Consolidated Report Minneapolis Street Railway Company The St. Paul City Railway Balance Sheet OF THE Twin City Rapid Transit Company. ••• 1895. ■ Slate Historical Society \ OF WISCONSIN VMADISON - WIS. I f co *% vi 'ff'fjl ^^/// ^/Y///)/Z S'f'\ (2 ^///5rd, Aug., Mr, I. S, Bradley, Librarian, The State Historical Society of Wisconsin, Madison, Wis. Dear Sir: We are in receipt of your circular under date of July 21st, asking for reports of the Minneapolis and The St. Paul City Railway Companies from 1890 to 1896 inclusive. We are sorry to inforn you that we are all out of reports for the years of 1890 to 1894 inclusive, but, under sepa- rate cover, we send you Annual Reports of the Twin City Rapid Transit Co. for 1895 and 1896. However, by referring to Page 16 I of the '95 Rqport, you will find the gross earnings from 1893 to I 1895 and on Page 13 of the '96 Report, you will find the gross earn \ ings from 1893 to 1896 inclusive. Trusting these reports will be perfectly satisfactory, I am. Yours truly, Audi tor. * 9 ’ " > f . r . ' ' P Consolidated Report OF THE Minneapolis Street Railway Company AND The St. Paul City Railway Company ALSO Balance Sheet of the Twin City Rapid Transit Company. . • . •895. MINNEAPOLIS, ST. PAUL, MINNESOTA. yj] Cg k * Twin City Rapid Transit Company Officers. Thomas Lowky C. G. Goodrich, W. J. Hield, J. F. Calderwood, President Vice Pres’t, Secretary and Treasurer General Manager Auditor Directors. Thomas Lowry, Minneapolis, Minn. C. G. Goodrich, Minneapolis, Minn. •Clinton Morrison, Minneapolis. Minn. John Kean, Jr., Elizabeth, N. J. J. Kennedy Tod, New York. R. J. Cross, New York. James Loeb, New York. ^ \°)%oo Minneapolis Street Railway Company Thomas Lowry, C. G. Goodrich. M. B. Koon, - J. F. Calderwood, Willard J. Hield, Officers. - Sec Directors. Thomas Lowry. C. G. Goodric Clinton Morrison. M. B. Henry F. Brown. J. F. Galderwood. President Vice-President Treasurer darv and Auditor General Manager Koon. • A. Z. Levering 6 The St. Paul City Railway Company Thomas L o w k y , C. G. Goodrich, W. R. Merriam, A. Z. Levering, J. F. Calderwood, Willard J. Hield, Thomas Lowry. A. Z. Leve Officers. Directors. C. G. Goodrich, ring. President Vice-President Treasurer Secretary Auditor General Manager Clinton Morrison. J. F. Calderwood. Auditing Department. Minneapolis, Minn., Janaury, 1896. Thomas Lowry, Esq., President. Dear Sir: — I submit herewith consolidated statements of the Minneapolis Street Railway Co. and The St. Paul City Railway Co., also General Balance Sheet of the Twin City Rapid Transit Co., for the fiscal year ending- December 31, 1895, as follows: “A” Comparative Statement of Gross Earning-s, 1893-1894-1895. “B” Comparative Statement of Operations, 1893-1894-1895. “C” Comparative Statement of Earning-s and Expenses, 1893- 1894-1895. ‘ ‘D” Expenditures Account of Improvements for the twelve months ending- December 31, 1895. “E” Income Account for 1895. “F” Surplus Account, December 31, 1895. “G” Consolidated Balance Sheet of the Minneapolis Street Rail- way Co. and The St. Paul City Railwa}" Co., December 31, 1895. “H” General Balance Sheet of the Twin City Rapid Transit Co., December 31, 1895. Special Reports, pag-e 28 and 29 inclusive. Respectfully submitted, J. F. CALDERWOOD, Auditor . 9 Minneapolis, Minn., Feb. 1st, 1896. To the Stockholders: On behalf of your Board of Directors I submit the following- statements and reports covering- the transactions of the Twin City Rapid Transit Company, tog-ether with consolidated statements of the Minneapolis Street Railway Company and The St. Paul City Rail- way Company, also comparative statements for the fiscal year ending December 31st, 1895. EARN/MGS. The gross passeng-er earning-s for the fiscal year ending Decem- ber 31st, 1895, were $1,964,772.65, a decrease of of 1 per cent, as compared with 1894. The miscellaneous receipts were $24,030.79, or an increase of 9f\ 7 o per cent, over the corresponding period of 1894. INTERURBAN UNE. The gross passenger receipts of the Interurban Dine connect- ing the business centers of