GROSS EARNINGS. The total gross earnings of railroads doing business in the State of Minnesota from passengers, freight, express, mail, storage, demurrage, car mileage and miscellaneous for the year ending June 30, 1904, were $63,257,702, and for the previous year were $68,061,499, which shows a decrease of $4,803,797 for the year 1904. OPERATING EXPENSES. The total proportion of operating expenses in the state of Minnesota, as reported by the railroad companies for the year ending June 30, 1904, was $33,191,742, and for the previous year the same was $32,302,296, which shows an increase for the year 1904 of $889,446. NET INCOME. The net income for Minnesota reported by the railroad companies for the year ending June 30, 1904, was $30,065,960, and for the previous year the same was $35,759,203, which shows a decrease for the year 1904, of $5,693,243. ACCRUED INTEREST. The total amount of accrued interest on funded debt and current liabilities of all railroads doing business in this state, reported to this Commission for the year ending June 30, 1904, for their entire lines, was $42,905,509, being $42,116,636 interest on funded. debt accrued, and $788,873 interest on current liabilities. The total amounts so accrued in the year 1903 was $40,007,124, being $39,753,474 interest on funded debt accrued, and $253,650 interest on current liabilities, which shows an increase for the year 1904 of $2,898,385. RENTALS PAID. The total amount of rentals paid by the railroad companies for the use of tracks of other railroad companies for their entire lines for the year ending June 30, 1904, was $4,825,533, and for the previous year the amount so paid was $6,493,380, which shows a decrease for the year 1904 of $1,667,847. DIVIDENDS. The total amount of dividends paid by the various railroad. companies doing business in the state and reporting to this commission for the year ending June 30, 1904, for the entire lines, was $58,164,548, being $51,701,464 on common stock, and $6,463,084 on preferred stock. The total amount of dividends paid the previous. year was $47.974,415, being $40,308,643 on common stock, and $7,665,772 on preferred stock. This will show a total increase for the year 1904 of $10,190,133. The apparently large increase paid in dividends for the year 1904 is caused by a partial distribution of accumulated net profits of the Duluth & Iron Range and Duluth, Missabe & Northern railroads among stockholders, as it has been the policy of these companies to accumulate their earnings instead of dividing them annually, and the dividends so declared. must not be considered as showing their net profits for the year 1904. The following companies paid dividends for the year 1904, as shown by the following list: Chicago, Burlington & Quincy, common Chicago, St. Paul, Minneapolis & Omaba, common.. Duluth & Iron Range, comnion .... Great Northern, common Green Bay & Western, common Willmar & Sioux Falls, common TAXES. $7,758,737.00 4,072,873.00 3,345,608.00 3,383,324.00 1,791,600.00 5.985,060.00 1,044.976.00 284,310.00 1,113,330.00 787,976.00 4,500,000.00 3,768,750.00 3,000.00 8,683.925.00 100,000.00 7,500.00 150,000.00 200.000.00 10.849.989.00 280,000.00 53,590.00 In addition to the above, the St. Paul, Minneapolis & Manitoba Railway Company, whose lines are leased and operated by the Great Northern Railway Company, paid dividends for the year ending June 30, 1904, amounting to $1,200,000. The total amount paid by the railroad companies on their gross earnings in the state of Minnesota for the calendar year ending December 31, 1903, amounted to $1,971,729.67, and for the previous year the same was $1,922,204.22, which shows an increase for the year 1903 of $49,525.45. The total amount of gross earnings from operation for the entire lines of all railroad companies doing business in this state and reporting to this commission for the fiscal year ending June 30, 1904, were $344,612,514. The total amount of taxes paid on the same in all the states through which they operate is reported as $11,552,632, which shows a tax rate of .03352 per cent upon their gross earnings. During the past year back taxes have been collected on items. which hitherto had not been reported for taxation, resulting in collecting through this department, the sum of $5,042.38. The legislature of 1903, passed an act to increase the taxation of railroads in this state to four per cent, which was submitted to the people at the last general election in November, 