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Show i i - - . ...... L- ' i ' , ' J r " t r - - - ' ----- j ! - '. given at JlCl.rj an J out of thia a'divi- I deni of HO.i i la : !. ray-ble on preferrel st; .'t n 'iy I 1 tr t; an-, other dividend of ;IJ,C0, payable on December 1 next. Both thete .dividend are 1 per cent. The balance of the al leged net surplus of $41,238 Is carried to tha contingent reserve fund. It might be contended, however, from a: careful perusal of the report,' that there la a deficit instead of a, surplus. In the fixed charges, thcra la an Item "for Interest on loans and overdrafts,, J24,8SS9." This is practically "10 per cent on the $257,153.62 -which wti expended ex-pended during the year for newr construction, con-struction, equipment, buildings, etc. The Teport Is well worth careful reading read-ing and analyi la. The Utah Llht and Railway . company com-pany zm J.t eubrnitted its annual re-' re-' tort to the EtocLhcIiers of that corpora I ttlon. ; The report foUowsi . J. Exeeutlve Orace . Utah Uht and Railway 1 . Comp"r. - cit Laka City, t'tnh, March 1, 10S-Ta 10S-Ta the fctorkholden of the t'tan Light and Raily Connnanjr: - Gnmnr Tha p real dent and director! beg leave t aubralt tor your Information tha .following .fol-lowing report, eoverlnf the financial 'affair of , tha company, for tha year Vr beinf the flrat j ; annual report to you of the irwrg-ed oompanlea. The eecretary'a annual - financial report In detail.'- aa alao tha manager' departmental Physical reports. 'In detailed tatement of the i i cuaineef openKtona of tha company, war of I . flclally ' prevented to, and approred by. tho ; preaiint and board of director! on February IU li'i, and .axe rUed for record In tha cra-tary'a cra-tary'a ofOca. I I Buhmlt to you herewith a d((t of the ee- ! ' , retary'a report of tha financial oondrtion and 1 . operat km of tha coaopaey for tho year ' aa follow; to wit: , j ! ; r EARNINGS AND INCOMES. , I- rrom ! aleetrlo ywtera....fi7. 701.14 !. . -From -railway- aratata UO.m.H : . , Frota ca ytam... lu.tt . ; From mlaceL aouroaa...., I,04.4 Total groan arBing and Income. t,tttJ0t.U OPERATIKO KXFKNSK8. ' Flectrio aytn.. ........ JIM. rrS.U , ) Railway aratanV 2Si.M7.tt ; ! ... Gaa ayatain M.tU.St - . Mlseananaona ..' ,77.tt 1 -' Total .oporating xpnM.f507.4H.M ' ' VAINTKNANCK. : ' Elactrto rtera f Tt.W.M " , Kailwar ayatem 134.WS.e4 j Oaa aratern ...r ai4.1l , Jj . Mlaoenaoua ....... ISst.rl - Total maintenance ,,....221.0.23 ! GKNERATj XXPKNSX8. ;, ; : TncrulT of damage claim settled.) '? - Fiectrto - ystem ........4 1.W.T ! ' JUllway systeaa 47.XU.ls . j j Oaa syaUm tM M . , j . TotaT ganaral axpens.... t,U.4a : 5 - Total eparatlnaT. mainUnano and ' j - g antral expens ..,...............t 7SS.l4t.TT ' ; : Rrrehu Zrom operatkm t 4R,SS7.U I , - rtXXD CHARGXS. - Fori tazaa ........ $ 4fl.S2t.40' J For1 Interest on funded ' debt- e,st. : ; For tntereat on loana and ' 1 OTacdrafta ........ ..... S4.IEl.tt j j Totar'ftxoa eharvea t5a,l).7 j j Not gala from deetantL eporatlng, , H - and fixed chargaa U4,t2t.0 ; Add balance of loea and gain ae- H . " count, betas; dlfiference (alned ia j . supply ,dpta., discounts, etc.... .71. U NotVirphu ......v, I U1.W.00 s ! net surplus In tho no ot I1H.MS, was f . dtapoaM of. and appear In the 104 account! 1 as follow, to wit: (" I For dividend No. 1 of 1 per cent on ' tho preferred stock of tho company I .of record December . 11. 1904. and I mad payable -May L 190S .....f 4M00.M '; J For dividend No. 3. of J per cent on , 'i- the preferred stock of the company - - ' ofT .record December 11, 1904. aad 1 -- ; j mad payable November 1. 10S 40.00e.00 II Balance of net aurplua to contingent.. i 1 reserve fund s 41.29. 00 ' i -Sl " -, -;'' r ' !-, . Total ........ trn.2tt.et I ' . , MEMORANDUM. Thia statement to exclualr of expenditure 'for .the year 1904, for new construction, new . t - equipment, and KenersJ Improvement and . i ." investment In- company's properties, the same J being an investment charge, distributed as 1 1 ' Fornew contraction, equipment and bunding i ' . Ereetrle power eystem.. t1!!! j City electric service fl . Mlscallaneaua !'It2!2 Railway system .. - ii Gas system j Title account u e.i.u . Total ' new construction. . equipment, property, tltte ' i and buildings 27l,08t.S . Liess amount received - front ' l the sale of old material. j ' machinery and equipment. H.9M.91 . Net iota! for Investment and " i property title chargea.....,..-.........257,lSt.a If' On December t, 1904. as a result of the con- . fereocea between .repreeentaUve of the re-spectlv re-spectlv investing intreta of th company. - whose conolusioas wr oonflraned later by the board of directors, the. said board author-( author-( laed the immediate Issuance of H. ISO, 000 of the ' company's t per cent consolidated mortgage ' ' bonds, to be used, aa outlined and contemplat-? contemplat-? ed in the mortgage covering said bonds, for ' new - equipment, new construction and other '.' xhenVastriaI bond market, however,- did not Jutlfy th Belling of th bond at th ' price then prevailing for like ecurltle. Th J board of director therefor authorised the is suance of (1.000.000 of note nnder the title of -collateral trust Improvement note." tSOO.OOO i of which were, by authority, negotiated and f i Th aecretary ws authoaixed to carry a a ' I resource of the company, subject to Uqulda- i tton through th sal of the collateral trust i j toProvWnt notes, the sum of I267.1M . for : tbe.arnount expended for 1904 aa hereinbefore if- ""nTthe reaidue of th said notea are jjego-f jjego-f 5 ' tiatad and sold during the year 1905, the pro- i ceed therefrom, together with tbe remainder 3 of the proceed from the eale of the first ' 1 taM too. will be applied to- the erection of a 1 i tew ateam plant, extension of th ra!lwy ' i svstera 4o Pandy and Bingham Junction, th ? - paving of Eaa Bouth Temple atreet. and ! other new equipment and new construction if' necessary to th welfare of to company' I plant, property and franchises. i "tJurinV th year the final contract was er,- ' 1 tared into between thia company and the rtah i Ruvar company, owner of the Bear River T w,pkJntTwith a capacity of 1000 hoa- i power j tor th us upon our system of its f intlrrrtpuU- This has bean found very ad- i I "nti t the aleetrlo llgbUng, power aad t rallwsysrstema of this company, as thlsand j other auxlUarte haws niade them a Perfect i ss to capacity and ofnrteacy aa th need of ' j th. Wnf require for the present only. - DurinSTtb year 1 the electric and rJl-- rJl-- ay systems' demand on the power department depart-ment were at time, approximately 10.000 horsepower, horse-power, and thl w were enabled to serve ! without resorting to some reesrve power held In hand for extraordinary demands ! Respectfully eubmltted In behalf of the j! - 5nJd)dlrTcSEPH F. SMITH. Fraldt. ; ' S6me queer ..thing are disclosed by i - the report. For example, the operating i expense amount to 40 per cent of the gro earnings, and the interest account i la In excess of 25 per cent. The Interest. s account Include txe in the turn of ! $40,829.40, on a capitalization of $6,000,009. ; which, It U claimed. 1 low. to ay the least However, according to the rec- ! ords. the company paid in taxes. State. ' t city and county, last year, only trie '-' . sum of $33,312.87, exclusive of $500, paid to the city as license on Its cars, f f In this connection it may be pointed ?J - out that if Samuel Newhouse should sell se-ll cure a franchise, and the earnings of ? his company were the same as this company, he would pay $5,000 per year, I af bis" proposed rate of 1 per rent on f grors earnings. I The net surplus of the company 1 |