the two cities were $362,636.50 for the fiscal year ending December 31st, 1895, an increase of $9,621.70 over the corresponding period of 1894. The following is a comparative statement of the operations of the Interurban Line: In 1891 the gross receipts were $252,078.60, the operating was $111,058.00, and the surplus earnings $141,020.60. In 1895 the gross receipts were $362,636.50, the operating $120,209.00 and the surplus earnings $242,427.50. The cost of operating to gross earnings in 1891 was 44.06 percent, and in 1895, 33.15 per cent. The gross earnings per car mile run in 1892 were 26.72 cents, in 1895, 32.42 cents. The cost of operating per car mile run in 1892 was 11.83 cents, in 1895, 10.75 cents. I refer particularly to the operations of the Interurban Line, as it is the most prominent factor in our systejn. 10 OPERATING. The per cent, of general operating to gross earnings for the twelve months ending December 31st, 1895, is 43.10 as against 44.91 for 1894, 58.40 for 1893, 61.28 for 1892 and 59.59 for 1891. I wish to refer briefly to the following comparative statement of the cost of operating for the years 1893, 1894 and 1895: General Expense, Maintenance of Equipment, Mantenance of Way and Structure, Conductor’s and Motornien’s wages, Inspectors and Transfer Agents wages, Conducting Transportation, Miscellaneo Cost of Maintaining Power Stations, - Machine Shop Expense, 1893. 1894. 1895. $ 94,281.09 $ 61,162.07 $ 56,934.02 180,831.40 103,349 91 81,815.63 98,930.65 66,6C6.77 58,069.49 452,686.83 369,597.97 378,256.49 27,252.32 14,300.28 8,859.13 us 144,517.62 90,638.92 87,131.08 229,357.67 161,374.85 154,103.73 36,550.37 22,999.99 21,722.24 $1,264,407.95 $890,030.76 $846,891.81 :he query might arise: Is the de- crease in the various items, as shown above, legitimate, or is not the physical condition of the property being allowed to deteriorate in order to make a favorable net showing? Referring to the items under the head of “General Expense,” we have the following: In 1893, $94,281.09; in 1894, $61,162.07; and 1895, $56,934.02. The large reduction of 1894 as against 1893 comes primarily from two sources: First: A general reduction in salaries and the economy re- sulting in the consolidation of the two systems under one manage- ment. Second: The largest difference comes from the saving in the cost of the removal of snow and ice. In 1893 this item alone was over $22,000, in 1894 less than one-half and in 1895 less than one quarter. In justification of the reduction in the “Cost of Maintenance of Equipment” I submit a further analysis of these items: Repairs to Motors, Repairs to Car Bodies, 1893. 1894. $105,021.08 $ 66,054.79 75,810.32 37,295.12 1895. $48,527.45 33,288.18 11 $180,831.40 $103,349.91 $81,815.63 In the latter part of 1892 and during- 1893 we began the modi- fication of our entire motor equipment, in order to simplify the opera- tion, increase the efficiency and reduce the cost of maintenance. This cost of modification accounts for the large amount charged to repairs to motors in 1893. The reduction of 1895 over that of 1894 is legitimate, due to the economy resulting from the simplification of construction and a reduction in the cost of labor and price of material. In 1893 we spent $75,810.32 in repairs to car bodies. A large part of this was the expense of the reconsi ruction of our horse cars, increasing their length and adapting them to electrical use. The decrease in the “Maintenance of Way and Structure,” of 1894 over 1893, is the result of our rail joint construction, begun in 1892 and continued vigorously through 1893. It was a special joint construction put in our track where the traffic was the heaviest, and the results have been most satisfactory, lessening the expense not only of track, but also of rolling stock maintenance. The reduction of the “Wages of Conductors and Motormen” is due to a general reduction made at the beginning of 1894. The reduction of the “Wages of Inspectors and Transfer Agents” is due to the abolishing of Transfer Agents, and placing the issuing of transfers in the hands of the conductors. The cost of “Conducting Transportation, Misc.,” for the years 1893, 1894 and 1895, is as follows: 1893, ----- $144,517.62 1894, ----- 90,638.92 1895, ----- 87,131.08 In connection with the above I submit, for the purpose of analysis, an auxiliary statement: Miscellaneous Car Expense, Station Expense, Eabor, etc., Fuel for Cars and Stations, Electric Fighting- “Supplies,” Oil and Waste for Cars, Electric Supplies for Cars, Stationery and Printing for Stations, Transfers and Transfer Supplies, Strike, Additional Expense, 1893. 