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Title: Annual report of the officers of the Atlantic Coast Line Railroad Company
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Title: Annual report of the officers of the Atlantic Coast Line Railroad Company
Physical Description: v. : ; 23 cm.
Language: English
Creator: Atlantic Coast Line Railroad Company
Publisher: s.n.
Place of Publication: S.l
Publication Date: 1902-1903
Frequency: annual
regular
 Notes
Dates or Sequential Designation: -69th.
General Note: Description based on: 69th (1903).
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Bibliographic ID: UF00091709
Volume ID: VID00001
Source Institution: University of Florida
Holding Location: University of Florida
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Resource Identifier: oclc - 08506638
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Succeeded by: Annual report of the Atlantic Coast Line Railroad Company

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Full Text




SIXTY-NINTH ANNUAL REPORT


OF THE


OFFICERS


OF THE


ATLANTIC -O1 LINE IBLIOAD COMPANY,


TO THE


STOCKHOLDERS,


FOP THE


ENDING JUNE 30TH, 1903.
















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SIXTY-NINTH ANNUAL REPORT



OF THE



OFFICERS



OF THE


ATLANTIC COAST LINE RAILROAD COMPANY,



TO THE



STOCKHOLDERS,



FOR THE


YEAR ENDING JUNE 30TH, 1903.











^ L/.






ATLANTIC COAST LINE RAILROAD CO.




1903--1904.

OFFICERS:

H. WALTERS................Chairman of the Board, New York. N. Y.
R. G. ERWIN ................President............
ALEXANDER HAMILTON.. First Vice-President ......Petersburg. Va.
C. S. GADSDEN ............. Second Vice-President... Charleston, S. C.
T. M. EMERSON..............Third Vice-President.. Wilmington, N. C.
J. R. KENLY ................ Fourth Vice-President,
JAMES F. POST.............Treasurer ............
H. L. BORDEN ..............Secretary.............New York, N. Y.
H. M. EMERSON ............Traffic Manager.......Wilmington, N. C.
H. C. PRINCE .............. Comptroller.........


BOARD OF DIRECTORS:


MICHAEL JENKINS,
WALDO NEWCOMER,
F. W. SCOTT,
ALEXANDER HAMILTON,
E. B. BORDEN,
J. H. STILL,


H. WALTERS.
W. G. ELLIOTT,
M. F. PLANT,
DONALD MAcRAE,
H. B. SHORT,
J. J. LUCAS.












ATLANTIC COAST LINE RAILROAD CO.



RICHMOtomN, VA., November 17th, 1903.

To the Stockholders of Atlantic Coast Line Railroad
Company :
The Atlantic Coast Line Railroad Company, a corporation
having a Virginia charter, and also corporate powers under
the laws of the several States in which it owns lines of rail-
way, went into possession, on the 1st day of July, 1902, of
the property acquired by consolidation with the Savannah,
Florida & Western Railway Company. At the same time it
went into possession of the St. Johns & Lake Eustis Rail-
road which it had acquired by purchase from the Company
of that name, and also of the Sanford & Lake Eustis Rail-
road and of the Florida Midland Railroad which it acquired by
purchase from the owner of the same.
The stocks of The Florida Southern Railroad Company and
of the Sanford & St. Petersburg Railroad Company were ac-
quired by this Company and the properties of said Companies
were conveyed to it. While such consolidation only became
effective April 1st, 1903, the accounts representing the earn-
ings and operating expenses of The Florida Southern Rail-
road Company and Sanford & St. Petersburg Railroad Com-
pany, from July 1st, 1902, to March 31st, 1903, were taken
up on the books of this Company, so that the statements in-
corporated in this report include the three Companies, and the
operations of 4,138.87 miles of railroad.
The Florida Southern Railroad Company owned and op-
erated at the time of the consolidation about two hundred
and forty-three miles of road consisting of the line of railway
extending from Palatka, Fla., to Gainesville, Fla., and to Fitz-
gerald, Fla., and Brooksville, Fla., and the line from Bartow,
Fla., to Punta Gorda, Fla., at all of which points, except the








ANNUAL REPORT OF THE


last named, said lines of railway had connection with those of
the Atlantic Coast Line Railroad Company.
The Sanford & St. Petersburg Railroad Company at the
time of the consolidation owned and operated the line ex-
tending from Sanford, Fla., to St. Petersburg, Fla., a distance
of about 153 miles, and connecting with the Atlantic Coast
Line at Sanford and Trilby.
At the time The Florida Southern Railroad Company was
consolidated with the Atlantic Coast Line Railroad Company
the former had under construction a line from Punta Gorda
to Fort Myers, a distance of about twenty-eight miles, which
it is expected will be completed and in operation early in the
year 1904.
A line from a point in Decatur county, Ga., near Climax,
on the railway between Climax, Ga., and Chattahoochee, Fla.,
was partially constructed in the fiscal year covered by this
report, and is now in operation to Amsterdam, Ga., a distance
of 10.5 miles.
The Company has not now under construction any other
lines.
MILEAGE.
Lines owned............................. ............ 3,999.26
Lines operated under lease or agreement for trackage, etc... 139.61
Total ............................................. 4,138.87
The railways of the Atlantic Coast Line join those of the
Louisville & Nashville Railroad Company at Chattahoochee
Junction, Fla., and Montgomery, Ala. The two Companies
are the joint lessees of the Georgia Railroad; for years they
have interchanged business with each other on a large scale,
and have been operated as connecting lines and allies. Under
these circumstances it was deemed of first importance by the
stockholders and directors of the Atlantic Coast Line Rail-
road Company that such interchange of business should be
permanently secured, and it was considered that this could be
accomplished in no other way as completely as by the acqui-
sition by this Company of a majority of the stock of the
Louisville & Nashville Railroad Company. The stockholders
of this Company by a vote representing ninety-one per cent.








