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12 RAILROADS. r WHATM.&ST.L FIGURE S SHO W I ANALYSIS OF ANNUAL REPORT RECENTLY MADE PUBLIC. m I t Gives Better Impression of the Out- look Than Would at First Appear From the ReportWithdrawal of Trackage .Lease by the Rock Island Caused Falling Off in Tonnage. Special to The Journal. New York. Dec. 19.While the an nual report of the Minneapolis & bt . l,ou is car not well be called in any re spect a flattering document there are several features in it that seem to in dicate that there is certainly nothing hopeless about the property and that at the same time reflect considerable credit on the management that has made the best of a rather bad job. The whole story of the year is writ ten in the following table which is not contained in any of the analyses so far published: of- l.iiwlier and wood -JI.N.JOI t,'..',1 Cement. eh: tu..s...s 14.St Aitthrai-ito l..!H _o.l. Again st these marked decreases in some of the best staple freight re sources of the road there are but three increases in tonnage of impor-. taut staples: TVitumiiious " Morchiindise 178. (A ]...*- Miscellaneous ir4,Hl U).W The total tonnage of the year amounted to 1.836,894 tons, a decrease of 5.33 per cent. The decrease in gross receipts was 7.7S per cent, part of which, as fully explained by Mr. Hawley, was due to the withdrawal of the trackage lease by the Rock Island. This withdrawal, of course, not only caused a shrinkage of revenue directly but also had a good deal to do . doubtless, with the falling off in lumber, cement, etc. , carried o the line. The adherents of the road point out that the earnings of the road, under the most adverse conditions possible, show the dividend of 5 per cent earned on the common stock. During this particular year the road received practically no assistance from any out side road after the first five months. The working arrangement with the Illinois Central, ^designed to make up in part at least for the defection of the Rock Island, was of little or no value. The actual value of this .con nection remains to be demonstrated. I t also remains to be demonstrated what the road can do in a crop year without adverse conditions. The present year, 1904 . will not demon strate this question. The movement of grain this year will not greatly ex ceed that of last year, if it exceeds it at all . Neither will the full benefit of the Illino is Central alliance be dem onstrated this year. I n fact, the pres ent year is not likely to be much bet ter than last, tho it can be stated that there is no intention on the part of the management to cut down the divi dends until it appears to be clearly for the benefit of the railroad. One remark in President Hawley's letter to his stockholders is taken to show the poli cy of the management with regard to administration of the property: If there should be a reduction in the volume of traffic for the coming year it will he practicable, especially as the property has been so greatly improved during the past seven years, to effect great er economy in the cost of mainten ance and transportation without detriment to the property. There is a great deal contained in that remark. The reduction of main tenance is a simple matter, but the only way the cost of transportation can very well be cut down is by re ducing the regular train forces, num ber of incidental employes, etc. , or by reducing wages. Mr. Hawley can probably cut down his forces if traffic falls off badly, but the train forces can only be reduced in direct ratio with the falling off in traffic if the service is to be maintained. Some criticism is leveled against the management on account of the reduc tion of $185,732 in maintenance of way charges. The critics hardly seem justified by the facts. The mainten ance charge this year out of earnings A\ as $710 per mile against an extra ordinary charge of $992 last year. I t appears