Navigation Cos. (Table 15). $1,834,019.58 $1,392,509.01 +$441,510.57 Dividends on stocks owned of companies other than Oregon Short Line Railroad and Oregon-Washington Railroad and Navigation Cos. (Table 16). Balance of interest on loans and on open accounts other than with Auxiliary Companies Rentals for lease of road, for joint tracks, yards, and terminal facilities-balance.. Rentals from steamships. Net income from lease of unpledged lands and town lots Miscellaneous income Total other income....... Total net operating income and other income FIXED AND OTHER Interest on funded debt in hands 5,053,959.31 811,519.66 967,318.91 16,017,497.09 $31,770,384.58 ..... $45,392,581.04 Southern Pacific Co. for bonds purchased...$23,740,362.22 Current cash accounts.... $16,500.00 14,743,625.00 $14,760,125.00 Due to Proprietary Companies 430,417.66 392,637.21 26.54 + 8.86 89,650.10 + 7,975.74 $18,896,504.29 $18,643,589.49 + $252,914.80 $50,115,917.54 $54,354,716.11 -$4,238,798.57 Contingent and unadjusted accounts. Net increase in liabilities Increase of assets in excess of increase in liabilities (gain in Profit and Loss).... $7,630,837.96 The ocean steamships "Mongolia" and "Manchuria" were sold on November 1, 1911, to the Pacific Mail Steamship Company for $4,212,783.70, the remainder of the cost of said ships after deducting therefrom $1,035,163.79 received in the charter hire collected for account of depreciation and other adjustments. In payment of $4,200,000 of the purchase price, and the interest accruing thereon, the Oregon Short Line Railroad Company accepted sixty-four notes of $102,544.42 each, dated November 1, 1911, payable quarterly, on February 1, May 1, August 1 and November 1 of each year, secured by mortgage on the steamers. The purchaser has the option to pay any of these notes prior to their maturity at their present worth on the date of redemption. The ocean steamships "Bear" and "Beaver" were sold, on June 1, 1912, to the San Francisco and Portland Steamship Company for the sum of $1,100,000, evidenced by twenty notes of $55,000 each, dated June 1, 1912, due June 1, 1932, bearing interest payable semi-annually on all outstanding The purchaser has the option to pay any of these notes prior to their maturity. The Oregon-Washington Railroad and Navigation Company is the owner of the entire outstanding capital stock of this steamship company. notes. CAPITAL EXPENDITURES. The expenditures for capital account excluding the cost of stocks and O'Fallons to Northport, Nebraska.. Oregon-Washington Railroad & Navigation Company: Extensions and branches, viz.: Centralia to Hoquiam, Washington. Coyote to Stanfield, Oregon. Cosmopolis to Primo, Washington.. $137,844.06 3,900.75 136,804.03 $148,267.01 26,875,470.00 Midvale to Sunnyside, Washington. 9,537.49 $27,023,737.01 Portland, Oregon, to Seattle, Washington, North of Columbia River 582,502.78 26,146.34 $1,261,458.11 $551,482.70 31,946.64 16,470.27 17,158.79 7.947.09 417,572.03 143,076.46 33.40 1,347.86 $1,187,035.24 11,215.62 $1,198,250.86 Expenditures prior to July 1, 1911, transferred from Advances for construction and acquisition of new lines" Equipment: 376 work equipment Passenger cars Postal cars 10 5,647,606.23 Narrow gauge cars. $5,768,318.82 $37,367.80 1,137,283.19 617,908.52 114,680.49 Box automobile cars. 7 Caboose cars Flat cars 7 Furniture cars 125 Gondela cars 131 Gondola (D. B.) cars. 3 Refrigerator cars 10 Stock cars 56 (a) The cost of this locomotive was $24.408.24. (b) The cost of this locomotive was $24,408.24. (c) The original cost of these 19 passenger-train cars was $128,142.08. (d) The cost of these 29 passenger-train cars was $161,638.65. (e) The cost of these 57 passenger-train cars was $796.910.94. (f) The cost of the total 86 passenger-train cars was $958,549.59. (g) The original cost of these 869 freight-train cars was $517,987.42. (h) The cost of these 496 freight-train cars was $518,888.08. (i) The cost of these 248 freight-train cars was $267,727.62. (j) The cost of the total 248 freight-train cars was $251,160.46. (k) The original cost of these 309 pieces of work equipment was $137,549.34. (1) The cost of these 376 pieces of work equipment was $104,758.61. (m) The cost of this piece of work equipment was $5,904.74. (n) The cost of the total 375 pieces of work equipment was $98,853.87. The total original cost of all the equipment condemned, destroyed, sold or transferred to another class and credited to "equipment" was $783,678.84. The total cost of all equipment added by purchase and charged to "equip ment" was $785,285.34. The total net cost of all equipment owned by the Union Pacific Equip ment Association was $547,686.82. The grand total cost was $1,332,972.16. *Credit-Sold to Union Pacific Railroad, Oregon Short Line Railroad and Oregon-Washington Railroad & Navigation Companies; includes also 1 ballast car and 1 box automobile car destroyed. The number of locomotives and cars of standard gauge owned and the total and the average capacity of freight-train cars at the close of the year were as follows: -43,975.00 2.31 15,409.62 84,265.98 17,980.46 119,525.38 -2,570.84 14.40 -35,259.40 29.50 penses .$50,389,406.92 $49,807,833.99 $581,572.93 -$3,587,071,96 9.16 1.17 Stationery and printing. 