ANNEX LIBRARY 995486 ~ (CORNELL UNIVERSITY LIBRARY FOURTEENTH REPORT OF THE (abu Railway and Land Zo. AND “Statement of Accounts YEAR ENDING DECEMBER 31, 1904. ~CORNELL UNIVERSITY LIBRARY FOURTEENTH REPORT OF THE (abu Railway and Land Qo. AND Statement of Accounts FOR THE YEAR ENDING DECEMBER 33, 1904. THE MERCANTILE PRINTING CO, LTD 1905 HE A149 Oe (405 Chott TABLE OF CONTENTS PAGES Officers Dec. 31, 1904...... cece cece neces eee eee neneenat ene e see ees 3 Report of President............0 ceccecee cee ee eee ce eee eens tees eens tenets 5 Report of the Superintendent ............ccccceceeeee ceeeee eee creeenee 9 Auditor’s Certificate 0.0.0.0... ccccce ceeeeee ences cease ene: ceeetnenenenees 13 List of Treasurer’s Statements ...........ccecseeceeeee eee ec eeeeee eete es 14 CA DIEB L oiccaiiicahieaishiad Guu Gusev gaa vonose aide vera ccnaanrenetes Langesmate 15 Géneral BalanGe. SHe€bs. sues csuveus serigia sacgtgnsissceade an aannmreniens 17-18 Capital: Statett Cnt iiecansinccnennnecauuannenctetlersineads yet hone tiie mains se 19 Capital, Expenditures secs ns were acne nena iene games eae een 20 Exhibit A; Detail of Amounts written off to Deprectati on siiviusc acsacwes senvaecas avveceecces 21 Revenue) astascscocasaaiicsteand wettiies ian noieamimemaapeaens es 23 Railway Department, showing details of Receipts and operat- ing expense for year 1904............ccccceee cece eens ceen ee 25-26 Ranch Department; Details of receipts and expenditures esata 27 Wand: We partir@nit cn sicaocasaen gi danaraaled waadetacs poasan dase deaattuiess 28 ReVeiiue: ACCOUNT cscsagsncdasuetcawesign deewona aennlaiienn deleretebe danas 29 Net Revenue Account................. ih deivihaeieaaanesh ia hd ciated ede dete 30 StatiStieall, usta cuesalseiguatinatd aiid eran inaslaee vedantic emteeemiat make 31 Comparative Statement of Receipts and Expenses, by years, of the Railway Department ...... 0.0... ceeeeee ee cecceceen eeeees 33 Statistics of Passenger Traffic to Dec. 31, 1904......0.000000.0... 34+ Comparative Statement of Passenger Earnings by months ..... 34 REIS DUS Ca tISEGS yc oeaissaineid temmctiv nde watchable stay nasty Aitumae Rutile we. 85 Summary of Ranch and Revenue Expenses ....... ......00. 00008. 86 Characteristics Of Road scoss cscs sac yseassers gaye suey anuincnevecbdeesecs 37 GUIPITIENtOF ROA Seavtenes swine st cu deh deals deneeeits vee Tec. date a onaans 38 OFFICERS DECEMBER 31, 1904. DIRECTORS. B. F. Dit,LINGHAM Honolulu M. P. ROBINSON.............. ....Honolulu W Fo ABTENS isc cos eceneseaves ees sla shistndaatametenanseriess cial besa oaks ai sierraaiees ....Honolulu H. M. von HO.t...... Honolulu He By PARTON tinessseocdaxwerivsesavunvasenvaumeyvers aus esciesieutea veabiied dae ican Honolulu W. F. DILLINGHAM ....... cece. eeeeeeen eens oe Sain neioiosse Miansinleaiseboneeae et Honolulu A.W. VAN VALKENBURG.........ecs00e Aisa veieghiamesusmaseeed Ranges ie Seaeiecu Honolulu FAs SCHABBER esse smtoscinsespciranaendsatanaees idan ciaecdeninidileb wmteaeeantensiptostene «Honolulu Js ASG TL MAING wissnsgtarcansunianechaiw sansa gaaneoenda asia iee buen malen ebadauneanes aie Honolulu PERSONNEL B. F. DILLINGHAM.....ccsceeseeeeeees iinet President and General Manager. M. P. ROBINSON...... ...lst Vice-President. W.F. ALLEN... ee 2nd Vice-President. W. F. DILLINGHAM ......... ... Treasurer. A W. VAN VALKENBURG. ..Secretary and Auditor. BALTOU Se MAR Ri ancasisnneniabwstls tases’ General Counsel. GEo. P. DENISON Superintendent. C. H. KLUEGEL....-. eee opiinewemancetenees Chief Engineer. B.C. SMITH... cceeseeescneennnenaseeeteesses General Passenger and Ticket Agent. A. H. TARLETON wesceseccee eect neces ee teeee General Freight Agent. Gs Ay (MUSGRAVE. eccniaisienteretuedexincien Master Mechanic. JNO. A. HUGHES......cseeet eee eeeeee ees did svsae Master Car Builder. H. G. DILLINGHAM .......cccceeeeeeeeeee eres Cashier. FH. M. VON HOLT oo... ecceceeseseeren essen eece Superintendent of Ranches, ‘IRUSI EES. W. F. FREAR T. W. Hospron FOURTEENTH REPORT OF THE OAHU RAILWAY AND LAND COMPANY FOR THE YEAR ENDING DECEMBER 31, 1904 REPORT OF THE PRESIDENT AND BOARD OF DIRECTORS. To the Stockholders: The President and Board of Directors herewith submit their report of the physical and financial condition of the property of your Company, for the year ending December 31, 1904, with ac- companying Statements and Tables. Rattway DEPARTMENT—The rolling stock, roadbed, track, wharves and warehouses are all in excellent condition. RancH DEPARTMENT—This branch of your Company’s property, has, under the faithful superintendence of those in charge, made a good return financially, and the géneral condition of the property is a credit to the Superintendent of Ranches, Mr. H. M. von Holt. FinanciAL—The net earnings of your Company for the year ending December 31, 1904, were..$413,399 66 Less fixed charges including interest on Bonds and Dock Improvements...... ........ cece caeeeeeee 137,066 97 Neb Carin 8S icine sceie indict secausene cane taeneese baxd $276,332 69 There has been paid in dividends during the year 6% on $4,000, 000............c cece ec cee eeeeeeee 240,000 00 Leaving a surplus to Net Revenue of............ § 86,332 69 Add balance Net Revenue from 1908............... 