The Superior times. [volume] (Superior, Wis.) 1870-1912, 1882-10-07
CORRESPONDENCE.
NEW York, Sept. %, 1882.

NEW YORK, Sept. %, 1882.
The annual meeting of the stock
holders Of the Northern Pacific rail
road company was held yesterday.
The report of president Willard was
read. 1t shows that the gross earn
lngs for the fiscal year ending June
30, 1882, were $5,430, ,205.56; operat-
ing expenses, including rents and
taxes, $3,572,S4051; net earnings,
81 ,057 ,465.05; ratio Of expenses to
earnings, $50; increase of net earn
lngs over previous year, $S8S, ,335. Sc;
average number of miles operated,
791; increase Iii net earnings per mile,
SoS4.34. The number Of passengers
ARRIVING and leaving at the eastern
termini, st. Paul, Minneapolis, Duluth
and Superior City, was 106, 1856, an in
crease of II ,044. The passenger earn
ings Of the Eastern division show q
gain Of 81 per cent, and the freight
movement shows an equal percentage
Of increase.
During the year the ends Of the
track were advanced from the East
1873 miles, from the West 102 miles;
total, 2S3 miles; leaving, Juue 80
1882, 572 miles to be built. This will
be lessened by the close Of 1882 prob
ably 800 miles, leaving 272 miles of
track to be laid after January /, 1888
The final connection of tracks is ex-
pected to be made during the season
Of 1888. In addition to the work
done on the main line, 222 miles of
track have been laid on branches In
Minnesota, Dakota and Washington.
The great bridge across the Missouri
river at Bismarck will be completed
early i'll October.
The financial statement shows that
the cash ON hand at the beginning of
the fiscal year was 1867, ,944 33;
receipts from sales Of bonds and
| preferred stock, $4,661,0S6.65; ex-
penditures for construction, S21, ,577,-
995.24. The expenditures were largely
in excess of the resources of the COM
pany from net earnings and proceeds
Of bonds received from the Syndicate;
but, thanks to the assistance of the
| Syndicate and the Oregon Transconti-
mental company, it was always pre-
pared to meet all demands without
ever borrowing in the open market.
The management points to the fact
that it has finished 275 miles of road,
graded $50 miles additional, bought
and paid for sufficient rails for the en-
tire gap between the two ends of the
main line, and made, besides, the cur
rent disbursements for motive power
rolling stock, the Bismarck bridge,
the great Bozeman and Halena tun-
neIs and other heavier portions of the
work, without delivering a single bond
to the Syndicate since last December.
The Syndicate promptly exercised
the option expiring on July /, 1882,
to take $5,000,000 Of General First
Mortgage Bonds, in addition to the
/ 100000 previously called. But
the company not being prepared to
deliver them, owing to non-inspection
Of finished road, the option was ex-
tended in accordance with the con-
tract
The additional finished mileage of
275 miles just inspected and approved
by the United States Government
Commissioners insures an immediate
reimbursement to the treasury Of a
large amount on construction account.
In reference to the scrip dividend
of ten per cent, on the preferred stock
declared a few days ago, the report
says that in strict compliance with the
Plan Of Reorganization, the holders Of
preferred stock should have had, ere
this, the benefit Of a distribution of
certain surplus earnings, but it was
thought to be for the interest OF the
company to use this surplus to aid in
the speedy completion Of the road. At
the annual meetings Of 1879 and 1880
this course was approved by a vote Of
the stockholders. Now it is ascer-
tanned that the available means from
the proceeds Of the $I0,O00,O00 Of
General First Mortgage Bonds, and
from other sources, will suffice to COM
plete and equip the main line from
Lake Superior to the Pacific Ocean
before the close Of the year 1888, and
the propriety Of taking steps for re-
turning the income due the preferred
stock thus temporarily used to meet
the needs OF the company can no
/ longer be doubted. The total amount
of net earnings used for construction
purposes from October l, 1875, to
June 30 1882, with interest to Janu-
uary 1, 1873, has been ascertained to
be S4,667 ,490.68, and Will be distrib-
uted in the form of a scrip dividend,
bearing interest at six per cent. and
payable in five years or sooner, at the
option Of the company.
The relations to the Northern Paci-
fic company Of the Oregon and Trans
continental company are explained in
/ the report. The latter company, as
/ the largest stockholders in the North
ern Pacific, gives it the support of its
capital of S30,000,000, builds the
branch lines needed to develop its
traffic and protect it against injurious
competition, and through its control Of
the vast traffic of the transportation
system of Oregon and Washington,
embracing 1 200 miles of railroad, and
the steamer lines on the Columbia
river, Puget Sound and the North
Pacific coast, assures its success as a
finished road.
Tho Iond dnDor+1nont of the road