1894. 1895. $32,917.18 $23,128.52 $23,075.50 - 78,296.90 45,652.69 44,387.76 - 15,909.77 9,691.58 8,952.27 1,189.53 969.37 382.55 3,550.19 2,200.12 2,171.93 3,739.36 3,149.50 3,362.26 2,300.98 1,825.98 1,863.14 3,117.70 3,493.16 2,935.73 3,496.01 528.00 $144,517.62 $90,638.92 $87,131.08 12 The decrease in the two items, “Miscellaneous Car Expense,” and “Station Expense, Labor, etc.,” is due primarily to a reduction in force employed, wages paid, consolidation and rearrangement of the methods of station operation, and a general reduction in the cost of material used. The conditions, both as to methods of operation and prices of labor and material, having remained stable, the variations between the totals of the above statement for 1894 and 1895 are very slight. In the cost of “Maintaining Power Station” 1893 was ab- normally high as compared with 1894. This was due to the greater cost of fuel and the necessity of our operating two stations, one with high speed engines, during the overhauling of station No. 1. We now operate the entire Minneapolis system from one station. The saving in the “Machine Shop Expense” follows as the natural result of the above economies. It will thus be seen that the above reductions are the results of improved methods of electrical construction and operation resulting in legitimate economies in all departments. MILEAGE. The increase in the mileage is due chiefly to our running “trailer cars” in connection with our motors, giving an additional service most satisfactory to the public. One conductor and one motorman run both cars, thus doubling the mileage without increas- ing the wages of trainmen. This addition of “trailer” mileage adds but a mere trifle to the power consumption, and wear and tear. FINANCIAL. We have sold of the $3,000,000 authorized of the Preferred Cumulative Stock, $1,135,200 at par with accrued interest added, with the proceeds of which we have liquidated the entire floating debt of the two companies, including all mortgage notes, excepting $1,500,000 of the six per cent, certificates, and the Company has pur- chased and holds in its treasury, $270,000 of the remaining $1,500,- 13 000 not yet due, leaving- a balance outstanding- of $1,230,000. On comparison of the Annual Reports at the close of business, Dec. 31st, 1894 and 1895, we find the following- results as to receipts and expenditures: To Net Earning-s for 1895, To Reduction Current Assets, Current Assets Due Dec. 31, 1894, “ 31, 1895, To Twin City Rapid Transit Co., Minneapolis Street Railway Co , - The St. Paul City Railway Co., - $318,258.54 209,986.72 460,872.57 334,766.60 $258,479. 4b 108.271.82 795,639.17 By Improvements, Paving-, etc., - “ Reduction 6 % Certificate, due Jan. $153,090.85 1, 1896. ------ 250.000.00 “ Payment Mortg-age Notes, Minneapolis Street Railway Co. , - $ 96,000.00 113,500.00 The St. Paul City Railway Co., To Reduction Current Liabilities, 17,500.00 240,799.60 Current Liabilities Dec. 31, 1894, - $622,825.27 “ “ “ 31, 1895, - 382,025.67 To Amount Paid “Syndicate,” under loan contract, - - 405,000.00 SL162, 390.45 $1,162,390.45 IMPROVEMENTS. There has been charg-ed to the various improvement accounts $153,090.85, a brief analysis of which follows: New building- erected, corner of Grant and Nicollet, - - - - $ 2,211.13 Amt. paid for damage to property adjoining- our Selby ave., St. Paul, 2,725.00 Asphalt paving and new track construction in connection therewith, in St. Paul and Minneapolis, -------- 122,389.80 Meters for power house, ---------- 159.65 New car steps, - -- -- -- -- -- - 1,341.71 New car trucks, - - - - 754.58 Safety gates on cars, ____ 10,555.14 Fenders on cars, ----------- - 6,491.48 Vestibuling- balance of cars, - - - - - - - - - 2,542.07 One large lathe, - -- -- -- -- -- - 1,565.30 One arc dynamo, ------- ---- - 3,400.00 Chair, 5.00 $154,140.8 5 Eess credits, - - - 1,050.00 $153,090. 