that the reduction wasi*athe in the nature of a return to normal conditions than a sign of timidity. The other current criticism of the road on the ground that too much was charged to capital account during the year is equally without good ground. The items for which this money was spent are fully detailed and not a dollar of it is not correctly charged to capital. There is, perhaps, just ground for criticism in the apparent abuse of the rolling stock in 1903 . The company put out of commission seventy-one freight cars of various kinds without replacing them. Only 63 per cent of the freight equipment is classed as "in good order." and fifty-two out of sixty-seven passenger cars are classed as in good order. I t is expresly stated in the body of the report that the gen eral condition of the equipment was maintained during the year, but the figures hardly seem to justify the re mark. THE MOST NORTHERN RAILWAY All Kinds of Trouble on the White Pass & Yukon. Special to The Journal. New York, Dec. 19.The annual re port of the White Pass & Yukon, the most northerly railroad, is extremely interesting as affording the first offi cial sketch of the troubles that afflict this very peculiar railroad. I t is note worthy that trouble seems to sit light ly upon the men that are running the road. I n 1902 they paid a regular div idend of 6 per cent and a special stock dividend of 25 per cent. I n 190 3 earn ings had fallen off to such an extent that the total amount available for dividends was reduced to $354,876. The income account of the railway company, whose year ends June 30, 190 3, shows as follows, with compari sons: ,**: Total net .. .$353,530 $769,434 $415,904 Decrease. **Increase. Net income for River division in 1902 was for fourteen months and mail income in 1903 was for eight months only. , , The profit and loss of the senior company shows as follows: Snrplus after charges.$60,410 $136,967 $88,313 Dividends 68,750 68,750 Deficit $8,340 _ Surplus $68,217 *$76,557 Decrease. Even in. the face of this truly disap pointing showing, the president and directors appear cheerful. The for mer' dwells upon the bright features of the year and sketches in the causes that led to the big decrease in earn ings, closing with the remark that things might easily have been worse and will probably be better next year. The rail division carried 16,059 pas sengers and 28,095 tons of freight. The average load per car was 9.77 tons and the average haul per ton was ^M ff4itdiM SATUBDAY EVENING, 108.09 miles. The river division carried 7,006 passengers and 21,847 tons of freight. The fleet steamed 112.269 miles during the year and served 17f, 5S9 meals aboard the boats. Consid ering the small tonnage, the earnings are something immense, looking at the matter from the standpoint of the American railroad. Nothing is said to hint at the rates charged, hut they must be something startling. Ex penses of "conducting transportation" show something less than 20 per cent of total gross, which may be taken to prove that the best way to operate a it will pay. WISCONSIN CENTRAL FIGURES Showing Has Steadily Improved for Past Three Years. Wisconsin Central figures for the past year as compared with former years follow: Miles, 978. Bonded debt per mile. $27,935: preferred stock per mile, $11,521 common stock per mile. $16,511. Gross earnings for years ending June 30 1901, $5,324,274 3902, $6,041,470 1903, $6,651,862. Net earnings same years$1,857,811 $2,158,096 $2,445,869. ' Gross earnings per mile, same years $5,575 $6.17S: $6,808. Net earnings per mile$1,946 $2,207 $2,508. Annual charges, interest, rentals and taxes$1,632,613 $1,715,068 $1,760,227. Fixed charges per mile$1,709 $1,753 $1 799. Surplus net earnings$246,117 $480,107 $724,072. Amount needed to pay 4 per cent divi dend on preferred stock, $460,840. Tons per train1901, 260 1902, 287 1903, S04. Percentage of operating expenses ap