Little Falls transcript. [volume] (Little Falls, Morrison County, Minn.) 1876-1894, 1879-04-24
THE G. M. g. ST. p. RAILROAD.

THE G, M. s. ST. p. RAILROAD.
The annual Report for 1s7S-Ear.,tngs
and Disbursements - Progress Of Com
st4ssction.
81 The annual report Of the Chicago, Milwau-
kee l. st. Paul railroad company for the year
ending Dec. 81, 1873, makes the following
exhibit: Gross earnings, $s,45l,767. Gross
expenses (noluding taxes), 81, 792,81s. Net
earninga, $3,659, 454; increase in gross earn
ines over 1877, 1886, 1878; increase in operat-
ing expenses, 1921, $50; increase in net earn
ings, 1884 1898; decrease in interest on mort
gage bonds, $22,497. The whole length of
road now owned by the company is 1,512
miles; an extension of 100 miles having been
built dnring the past year under authority
granted by the legislature of Iowa at it's last
session, comforting on this company the
land grant applicable to the construction
Of q road from Algona westward to a
junction with the Sioux City & st. Paul
railroad, q distance of about eighty five
miles, on condition that the road shall be
completed by the first day of January, 1880.
The grant was accepted, and the road COM
pleted during the year, with fifteen miles in
addition, which takes the. line to within
twenty miles Of the east line of Dakota Ter
ritory.
The land giant thus earned and inuring to
this company contains over 100000 acres of
choice land in northwestern Iowa, which it is
believed will meet with q ready sale. This
ovforoior, hoe -
substantial manner and at very moderate
cost, and has been paid for with the proceeds
of bonds secured by q mortgage of this Sec
ton of the road and equipment. 1t is we'll
equipped with rolling stock, and will be
valuable feeder to the old line of road.
The entire cost of the company property,
including equipment, bridges, elevators, cat
tle-yards and grounds, is represented by:
Common stock. .$l5, 40l, 26l
Preferred stock. Observation-Disclosures. l2,279, 483
Mortgage bonds. Observation-Disclosures. 32O88. 500
Making total of. $50, 772, 244
from which may be deducted certain assets
which appear in the general account hereto
appended, reducing the actual cost to $685.
O68, 494, an average of about $685., 400 per
mile for the 1912 miles of road.
In May last this company purchased most
of the stock and bonds of the Dubuque
Southwestern railroad in Iowa, extending
from Farley, point on the Illinois Central
railroad, twenty three miles from Dubuque,
in southwesterly direction to Cedar Rap
ids. The road of this company extending
from Sabula westerly, connected with the
Dubuque Southwestern at Marion, SIX miles
northerly from Cedar Rapids, and now runs
to that city over that road, forming an i'm
portant and long-desired connection.
In 1871 this company purchased portion
of the mortgage bonds of the Madison &
Portage railroad company, which had then
just completed its line from Madison to
Portage City, in Wisconsin, a. distance of
| about forty miles. This road connects our
La Crosse division with our Prairie du
Chen, division, about midway between
Milwaukee and the Mississippi river, con-
Meeting the cities of Madison and Portage,
and passing, for the entire distance, through
fine country. During the year just past
all opportunity was presented for securing
the remainder of said bonds
and they were purchased, and tho entire
issue is now owned by this company. The
road has been in possession of and operated
by this company for the past seven years
Foreclosure proceedings upon said first mort
gage are pending, and the property will
soon be acquired Hereunder at moderate
cost.
The Minnesota Midland Railway company
was organized in 1877, to construct mar
row gauge railway from Wabashaw, on GU,
river division, westerly through the State OF
Minnesota; and in May, 1873, sixty miles OF
said road were completed, extending from
Wabashaw to Zumbrota, in Minnesota. This
road runs through a very fine wheat country
which has heretofore been mainly tributary
to the lines of this company. The control
of the road being, therefore, deemed i'm.
portant, it was purchased at q very moderate
cost, and the road is now in possession OF
and is being operated by this company.
The Viroqua Railway company was organ.
lied during the past year to construct rail
way from Sparta, on the line of the La
Crosse division, southwesterly to Viroqua,
the county seat of Vernon county, Wis, 8
distance of thirtytwo miles, and municipal
aid to the amount of $4,000 was secured
therefor. This road when constructed will
command the trade of large extent OF
well-settled territory now without railway
facilities. On full examination of the prem
lses, 1t was believed to be for the interests OF
| 1AAo Coupouy " OWu ana COQGTOl Inc line
and an arrangement was made by which this
object has been effected in manner entirely
satisfactory to this company. Ten miles OF
the road, extending from Viroqua Junction
1.-TWO miles west of Sparta) have been con-
structed and are now in operation, and the
remaining twenty-five miles will be built
without delay.
It is the expectation of the company that
these roads will, at no distant day, be alb.
sorbed by and the titles vested in this com
pany.
The wheat crop of 1878 in Wisconsin,
Minnesota and northern Iowa gave promise
until near harvest time of an unusually large
yield; but intervening rains and excessive
heats inflicted serious damage, affecting
both its quantity and quality.
The company has now 523 miles of road
laid with steel rails, 1O,58O tons having been
put in the track during the year 1878, and
the following new equipment has been
added: Twelve locomotives, ten passenger
cars, i've baggage, mail, and express cars,
III box cars, eighty-nine stock, and sixty
five fiat cars.