ATLANTIC COAST LINE RAILROAD CO.


of all the stock then outstanding, and being all the shares
represented at the meeting, on November 17th, 1902, ap-
proved the purchase of 306,000 shares out of a total of 600,000
shares of the stock of the Louisville & Nashville Railroad
Company. These shares have been pledged as collateral for
an issue of $35,000,000 of bonds made by this Company,
bearing date November 1st, 1902, payable October 1st, 1952,
and carrying interest at the rate of four per cent. per annum
from October 1st, 1902, payable the 1st days of May and No-
vember. These bonds, together with $5,000,000 in the stock
of this Company, and $10,000,000 in cash, were paid as the
consideration for the 306,000 shares of Louisville & Nashville
stock. Surplus profits of the Company have since been ap-
plied to the cost of this stock, by which its book value has
been reduced to $45,554,220.58.
The mileage of the Louisville & Nashville Railroad Com-
pany owned and operated, or leased and controlled solely or
jointly with other lines, on June 30th, 1903, aggregated
6,133.15. Its net earnings from operations and income, after
paying all taxes, leases and fixed charges, were $6,211,047.74,
from which was paid to stockholders, in two semi-annual divi-
dends of two and one-half per cent. each in August and
February, $3,000,000, leaving a net surplus of $3,211,047.74,
all of which, however, was invested by the Board of Direc-
tors in additions to its equipment and property.


INCOME ACCOUNT.
Gross earnings from operation ......................... $19,682,455 60
Operating expenses and taxes........................... 12,612,386 59

Net income from operations........................... 7,070,119 01
Other income ........................................ 1,152,952 34
Total income ................ .................... 8,223,071 35
Interestandrentals.................... ............... 5,207,982 48
3,015,088 87
Miscellaneous deductions from income .................. 22,060 60

Net income ................. ................... $ 2,993,028 27









ANNUAL REPORT OF THE


Dividends:
Declared Nov. 17th, 1902, payable Jan. 10th,
1903, 2j on $28.150,000 common stock..$ 703,750 00
Declared June 26th, 1903, payable July 10th,
1903, 2% on $36,650,000 common stock.. 916,250 00
Declared Sept. 23rd, 1902, payable Nov. 10th,
1902, 2-% on $2,018,900 preferred stock.. 50,472 50
Declared April 21st, 1903, payable May 10th,
1903, 2j% on $1,744,100 preferred stock.. 43,602 50 1,714,075 00
Net surplus for year ..................... $ 1,278,953 27
Earnings from operation increased 11.58 per cent.
Operating expenses and taxes increased 8.22 per cent.
Net income from operations increased 18.13 per cent.
In "Other Income" is included the six months dividend of
two and one-half per cent. on the Louisville & Nashville Rail-
road Company stock owned by this Company which was paid
in February, 1903, while "Interest and Rentals" include
nine months interest to June 30th, 1903, on the entire issue
of $35,000,000 of bonds secured by the Louisville & Nash-
ville stock as collateral.
The ratio of operating expenses and taxes to gross earnings
from operations was 64.08 per cent.
CAPITAL ACCOUNT.
The common stock of the Company outstanding on July
1st, 1902, amounted to $23,150,000. Fifty thousand shares
were issued in part payment for 306,000 shares of Louisville
& Nashville stock, and eighty-five thousand shares were sold
at $125 per share to provide the cash payment made on the
same account, so that the outstanding common stock of the
Company amounted at the close of the fiscal year to
$36,650,000.
On July 1st, 1902, the Company had outstanding
$18,850,000 of 5 per cent. non-cumulative preferred stock, of
which $17,105,900 were, by June 30th, 1903, converted into
4 per cent Certificates of Indebtedness of the Company at the
rate of 100 per cent of stock for 125 per cent of Certificates;
there were outstanding on the 30th of June, 1903, $1,744,100
of preferred stock.
There were outstanding on the 30th of June, 1903:
7% Certificates of Indebtedness of the Wilmington & Weldon
Railroad............ .............................. $ 17,100
4% Certificates of Indebtedness of the Atlantic Coast Line
Railroad Company (of the issue of 1900)............... 22,400
New 4% Certificates of Indebtedness of the Atlantic Coast
Line Railroad Company (amount authorized $25,000,000), 21,382,300








ATLANTIC COAST LINE RAILROAD CO.


Mention was made in the annual report of the Company to
the stockholders for the year ended June 30th, 1902, of the
consolidated mortgage of the Company to secure an issue of
bonds not to exceed $80,000,000. The amount of bonds se-
cured by this mortgage outstanding on June 30th, 1903, was
$34,809,000.
Steps were taken in this fiscal year for paying, on January
1st, 1904, $1,500,000 St Johns River Division Bonds of the
Savannah, Florida & Western Railway Company, under the
right reserved in the mortgage securing said bonds. When
said bonds have been paid the consolidated mortgage will have
a first lien on 124 additional miles of railway, which will
make it a first lien on about 713 miles.
The entire bonded debt having a lien on the railways owned
by the Company amounted, on June 30th, 1903, to $72,569,275,
or $18,146 per mile of railway owned by the Company, and
the fixed charges resulting from such bonded debt amounted
to $3,059,227.63 per annum, or $765 per mile of railway
owned by the Company.
The Company has no floating debt, and has no equipment
trust obligations outstanding except the amount of $136.666.65
which it became liable to pay by reason of consolidations
with other companies, and which amount is being paid at the
rate of $40,000 per year.
MAINTENANCE OF WAY AND STRUCTURES.
The charge to this account during the year amounted to
$2,995,369.50, an increase of $271,126.95, or 9.95 per cent.
over the preceding year.
Six thousand and twenty-seven and five one-hundredths
tons of new steel rail (70 and 80 lbs. to the yard) were laid,
making 50.823 miles of track laid.
One million five hundred and sixteen thousand nine hun-
dred and six crossties were used in renewal.
One hundred and five thousand nine hundred and one cubic
yards of gravel ballast were placed in the track.
Fifty-nine and one-third miles of new side tracks and spurs
were constructed, and fifteen miles were taken up, making a
net increase during the year of forty-four and one-third miles.








ANNUAL REPORT OF THE


The charge to repairs and renewal of buildings and fixtures
amounted to $438,291.00, an increase of $89,880, or 25.8 per
cent., over the preceding year.

MAINTENANCE OF EQUIPMENT.