plied to maintenance20.9 per cent 22.8 per cent 22.1 per cent. Percentage of all other operating ex - penses44.1 per cent 40.9 per cent, 40.6 per cent. The preferred stock is entitled to 4 per cent per annum noncumulative, then common stock gets 4 per cent then eac class shares equally. Vot ing trust, both classes of stock expires July 1, 1904 . Thereafter 4 per cent per annum must be paid on preferred stock for two successive years or the preferred stockholders have the right to elect a majority of the board of directors. The preferred stock cannot be increased without the consent of a majority thereof given at a meeting of stockholders called for that purpose. During three years past the surplus net earnings have been practically all appropriated for improvements. np,*'oI!r-1o . .rtr.u.s:: 2:i. il .-_i7.i: i .-'* Toiiiuw stuff'::::!::" ^ ^ ^ (Jraln Flour other mill Inc t.S.41 ,,.. C. M . & ST. P . TALE REVIVED Sioux City Report Says I t Will Bnild to Denver. Special to The Journal. Sioux City, Dec. 19.It is again re ported here that the Milwaukee will get a line to the coast. I t will,first build to Denverthi s much was stated recently in Chicago by Roswell Miller, chairman of the board of directors of the road. Two surveys have already been made. The road will make, al most a direct route from St. Paul and Minneapolis. Here the line will con nect with the Moffat road, which is al ready headed for Salt Lake thru a rich area in Colorado. A t Salt Lake, the Moffat line will connect with Sen ator Clark's road, which has its south ern terminus at San Pedro. Rock Island Gets 'Into ..New Orleans. New York, Dec . 19.Negotiations have been completed by the St. Louis & Sa n ttSSifcv': TRAFFIC PICKS U P Northwestern Lines Show Improve ment for First Week in December. Special to Tho Journal. New York, Dec. 19.'The earnings of the northwestern roads are pick ing up. They appear to have reached their worst stage about the third week in November and now to be doing better. The following list shows the results on the Canadian northwest group for the first week in Decem ber: Canadian Pacific $944,000 $69,000 M., St. P. & S. S. M 158,782 30,850 Canadian Northern 76,100 20.000 Both the Canadian Pacific and So o line were popularly supposed to be on the down grade in the matter of gross earnings. I t was freely pre dicted two weeks EARMNG AND HARRIMAN Hold Conference I n Chicago Both Are Satisfied. Chicago, Dec. 19.Edward H . Har riman and A . J . Earling, president of the Milwaukee railroad, held a short conference in Chicago yesterday, which, it was said, would have an im portant bearing on the future rela tions between the Union Pacific and the Milwaukee roads. Recent rumor had it that the preferential arrange ment entered into between the two companies was not altogether satis factory to the Milwaukee manage ment, and that, therefore, the latter might at any time see fit to extend its' lin es to the Pacific coast. Neither Mr. Harriman nor Mr. Earling would say anything about the matter other than to express satisfaction regarding the relations between the Companies, which had, they asserted, worked to the great good of both. This being the cas e, it seems hardly probable that the Milwaukee road can be seri ously contemplating a coast exten sion, despite reports to the contrary. Catarrh Cannot Be Cured w!th_LOCArJ APPLICATIONS, as they cannot reach the seat of the disease. Catarrh is a blood or constitutional disease, and In order to cure It you mnst take Internal remedies. Hall's Ca tarrh Cure is taken Internally, and nets directly on the blood and mucous surfaces. Hall's Catarrh Cure Is riot a quack medicine. It was prescribed by one of the best physicians In this country for years, and is a regular prescription. It is composed of the best tonics known, combined with the best blood purifiers, acting directly on the mucous surfaces. The perfect combination of the two ingredients is what produces such wonderful results in curing catarrh. Send for testimonials free. F. J. CHENEY & CO., Props., Toledo, Ohio. Sold by druggists, price 75 cents. Hall's Family Pills are the best. 1903 Net income ry.. .