692,707 12 $729,039 81 6 As no reduction from the assets of your Company’s property has been made since its organization, after a careful examination of the accounts represented in the Balance Sheet of the Annual Report for 1908, your Directors authorized the writing off of $470,780.41 to cover depreciation, as per detailed statement given in Table No. 8, Exhibit A. This has resulted in reducing the amount of Credit to Net Revenue account from $729,039.81 to $258,259.40, as per Balance Sheet herewith submitted. REDUCTION OF FLoaTING DEBT—It will be interesting and gratifying to note, that while 1904 was a very hard year finan - cially for the whole country. owing to the low price of sugar and the shrinkage in the anticipated crops, in which loss your Com- pany participated largely, through the loss of freight and decline in rents, yet your Treasurer has been able to collect outstanding accounts and Bills Receivable which together with net surplus earnings has made it possible to reduce your Bills Payable from $321,066.23, as of December 31, 1903, to $225,000.00, as of December 31, 1904, and to reduce the amount due ‘Sundry Creditors’? from $102,294 48, as of December 31, 1903, to $35,677.75, as of December 31, 1904, making a,total reduction in the floating debt during the past year of $162,682.91. It may not seem out of place to state in this connection that the floating debt which has been gradually reduced during the past three years was created through the expenditure for increased terminal facilities and the purchase of about forty acres of water front property on the N. W. side of Honolulu Harbor. The original terminal facilities of your Company consisted of twenty- five acres of land almost wholly under tide-water. A narrow strip, or embankment, leading to the water front, was made by hauling in material by rail, and a wharf sixty by two hundred feet was constructed in 1890 which proved sufficient for all the needs of your business until 1898. During this and the two succeeding years, the general ship- ping business of the country increased so rapidly that the entire wharf accommodations of the harbor were inadequate to meet the 7 demand. The rapid increase of business along the line of your road called for an increase of six to eight times the original area of dock and warehouse facilities. A contract was entered into by your Company with The Pacific Coast Dredging and Reclamation Company of San Francisco, under date of July 29, 1899, to remove 150,000 cubic yards of mud. The work was commenced during that year. After the completion of the above named con- tract, your Company purchased the dredge from the contractors, under an option, secured from them at the time the above men- tioned contract was made, and completed the remainder of the work, aggregating 450,000 cubic yards, or a total of 600,000 cubic yards. During the years 1900 and 1901, the docks and warehouses were completed, adding to your Company’s property four thou- sand lineal feet of wharf frontage, with docks 160 feet wide, 1400 feet in length, and water thirty feet in depth. On the wharf are two warehouses 100 feet by 400 feet each with storage capacity o¢ 10,000 tons each, also two wharf sheds, each 80 feet by 400 feet, for the storage of inward freight. Each warehouse is fitted with two electric conveyors, having a total capacity to deliver £00 tons of sugar per hour. This property, together with the forty acres of harbor front property adjoining your Terminal, was financed without the issue of Bonds, and represents a very large amount of capital invest- ment, which has been carried in bills payable and open account. The gradual reduction of this account has been equivalent to the establishment of a sinking fund. PRosPECTS—The prospects for business for 1905 are very promising. ‘The advance in the price of sugar and the logical reasons for anticipating a better average price in the world’s market during the ensuing three years than we have enjoyed during the past decade, are very encouraging. You are justified in expecting an increase in the net earnings of your Company for the year 1905. You are respectfully referred to the Report of the Superin- 8 tendent and to statistical tables furnished by the Treasurer for detailed information. It is with deep sorrow we are called upon to record the sudden and unexpected death of one of our number, which occurred on the evening of September 27th, 1904. Mr. S. E. Damon had been a Director of your Company since March 7th, 1902. His death was a great loss to the com- munity and he has been greatly missed by his surviving associates in office. The President and Directors desire to express their apprecia- tion of the faithful and efficient services rendered by all the officers and other employees. Respectfully submitted, B. F. DILLINGHAM. President REPORT OF THE SUPERINTENDENT OF THE Oahu Railway and Land Company Mr. B. F, DILLINGHAM, Pres. & Gen. Mgr., O. R. & L. Co. Honolulu, T. H. DEAR SIR—I submit herewith, a report of the physical con- dition of the Company’s property for the year ending December 81, 1904. The general condition of the Company’s property is, if anything, better than it was a year ago, and unless