The new North-west. [volume] (Deer Lodge, Mont.) 1869-1897, 1882-10-06
NORTHERN PACIFIC.
President vilia.ssAn annual Report.

NEW YORK, Sept. 21.--At the annual
meeting of the stockholders Of the Northern
Pacific railroad, to-day, the report Of Presi.
dent Willard was read.
It shows that the gross earnings for the
fiscal year ending June 80, 1882, were So
43o, ,305; operating expenses, including rents
and taxes, 1851, $40; net earnings, 81 $751;
4oo; ratio Of expenses to earnings, $3.50; in.
crease In net earnings over the previous
year, $sss, 1856; average number of miles op-
Grated, 797; increase in net earnings per
mile, 1884; number Of passengers arriving
and leaving at eastorn termini, St. Paul,
Minneapolis, Duluth and Superior City, l06,-
$50, an increase of 7l,644.
The passenger earnings Of the eastern d.
vision show gain Of 92 per cent. and the
freight movement shows an equal percentage
Of increase. During the year the ends of
track were advanced; from the east, 1873
miles; from the west, 102 miles; total, 2s5
miles, leaving on June 80, 1882, 572 miles to
be built. This will be lessonsd by the close
Of 1882 by probably 800 miles, leaving 272
miles Of track to be laid after Jan. l, 1883.
THE FINAL CONNECTION
Of tracks Is expected to be made during 1888.
In addition to the work done on the main
line, 222 miles of track have been laid on
branches In Minnesota, Dakota and Wash
ington. The great bridge across the Missou-
ri river at Bismarck will be completed early
In October.
The financial statement shows cash on
hand At the beginning Of the fiscal year, $l1,-
567,944; receipts from sale Of bonds and pre-
ferred stock, s4,8S2, ,0s6; expenditures for
construction, s21,577,995. The expendi-
lures for construction were largely in excess
of the resources of the company from net
earnings and proceeds Of bonds received
from the syndicate, but thanks to the assist
sncs Of the syndicate and the Oregon &
TranscontiEental, 1t was always preferred to
meet oil demands, without even borrowing
in open market. The management points
to the fact that 1t has finished 275 miles Of
road, graded $50 miles additional, bought
and paid for sufficient rails for tie entire
gap between the two ends Of the main line
and made besides current disbursements for
motive power, rolling stock, the Bismarck
bridge, the Bozeman and Helena tunnel and
other heavier portions Of work,
WITHOUT DELIVERING A SINGLE BOND
TO the syndicate since last December. The
additional finished mileage, 275 miles, just
inspected and improved by the United States
government commissioners, insuresI immedi-
ate reimbursement to the treasury of large
amount on construction account.
The land department. sold 465,20s acres
during the year for sl,7O9,83s, the average
price being $500 per acre. In regard to the
Northern Pacific land grant, the report ar
gued that the actien of the House Of Repre-
sentatives at the last session of Congress, In
laying on the table both the majority and
minority reports Of the judiciary committee
and In refusing to place on the calendar q
resolution declaring portion Of the grants
forfeited, disposed of the whole matter in
favor of the company, the same as if the ad-
verse resolution had been reconsidered and
rejected by the House. 1t was in effect o
decision Of the House of Represent atives
that it will take no steps to declare forfeited
the lands Of the company. Furthermore,
Congress at the last session gave express leg
islative recognizance of the company's unim-
paired chartered rights. That it'did by the
passage Of an act approved July 10, 1882, ac-
cspting and ratifying the treaty made with
the Crow Indians for right of way through
their reservation for the use of this company
for construction of its road.