Seattle daily post-intelligencer. [volume] (Seattle, W.T. [Wash.]) 1881-1888, 1882-07-14

The report of Mr.. Willard, President
of the Oregon and California Company,
for the year ending May |. 1882; has
been printed. He says: There was no
change in the milsage of the road ops-
rated by the company during the period
covered by this report. Tia several
lines were operated in two divisions
East Side oIyisisn. consisting Of main
line from Portland TO koseburg, LIS
mile: Lebanon branch, from Albany
Junction TO Lsoanoo, eleven and fvs-
tenth miles; total. I095 miles. West
Side division, Portland TO Corvallis,
ninety.s4ven miles. Total mileage ex-
elusive Of side tracks, S06-5 miles.
by tue construction Of existing lines
the company has eazued under the ssye-
raj Congressional grants:
MAIN line, East Side division, Ills
AS acres; West Side division, Z37 ,UO
acres; total, 1856, 41s acres. L Sd sold
by oregon Central railroad before
consolidation, IL 81 acres; total, l.yA3,-
| o36 acTes. tf which there have bsen
disposed OF up TO the close Of the fiscal
year, ll6, LAT acres, leaving remainder
Of lands already earned Of l,I97 49,
| acres.
"For 3o3, 148 acres Of this total, patents
have been actually obtained by tine COM
pany. by the construction OF the
| southern extension 10 q junction with
the central Pacific railroad, the compa-
nv viii further become ent,tied ~ 2,Ab,-
| J0 acres
The capital stock is $1,000, 900 pre-
ferrej AMI s 1,cU!hDcomn0n. Funded
debt, $t,UO0,OUU frst-mOrtxags bonds.
| The passengers carried during the
year numbered LIS, 80 and the freight
aggregated l54, 055 tors, against 135,V3O
passengers and S3,997 tons the year be-
tore. Inc earnings were T7o3, 4So last
year against $.O4, 6Jt the year previous,
gan; of So per cent, the net earnings
ocins 81 $50 against Slls,Ul1.
lie report says: Several causes con-
tribu.ed to this great improvement IN
the earnings of the company III 1881.
Ia the firss place, owing TO the security
of OceaD tonnage on the entire Paclhc
coast for the export Of grain during
1881, large portion of the wheat crop
of that season remained IN the country
until the early para Of 1881.
Coupled with thus llcrease of ton
mage there cams the restoration Oi
oates. The competition by water was
succj by the friendly relations nov
permanently established, 1t il hoped
oe. woen this oompoay and ths Oregon
Railway aud Navigation company
through ths personal Union, 81 to speak
of tho COMMON management represented
by myself, aud that by land, through
. the lease 10y the last mentioned company
OK the OIegOLian conipany's system.
From tho failure of the company II
1873 until It's reorganization the policy
Was pursued, in order ~ exc out tht
largest possible income for tho assOcla
ton of bondholcers i'll control of thu
property, to incur the least possible ex
: penso III renewing and repairing the Ole
lilies. Measured by tie usual standard
In Western states end territories, only
about One-third of tbs really necessary
renewals and repairs we're made durina
the intervening period. In. n
was another Imperative reason fol
bringing up the condition of the exist
ing lines to higher standard: that ID
the impending change of the main line
upon its connection with the Northern
Pacific system, from mere local chan
mel of transportation, into part Vt 4
great trauscontlnentsi thorOuyhfarc
which will be, moreover, the line Owe
which the bulk Of the passenger an(
freight traffic Of the entire North r..
ciic coast between California and Alas
HI will pass.
The whols region from the southern
terminus of the main line at ROSeburl
TO the California boundary, through
which the extension is to DO built to 4
connection with the Central Pacific sys-
tenn, IL OF u character SO broken by
water COURSES, ranges of hills and noun
salns, al to render the selection and To-
cation Ut q definite linz very Difficult
and necessarily SLOW undertaking.
From the unfinished condition o.
the survey and location of the southern
extension, it is quite impossible for thu
management to indicate at this time
; oven approximately, the COST Of the new
. line from Ruseburg 10 the junction oi
the Central Pacific railroad. Until tn,
definite location Of the heaviest anC
most expensive part of the line over the
Siskiyou mountains il finished, no reliti
bic calculation can, Of course. I've made
From estimates of the cost of the aotp
ally surveyed and located lines to the
base of tao Siskiyou mountains, fee
justified. and consider it my duty {,
state, however, that the construction
fund represented by tho available pro
ceeds of the first mortgage loan, AZ fal
az issued, will not be sufficient to build
and equipths iine. and that, in all prob
ability, the authorized issue OF bonds
ut the rate of $4,000 per mile, viii
have to be made for the aggregate mile
age Of the southern extension in order
to provide the requisite funds"