scaused by unforseen circumstances, the expense accourits of the railway department will be less in 1905 than for the past year. The storms of February caused considerable damage which necessi- tated a large outlay fot repairs to roadbed, track and bridges, While, to have repaired the damage to the track and bridges and put them in the same condition they were before the storm, would have cost much less, the more substantial material (rock) used to repair washouts in the roadbed and the: large addition to the water carrying capacity of the bridges and trestles which were damaged, will be more than justified in the event of another storm of such violence. We are confident that traffic will not be interrupted again at the same places. WHARVES AND WAREHOUSES—No large expenditures will be necessary for repairs to either the wharf or warehouses in the coming year. The same may be said of the floating property of the Company, consisting of dredger, scows, boats, etc. . STATION GROUNDS AND BuILDINGS—A number of the sta- tion buildings, other than Honolulu, will require repainting dur- ing the summer. The buildings are all in fair condition and only a moderate amount will be required for repairs. .Probably one or two small station buildings will be required at points: convenient to government land which will be opened for settlement in the near future. 10 The change of the grade on the Iwilei road made it necessary to raise the Honolulu freight yard and also to provide a drainage ditch along the Makai line to the sea to take care of the storm water and the drainage from the yard. That portion of the terminal property lying west of our freight depot and car shed was filled with material dredged from the harbor. The only cost to the Company was for embankment to hold the material. The shops will require only moderate repairs. ROLLING StocK—The largest expenditure in this depart- ment will be for the renewal of canvas roof coverings to freight cars. The automatic couplers attached to freight cars during the latter part of 1903 and the early part of 1904, have materially reduced the cost of repairs to these cars. The passenger cars are all in good repair. The change from coal to oil fuel will make quite a saving in the item of painting, varnishing and car cleaning, as cars will remain considerably longer in service without going into the paint shop. LocomorivEs—The respective conditions of the locomotives are as follows: Engines 31 and 22 have been in service about two and one- half years and will not require any extensive repairs during 1905. Both engines will be arranged to burn oil fuel as soon as possible. Engines 64 and 83 have, during the past year, been thor. oughly overhauled. Including the repairs were new fire boxes, tubes, and the necessary tanks and other. fixtures for burning crude oil. Engine 45 was practically rebuilt, which included a new boiler and has now been fitted for burning crude oil. Engine 98 bad thorough repairs including a new fire box, tubes, and equipment for burning oil. Engine 8 had a new boiler and cylinder and left the shop practically a new engine a little more than a year ago. It is now in a very good condition. Engine 6 had a new fire box and tubes about one and one- half years ago and will require no extensive repairs during the coming year. 11) Engine 19 had new fire box, tubes and general repairs about eight months ago, and is. now in good condition. Engine 57 is now in the shop for general repairs which will include new fire box, tubes and a lengthening of the boiler in order to make the burning of oil fuel more practical on this engine which will have the necessary equipment: when the work is finished. This leaves 15, 5 and 76 whith will require ‘general over- hauling including new fire boxes and tubes in each engine and the necessary equipment for fuel oil. With the equipment of the road engines for the use of oil fuel, a number of advantages of oil over coal have become apparent. Among them are a saving of probably 157% of the cost of fuel compared with coal at $6.00 per ton; the probability of setting cane fields on fire practically eliminated; the saving of the cost of cleaning, painting and varnishing passenger cars; the cost of handling the fuel and pemival of ashes; and, the greater com- fort of passengers. With the system of oil burning in use, it is expected that the repairs to boilers will be little, if any, more than with coal fuel. ROADBED AND TRACK—We have received from Hawaii during the past year, several thousand Ohia ties at a cost no greater for a 7 foot tie than a 6% foot redwood tie could have been landed. These ties have been used on all sharp curves, where they are particularly desirable as it is almost impossible to - either spread or turn the rails; and where the ballast is other than sand, the average life of an Ohia tie will be as long and on curves longer than redwood ties. All the redwood ties which we used for renewal have been treated by boring four small holes where the spikes were to be driven and filling these holes several times with carbolineum. It is expected that this will prevent or delay the decay around the spikes, which is about the only place that such a tie.suffers, except on