The charge to this account was $2,153,309.60, a decrease of
$6,189.98, or 29-100 of one per cent., as against the preceding
year.
Sixteen new locomotives were added at a cost of $203,858,
of which nine replaced the same number of old locomotives
sold, and seven were charged to New Equipment. The Com-
pany owned 451 locomotives at the end of the year. All the
locomotives and passenger coaches of the Company are
equipped with automatic couplers and air brakes.
One thousand two hundred and fourteen new freight cars
were purchased or built at the Company's shops during the
year, at a cost of $683,384.18, of which 291 took the place of
the same number of freight cars destroyed, and 923 were
charged to New Equipment. Freight train equipment at the
close of the year consisted of 13,931 standard gauge cars
and 41 narrow gauge cars. All freight cars of the Company
are equipped with automatic couplers, and 82.9 per cent. of
them are equipped with air brakes.
The passenger train equipment at the close of the year con-
sisted of 496 standard gauge cars and 6 narrow gauge cars.
Road service equipment consisted of 399 cars.

CONDUCTING TRANSPORTATION.

The charge for Conducting Transportation amounted to
$6,194,359.07, an increase of $577,313.09, or 10.28 per cent.
over the preceding year. The principal causes of increase
were rise in the price of fuel, increased wages of employees
and large increase in tonnage handled.

TONS FREIGHT AND NUMBER PASSENGERS CARRIED.
Tons of freight carried................ .......... 7,674,271
Average amount received for each ton freight .......... $1 83
Number of passengers carried......................... 3,728,033
Average amount received from each passenger ......... $1 03









ATLANTIC COAST LINE RAILROAD CO.

PER MILE OF ROAD.


Miles of road operated ............................
Receipts from freight ................................
passengers.............................
" passenger train service .................
Gross earnings from operations.......................
Operating expenses ................................
Net receipts.............. ...... ......... ..........
CARRIED ONE MILE.
Tons freight carried one mile.........................
Average rate per ton per mile ........................
Number of passengers carried one mile ................
Average rate per passenger per mile ...................
PER TRAIN MILE.
Mileage of revenue freight trains ......................
passenger trains ...... ......
" mixed trains ......................


4.138 87
$ 3,393 78
926 55
1,208 48
4,755 51
2,877 69
1,877 84


1,068,277,144
.013
157,075,477
.024


5,905,391
4,997,740
780,434


Total revenue train mileage .......................... 11,683,565
Mileage of non-revenue trains ....................... 382.323

Total train mileage .................. ........... 12,065,888
Receipts from freight per freight train mile............. $2 10
"passengers per passenger train mile ...... .66
"passenger train service per passenger train
m ile.............................................. .87
Gross earnings from operation per mile of trains earning
revenue ... ...... .. ............... ... ....... 1 68
Operating expenses per mile of trains earning revenue... 1 02
Net earnings per mile of trains earning revenue ......... .66

GENERAL EXPENSES.
The amount charged to this account was $567,298.42, an
increase of $71,964.50, or 14.53 per cent., caused principally
by increase in amount of insurance carried and in rate of
premiums paid, and by expenses incident to the issue of four
per cent. First Consolidated Mortgage Bonds.




On the 3rd day of July, 1903, DR. D. W. LASSITER, for so
many years connected with the properties of this Company as
one of its Directors, departed this life at Petersburg, Va., and
the following preamble and resolutions were adopted by the
Directors of the Company :

"On the morning of July 3rd, 1903, DR. DANIEL WILLIAM
LASSITER died at his home in the City of Petersburg. Virginia.

Dr. Lassiter was first elected a member of the Board of








10 ANNUAL REPORT OF THE A. C. L. R. R. CO.

Directors of this Company, then the Richmond & Petersburg
Railroad Company, on October 27th, A. D., 1866, and was
continuously a Director of the Company from that date up to
the time of his death, covering a period of nearly thirty-seven
years, and was, therefore, the immediate associate in the Di-
rectory of this Company of each of us. We can speak of
him, therefore, from an intimate personal association.
"In his official position he was always faithful to the duties
imposed upon him by the trust and was conspicuously intelli-
gent and wise in the discharge of the same.
In his personal character he was honest, straightforward,
candid and pure minded and endeared himself strongly to all
who enjoyed the benefit and privilege of association with him.
"He rose to the highest rank in his profession and enjoyed
the unlimited confidence and affection of those,-and their
name was legion,-who had the good fortune to enjoy the
benefit of his professional counsel and attention. It is
"'Resolved, That this Board has heard with profound and
sincere regret of the death of DR. DANIEL WILLIAM LASSITER,
andi desires that there shall be placed upon its record this
slight tribute to his memory as a man beloved and admired
for his splendid qualities as an official of this Company and as
a dear friend.
Resolved, Further, that this Board and each member
thereof hereby extends its warmest sympathies to his bereaved
family; and the Secretary hereby is directed to transmit to
them a copy of these resolutions."



Reference is made to the report of the Fourth Vice Presi-
dent and General Manager, andt to the statements attached as
a part of this report.
The Company acknowledges the faithful and efficient ser-
vices performed by its employees during the fiscal year
covered by this report.
Respectfully submitted,
H. WALTERS, Chairman.
R. G. ERWIN, President.















(fcnral 1anacr's ^jprt.




ATLANTIC COAST LINE RAILROAD COMPANY.

WILMINGTON, N. C., October 15th, 1903.


MR. R. G. ERWIN, President,

SIR:-I herewith submit my report of the operation of the
Atlantic Coast Line Railroad Company for the year ending
June 30th, 1903
The following tables will show the comparison with last
year:

OPERATING EXPENSES.


Year ending June 30, 19038.............
Year ending June 30,1902..............
Increase............................
per cent .................
Decrease ...... .......................
per cent............... ..


Maint'n'nce
of Way and
Structures.

$2,995,369 50
2 724,242 55
271,126 95
9.95


Maint'n'nce
of Equip-
ment.

$2.153,3(9.60
2,159,499.58


6,189 98
.29


Conducting
Trans-
portation.

56,194,359 07
5,617,045 98
577,313 09
10.28


General
Expenses.

$567.298 42
495,333 92
71,964 50
14.53


PASSENGER.


