The weekly miner. [volume] (Butte, Mont.) 1878-1881, 1881-01-04
ANNUAL REPORT FOR THE
EAR EN-
FVatte1inO Condition of the Prop
e7ty.
IT'S OFFICERS FOR THE PRES.
ENT YEAR.
Financial Tables, etc., etc.

This great transcontinenta t~horoughfare has
lately attracted the attention of every citizen
of Montana who has an interest in its growth
and prosperity. This road, like many other
grand undertakings, was at first beset by those
difficulties which are a part of, and incidental
to vast enterprises. Within a few years after
its commencement, it met reverses that at
pend progress. The failure Of Jay Cook, who
was the leading spirit and principal capitalist
in the enterprise, was considered by many to
be the death blow to the project, or at least,
to place its completion so far in the distant
future that the present generation of men dis
paired Of seeing it come within the borders Of
Montana in their day. But the reorganization
Of the company and the policy it pursued,
infused new life in the great undertaking and
again kindled hopes in the minds of its
friends that its early construction would be
witnessed. They will not be disappointed.
The company has recently perfected arrange
ments by which it will be enabled to complete
the road within the next three years.
To complete the road there remains to be
built 1876 miles-three hundred miles on
the eastern end, 456 miles on the Pacific end
and a gap of $40 miles on the central division
connecting the Missouri and Pen d'Oreille
divisions. The rails for the Pen d'Oreille
division-200 miles in length--are on the
ground and though some little delay is eXpe-
rienced for want of ties, work is being pushed
forward as rapidly as the present lack of
material will permit. 1t is expected this
division will be finished in the spring. The
central gap is from Glendive, from where the
Missouri division ends ON the Yellowstone, to
the eastern end of the Pen d'Oreille division.
The company assures us this gap will be
closed and cars running over it in 1883.
East of Glendive there is a division of 200
miles for which the ties and timber are al
ready contracted. This division will be
completed within the present year.
In addition to this activity in the heart of
the continent, work is to be commenced this
winter on 1875 miles across northern Wiscon-
sin to the Montreal river, being the extreme
eastern division of the road and steadily car
ried forward to completion. This division
will form a part of the Lake Superior South
Shore. Line lrunning to Saulte Marie, connect
ing with the Canadian roads and to the
Straits of Mackinaw, and connecting with the
New York Central and Pennsylvania system.
1t also makes connection with Milwaukee and
Chicago by the Wisconsin Central.
The company has recently contracted for
$4,000 tons of steel rails. The Detroit Car
Company are building $50 box, freight, ore
and cattle cars and the Baldwin works are
finishing up twelve locomotives. The company
will build the road itself, dealing directly
with the contractors without the interven-
ton Of a construction company. They ex-
pect to build a mile a day during the coming
season.
The money to complete this great enterprise
will be furnished by a syndicate of bankers
and others who have entered into a contract
with the company to buy $40, 900 of bonds
payable in gold at the expiration of forty
years, bearing interest at the rate of six per
cent. per annum. The bonds are to be issued
at the rate of $4,000 a mile, rs the road is
finished and accepted by the government.
They are to be secured by a mortgage upon
the line of the road and on the land grant of
the company, estimated after all sales have
been deducted, at nearly 100000 acres.
The company has about 600 miles of the old
road in operation, on which there are no
mortgages and with a few sectional mortgages
the Missouri and Pen d'Oreille divisions, which
are almost completed for a distance of APO
miles, are clear. The syndicate agrees to
take 5000 900 of the bonds during the
coming year.. This is all the company thinks
it can spend to advantage the first season.
At $25, 900 a mile it will build 400 miles of
road.
The annual report of the company for the
year ended June 3Oth, 1880, will give in de-
tail the financial condition of the road and
other interesting data not heretofore publish
ed in the territory.
The company operated during the year
1872 miles of road as follows: From Duluth
to Bismarck, $50 miles from St. Paul to
from Tacoma to Kalama, 1O5 miles from
Tacoma to Wilkeson, 1876 miles. The gross
earnings for the year were as follows:
Passengers, express and maii.... sss,G7S
Miscellaneous. -. ......... 5,145
Total. 49, $50, 1871
This is an increase of SS23,971 over the
same period last year. On account Of a
change in the fiscal year last year, no state
ment of expenses is given for comparison in
the annual report. The expenditures for the
year 1S79-SO were as follows:
Operating expenses. 80. ..-........... 81 $40, 147
Rentals .......... ...... 80. =. 1871. 1857
..... Il, SeS
Total,..... ...S1, 521 ,Osa
Balance ,,.... ....... 7O9, 08e