curves, where the ties are destroyed by the cutting of the rails and have to be renewed after a few years. During the latter half of the year, the rails on the ee side of the island, where it has been the custom to paint them at least once a year, have been swabbed with crude oil to prevent 12 corrosion. It is believed from the experience up to this time, that this method will be both cheaper and more efficient than: painting, as the oil works under the bottom of the rails, a place hard to reach to clean or paint. It is proposed that if this method continues to prove effective, to arrange so that both rails may be sprayed at one time by means of a car equipped with tanks, air pressure and sanding device. The thirty-five miles which require such treatment can be covered ina day. We have in use about 200,000 ties. If we get an average life of ten years per tie, it will require, say 20,000 ties per year for renewals, which number will probably be required during 1905. BRIDGES AND TRESTLES—Only ordinary repairs will be necessary in this part of the Company’s property. The outlook for a prosperous year is certainly very promis- ing. In closing, permit me to record my grateful apprecition of the courteous consideration of the Directors and officers and the faithful co-operation and assistance of the Employees. Respectfully submitted, GEO. P. DENISON. ’ Superintendent 1 AUDITOR’S CERTIFICATE I have examined the books and Accounts.kept by the T'reas- urer for year ending 31st December, 1904, and have found the same well and correctly kept. The allowance made for Depre- ciation seems to me sufficient, and I hereby certify that the Balance Sheet shown in Table No. 1 is correct, and in my opinion exhibits a true statement of the Company’s affairs as at 31st December, 1904. The coming year should be a favorable one for the Company, and I suggest that commencing from Ist January, 1905, a suffi- cient amount be invested annually out of the year’s earnings to form a Sinking Fund for the purpose of paying off the Bond Issue at Maturity. ALLEN W. T. BOTTOMLEY, C.A., Assistant Auditor, Oahu Railway & Land Company. . Honolulu, 18th February, 1905. 14 LIST OF TREASURER’S STATEMENTS General Balance Sheet. Capital Statement. Capital Expenditures. A. Written off to Depreciation. Earnings and expenses, Railway Department. an a Ranch Department. ce a Land Department. Revenue Account. Net Revenue Account. Comparative Statement of receipts and expenses, by years, of the Railway Department. Statistics of Passenger Traffic to December 31, 1904. Comparative Statement of passenger earnings, by months. Freight Statistics. Summary of Ranch Revenue and Expenses. Characteristics of Road. Equipment of Road. Capital TABLE NO. 1. BALANCE SHEET, DECEMBER 31, 1904 RAILWAY LINE AND EQUIPMENT.........0cccseeceneee $3,237,000 00 Mileage, Main Line...... ccc cceceneeese 71.7 se Branch Lines........cs.cccceeeeees 7.325 “" Sidings nsccscasvcnomamrnvernecsarn tes 5. = DO tal... cyutiinccaredatinersabaananneciinen 84.025 Road Bed and Track..........cccccscccceeeeessescenees $1,900,000 00 Brave MeN 68 vo. 2) ccaousceqessneacqnes-waeimen aiemoeeen 100,000 00 Sidi gS wsscensens sewevvar sia meee 20,000 00 - Bridges and Trestles. 100,000 00 MachineShops, Engine Houses and Turn Tables 20,000 00 Fencing and Cattle Guards.0.... .cceeseeee ‘ 50,000 00 Station Grounds and Buildings ................00008 620,000 00 Car Shops and Sheds..............:cssceesseescsereeenes 15.000 00 Section and Tool Houses .............:0065 cesescseees 1,500 00 Telephone System... cee eeeee ceeeeeeeseeeeee 5,000 00 Water Service.........ccccccsseoes shes 2,500 00 Wagon and Railway Scales ius 2,500 00 Cathe POTS. sab anes tansiovrnndeaanciunatiaadeveneewamentsape 500 00 ROM ING StOOk scscsasnvewsssaecavoevageny werelmes waetitesy 400,000 00 FL GANIN DS cas aicna' se tc eics gy asleniontengp eoninermaeemneeaIRNReeN: 1,260 832 05 Mat ata: ssa anton scsi innminivesaign seeped Aebaee: vasitecie 4,139 80 Waiau and Waiawa 27,249 32 Pearl City 198,000 00 Pearl City Lots Re-purchased ............0..060 000008 14,261 21 Pearl City Water Works......... 50,000 00 Kahololoa and Kahaohao 184,557 54 Harbor Lands...............cceceeeees ‘ .. 117,624 18 Kiaptt LOtt.<. a0: «snansuadessereuiscemeneyeswmcieas seregeures 40,000 00 75,000 00 402,441 20 .-§$ 231,815 00 170,626 20 MACHINERY AND SUPPLIES.........0.0000 000005 be aansctids 65,127 74 Tools and Machinery $ 40,000 00 POUHGEY: .isiesnaiescvicuuens aeronautics eecemewand ‘a 4,477 90 Shipping Receipt Books 61 25 Dred get* srecenwmnesecistawanis sersvetnay waeenee AENtte ved SIR 20,000 00 Ti€S Oth Par saspithicssciaey soc cmecencseescomesrtmaouiounenvan 588 59 Stocks OWNED BY THE COMPANY......c0cceececees * 289,700 00 Qa SUBAr C6 wiiviig scccswasvonsereqe pornonagenstameeunpes $ 203,400 00 Waialua Agricultural Co.. 30,000 00 Halet wa Hotel \COtmuessneanesmsosearesnextenuith ccnescses 15,000 00 Hawaiian Cemetery Association..............0.c006 12,000 00 Hawaiian Pineapple Co...........ce eee 1,000 00 Hawaiian Land and Improvement Co.... a 25,000 00 Metropolitan Meat Co....... cece sees cienigerigmyis 3,300 00 STSCKHIN TREASURY scssuinssiwssnorantentiaancamenecaacats 38,973 75 SUNDRIES 1,171,824 88 Wharves $ 662,324 88 Warehouses 90,000 00 SCGWS iscicicecinelueisaninaince sia 5,000 00 Station Furniture 500 00 CUPCS PAPAS vx cnis sar ciarsnmnrwinrearsnmemeuianssannns 3,000 00 WALEAN SOR TZOE oa s-sicdainia sisewtsnwicionee ion sasiactrosmeaes 7,500 00 Franchise and Contracts 400,000 00 Waialua Restaurant..............6. 