Revenue.


Number.


Year ending June 30, 1903 ................... $3,834,868 06 3,728,033
Year ending June 30, 1902. ...............:.... 3,841,482 57

Decrease ..................................... 6,614 51
per cent.............................. .17

FREIGHT.


Revenue. Tons.



Year ending June 30, 1903.................. $14,046,394 95 7,674,271
Year ending June 30, 1902 .................. 12:001,931 94


Increase.....................................
per cent ............ .... ...........


2,044,463 01
17.03









ANNUAL REPORT OF THE


MILEAGE.

Tons Passengers Revenue
Train
One Mile. One Mile. Mileage.

Year ending June 30, 1903....... 1,068,277,144 157,075,477 11,683,565
Year ending June 30, 1902....... 924,227,871 156,987,395 11,260,885
Increase....................... 144,049.278 88,082 422,680
per cent ................ 15.59 .06 3.75

Passenger train mileage decreased ................. .39 per cent.
Freight train mileage increased ....................9.92 per cent.

The mileage operated at the close of the year was 4,138.87
miles, the same as at the close of the previous year.
For convenience of operation the System has been divided
into two Divisions, the dividing line being at Central Junc-
tion, Savannah-the lines north of that point comprise the
First Division, and the lines south thereof comprise the
Second Division. These Divisions are subdivided into Dis-
tricts.

MAINTENANCE OF WAY AND STRUCTURES.

The charge to Maintenance of Way and Structures amount-
ed to $2,995,369.50, against $2,724,242 55 for the preceding
year, an increase of $271,126.95, or 9.95 per cent.

Steel Rail-
743.6 tons of new steel rail were laid on the First Division,
and 5,283.6 tons on the Second Division, a total of 6,027.2
tolls, as follows:

First Division :
Richmond District, 70-lb. Rail ...................... 1.76 miles of track.
Norfolk District, 70-lb. Rail ..................... 1.85 miles of track.
Charleston District, 70-lb. Rail ................... 3.15 miles of track.
6.76 miles of track.
Second Division :
Savannah District, 70-lb Rail................... .629 miles of track
Jacksonville District, 70-lb. Rail .................... 13.730 miles of track.
Montgomery District, 80-lb. Rail.................. 12.440 miles of track.
Jesup Short Line, 80-lb. Rail ................... 17.024 miles of track.
43.823 miles of track.









ATLANTIC COAST LINE RAILROAD CO.


Total miles of new steel rail laid on both Divisions, 50.583
miles.
One mile of new 70-lb. steel rail was sold to the Charleston
& Western Carolina Railway Company.
At the close of the year there was on hand on the First Di-
vision 221.94 tons of new 70-lb. steel rail, and on the Second
Division 2,123.33 tons of new 80-lb. steel rail, and due from
the Pennsylvania Steel Company 3,150 tons of 70-lb. steel
rail and 3,160 tons of 80-lb. steel rail, making a total of
8,655.27 tons of new steel rail on hand and due at the close
of the year.
There was charged to Operating Expenses on account of
Renewal of Rails, $234,684.00.
Cross Ties-
The number of cross ties used in renewals was 1,516,906, as
follows:
FIRST DIVISION. SECOND DIVISION.
Main track ..................... 420,184 988,023
Side tracks ................... 67,659 41,040
487,843 1,029,063
Lumber :
The number of square feet of lumber used in renewals and
new work was 14,350,800 square feet, as follows:
FIRST DIVISION. SECOND DIVISION.
5,957,749 square feet. 8,393.051 square feet.
Ballast:
There were 105,901 cubic yards of new gravel ballast placed
in the track, as follows:
FIRST DIVISION. SECOND DIVISION.
70,119 cubic yards. Montgomery District.... 27,282 cubic yards.
Jesup Short Line........ 8,500
35,782 "
Side Tracks:
New side tracks were constructed, as follows:
ON FIRST DIVISION. ON SECOND DIVISION.
Tracks to industries ........... 8.035 miles. 4.670 miles.
Station, Yard and Pass Tracks.. 15.273 31.180
23.308 35.850 "
Side tracks taken up........... 2.850 11.683
Net increase...................20.458 24.167









ANNUAL REPORT OF THE

SUMMARY.
Tracks to industries .........................12.705
Station, yard and pass tracks ................ 46.453
59.158
Side tracks taken up ................. ......14.533

Net increase ........................ 44.625


The capacity of the tracks in the Receiving Yard at South
Rocky Mount was increased from 43 to (0 cars each.

BUILDINGS AND FIXTURES.

The charge to Repairs and Renewals of Buildings and Fix-
tures was $438,291.00 against $348,411.00 for the previous
year, an increase of $89,880.00 or 25.8 per cent.
The more important Buildings and Fixtures erected and
charged to Repairs and Renewals were as follows:


On First Division-
Brick Passenger Station, (Washington St.) Pe-
tersburg ............... ................
Interlocking Signal Plant at Weldon...........
Frame Depot at Kingsboro ...................
Frame Depot at Falling Creek .................
Brick Passenger Station at Wilmington .........
Less insurance on burnt building..........

Additional story to General Office, Wilmington...
New addition to General Office Building,
Wilmington, part payment.................
Addition to Freight Office, Pinner's Point.......
Frame Depot at Jamesville....................
Less insurance on burnt building .........

Brick depot at Dunn ..........................$
Less insurance on burnt building...........

Brick passenger station at Rocky Mount (does
not include cost of land) ...................
Addition to freight station at Wilson, (brick)....
Steel turntable at Charleston (70 ft.)............
Vegetable shed on Charleston wharf............
50,000 gallon water tanks at Chadbourn, Loris,
Marion, Whaley, Little River, Orangeburg
and Jacksonboro..........................
Set of 100 ton track scales at Wilmington.......
Set of 80 ton track scales at Florence and at
South Rocky Mount .....................
Three frame section houses.....................
Frame depot and wharf at Tunis ...............
Less insurance on burnt building ..............


