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Show THE R. 0. W. REPORT. THE UTAH LINE MAKES A FINE SHOW-ING SHOW-ING FOR THE PAST YEAR. The Work of Extension and Improvement The Increase in Earnings Money in the Treasury as Reserve Proposed Extensions for the Coining Year. Denver, Nov. 11. The annual report of the Rio Grande Western railway is published today. The following are the important items: The gross earnings for the year ending June 30, 1891, have amounted to $2,346,130.73 an increase of 44.63 per cent; operating expenses, ex-penses, $1,950,077.5, an increase of 31 per cent ; net earnings, $S9i5, 053. 13, an increase of 73 per cent; taxes, rentals and interest on bonds, 659,914.74; net income, $306,138.31. Oue dividend of 2 per cent and two of IJ4 per cent each have been declared on the preferred stock in January, April and July, amounting to $230,368.75, and there remained for the year showing to the credit of the income, in-come, 550,769.56, which, added to the surplus at the beginning of the year, less paid judgments judg-ments and claims, make a net credit to profit and loss a 6urpjus, June 30, 1S91, of 8238,-239.42. 8238,-239.42. The company is without a floating debt. The January dividend of 2j per cent was paid in preferred stock, and is included in the above statement as a charge at par against the year's income. The amount of cash corresponding thereto, to wit, .. 1116,400 having been used in betterments. The average mileage operated has been 407 miles. The gross earnings per mile were $576iy!5; the expenses per mile were 36M.-89, 36M.-89, and the net earnings per mile $2099. 56. : The expenses have been at the rate of 61.8 per cent of the earnings, or 03.5S per cent after adding taxes and insurance ; 569,209 tons of freight were hauled, a gain of 40 per cent over the previous year, and 229,603 passengers, pas-sengers, a gain of about 30) per cent. On March 25th last an issue of preferred stock of the $2,500,000 in the re serve was authorized to the amount of $1,250,000, for the purpose of making certain improvements improve-ments and adding to the "rolling stock. This was offered to the stockholders in the proportion. pro-portion. Of 10 per cent of their holdings at $65 per share and was subscribed bv them April 15th of the proceeds of this subscription, subscrip-tion, it was intended to use it for tlie construction con-struction of a new line of easier gradient about twelve miles in length at Soldiers' pass, the sum of $300,000; $450,000 for new equipment and the remainder for improve-. improve-. ments in Salt Lake City and elsewhere. I But the more careful further examination j of the western slope failed to show a iine of 2 per cent gradieut -oracticable within that allotted cost. No satisfactory location was found, in fact, that would have cost them less than $500,000. It was, there-, fore, deemed best not to undertake it this year, but wait until a still further enlarge- rjent of trade that would warrant this outlay out-lay of capital. ! It was later found, also, that the estimate ! for additional equipment might for this year i with safety be reduced to $350,000. The i board accordingly decided to readjust the i budget of capital of expenditures for the I year, and authorized the application nf the 1500,000 saved from the above to the following follow-ing purposes: First To the widening of the remaining , narrow-gauge branches, viz., the Sanpete : division, 60 .8 miles, and the Wasatch moun-I moun-I tain branch from Bingham Junction to : Bingham, eighteen miles, j Second To new terminal improvements at Helper to enaole the maiu line to be oper-I oper-I ated in two divisions intend of three. Third Additional protection to the line ajraiust water, with oonie further sidin;s, leucines, etc. Fourth To the acquisition of all the is-, is-, sued securities of tho Sevier Railway company, com-pany, being those pertaining to the twentj--six miles of st.nidari gauge line constructed southward from Manti to Salina. These securities consist ol gt.42,500 first mortgage bonds, $385,500 preferred stock and $257,000 common stock of the Sevier Railway company. com-pany. On July 1, 1891, the first division of the Sevier railway south of Manti to Salina, twenty-six miles, was completed and turned I ! over to this company, w hich is operating the I same under lease, providing for a suitable division of earnings with our main line and branches. Since July 1, 1891, the entire line operated consists therefore of 442.3 miles, of which 43.9 arc leased. By July 12th last the lust remaining section of narrow gaure line was widened, and since then the entire system has been operated as standard gauge. The amount of bonds now issued are, first mortgage 4 per cent 50-year bonds, $14,000,-(XX); $14,000,-(XX); preferred capital stock, $7,500,000. The company has in its treasury as reserve, first mortgage bonds making up the total authorized auth-orized issue which is limited to $16,000,000, against which the required mileage of railway rail-way line has already been computed, $2,000,. 000; preferred stock of the total, $700,000: heretofore authorized by the stockholders, $1,250,000. |