
Interest. rents. . 3 4o7. .6o2 oa42, $50
Net income........... 19.3o4.oa7 22139,5ss
piyidend. ....::...... 17.4s2.Dls 17,4s2 $50
Inv. In phys. property. ...... $500, 900
Surplus ............... 1,s15.1a6 2,i0o.46
The company's funded Indebtedness
underwent decrease of $2o.122 900 in
maturity Of $2o0oO.ooo OF its collateral
trust per cent gold notes. Looms
received by the Great Northern from
the Governments revolving loan fund
aggregated sl7.91o,o0o of which SIS, 0oo,000
was used to meet the roads maturing
obligations. Its expenditures for ad-
oitions and betterments totaled In 1920
s5.2o4.s41.
The company concluded its settlement
Law AT fr~
arising out OF the twenty-six months of
Federal control for payment OF
S6.5Q00o0 plus such additional amounts
rs may be found due from the Railroad
Administration when the Interstate
Commerce Commission finally certifies
the standard return. Progress was re-
ported in the valuation OF the COM
pany's property by the Federal author
tiles.
Reviewing tho company's 1920 OPERA
tions. Ralph Budd. its president said
The iron ore traffic. which constituted
about ~ per cent. OF the entire tonnage
carried by the company. increased ap-
proximately $4,000 tons in 1920 as COM
pared with the previous year. Tho
movement in 1919 was comparatively
light on account OF steel and coal
strikes and labor troubles on ore and
coal docks at the head OF the lakes
III Ao~V 6pPfVAHfi4tfoEif tsN~tsNV buHN1ClS
OF grain were marketed at stations on
the line ana 100000 bas.,els received
from connecting lines. as compared with
900 bushels originating on the line
and 100000 bushels from connecting
lines In 1919. Notwithstanding the larger
crop I'm 1920. the company handled less
grain than In 1919. This was caused by
large proportion OF the 1918 crop being
carried over and handled in 1919. The
prevailing low prices in 1920 induced
farmers to hold grain. with tho result
that on December 81. out OF total OF
100000 bushels In country elevators
there were about fo.50o.o0o bushels held
on storage tickets.
Total amount expended for equip
ment purchased and for improvements
and bettermcnts to equipment In SER
vice was si7.440. .e6s.4 46. OF which sif ,g7s.-
677.30 was for the company, AIs9 for
the Vancouver, Victoria and Eastern
Railway and Navigation Company and
$500, ,349T for the Great Northern
Equipment Company
The increase I'm taxes. 5000. .ss6.fS, or
D.o2S per cent, was occasioned by in
creased payments to the state OF Mime
sofa on basis of gross earnings, IN
creases in income and capital stock
taxes to the Government also increase
In assessments by the States OF North
Dakota. Montana and Weshlngton."