$9,810 88
4,160 49




1,296 00
800 00

5,021 31
1,500 00


16,969 89
1,072 42
952 99
870 20

5,650 39

9,930 80

13,000 00
1,297 33
496 00


3,521 31


13,344
3,828
2,153
1,648


6,131 35
1,595 28
1,552 14
1,257 37
4,694 28
4,000 00 694 28

$ 85,967 17









ATLANTIC COAST LINE RAILROAD CO. 15

On Second Division-
Signal towers at Offerman, Harris, Pickett,
Ratliff, Dyal, Boulogne and Folkston....... 1,944 62
Signal tower and interlocking plant at Hor-
tense ................................... 2,462 92
Brick warehouse No. 16, Jacksonville .......... 42,442 22
Brick warehouse No. 10, Jacksonville, ex-
tended.................................... 2,519 00
Frame depots at Blackshear, Pine Bloom, Hay-
low, Elba Junction, Orange Lake, Browns-
ville, Green Bay, Land Pebble, Long Branch,
Kissimmee, Buchanan, Campbell and Na-
hunta......................................$ 7,843 85
Lesss insurance on Kissimmee and Orange
Lake depots burnt ........................ 1,017 44 6,826 41

Orange packing house at Tampa....... ...... 1,572 87
Eight frame section houses and outbildings...... 8,903 71
Frame office building at Dothan............... 1,446 67
Changing old passenger station in Savannah
into warehouses................... ....... 7,893 66
Water pipe line in Savannah yard.............. 3,625 80
Coal bin at Jesup. ......... .................. 9,836 12
Coal bin at Montgomery (Addition)............ 2,665 09
Waycross shops (Addition) ..................... 2,844 15
Montgomery shops (Addition).................. 1,382 75
High Springs shops (Addition) ................. 810 74
Sanford shops (Addition) ...................... 643 19
50,000 gallon water tanks at Jesup, Davenport
and Orange Lake ......................... 2,161 04
Set of 100 ton track scales at Jesup, Jackson-
ville and Dunnellon ........................ 3,057 40
Set of 80 ton track scales, Thomasville. ....... 941 37
Depots enlarged at Atkinson, Valdosta, Ocala,
Dunnellon, Clearwater, Zolfo and Plant City. 5,205 86
At Lakeland pump and boiler for water
supply ... .............................. 799 45
At Punta Gorda-boiler for water supply........ 339 00
At Kissimmee-boiler for water supply......... 230 72
At Peoria, pump and boiler ................. 279 00
$ 110,833 76
Total, First Division .................... $ 85,967 17
Second Division................... 110,833 76
Both Divisions ...................$196,800 93

Docks and Wharves-
The wharves and piers at Jacksonville, Fla., were greatly
enlarged at a cost of $25,027.61. This expenditure was charged
to Operating Expenses.

Bridges and Culverts-
The charges to Operating Expenses for repairs and renew-
als of bridges And culverts amounted to $388,720.00, against
$392,909.00 for the preceding year, a decrease of $4,189.00 or
1.06 per cent.









ANNUAL REPORT OF THE


Among the more important improvements and betterments
charged to this account were
On First Division-
Steel Draw-bridge and new center pier, Chowan
River, (span 150 feet 8 inches).............. $18,352 28
Less sale of old bridge ......................... 2,500 00 1'. .'. 28
8 Arch Culverts (brick) ........................ 3,834 50
$19,686 78
There were 4,789 lineal feet of trestlework filled with
earth.
On Second Division-
Steel Girder, 90 foot span, Catoma River................... $ 7,225 93
Steel Bridge, 125 foot span, Pea River.................... ..12,033 76
$19,259 69
There were 1,990 lineal feet of trestlework filled with
earth.
Total length of trestlework filled on both Divisions, 6,779
lineal feet.
MAINTENANCE OF EQUIPMENT.
The charges to Maintenance of Equipment were
$2,153,309.60 against $2,159,499.58 for the preceding year, a
decrease of $6,189.98 or .29 per cent.
Shop Tools and Machinery-
New shop tools costing $7,461.33 were purchased and
charged to Operating Expenses.
Locomotives-
There were purchased from the Baldwin Locomotive Works
16 locomotives, at a cost of .*'i_,: .'8.00, as follows:
To replace old Locomotives sold-
4 19x26 ten-wheeled Passenger Locomotives .............. $ 52,852 00
2 19x26 ten-wheeled Freight Locomotives ................. 25,546 00
2 21x28 Consolidation Freight Locomotives .............. 29,052 00
1 18x24 six-wheeled Yard Locomotive.................... 9,885 00
9 .$ 117,335 00
Less sale of old Locomotives ......... .............. 11,200 00
Charged to Operating Expenses .....................$ 106,135 00
Additions to Equipment-
1 18x24 six wheeled Yard Locomotive ..................... 9,885 00
6 19x26 ten-wheeled Freight Locomotives ................. 76,638 00
7 Charged to New Equipment Account....................$ 86,523 00









ATLANTIC COAST LINE RAILROAD CO. 17

Train Mileage-
In Passenger service ................................. 4,997,740 miles
In Freight service.................................... 6,685,825
Total mileage of revenue trains....................... 11,683,565 "
Mileage of work trains.............................. 382,323
All locomotives are equipped with automatic couplers and
air brakes.
Passenger Equipment Cars-
No passenger equipment cars were purchased.
One 50 foot express car was built at the Wilmington shops
and charged to New Equipment Account ....... $2,416 00
Private car No. 300 was sold and three coaches were de-
stroyed.
All passenger equipment cars are equipped with automatic
couplers and air brakes.
Freight Car Equipment-
There were added by purchase and built at the Company's
shops 1,214 freight cars, at a cost of $683,384.18. This ex-
penditure was charged as follows:
To New Equipment Account..............................$ 538,161 18
To Operating Expenses..................................... 145,223 00
$ 683,384 18
The following items show the details of the above expendi-
tures:
Purchased from the Georgia Car & Mfg. Co., Savannah-
120 40-foot flat cars..................................... $ 70,783 60
100 Phosphate cars..................................... 78,000 00
Purchased from Rodger Ballast Car Company-
40 Ballast cars ........................................ 38,864 00
1 Plow car...................................... .... 872 70
Built at Wilmington Shops--
649 A. C. D. Box Cars .................... ............... 341,237 26
225 40-foot Flat Cars ................. .................. 115,670 20
18 standard Logging Cars................................ 2,937 24
5 standard 8-wheel Caboose Cars........................... 3,071 60
2 standard 38-foot Stock Cars ........................ 881 11
Built at Savannah Shops-
25 Phosphate bars.................................... 17,500 00
8 Flat Cars......................................... 2,650 43
13 Box Cars......................... .. ................ 7,462 00
2 Coal Cars.................................. ......... 448 04
1 Shanty Car ......................................... 576 00
Built at Montgomery Shops-
5 Coal Cars................ ......................... 2,430 00
1214 Total New Freight Cars..............................$ 683,384 18