2,000 00 Pearl City Pavilion Grounds.................- atest 1,500 00 CASHIN HAND ecesnsaneincenicsonwarsideadnraaeseseanna edie 26,717 30 BILLS RECHIVABLE......-..sseeeceeeee ese eee nee eet eee ceeees 11,278 56 SUNDRY DEBTORS.......0:ceccceseecee tentesene scene eeeeee 76,070 67 $6,579,966 15 CAPPEAT) STOCK i siscveonecessnesvieaamedceivaswadnenqavcenodtone ‘Issue of 40,000 shares at $100 per share. Issue of Consolidated First Mortgage Bonds January 1, 1897. $4,000,000 00 2,000,000 00 61.029 00 225,000 00 35,677 75 258,259 40 INTEREST DUE ON BONDS....-.....seceecseeee ten eeeeen eee Due July 1, 1897.......cccccsesseeseesennteteneee csesenaeees 30 00 Due January 1, 1898 fr 60 00 Due July 1, 1898.............. sto 120 00 Due January 1, 1899 30 00 Due July 1, 1899..........ccgeecceceeeeteeeeeeeer teneeneeate 30 00 Due January 1, 1990 30 00 Due July 1, 1900 30 00. Due January 1, 1901 30 00 Due July 1, 1901............ 33 00 Due January 1, 1902 ............ sive 33 00 Due July 1, 1902............00 Saueeataes 33 00 Due January 1, 1908 ...... 0c. ccceeeeee cece ee eee ee eouia 33 00 Due July: 1, W908 meqeecsaarascsecesincennensaeccese warcecwven 33 00 Due January 1, 190L peccssee seaenpeannenecneat ceceeneoeee 33 00 Due July 1, 1904..-..........0. 00006 Due January 1, 1905 BY LS CPAMA BI ic sgscticisesacgpigatticrintrs vc ninctau indsvia ata venois SUNDRY CREDITORS vecserscsesecssseesassieneneeseaneeees NED REVENUE ssscesnisisaavsva ners nieneneoemmnazenecencans $6,579,966 15 19 TABLE NO. 2. CAPITAL STATEMENT, DECEMBER 31, 1904. CAPITAT,.A CCOUNTS scssaaigae: swesececosasasteacaennan $5,735,398 13 STocKs OWNED BY THE COMPANY.. 286,400 00 FRANCHISE AND CONTRACTS..........c0ceeeeee es 400,000 00 BILUS RACHIVABIE scnctavassascnaineneecssseanat siete 11,278 56 CASH ON HAND vosasiereyaccacedeantaneresatieneenes 26,717 30 FOUNDRY AND SUNDRY SUPPLIES ON LAND 4,539 15 TIES ON PLAIN De orcas cout eesernced axciies Sc oieseceees 588 59 STOCK IN TREASURY....:.ceeeeeee Phiculgiabenientaes 38,973 75 76,070 67 $6,579,966 15 SUNDRY DEBTORS CAPITAL STOCK............4- Sodeed uaa aiae tad deeds $4,000,000 00 BONDS. ..........- 2 . 2,000,000 00 INTEREST DUE ON BONDS 2.0.0.0... ceceeeeee es 61,029 00 Brits’ PAVABLE sicxasa aosawereoxenacsoengepaamess «225,000 00 SUNDRY CREDITORS . is 35,677 75 NET CREVENUB) cscccaccsanadssiaetacaniepredaneasrans 258,259 40 $6,579,966 15 20 TABLE NO. 3. CAPITAL EXPENDITURES TO DECEMBER 31, 1904. ToralL CAPITAL EXPENDITURES, as per Table No. 2, Report of 1908 ..........cccccceeecceeseeee etree eeeeeeees $6,141,167 33 REDUCTION DURING THE YEAR 1904: Sale of 1% acres land, Kahololoa and Kahaohao.$11,646 00 Sale of ‘‘Hermit’’ (Pearl City Boat House and Hermit) scssesnajevsny seeegcansuenuenans es cieseeaenapesnciiinsys 15 00 LEss: HONOULIULI RANCH. Cattle Purchases..............6 $1,815 00 KAHUKU RANCH. Cattle Purchases........ 00.0... 626 20 PEARL, CITY LOTS. Repurchase .............::00065 $3,272 00 Less si SOlG sass mentee 2,000 00 —— 1,272 00 3,713 20 7,947 80 $6 133,219 53 DEPRECIATION, as per Exhibit “A... wee 397,821 40 This represents the first amount written off from Capital Account since the inception of the Company. $5,735,398 13 21 TABLE NO. 3. EXHIBIT A. DETAIL OF AMOUNTS WRITTEN OFF TO DEPRECIATION. Road Bed and Track..........cceeeeeceeeeeeee eeeteeeeeeeeeaneas $100,000 00 Branch Lines yscccssacsivstarseiaspacaseecagmeusn dinate sdeaMaas eine 5,415 78 SGT So 2, oassdeanrcaavanie aunendadee ie sahaaiodebateans Secvmnatines 3,500 38 Bridges and Trestles ..........ccccccee ceeeeeeteeenee 18,834 81 Machine Shops, Engine Houses and T. T... i2 98 Fencing and Cattle Guards .......ecce eee 1,789 57 Station Grounds and Buildings.............. 0. 46,767 78 Car Shops and Sheds........cccccssentesesneeneni lane iW ensnne 736 94 Section and Tool Houses.... 148 18 TelEPHOne Sy Stet sccsaes cieccnnediescnmwalversarresecomccene es 592 95 Water SOPVICER.icciigsncencsoninve ction ivatieststensenasn steeds velba 247 71 Wagon and Railway Scales......,.. ie 592 10 Cattle: Penseisesccsisigoracnecxavens ea 414 6] Rolling Stock 2.0.0.0... cee 12,353 68 Path City seanccnscdecccsecnmnceiernns ‘94,695 52 Pearl City Water Works..... eg as 21,957 64 Honouliuli Ranch.............. Sa ti 9,262' 12 Kanu kitt, Ratich ccvcceccscssssecsvsscninnaasvwanddveacnenitasiioenss 7,300 16 Halemanod. Ranch. sss ssissssccissasiesacauasevesaava vie wersanacs 17,597 87 Kawailoa Ranch : 5,100 00 Breeding Department.............:::cccceseeeeeee ceeeeeuesees 17,766 33 Windmillsand Troughs ............:ccececseeceeeescesreeeeeeees 2,421 18 Popouwela Water Supply 567 00 Ranch Telephone Sytem 2,430 62 Tools and Machinery...........2.0..s00006+ 7,560 47 Dred GON isecgids saaiicetinuvadanmbadsasiausrinbabnaebinetondecneaaraeds 5,908 33 Warehouses ..... 6,431 99 SCOWS psscivmvesna sawenspansisiiens 3,884 14 Station Furniture 173 40 Office Furniture 495 53 Pearl.City Boat House and Wharf 542 42 Waialua Restaurant........ cece ccceee cee teceneee eeeeeeneee ee 2,519 21 Total Depreciation deducted from Capital Ac- count (See Table NO. 3)........cccceeeseenerereeeees Franchises and, Contracts ssnccciacsnuectecasenasccaannns a Sundry and Personal Accounts...... ...ccseceeeeeeereeeee es $397,821 40 50,000 00 22,959 O01 $470,780 14 R CVUeCNUC TABLE NO. 4. RAILWAY DEPARTMENT, FOR THE YEAR ENDING DECEMBER 31, 1904. of Grose RECEIPTS ae EXPENSES Receipts Expenses ; 64.73 FREIGHT DEPARTMENT........c.:cccesseeceseees $ 382,687 59 19.90 CoNDUCTING TRANSPORTATION......06 c.456 $ 60,326 33 Freight Harnings) seis saressdcecessnuseceravers $ 381,599 78 : Station Service.......eceeseeeeeeeeerereee 8 3,852 25 Railway Scaleswicersisssesseveve sverssreeans 1,087 81 Train Service... cceecsseceeeeceeeeeeeseeree = 12,269 25 —— Claims and Damages 611 05 25.48 PASSENGER DEPARTMENT.......0..c06. seeeeees 150,624 98 Freight Expense.....ccccc. cesses 31,067 05 Passenger Harmings...... sss sees sien $ 149,442 03 Train, Mepetteresse vasverermceneniceeves 9,445 13 Chair Car Earnings .......cccceece ceeee serene 1,182 95 Seow Baxpense....a.o.-acnwnamnaceaamenine 813 29 6.44 WHARF AND SCOW veeeecesee. ibbcstsesasie satis 38,044 17 Station Expense » _ meOe SL Wharf Earmings......c.csseeseeeereereeten $ 27,855 49 1G AG MOREE POWER eacgcicciacisserseetacammenandtenss 59,097 73 Scow "Geeta welewanaeasersiveteecmmuciae 1,871 55 Coal Fuel $ 38,094 52 StOra ge sswnns. weirosamanamnsmendamntaanrateaawesien neat 8,317 13 Oil Fuel.........6..000. 170 29 17d) ‘CORT SPAMTIONG can cscsocieucncndancsnmncene ebuenacwe ——— 10,381 91 Oil, Tallow and Waste 1,882 17 - LATO ING Siascduanoshshebincentenssgauctcaneiueniseees Locomotive Service........cccceceecesceseeeeeees 18,951 75 TA ASE eNO Res Uae E Se social 9,481 13 | 19.45 MAINTENANCE OF CaRS & LOCOMOTIVES. 55,946 46 Merchandise Discount...........seceee $ 500 98 Repairs Locomotives...........:.::00eceeeeee $ 21,172 60 Car Shop Earnings -....-..0-000. ceteris as0et Se Repairs Freight Cars........cccsceceeeeen 14,512 85 Railway Mail Service... e2 2,996 33 Repairs Passenger Cars............cccceseeeees 6,910 83 Dredger Harnings...............::cccceeseesenens 2,080 00 Round House Expense ..cccccecceccsessssesees 10,562 43 Old Business.........c:ccccceseeeeee ceeeecee teens 819 04 Car Shop Expense..c.c.cccccccceceeceseeceees 2,787 75 26.88 MAINTENANCE OF WAY .......0.ccccccccenee ee oe 81,509 72 Repairs Tools and Machinery.... 1,896 73 se Bridges and Trestles .... 5,999 27 ts Road Bed and Track............... 59,545 22 ¥h Fencing and Cattle Guards...... 1,653 10 me M.S, EH, and: Tie siusscsexe 190 44 “« Scows, Wharves and Warehouses 3,056 66 Wharf Expense siisisisecsessccsicssccsssesenecnes 4,428 75 Weeding Expense.............ccccceeceeenee neces 4,739 55 S.22: GENERAL, EX PENS vs ccsiivccmaivavsstinnasaoventins 24,914 53 Office Expense .........ccecceeeeeeeees «$f 5,704 09 Gen@&l Expense cseas ceszasuensienneonscqanseese 6,779 02 Stationery and Printin® sexsesewisa.sccecaseene 1,121 94 WAV ETLSIN Bic, ccd an piadnmadianasadenctaadanann 303 05 Repairs Station Grounds and Buildings... 3,799 23 as DFE SE ti ictcssstivistssipaengas wmaracnhvlgaig gree 160 65 Maintenance of Telephones.................. 728 23 MN SUPA CO sox cosanisaceansansacuempeemtarecacouatety 5,995 22 Coal Plant Expense........... cee 323 10 4.88 SALARY AND LEGAL EXPENSES..........0.00 14,799 37 Salary of General Officers and At- COIMOYS ous cccvsnasewesenacswisn races snenteers 2.18 SUPERINTENDENCE .00....eccececceeseeceee seen eces 6,600 00 Salariés...... westerns ahudleGsnGaiieoaa aah sebs TOTAL EXPENSE .........ccceecsceeeeees 51 28% $ 303,194 14 BALANCE TO REVENUE ACCOUNT ..48.72% 288,025 64 100 $ 591,219 78 | 100 100.00% § 591,219 78 27 TABLE NO. 5. RANCH DEPARTMENT, FOR THE YEAR ENDING DECEMBER 31, 1904. RECEIPTS FHIONOULIULI RANCH... cccecececenees sescereertrecees £ Sales of Cattle, Horses and Milk. KAHUKU RANCH i wsasncanessnds iwersaaemneessmanoreoencetast Sales of Cattle, Horses and Milk. KAWAILOA RANCH... ..csccscssectceteeess seeeeesceeeerees Sales of Cattle, Horses and Milk. MOKULEBIA RANGE siscisascgegcascg -sossrasrestnanisamasaans Sales of Cattle and Horses. $ EXPENSES HONOULIULI RANCH....... cc cccecceneeeeee tee eee cee eeeseeees £ General Expenses and Taxes........ ..... seseeeeeeees $ 11,878 89 Repairs Water Supply.........:ccsseseeeseeceeeeeees vasa 366 55 Forestry EXpemse....-.--:csecesesesecceneseseeeeeeesereees 499 60 Repairs Fencing... sie 460 88 Clearing ............6 + gNee Nee pues enmeeeReceeNS 459 55 KAHUKU RANCGH.. 0... .ceccceeerteeeeeee ce ereet eens ees seen ees General Expenses and Taxes..........-.0::sseseeeee ees $ 3,734 93 Repairs Water Supply.......--.0. cseseseeeeeeeeeeee eee 298 90 Repairs Fencing ss.s..csccsccerssccsssssrsnengeneseceedeeees 285 30 CICALIN Gi wines secs scensssaccasnsisdsorsienabedimentnacenaneeteee 436 60 KAWAILOA EXPENSE... .cccesecseecceeeeteeeeeseteeeeaeeeeeas General Expenses and Taxes 1,908 14 CLEA PLARS ie.i co osccs so oedeadtnoeeenirteenteeaeeoendesteeneins: 334 50 MOKULEIA RANCH....cccceecceeee teense eee ee nee teen certs General Expenses and Taxes. ..........2.::cceseeeeeeee $ 1,605 35 Repairs Water Supply.........seseceeeeeeeeeeeeeeee eens 110 55 Repairs Fencing......