Show REASON SHOWN FOR fOA DEGREASE DECREASE Prest Joffery Jefery of Rio RI Grande Submits Report to Stock Stockholders Stockholders Stockholders holders I GIVES FACTS AND FIGURES O nr Your Year Wil Vit MS i NI to tl 1 of Ir Ml 1127 I 1 Some Home Hor of or the renson why wh the Denver Denvert ncr t 1 Rio nin a railroad has hal shown howl a e I d dO crease In surplus revenues of or noon 11 In the n year eu endIng June Junea a 0 lout lut are In the th annual report to the stockholders of lt th the road tattled Issued by la nt nl E T Jeffery The Tilt r report poi t shut a total operating o for Mr t r the tho year pa of If 8 an Increase of lt 90 Hb 14 Tho Tito total operating was tS IT also all an Increase e of ot surplus a decrease of o The Tho net lt revenue was nas wal 16 a 1 de decrease co decrease crease ere of or 71 The percentage of Increase In gross arose revenue was waa WI 10 per par II emit In expenses 1182 1113 per cent anti Ind the Percentage t of ot In net nt revenue 1390 1200 per ir cent After providing for taxes and all al charges agaInst l Income Including two semi semiannual annual dividends of ot per pel cent tnt upon the preferred stock stok and t contributing to 10 the renewal fund thero there re rp moms u ii I surplus of ot the tho years yeara yer opera operation operation ton tion of or Deducting appropriation made for or Jr additions and nd Im Un Improvement provement to fixed plant plant Ind for equipment IU there re te the th surplus to In be hc b earned carried to profit and nd lots lOs lo account of or Referring to 10 th Operating expense for or tue t rII President Jeffery Jerrery say nays I Tho ho OperatIon expenses were Vere Anor abnor mally rat high The effects el elof of or retrenchment following the hp panic of ot October Oco r 1207 and of un n rH tory la Ia labor her bor br In the 1 it shops throughout the thue system with n Ih Ith rr frequent quent shortages h lt of if skilled kile labor a I In n the th aIa of the roiling stock n fM it very pry hIgh monthly expenditure t r and Ind to restore lo and car equipment to 10 a Ii fi P 1 PI i 1 efficiency The Til hem ht lI winter ath blat II 10 added materially m to the expenses of oi operation President Jeffory ways that thi 1 r receIved c Ived from bonds Issued during during the tho thoy y year ar will bo be b applied tn to the enlarge ment fluent of and aunt rolling plantis of pf lt the same annie MII bond Issue l eul w ill 11 be applied In completing th the main nIn In 11 Ino of ot o the tho Western Pacific which u it I I I stated In the report will wil be b competed I a 11 as far fat as a car ral Is II concerned b bh I Ithe the h tat 1st lt of or I u II I |