ANNUAL REPORT OF THE


Of the above freight cars the following were built to replace
cars demolished on this and foreign lines :
125 Box Cars................................... $ 68,309 38
7 Coal Cars................. ... ................ 2,878 04
133 Flat Cars..................................... 66,569 63
2 Stock Cars................................... 881 11
18 Log Cars..................................... 2,937 24
1 Shanty Car.......................... ........ 576 00
5 Caboose Cars................... .............. 3,071 60
291 Total charged to Operating Expenses ........... $ 145,223 00

All freight cars are equipped with automatic couplers, and
82.9 per cent. are equipped with air brakes. Does not in-
elude logging cars.

At the close of the year the Company had 451 locomotives
(See Appendix).

PASSENGER TRAIN EQUIPMENT.

Standard Guage:
243 passenger coaches,
3 parlor coaches,
49 combination passenger and baggage cars,
8 combination passenger, mail and baggage cars,
17 mail cars,
41 combination mail and express cars,
5 combination mail, baggage and express cars,
109 express cars,
6 refrigerator express cars,
4 baggage cars,
1 hospital car,
10 officers cars,


Narrow Gauge:
3 passenger coaches,
1 express car,
1 combination mail and baggage car,
1 officers' car,








ATLANTIC COAST LINE RAILROAD CO.

FREIGHT TRAIN EQUIPMENT.
Standard Gauge:
159 8-wheel caboose cars,
27 4-wheel caboose cars,
144 stock cars,
575 logging cars,
3598 flat cars,
9253 box cars,
31 coal cars,
13 furniture cars,
126 phosphate cars,
5 refrigerator cars,

13931
Narrow Gauge:
5 flat cars,
36 box cars,

41
ROAD SERVICE EQUIPMENT.
Standard Gauge:
10 wreckers' caboose cars,
8 trash cars,
263 shanty cars,
43 ballast cars,
34 tool cars,
4 steam shovels,
3 steam shovel tenders,
9 pile drivers,
5 pile driver tenders,
4 water tank cars,
8 wrecking derrick cars,
1 steam wrecking crane car,
I steam wrecking crane tender,
1 scale test car,
3 supply cars,
2 air brake instruction cars,

399








ANNUAL REPORT OF THE


Floating Equipment:
I tug boat,
1 passenger transfer barge,
4 covered freight barges,
4 open car barges,

10
Increase in Operating Expenses:
Operating Expenses were materially increased due to the
abnormal advance in the price of engine fuel, to the in-
creased cost of many other materials and supplies, and to the
advance in the rate of wages paid employees.
Augusta Union Station:
The Union Passenger Station at Augusta, Ga., was nearly
completed at the close of the year. It was erected by the
Augusta Union Station Company, and consists of a brick
station building and steel train shed, of ample size and con-
venience. The Southern Railway Company, the Lessees of
the Georgia Railroad, and the Atlantic Coast Line Railroad
Company each own a one-third interest in this station.
Construction :
During the year a contract was made for the construction
of a branch line from a point near Climax, Ga., to the Cohn
Tobacco Farm in Decatur county, Ga., a distance of about
10.5 miles.
A contract was also made for the extension of the line from
Punta Gorda to Fort Myers, Fla., a distance of about 28
miles.
At the close of the year the construction of both lines was
well under way.
The straightening of a portion of the main line south of
Chester, Va., was completed during the year. This improve-
ment was graded for double track, is 1.76 miles in length-
900 feet shorter than the old line-eliminates 118 degrees and
50 minutes of curvature, and is practically a straight line.
The maximum grade of the old line was 31.6 feet per mile,
while the uniform grade of this line is only 23.3 feet per
mile.









ATLANTIC COAST LINE RAILROAD CO. 21

The estimated cost of this work was $60,000.00, and this
amount was charged to Operating Expenses, as follows:
$54,000.00 charged to the expenses of last year, and $6,000.00
to the expenses of this year. The actual cost of the completed
work, including the laying of a single track, was only
$54,960.67. There remains, therefore, an unexpended balance
of $5,039.33.

This improvement is known as Line "D."

The property has been carefully maintained, and is in good
condition.

1 am pleased to refer to the satisfactory manner in which
the officers and employees performed their respective duties.

Respectfully submitted,
J. R. KENLY,
Fourth Vice-President and General Manager.






APPENDIX.

LOCOMOTIVE EQUIPMENT.

14" Dum m ies........................ .............. .... 4
14" Switching Engines .................. ................. 6
15" ". ...................................... 2
16" . ..................................... 18
17" ". .................... ................. 3
18" ................................... .. 22
12" 8-wheel (Narrow Gauge) ..................... 4
14" ". ...................................... 14
15" ...................................... 11
16" . ....................................... 50
17" ... ....... ............ ................ 61
18" ... ..................................... 74
17" 10-w heel ...................................... 9
18" ...................................... 12
19" ................................... .. 55
20" ..................................... 16
16" Mogul ..................................... 8
17" .................... .... 50
18" ..................................... 11
19" Columbia Type Engines...... .......................... 2
19" Atlantic ........................... 10
19" Pacific ................................ 3
21" Consolidation ................................ 6
Total .............................. ...............451



















HASKINS & SELLS
CERTIFIED PUBLIC ACCOUNTANTS
30 BROAD STREET
NEW YORK
LONDON, E. C.
30 COLEMAN STREET
CABLE ADDRESS "HASKELLS"
CHICAGO ST. LOUIS CLEVELAND PITTSBURG
204 DEARBON STREET LINCOLN TRUST BUILDING WILLIAMSON BUILDING FARMERS BANK BUILDING


NEW YORK, October 9, 1903.