85 14 The largest item in connection with the above expenditures on account of improvements is the “paving and track construction” item of $122,380.80. As we were compelled to lay asphalt, and in the future maintain not only our portion of the track, but the paving in connection therewith, and as the pavement is located in the busi- ness portions of the cities where the traffic is the heaviest, it seemed in the interest of economy in future maintenance to put in an entirely new and special track construction which would last for years, with little, if any, additional expense. The major portion of the balance of the expenditures for im- provements is made up of about $18,000, spent in equipping our cars with fenders and automatic gates; the saving in this expenditure, although we have not had the use of the gates but a part of 1895, has resulted in a saving in the item of “Injuries and Damages,” as shown by the foregoing statements, and during the present year will save us more than twice the total cost. Respectfully submitted, Thomas Lowry, President. 15 A Minneapolis Street Railway Co. The St. Paul City Railway Co COMPARATIVE STATEMENT OF GROSS EARNINGS. 1893-1894-1895. Consolidated Report. 1893. 1894. 1895. January, $ 166,455.63 $ 147,191.71 $ 152,031.65 February, 148,110.32 131,838.78 134,895.85 March, 179,606.88 153,768.25 150,231.35 April, 180,525.93 152,265.40 152,915.85 May, 204,560.41 168,098.10 164,006.55 June, 208,810.65 180,871.30 171,221.60 July, 217,913.62 190,505.25 176,626.10 August, 193,071.30 181,652.65 178,511.40 September, 178,030.40 177,307.30 185,845.90 October, 169,108.96 168,554.30 167,402.10 November, 158,409.46 161,259.65 162,666.15 December, 160,321.75 168,392.95 168,418.15 Total, $2, 164, 925.31 $1,981,705.64 $1,964,772.65 Decrease per cent., - 08.46 00.85 16 C0HPARAT1VE STATEHENT. >o X O CO X o X X no O Cl © £ © Tt oo ci in rt o © OHO o £ d NO rH rt O NO CO °0 NO NO o rH T^" cu Q X* ON t> o co CO* no Oh O' OO O d o o Cl d O' OO ci co on o co OO ' t'tH 't lO O' ro HvfliOiO O' 00 C Cl 00 n 0~ rH cc cc cc m oo uo i>- CO m >> e TO o' 00 o lO ri o H VO 00 00 o o ci rH © 00 ON C~ os 00 rH i^oo_oo t-h vO~ 1>T nO~ ' O'tHfO on x n c o o o On Cl rH X N ON VO N O 00 i- O n)- O On O rON H ro vO uo fO vfl l-T cf NO ON* ^ o rH OOvOvOHOvvO £ H to CTn 00 rH I d- Cn GO d" ON 00 ro oo o o tooootOH VO N oo O N ro IQ © rt oo O ON O to N ^ Cl O 1> O O O rH o r-T CO 00 On On to ON 00 O UO^ rH r- ( on m o o o HiOOONOvOO CO On CO O X rH NO iQ i> i> no* d ci oo’ Cl o »H o d »H o CN^rj- UO Cl df rt o' rt vfl^OON ’"l Cl ON CO ci r i — r Si a> t/5 s <» 8 * 1 M* cfl X d .5 bog and P$ d tJ pa 2 «a & «2 Oh ?o . 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Population, - Number of Railways, Railway Mileage Represented, Number of Manufacturing Establishments, Number of Employes in same, Value of Manufactured Product, Barrels of Flour Made, Daily Flour Mill Capacity (barrels ) - Flour Exports (barrels) Value Flour Products, Elevator Capacity (bushels) Bushels Wheat Received, Volume of Grain Trade (bushels) Number of Feet of Lumber Manufactured, - Value of Lumber Products, Lumber Shipments (feet ) Jobbing Trade, - Postal Receipts, - - - Death rate per 1,000 population, - Number of School Houses, School Attendance, Number of Churches, - Miles of Electric Railway, Number of Acres in Park System, Bank Clearings, - Directory Names, - Fruit Receipts (pounds) Assessed Valuation, - 400,000 19 40.000 6,100 51.000 $202,000,000 - 12,581,635 64,800 3,580,000 44,000,000 - 34,785,000 86,900,000 - 92,284,870 579,102,123 - $11,000,000 446,510,000 $333,000,000 $912,616 9.19 96 53.000 346 225 2,152 $700,000,000 177,712 150,000,000 $259,031,961 29 t