$393,50" Net income It. li 126,700 Mall 00,045 1902. $S65,005 139,835 $471,505 13,060 90,045 SHIP YOUR HIDES PELTS WOOL, ETC. to MCMILLAN FUR & WOOL co i MirsxNKAror.is, . . * . MITSN', WRITE fORC'lRCUtAR. n -fit? !? ?THB MINNEAPOLIS JOU^AL.f^vf^? -''V'^Vv Afc (V fyrDA- Francisco railroad for a new alliance cents to 130 miles, 7 ^ cents to 150 miles, which will admit the Rock Island-Frisco 8% cents to 175 miles, 9 cents to 200 system to New Orleans, says the Herald, miles, 10 cents to 225 miles, 10% cents This plan has been worked out with the to 250 miles, 11 % cents to 275 miles. 12 Southern Railway, and will save the Fris- cents to 300 miles, 13 cents to 325 miles, co from building a line from Memphis to 14 cents to 350 miles, 14% cents to 375 Baton Rouge, which involved the possi- miles, 15% cents, bility of antagonizing the Gould interests. N. P.'s Wheat Tariff. The Northe rn Pacific has put in a new ^ . . . , whe at tariff effective at once and east of t Thorp, Wash. I t provides for a rate of 3 cents a hundred pounds for. ten miles or less, and up. Th e schedule: Te n miles or _ less. 3 cents to 30 miles, 4 cents to 50 miles, 4% cents to 60 miles, 5 cents to George F . Brownell, general solicitor of 70 miles, 5% cents to SO miles, 8 cents the Erie, succeeds Daniel Willard as first to 90 miles, 6% cents to 110 miles, 7, vice president. G. A. Richardson, secre- , fl?AH^ Increase. s ago that both of them would continue to show de creases for awhile. They all seem to have takeh a brace. The officials of the northern lines say it is due entirely to the fact that traffic is now normal, where a few weeks ago it was abnormally late. For the" first week in December forty-three roads show an average gross increase over last year of 5.96 per cent, being nearly the same in crease that was made last year over the same period in 1901. * GEO. R. NEWELL & GO. - Wholesale GROCERS, Corner First Av. N. and Third St. WINSTON, HARPER, FISHER & GO. Wholesale Grocers & Cigars 2d Av. N. and 4th st. MINNEAPOLIS, - - MINN. GREEN & DELAITTRE COMPANY. Importers and Wholesale Grocers. 18-20-22 Third Street N. DRY 000DS WYMAN, PARTRIDGE & GO. WHOLESALE DR Y GOOD S Cor. First Av. N. and Fourth St. RUBBER GOODS W. S. NOTT COMPAN Y 200-206 FIRST AVENUE SO., Manufacturers of LEATHE R BELTIN G Rubber and Cotton Belting*, Hose, Packing:, etc. Jobbers of Mackintoshes, Rubber Boots and Shoes. FLOUR MILL MACHINERY Maire's Own In destructible Paint For all kinds of Roofs. Bridges, Boilers, Smoke Stacks. Etc. Manufactured by STRONG & N0RTHWAY MFG. CO. F Maire Paint Co. LOUR MILL MACHINERY. Minneapolis, Minn. MANUFACTURER SHOW CASES PITTSBURG PLATE GLASS -S*55 PLATE GLASS -*- Northwestern Distribntuos Ajrenta of PAT* TON'S PAINTS, and caxry a full line of PainterV 0aadriaa OCLJUXA later an arrives inn St.. Loui s a t ~ 1n'Po- m- a s usua1 -d - . Brownell Moves Up. AND SOME OF ITS PROGRESSIVE DISTRIBUTORS. IMPLEMENTS R. HERSCHEL MFG. CO., M. S. THURBER, Manager. 406-408 3d Ave. North Manufacture mower knives^ sections, rivets, cotters, rake teeth, link chain, belting, etc. Jobbers' agricultural sup plies. Write for 1903 catalogue, No. 56. FACTORY-PEORIA. ILL. ATLAS PAINT MANUFACTURING CO. Manufacturers and Jobbers of Beady Mixed Paints, White Lead, Brushes, Etc. 516 First Ave. South, Minneapolis, Minn. PAPER Minneapolis Paper Co. Wholesalers, Manufacturers - and Mill Agents. 200 and 202 Second Street North. . 245-247-249 First Avenue North. Pratt Paper Co. 251 and 253 Third Av. S. wholesale dealers in Paper, Paper Bags, Twines, Cordage, Etc. 118-120 Washington Ave. N. MinncajoUe Minn. SHOE MANUFACTURERS CO. North Star Shoe Co. world. MINNEAPOLIS. We carry a Complete Stock of Window and Ornamental Glass. Manufacturers, Cor. First Av. N. and Fifth St. Minneapolis, Minn. jc4aft*p m , ^ . .. , ra ' n thirty.minutes . Th e trai will leave ha " hu r DECEMBER 19, 1903. ^^?Sg$?