MR. R. G. ERWIN, President,
Atlantic Coast Line Railroad Company,
No. 71 Broadway, New York.

We have made an examination of the books, accounts and
records of your Company for the fiscal year ended June 30,
1903; have checked all revenues and disbursements, and all
items entering into the Income account, from original sources
of entry; have verified the securities, the cash, and the bank
balances; and
WE HIEREBY CERTIFY that the attached General Balance
Sheet represents the true financial condition of the Company,
June 30, 1903, and that the accompanying statements of
Income and Profit and Loss are correct.
HASKINS & SELLS,
Certified Public Accountants.



















leqort of t[t Qomptrolmr.



ACCOUNTING DEPARTMENT ATLANTIC COAST
LINE RAILROAD COMPANY.

WILMINGTON, N. C., October 9th, 1903.

Mit. R. G. ERWIN, President,
New York,
D~i:AR SIR:-- submit herewith the following statements
showing the financial condition of the Company and the re-
sults from operation for the year ended June 30th, 1903:
General Balance Sheet,
Income Account,
Profit and Loss Account,
Mileage.
Very respectfully,
H. C. PRINCE,
Comptroller.










ANNUAL REPORT OF THE


General Balance Sheet,


ASSETS.
Property, Construction and Equipment.
306,000 shares Louisville & Nashville
R. R. Co. stock ...................
Atlantic Coast Line R. R. Co. First Con.
4% bonds..........................
Other Investments ....................
Atlantic Coast Line R. R. Co. of S. C..
4% Bonds Deposited with Farmers
Loan and Trust Company...........
Bonds deposited with Safe Deposit &
Trust Company for Equipment. ...
Reserve Fund-Cash on Deposit for re-
newals of rails....................
Trust Equipment ....................
Material and supplies.................
Current Assets:
Cash on deposit and in hands of Treas-
urer............................. $ 1,397,314 56
Cash deposited for coupons............. 500,348 69
Agents Balances................... .... 522,659 15
Due by other Companies and Indi-
viduals .......................... 5,365,770 51

Deferred Assets:
Unadjusted Claims in hands of Freight
Claim Agent .................... $ 242,426 99
Interest Receivable. .................... 63,967 49


$127,255,911

45,554,220

2,244,975
191,408

500,000

500,000

249,098
136,666
708,725


7.786,092 91




306,394 48


Total Assets......................


$ 185,433,492 72











ATLANTIC COAST LINE RAILROAD CO.











June 30th, 1903.


LIABILITIES.


Capital Stock :
Preferred...........................
Com m on ... ....... ................
Common Class "A," Richmond & Pe-
tersburg R. R ....................


$ 1,744,100 00
35.659,000 00

991,000 00 $ 38,394,100 00


Certificates of Indebtedness:
New Certificates of Indebtedness 4w.... $ 21,382,300 00
Certificates of Indebtedness Old 4%. ... 22,400 00
Certificates of Indebtedness W. & WV.
R. R. 7%.......................... 17,100 00


Bonded Debt Secured by Mortgages on
Railroads.........................
Louisville & Nashville I. R. Collateral
4% Bonds .....................
Trust Equipment Obligations ..........
Current Liabilities:
Audited Vouchers and Pay Rolls ....... $ 1,111,651 2
Due to other Companies and Individuals. 874,365 27
Unclaimed Wages ..................... 28,426 16
Coupons due and unpaid ............... 505.588 63
Dividends declared, unpaid............ 926,879 25

Deferred Liabilities:
Bond Interest Accrued, not due ....... .$ 869.893 32
Taxes Accrued, notdue.................. 484,391 31

Reserves for Betterments and Improve-
m ents ...........................
Profit and Loss-Surplus...........


Total Liabilities. ..................


21,421,800 00


72,569.275 00

35,000,000 00
136,666 65


3,446,910 63




1.354,284 63


1,645,478 4(
11,464,977 41

$185,433,492 72










ANNUAL REPORT OF THE


Income Account for the Year ending June 30th, 1903.

Gross Earnings:
Freight.............................. $ 14,046,394 95
Passenger....................... ..... 3,834,868 06
Express.............................. 529,758 31
M ail ................ .......... ...... 600,321 39
Miscellaneous ......................... 621,837 91
Extra Baggage .................. .... 36,788 77
Telegraph............................ 12,486 21 $19,682,455 60


Operating Expenses:
Maintenance of Way and Structures.... $
Maintenance of Equipment............
Conducting Transportation .............
General Expenses......................

Net Earnings ................

Other Income :
Interest on Deposits and Current Ac-
counts............. .............. $
Interest and Dividends on Stock and
other Securities...................
Rents from Real Estate and Property...
Rent of Rail..........................
Miscellaneous.. ......................

Total Income... .............
Deductions from Income :
Interest on Funded Debt.............. $
T axes .......... ................. .
Interest on Certificates of Indebtedness..
Rental of Leased Lines:
C. R. R. of S. C.......$31,000 00
S. C. Pac. Railway.... 6,276 00
W. &B. V. R. R...... 6,000 00

Dividends on Capital Stock...........
Miscellaneous ................. .....

Surplus Income for Year............


2,995,369 50
2,153,309 60
6,194,359 07
567,298 42





154,515 03

871,035 89
77,272 13
48,697 27
1,432 02




4,109,110 96
702,000 00
1,055,595 52



43.276 00

1,714,075 00
22,060 60


11,910,336 59

$7,772,119 01







1,152,952 34

$8,925,071 35


7,646,118 08

$1,278,953 27










ATLANTIC COAST LINE RAILROAD CO.


Profit and Loss Account-Year Ending June 30, 1903.