1904, and ratified so that the taxes for the year 1905 are to be collected on the basis of four per cent, instead of the present basis. The following 27 companies operating railroads in Minnesota report a surplus for their entire lines after paying operating expenses, taxes, interest, rentals, dividends, etc., on June 30, 1904, which includes the surplus from previous years, as follows: Chicago, Burlington & Quincy Chicago & Northwestern Chicago, Rock Island & Pacific Chicago Great Western Chicago, St. Paul, Minneapolis & Omaha Duluth & Iron Range Duluth & Northern Minnesota Duluth, Missabe & Northern Duluth, Virginia & Rainy Lake Great Northern Green Bay & Western Iowa Central Itasca Lumber Co. Minnesota & North Wisconsin Minneapolis Eastern Minneapolis Western Northern Pacific Red Lake Transportation Co. Split Rock & Northern Willmar & Sioux Falls Winona Bridge SURPLUS. Wisconsin, Minnesota & Pacific Wisconsin Central Total .$30,599,908.00 26,799,571.00 10,997,282.00 22,343,955.00 21,674.00 3,899,600.00 1,454.876.00 160,550.00 3,163,565.00 128,790.00 14,507,460.00 . 137,923.00 1,916,945.00 11,937.00 55,923.00 170,038.00 1,229,509.00 3,595,957.00 106,199.00 26,937.00 11,104,977.00 1,636.00 61,584.00 291,377.00 22,126.00 47,299.00 433,045.00 .$133,290,643.00 The total surplus reported last year was $119,331,418, which shows an increase for the year 1904 of $13,959,225. DEFICITS. The following railroad companies operating railroads in Minnesota show a deficit for their entire lines, which include deficits from previous years, for the year ending June 30, 1904, as follows: Dubuque & Sioux City (Ill. Cent. Ry.) Duluth, South Shore & Atlantic Minnesota Transfer Mason City & Ft. Dodge (C. G. W.).... Which makes a total deficit of CAPITAL STOCK AND FUNDED DEBT. The total deficit for the year 1903 was $323,362, thus showing an increase for 1904 of $3,318,212. The increase in deficits is caused principally by the reports of the Duluth, South Shore & Atlantic and the Minnesota Transfer Railway companies, which hitherto did not report to this commission, but are now required to do so. $859,362.00 2,253,867.00 527,240.00 1,105.00 $3,641,574.00 ACCIDENTS. The total amount of capital stock and funded debt of railroad companies reporting to this commission for their entire lines for the year ending June 30, 1904, was $2,184,549,685, consisting of capital stock $955,009,728, and funded debt $1,229,539,957. The total amount of stock and debt reported for the year 1903 was $1,995,869,128, which consisted of capital stock $901,839,239, and funded debt, $1,094,029,889, thus showing a total increase of capital stock and funded debt for the year 1904 of $188,680.557. Accidents to persons in Minnesota resulting from the movement of trains for the year ending June 30, 1904, as compared with the year 1903: Passengers, 1904, 5 killed, 290 injured; 1903, 11 killed, 175⚫ in jured. Trainmen, 1904, 26 killed, 493 injured; 1903, 46 killed, 475 in jured. Switchmen, flagmen and watchmen, 1904, 5 killed, 96 injured; 1903, 12 killed, 89 injured. Other employes, 1904, 12 killed, 93 injured; 1903, 15 killed, 97 injured. Trespassers, 1904, 107 killed, 91 injured; 1903, 106 killed, 77 injured. Non-trespassers, 1904, 14 killed, 49 injured; 1903, 21 killed, 38 injured. Making a total for 1904 of 169 killed and 1,112 injured, and in 1903, 211 killed and 951 injured. In addition to the above there were 476 employes, II passengers and 5 non-passengers injured from causes other than movement of trains, which makes the grand total for the year 1904, 169 killed and 1,604 injured. (See statistical tables, Nos. 5 and 6.) ORGANIZATION OF THE COMMISSION. The commission as now constituted is as follows: WORK OF THE COMMISSION. For a comprehensive view of the work of the commission it is necessary to read the report, which shows the many questions treated. The courts have sustained the commission in all cases where orders have been contested. Attention is called to the reports covering the grain departments. Every effort has been made to give as near perfect service as possible. It has been thoroughly demonstrated that "office inspection” of coarse grains and flax is much more satisfactory than "field inspection" and this plan will be extended to all inspection work so far as practicable. A plan of rigid examination, on the civil service basis, has been adopted in the appointment of inspectors and those who attain the highest degree of efficiency are first on the list. |