-..-:eeeee aa 167 55 Clearing .......cccceeeeeeee veeeeeneene ee soa 51 50 GENERAL RANCH DEPARTMENT .... : Salary of Trustee.........::e eee ..$ 1,800 00 Ranch Interest ACCOUNt........... cc ceeeesceeeeener eres 1,847 30 TOTAL EXPENSES...---.sseeeeeeeeeeeeeees sipieauslositanglaeasosan $ BALANCE TO REVENUE ACCOUNT...... 2626) eeeeteeee 40,435 24 2,033 71 2,656 55 1,696 27 46,821 77 13,665 47 4,755 73 2,242 64 1,934 95 3,647 30 26,246 09° 20,575 68: 46,821 77 28 TABLE NO. 6. LAND DEPARTMENT FOR THE YEAR ENDING DECEMBER 31, 1904. RECEIPTS EARNINGS PEARL CITY WATER WORKS...........0600005 $ 1,255 35 TAN D: SATS oi ccitasscuesidaasaeadadsbs uainmerneusmvesansadenansiacaues 2,380 00 PHART Crest RENTS) scaonaccus se cncadgdcsuiiniidanan sapacieinnacin 160 50 $ 3,795 85 Balance to Revenue Account.............cceceeeeee eee ee 1,792 27 $ 5,588 12 EXPENSES PEARL Crry WATER WORKS EXPENSE.......20.0.eee eee $ 4,060 12 REPAIRS PRARL CITY WATER WORKS..........ccceenee ees 14 70 LAND SALES EXPENSE 108 97 00 PRART, CITY. EX PENS Bosses teeesonmoateambansaccaanas ss 1,416 30 Taxes and General Maintenance. $ 5,588 12 29 TABLE NO. 7. REVENUE ACCOUNT FOR “THE YEAR ENDING DECEMBER 31, 1904. Per Cent of Gross RECEIPTS Receipts 92.11 RAILWAY DEPARTMENT.......00..:ccceeseeeeee $ 591,219 78 Frei g lites: cicesctessestnsscnuehewndensaies wf 382,687 59 PASSCH PES cic. cevesarsidienssansavnorerenes .. 150,624 98 Wharf and Scow. .. 88,044 17 Coal Station....... -- 10,381 Miscellaneous sicssee caseseaeaevescnenes sovens 9,481 13 7.29 RANCH DEPARTMENT......0. ccceeeecceeeeeeees 46,821 77 Honouliuli Ranch.................. wo $f 40,435 24 Kahuku Ranch..... shite 2,033 71 Kawailoa Ranch. es 2,656 55 Mokuleia Ranch..............ccccceseeeseneee 1,696 27 60 LAND DEPARTMENT. .........c0cceeeececeeeeeeeee 3,795 85 Gross Receipts. 100. $ 641,837 40 Per Cent of Gross EXPENSES Expenses 90.49 RAILWAY DEPARTMENT........ccccccecseeeeees $ 303,194 14 Conducting Transportation............... $ 60,326 33 Motive: Power vscsicccssccesss uessveadepeneccens 59,097 73 Maintenance Cars and Locomotives... 55,946 46 Maintenance of Way...... ....... 81,509 72 General Expense............... » 24,914 53 Salaries and Legal Expense... seu 14,799 37 SUPCHNteNdeHCE, .0..2 cs caceneweccdsnrsinener 6,600 00 7.84 RANCH DEPARTMENT........:cccseeceeeeseeeees : 26,246 09 Honouliuli Ranch........ 1... cece eee $ 18,665 47 Kahuku Ranch.................. clenltatisaice 4,755 73 Kawailoa Ranch..... ...... a 2,242 64 Mokuleia Ranch.............. ag 1,934 95 General Ranch Expense................06 3,647 30 1.67 LAND DEPARTMENT... .....00.ccseceeeeeeeteeeee 5,588 12 Expenses. $ 335,028 35 Balance to Net Revenue Account...... 306,809 05 100. $ 641,837 40 30 TABLE NO. 8. NET REVENUE ACCOUNT FOR THE YEAR ENDING DECEMBER 31, 1904. NET REVENUE FROM RAILWAY, RANCH AND LAND DEPARTMENTS, as per Table No. 7........ $ 306,809 05 Net INCOME FRoM RENT 2 91,656 61 Ranches xsig.cs degiedactes carbides eke lat eae va begeoe sauteed ees $ 66,288 39 Other ReMtS visciiccsscsncsarcsssedagsualensasansdeeeee gihess 25,368 22 DIVIDENDS FROM STOCK OWNED BY THE COMPANY 14,934 00 $ 413,399 66 LESS EN TRREST cian cciatencnunngdoucadevedeuuayatauaaeeaananannay $ 17,066 97 INTEREST ON BONDS OUTSTANDING.......0:.ccceeeeeeee 120,000 00 137,066 97 EARNINGS FOR 1904.........ccesseseeeseseeeeeeeeseese enone $ 276,332 69 LESS DIVIDENDs paid, 6% $4,000,000 Capital Stock........ 240,000 00 SURPLUS FOR 1904. ........:ccceesseesceeeeeeeceeeee ane ceeees $ 36,332 69 Balance Net Revenue Account 1903.......... Sa negaanaes 692,707 12 $ 729,039 81 LESS AMOUNT WRITTEN OFF TO DEPRECIATION ........... 470,780 41 BALANCE NET REVENUE Account, Dec. 31, 1904.. $ 258,259 40 Statistical 33 TABLE NO. 9. RAILWAY DEPARTMENT—COMPARATIVE STATEMENT OF RECEIPTS AND EXPENSES, 1901 TO 1904. 1901 1902 1903 1904 RECEIPTS Jan.1 to Jan. 1 to Jan. 1 to Jan. 1 to Dec. 31. Dec, 31. Dec. 31. Dec. 31. PEGI Gh tisscawsicudesdeaacuskasveseess $425,371 88/$433,222 41/$422,992 79|/$382,687 59 Passenger.............0..8. 173,601 35) 165,825 20] 162,371 16| 150,624 98 Wharf and Scow. 42,817 71! 35,340 61) 47,673 79! 38,044 17 Coal Station........... 18,413 18] 4,598 17) 17,376 34] 10,381 91 Miscellaneous 8,544 28] 11,871 95) 9,334 941 9/481 13 $663,748 401$650,358 34/$659,749 02/€591;219 78 RECEIPTS—MONTHLY | AVERAGE. 1901 1902 1903 1904 Pela ht isssassaesesiosiiaianict Sreeuatcen $ 35,447 66/$ 36,101 87,6 35,249 39/¢ 31,890 68 Passenger............+:008 . 14,466 78} 13,818 77; 13,530 93) 12,452 08 Wharf and Scow..... 3,568 15) 2,945 05); 3,972 82] 3,170 34 Coal Station.......... es 1,117 77 383 18] 1,448 08 865 15 Miscellaneous.............::00e 712 O1K 947 66 777 91 790 09 =. $ 55,312 3716 54,196 53/6 54.979 O8|$ 49,268 29 1901 1902: 1903 1904 EXPENSES Jan. 1 to Jan.1 to Jan.1to Jan. 1to Dec. 31. Dec. 31. Dec. 31. Dec. 31. Conducting Transportation..|$ 76,840 02/$ 66,311 71/$ 65,332 20/$ 60,326 33 Motive PoweF..........60:06 ween 66,397 43) 60,659 50} 56,695 95) 59,097 73 Maintenance of Cars and Locomotives........ ceseeeeees 45,560 29) 46,151 73) 55,731 67] 55,946 46 Maintenance of Way.......... 70,723 69) 66,101 98; 73,997 30} 81,509 72 Coal Station Expense.........) 2,422 88 181 00 Generai Expense ............... 35,970 52} 38,176 90] 37,161 09) 24,914 53 Salaries and Legal Expense] 13,648 95) 18,644 05) 14 823 80) 14,799 37 Superintendcnce ...........0 5,400 00} 5,400 00} 5,400 00) 6,600 00 Old Business........-.....s1eeeeee 9,132 13} 2,255 54 449 83 $326,095 91}$303,882 41/$309,591 84/#303,194 14 EXPENSES—MONTHLY 1901 1902 1903 1904 AVERAGE Conducting Transportation..|$ 6,403 34/6 5,525 97/$ 5,444 35|$ 5,027 19 Motive Powe?.........ss:essseee- 5,533 11} 5,054 96] 4,724 66} 4,924 81 Maintenance of Cars and é LocomotiveS...........ceseeeeee 3,796 69 3,845 98 4,644 30 4,662 20 Maintenance of Way..... 5,893 63} 5,508 49} 6,166 44) 6,792 47 Coal Station Expense... 201 90 15 08 General Expense..............0+ 2,997 53| 3,181 40) 3,096 76; 2,076 21 Salaries and Legal Expense} 1,137 40} 1,553 67| 1,285 33) — 1,238 28 Superintendence ............++.. 450 00 450 00 450 00 550 00 Old BusineSs.........::.066 ceeeeee 761 06 187 96 37 48 $ 27,174 66/$ 25,323 51]$ 25,799 32|% 25,266 16 34 TABLE NO. 10. STATISTICS OF PASSENGER TRAFFIC TO DECEMBER 31, 1904. ir Total for Total for soe 1801 yee Year 1903 Year 1904 No. Passengers Carried........| 438,823 436,554 442,889 427,679 Passenger Earnings........... $171,470 60/$164,173 95|/$161,114 41/$149,442 03 No. of Passengers Carried One Mile......... eapetkotionveas 7,120,742 | 6,847,919 | 6,802,755 | 6,285,237 Average No. Miles Each Passenger Carried............ 16 23 15 69 15.36 14.70 Average Receipts per Pass... 391 .376 -364 349 Average Receipts per Pass... Pet Mile ices cacionsemanedec iss 0241 -024 0237 0238 Average Earnings per Mile OL ROA. wesntesesceneessantes $ 2,368 38/$ 2,267 59|$ 2,225 34\~ 2,064 12 Commutation and 1000 Mile Tickets .|$ 9,092 95)$ 8,€11 35)$ 9,151 75)$ 10,330 15 Excursion 1,809 20} 2,061 00) 3,080 41) 1,925 88 Regular Passeng .| 160,568 45, 153,501 60) 148,882 25) 137,186 00 Total $171,470 60/$164,173 95'$161,114 41'$149,442 03 TABLE NO. 11. COMPARATIVE STATEMENT OF PASSENGER EARNINGS BY MONTHS. 1901 1902 1903 1904 January. ceeseceecseee ..8 12,689 70|¢ 12,794 00/$ 12,545 90lf 11,113 75 February .... 11,824 40} 12,827 10) 10,795 55| 81853 00 Ue ee. 13,743 00] 12,763 15] 13,059 30| 11/192 50 gil aaehon 13,321 40| 14,321 70} 13,344 00| 12'¢54 60 Ty renedashisna wecontictetiuee 15,133 30] 14,927 30! 14379 10] 12'513 05 Ta eisai cca eaten 14,891 60} 13,509 30] 14'543 25| 12°868 05 july... Cente es 15,317 10| 14,383 05] 14,857 70| 137668 30 August ...-ssccese, 15,500 85] 14,281 55| 14,583 65] 13,474 95 September... 16,357 25] 14,416 60| 13/670 15| 13'821 90 October ... 14,921 10] 13,467 20} 13,809 35 13°392 65 November. 13,879 40] 13,191 75! 13,083 46! 13/021 39 December: ive asasvarnevensoneann | 13,891 50| 13,341 25) 12'443 00 13'537 96 i etter arated $171,470 60|$164,173 95 $161,114 41\§149,442 03 35 TABLE NUMBER 12. FREIGHT STATISTICS FOR THE YEAR ENDING DECEMBER 31, 1904. ARTICLES sr mass Outward Total Tons SUPAL wees ass edscnateserine aigdeecmtviccense 105,753 105,753 Crude Oils aidisiovtsectatedeaietesncewct, ~ 49,522 49,522 Bertilizer® ...jcscessscuet af 2 14,895 12,550 27,445 Fertilizer Material. a 15 23,033 23,048 Merchandise ......... ceececes ceceseee eee 1,936 16,835 18,771 CO ies cassia sdessteeses sevieeeteeued 15,525 15,525 Lumber ...........ceeeccsees Sahataeee 13,391 13,391 seusiscieletargs salsa esciaes se apene nates 9,698 21 9,719 dias wedi eueeatwanseaee’ 3,780 2,332 6,112 aeloxaisodiewssaceh vane danse ssieae 433 4,578 5,011 baad 4,284 243 4,527 Aiceateneds Naseem ee ticie Geadsemeaeataean 100 4,373 4,473 avemstieaas dcausi sivas fe 4,238 4,238 3 3,723 7 3,730 ‘atin ian 347 2,625 2,972 widincnast aes bas 1,574 96 1,670 Canned Fruit......... eas 466 466 Railroad Material......... aes 11 439 450 Building Material... 354 354 Fish 290 30 320 Sisal 79 79 Honey 57 57 151,679 145,954 297 ,633 Total Number of Tons Carried .........c.cccccecceecessesceeceseesseseeeuee 297,633 Total Number of Tons Carried One Mile 5 ....6,765 ,968 Average Number of Miles Hauled a0 i 22.73 Breight, Harnin Sis s2uipecspeseseelssetes vecerscate rebeanee estoy .-.- $ 381,599.78 Average Earnings per Mile of Road Operated....... : 4,830.38 Average Harnings per Tom.........cecccccececeeeceteeeeene 1.282 Average Earnings per Ton per Mile.................. eon 056 36 40 ¥98'98 $|68 8£0'08 $l6L SZ'09 #\ce Be9'6s eae eee Sy anuaasy JO SS9oXH I ET Se at te | ee “sieax Sq atqedeg juey eZ 689° TF 00 062'SF 00 00L‘ZF 00 &zs' Tr BE EEG'szl —- $/68._ 8Z8"SaI $16L S26'ZOL $izG LLP‘ IS RR Cee segizan Aq onuedcsy [FIOL 89 GL°0% BP LOG‘'SS GO $8¢‘O1 st amiot apyyeg Jo ae Wo sso’T pue Iyolg F9 JLG'LOL = IL TZS‘OOT = FFL. O68" Flog 6gT‘ab g¢l-orspuery qoury mor powpe|[0) wea FO6T 806T 06L TO6T | SHSNHdX GNV HONHARU HONVA dO AUVWWAS ‘el (ON HIAVL 37 TABLE NO. 14. CHARACTERISTICS OF ROAD—FOR YEAR ENDING DECEMBER 31, 1904. MAIN LINE, BRANCHES AND ® 6 8 PROFILE SIDINGS EB la oy 6 a6 os ASCENDING GRADES | DESCENDING GRADES S|] tee] 86 | Ss I be o | He et se re 2 is a v v M Cis iw ea o 2 oo D = aa FROM ro P| eee ee lee | ea ee) bee |e) Pe ee (ba leel| 2 (ea) Bs |e | a2) ss p a a0 o6 a n