OCR Text |
Show Santa Fe Reports 6.3 Increase In Net Income For '61 Operation Santa Fe Railway System's net income for 1961 rose to $54,-850,383, $54,-850,383, a 6.3 per cent increase over the $51,596,697 earned in 1960. President Ernest S. Marsh, in the company's annual report to its 109,683 stockholders, said that "efficiencies flowing from capital expenditures of recent years contributed significantly to this performance." The 1961 net was the equivalent of $2 per common share compared with $1.87 in 1960. The report pointed out that while 1961 earnings fell short of the performance of many post World War, II years, the 1961 results no longer reflect overstatement over-statement of earnings which occurred oc-curred in many prior years due to the accounting treatment prescribed pre-scribed in connection with accelerated ac-celerated amortization of emergency emer-gency facilities. Due to the general business recession of early 1961, total freight carloads were off 2.3 per cent from 1960 producing freight revenues of $503,089,128 compared com-pared with $514,079,218. A new Santa Fe record in carloads of grain handled, increased volume of piggy back traffic and movement move-ment of new autos in multi level flat cars helped offset declines in certain other commodities, most notable being a loss of oil products to pipelines. Aggressive promotion and continued con-tinued popularity of Santa Fe's passenger trains were reflected in a 2.3 per cent increase in passenger pas-senger revenues. Mail revenues rose 7.4 per cent while the changing chang-ing nature of express company operations and a continued decline de-cline in carload express traffic resulted in 10.9 per cent drop in express revenues. Dividends received from the wholly owned affiliated companies com-panies were $8,600,000, an increase in-crease over the $8,000,000 reported re-ported last year. Santa Fe's policy of offering efficient, economical transportation transporta-tion service to the shipping public pub-lic will be reflected by construction construc-tion of a pipeline during 1962 for transporting refined petroleum petro-leum products, not presently moving by rail, from Los An-genes An-genes to San Diego and intermediate inter-mediate points. Mr. Marsh said that during 1961 a capital expenditure program pro-gram of $63.6 million was carried car-ried out to increase the service capability and operating efficiency effi-ciency of the plant. New equipment equip-ment including 49 freight diesel locomotives, 25 baggage cars, and 1,743 freight cars, accounted for $44.7 million. Roadway and structure improvements cost $15 million with the remaining $3.2 million used to improve miscellaneous miscel-laneous physical property. Yard facilities at Dallas were modernized modern-ized and new freight handling facilities at Chicago, Kansas City and Fort Worth were completed. Progress was made on radio and microwave installations and traffic traf-fic control signalling was applied ap-plied to 213 miles of track. A modern electronic computer replaced re-placed smaller computers at the Topeka Data Processing Center. The 39 mile line relocation between Williams Junction and Phoenix, Ariz., moved toward completion in early 1962 and is expected to greatly increase the efficiency in train operation to and from the Phoenix area. Installation In-stallation of new continuously welded rail on 172 miles of new track during 1961 brings total system welded rail mileage to 1,388. Acquisition of 45 diesel locomotives, loco-motives, 25 baggage cars and 1,397 freight cars of various type has been authorized at an approximate ap-proximate cost of $39 million, Mr. Marsh stated these costly capital expenditure programs are necessary to keep the Santa Fe on a competitive basis among railroad and other forms of trans: portation and have assisted in keeping operating expense under control despite rising wage rates and other costs of doing business. busi-ness. A salesgirl was describing a new four piece outfit a model was wearing. "If you remove the bodice you have a playsuit. If you remove the skirt, you have a sun suit. If you remove any thing else you have a lawsuit." - A lunar drilling rig, a drill that will bore a hole in the surface sur-face of the maan, televise its findings back to earth, has been designed, engineered and partially parti-ally tested by a group of California Cali-fornia engineers. The findings would be a means of determining determin-ing the exact composition of the moon's surface so that astronaut astro-naut carrying space vehicles can be properly designed for a successful suc-cessful moon landing. Mushrooms, the gourmet's delight, de-light, are cultivated in 28 states, but approximately 70 per cent of the country's crop is grown in a 25 mile radius of West Chester, Penn. |