* WHOLESALE DRUGS Lyman-Eliel Company Third Street and First Ave. No. Stoves and Repairs 312 Hennepin Ave., Minneapolis. ~ ( IRON and STEEL, "Wholesale \ CARRIAGE and WAGON ( STOCKS, Etc. THE WILLIAMS HARDWARE CO., Seco^^^orth. MINNEAPOLIS. HIDES, PELTS, WOOL Buyers of Hides, Furs,' Wool, Etc. NORTHWESTERN HIDE & FUR CO. "North-Western Limited" ig Center Be "Progressive and loin the Flock. All live jobbers and manufacturers make yearly contracts to have their cards appear on this page. WHOLESALE MILLINERS. ~~ BRADSHAW BROS. Manufacturers of Straw Goods, ^Wholesalers of '*. Leave Minneapolis 8:00 p. m. Leave St. Paul.., 8:35 p. m. Arrive Chicago. , 8:55 a. m. A prominent man writes "One cannot board the 'North-Western Limited' without being deeply impressed with the magnificence and splendor of its appointments. It is a veritable moving palace and the dining car is espe- cially worthy of praise.'' ALSO, the NORTH-WESTERN LINE runs more trains and carries more people into and out of Minneapolis, St. Paul and Chicago every day than any other railway line. Ticket Offices: JJ FINE BISCUIT, CASES, ETCv HARDWARE JANNEY, SEMPLE, HILL & CO., WHOLESALE HARDWARE 30, 32, 34, 36 Second Street So. Corner First ( MINNEAPOLIS, 600 Nicollet Ave. ' ST. PAUL, 382 Robert Street. UNION DEPOTS BOTH CITIES. HARDWOOD LUMBER N.C. BENNETT LUMBE R CO. SUCCESSOR TO H. A. BENNETT & SON. Muhogary, Walnut, Red and White Cedar. Gecrpla and White Fine, Cypress, P.rown and White Ash, Elm, Cherry, Birch. Hutternut, W'hitewood, Guru*vood, Oak, Hickory. Maple, Basswood, Sycimor*, Sprite, Hemlock, Fir. Cot* tomvood, Pecan and Sassafras, Maple Roller*. MIIIHINEK 100-2-4 Washington Av. N. Minneapolis, Minn. WHOLESALE CRACKERS 17-10 Third St. S.. Minneapolis. Minn. CROCKERY WHOLESALE China,Crockery, Glassware, Lamps, Silverware, Gnt Class, Etc. Cor. 5thSt. and 1st Ave. S. ~ PICTURE FRAMES New York AvenueWestern So. O*nu0 Grea t MlUYv Stove & Repair Co. MINNEAPOLIS - MINNESOTA COMMISSION Established 1870. Longfellow Bros. .Co. ' Wholesale Commission Merchants. Butter, Eggs, California, Western and Southern Fruits, Cheese, Poultry. Consignments Solicited. Prompt Returns Made. Orders Promptly Filled. 208 SIXTH ST. N.. MINNEAPOLIS, MINN. Refer to Banks and Commercial Agrenoiea. i^WkM - w The Train That Makes Traveling a Pleasure ST. PAUL.. CHICAGO. D., la. &. W . R . R . Co.'a Soranton hard coal, Consolidation Coal Co.'a ocean smokeless, ^Georges Creek Smithing, Fairmont Coal Co.' s Fair mont, Sunday Creek Coal Co.' s Hock ing Valley. THESE ARE THE BEST. CORDAGE HOOVER & ALLISON COMPANY, Manufacturers of Rope, Binder Twine and Commercial Twines. Established 1890. 200-202-204 First Street North. L 116 Washington Avenue .North. GENERAL MERCHANDISE. McClelland Rros. & Ravlcz, m is the WHOLESALE DOORS, SASH, BLINDS, ETC. Si*5ciaJties: Stair Work. Office Fittings an j Interior Hardwood Finish. , Corner 2d Avenue S. I EAST SIDE, and 8th Street. I Minneapolis, - - Minn. COAL AND COKE. BISCUIT COMPANY Y MINNEAPOLIS. MINN- Independent Manufacturers of Shipping Wharves: At all principal wester* 1 "ke Ports. dicesMinneapolis, 45 S. 4th Street St. Pan'., 17 Robert Street Duluth, 302 W. Superior St . Northwestern Fnel Co. 21-23-25 Third Street North. Gents' Furnishings, Jewelry, Notions, Stationery.Cutlery, Etc. Manufacturers and Jobbers of WHITE FOB 0UB NEW CATALOG PICTURE FRAMES, MOULDINGS, WALL POCKETS, BREWERS Gluek Brewing Co. PICTURES and GLASS 210 Hennepin Avenue. Brewers and Bottlers of HIGH GRADE BEERS MINNEAPOLIS, MINN. CABINET HARDWARE 6. P. DERICKSON & CO. WHOLESALE CABINET HARDWARE 121-123 Washington AT. N. _ SPOBTINB GOODS. Guns, Skates, Athletic Supplies! KENNED Y BROS. 324 Nicollet Aw.