CREDITS.
Balance at credit of Account on July
1st, 1902...................... ... $ 12,750,086 24
Interest on $500,000 A. C. L. R. R. of
S. C. Bonds collected in July, 1902,
applicable to prior period.......... 10,000 00
Premium on Stock and Bonds.......... 2,225,684 35
Refund by U. S. Government of errone-
ous deduction made during Spanish
War on account of M. & 0. Land
Grant ........................... 4,748 10
Southern Express Co. reports collected
since July 1st, 1902, applicable to
prior period...................... 79,833 82
Exchange of Florida Southern R. R. and
S. & St. P. R. R. Bonds .............. 242,688 83
Accounts closed out ................... 26,661 27
Net Surplus for the year ending June
30th, 1903, transferred from Income
Account.......................... 1,278,953 27 $16,618,655 88


DEBITS.
Interest on Bonds charged subsequent
to July 1st, 1902, applicable to prior
period ...... $
Surplus Profits applied to cost of L. & N.
R. R Stock.......................
Accounts charged off..................
Charges to Real Estate transferred .....


57,716 66

5,000,000 00
92,254 81
3,707 00


$ 5,153,678 47


Balance at credit of account on June 30th, 1903......... $11,464,977 41










ANNUAL REPORT OF THE


MILEAGE.

1. Lines Owned:
Richmond, Va., to Port Tampa, Fla ....................... 898.04
Pinners Point (Norfolk), Va., to Rocky Mount, N. C., and
branches. .......................................... 124.08
Clopton to James River, Va ............................. 4.55
Acree to Dunlop, Va,........... ........ ... .. .. ... ...... 6.51
W western Branch, Petersburg, Va ......................... 3.15
Pender to Kinston, N. C........................... ...... 85.82
Tarboro Junction to Plymouth. N. C ..................... 53.89
Parmele Junction to Washington, N. C. ................. 25.39
Rocky Mount to Spring Hope, N. C................ ...... 19.20
Contentnea to Wilmington, N. C................... ....... 105.00
Goldsboro Junction to Smithfield, N.iC .................... 21.50
Warsaw to Clinton, N. C ................................. 13.43
Wilmington to Newbern, N. C., and branch................ 90.32
Yadkin Junction (Wilmington) to Sanford, N. C........... 116.40
Parkton, N. C., to South Carolina State Line .............. 35.02
Wilmington to Wilmington R'y Bridge Co., (Hilton)........ 1.83
Wilmington R'y Bridge Co. (Navassa) to Pee Dee, S. C.... 92.89
Elrod, N. C., to Conway, S. C..... .......... .......... 71.38
Florence, S. C., to Wadesboro, N. C., and Branch to
H artsville, S. C ........ .................. .......... 74.52
Sumter, S. C., to Gibson, N. C.... ........ ...... .... 73.77
Florence to Columbia, S. C .............................. 81.70
Latta to Clio, S. C ...................................... 19.78
Sumter to Robbins, S. C.................. ................ 98.50
Elliott to Lucknow, S. C................................. 16.48
Creston to Pregnalls, S. C.. .............................. 40.81
Eutawville to Ferguson, S. C............................. 6.16
Ashley River Railroad Branch ........................... 4.50
John's Island to Aslley River, S. C ...................... 8.70
Ravenel to Yonges Island, S. C., and branches.............. 21.02
Green Pond to Ehrhardt, S. C....... ................... 37.67
Jesup, Ga., to Montgomery, Ala ......................... 353.21
Waycross to Folkston, Ga ................................ 34.00
Albany, Ga., to Monticello, Fla. .......................... 82.47
Climax, Ga., to Chattahoochee, Fla ...................... 30.83
Abbeville Junction to Abbeville, Ala ...................... 26.90
Elba Junction to Elba, Ala ............................. 37.22
Sprague Junction to Luverne, Ala ....................... 32.92
Brunswick to Albany Junction, Ga ....................... 168.78
Dupont Junction, Ga., to Punta Gorda, Fla.............. 301.13
Lake City Junction to Lake City, Fla...................... 18.90
High Springs to Gainesville, Fla ... ....................... 23.60
Juliette to Ocala, Fla.................................... 20.36
Gulf Junction to Homosassa, Fla ......................... 21.88
Bartow to Bartow Junction, Fla.... ..................... 16.20
Palatka to Gainesville and to Brooksville, Fla., and branches. 170.46
Okahumpa to Yalaha, Fla ............................. 6.56
DeLand Junction to DeLand, Fla ........ ....... 4.00
Enterprise to Enterprise Junction, Fla ................... 3.90
Sanford to Lake Eustis, Fla ............................. 28.62
Sanford to St. Petersburg, Fla ........................... 153.33
Sanford to Lake Charm, Fla............... ............. 17.60
Astor to Leesburg, and Fort Mason to Lane Park, Fla....... 47.42
Kissimmee to Apopka, Fla................................. 34.00
Kissimmee to Narcoossee, Fla.................. ............ 14.40
Thonotosassa Junction to Thonotosassa, Fla ................ 13.33
Lines to Factories, Mills, etc. .................. ..... .... 85.23

Total Lines owned ............................... 3999.26









ATLANTIC COAST LINE RAILROAD CO. 29

(MILEAGE-Continued.)

2. Lines operated under lease or agreement for
trackage, etc.:
Central Railroad of South Carolina, from Lanes to Sumter,
S C ............................................. .. 40.20
South Carolina Pacific R'y, State Line to Bennettsville, S. C. 10.50
W ilmington Street Railway............................... 1.25
Winston & Bone Valley Railroad, Winston to Tiger Bay,
Fla., and branches .............. .................. 27,79
Seaboard Air Line Railway, Garysburg to Weldon, N. C... 2.39
Archer to Morriston, Fla ...................... ........19.62 22,01
Wilmington Railway Bridge Co., Hilton to Navassa, N. C.. 2.46
Charleston & Western Carolina 14'y Co., Robbins, S. C., to
Augusta, Ga.......................................... 28.80
Savannah Union Station Co., Telfair Junction to Union Sta-
tion, and thence to point near Union Junction.......... 3.71
Jacksonville Terminal Co., junction with line to Savannah
to depot, thence to junction with line to Port Tampa ... 1,89
Belt Line Railroad Company, line in Montgomery, Ala...... 1.00

Total lines operated under lease, agreement for trackage, etc.. 189.61

Grand Total........................................ 4,138.87




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