32,623.97 Other expenses 72,886.46 14,807,161 5,803,802,346 $8,716.88 $4.43 1.003 cents 391.96 miles 173,632 1.17 -93,478,206 1.61 -$815.53 9.36 -$0.23 5.19 .014 cents 1.40 -10.78 miles 2.75 Changes in line. Total There is a large charge to the year's expenses for changes in line. This charge, $590,989.31, is the difference between the entire cost incurred in making these changes less the amount of such improvements which is under the Interstate Commerce Commission accounting regulations, chargeable to "Additions and Betterments." Of the amount charged there was expended on the lines of the Union Pacific Railroad $110,877.96, on the Oregon Short Line Railroad $225,595.79, and on the lines of the OregonWashington Railroad and Navigation Company $254,515.56. The unusually severe winter, followed by heavy floods in the spring, also added to the expenses about $225,000. The following rails, ties, tie plates, and continuous rail joints were used in making renewals and the entire cost thereof was charged to operating expenses, with the exception of $114,680.49 for increased weight of rails and improved frogs and switches charged to additions and betterments, as required by the accounting regulations of the Interstate Commerce Com .05 YEAR. 5.40 YEAR. DECREASE. 287.24 114.62 RAIL LINES ONLY. Number of tie plates.. 763,497 1,558,832 795,335 Equal to miles of continuous track. Number of continuous rail joints (single pieces) Equal to miles of continuous track... At the timber-treating plants of the Companies, 1,101,127 cross-ties and 28,555 switch-ties were burnettized, and 97,042 cubic feet of piling and other timber were creosoted. 34.60 32.40 57.65 54.94 58.61 The weight of rails per yard in main line and branches at the close of the year was as follows: 55.97 TOTAL. AND MAINTAINED. Main line Branches 4.504.87 3,274.79 90 LB. 1,806.82 22.14 85 LB. 32.68 1.41 80 LB. 1,425.75 97.78 1,523.53 19.58 20.25 56 LB. .16 204.94 28.62 1,118.40 .37 583.52 205.10 14.37 7.50 2.64 16.18 .40 1.35 .30 15.07 7.89 2.83 The details of the operating revenues and operating expenses are shown in Table No. 25, and the details of passenger and freight traffic in Tables Nos. 27 and 28. A large part of the decrease in the gross Operating Income resulted from the partial failure of crops in sections of the territory traversed by the lines of the Union Pacific, from the diminution in passenger travel incident thereto and from the decrease in the movement of commodities used in manufacturing and building operations. There was a slight increase in the number of tons of freight and the number of passengers carried resulting entirely from the additional miles of road operated, but there was a shrinkage in the volume of traffic moved of 8.10 per cent. in freight and of 10.12 per cent. in passengers. There was also a considerable loss of revenue from the reduction in rates. Although Operating Expenses were closely watched and reduced wherever possible without lowering the standards of efficiency and service to the public, they increased $625,547.93, or 1.31 per cent., notwithstanding a reduction of $3,021,874.71, or 3.47 per cent., in operating income. There was a decrease of $247,214.89, or 1.26 per cent., in expenses for "Mainte nance,' but an increase in expense for "Operations' of $872.762.82, or 3.09 per cent. This increase resulted from 633,905, or 3.47 per cent., more miles run by locomotives and motor cars in passenger service, and of 349,371, or 2.37 per cent., more miles run by locomotives in freight service -the result mainly of an increase over last year of 471.58, or 7.06 per cent., miles of additional road operated-from additional expenses imposed by the requirements of the "Hours of Service" and "Full Train Crew" laws; from higher wage schedules, from expenses incident to strike of the shopmen and from an increase in Traffic Expenses and in General Expenses. There were in service 32 gasoline motor cars. The mileage of these cars, 777,050 miles, or 4.79 per cent. of the total revenue passenger train mileage is included in the mileage statistics. In the following statements the details of operating expenses have been combined under titles of accounts to present the year's expenses in concise form: MAINTENANCE OF WAY AND STRUCTURES. THIS YEAR. LAST YEAR. The decrease in fuel for locomotives resulted entirely from a reduction in the price of fuel on the lines of the Oregon-Washington Railroad & Navigation Co. The increase in locomotive and train service resulted principally from higher wage schedules, requirements of the "Hours of Service" and "Full Train Crew" laws, and from an increase of 765,671 miles run by locomotives in transportation service. The operations of the transportation department of the rail lines comPER pare with those of last year as follows: INCREASE. DECREASE. CENT. $3,021,874.71 3.47 3.18 $763,773.96 Locomotive mileage with passenger mixed trains, including helping.. Total locomotive mileage in service for which the attendant and 483,835 5,170,224 1.15 2.37 35,222,906 3.77 4.36 23.94 2.73 expenses are charged to "Transportation Expenses" 790,243.87 -314,921.47 39.85 The average number of tons of freight per train (ton miles per revenue freight train and all mixed train miles), and loaded cars per train (exclud ing caboose), and the tons per loaded car for the respective companies for the year were: Average miles of railway operated and maintainedfirst and additional main tracks INCREASE OR PER LAST YEAR. DECREASE. CENT. 2.07 5,594,786.70 4,223,011.58 5,207,384.40 387,402.30 7.44 3,895,415.09 327,596.49 8.41 |