National Republican., 1883-09-21
THE NoRrHERN PACIFIC.
Annual Meeting OF tho Stockholders
History and Condition OF n Great Trans-
continental Work.

Annual Meeting OF tho Stockholders--
History and Condition OF n Great TrHns-
continental Work.
NEW York. Sept. 20.-The annual meeting
of tho Northern Pacific railway stockholders
was held to-day. The annual report an
nounced the completion Of q continuous line
from Lake Superior to tho Pacific ocean, after
lapse Of twenty years since the formal Gre
alton of the corporation by tho passage Of
the congressional charter, and more than
twelve years since the commencement Of con-
struction work on the main line, and mem
tions the heavy debt of gratitude due the
government for its liberality. The volume
of the preferred is being reduced through the
sales of lands in Minnesota and Dakota cast
of the Missouri river. At the close of tho
of the fiscal year, Juno 30, 1888. there had
been Cancelled and extinguished S9,250, 526l0
of the original $51,0o0,000, leaving $41 49,
463.90 of tho preferred stock, including
fractional scrip. Tho company, considering
it necessary to use all available re-
sources for construction and equip
ment purposes, deemed it unwise to de-
clare cash dividends before the main line was
completed, so as TO furnish through line
| for transcontinental traffic. With tho GER
tainty of increasing earnings, keeping pace
with the growth of the tributary country, and
| the prospect oflow operating expenses because
of the development of the coal fields of central
Montana and western Washington territories,
the board expresses its belief that the pay
ment of regular dividends on the preferred
stock may be expected at an early day. The
earnings for the fiscal years as set forth by
the auditing department are summed up as
| follows: Gross earnings from 1882 to 1888,
81 1855, 1926, an increase of 81, 2,425. 1870 over
| tho previous year. Expenses including
rentals and taxes, $5.336, 929.77, an increase
| Al. &c NnN
earnings, So, SIS, ,529.49 an increase of $66l,-
064.4i. Rates of ofexpenses, &C., to earning in
creased 2.14 per cent An increase of 800 is
also reported on the average earnings per
mileage and q decrease of Sl,071.3S on the
gross earnings.
Expenses, earnings and taxes per mile:
1882 3d.. O9
The same for lss1's2 ....... ........... $3.50 46
Net earnings per mile, 1852 49, ........ 1,6s2 80
Same, 1881 2,lSS 30
Decrease. SO6 W
While the earnings of the older portion of
the road show an increase, the ratio of earn
ings to total mileage was less for the year
just closed than for the preceding year, from
the fact that of the 700 additional miles oper-
ated nearly 600 were newly constructed, thus
traversing regions where the road had to
create settlements and business as it advanced
The country through which these lines run
abounds in natural resources, and will, ii is
thought, rapidly develop. On the eastern
division the through passenger movement in
creased from 19,466 in 1sslJs2 to 80, ,4s9 in
1SS2-'53. The local passenger business in
creased from 27S,214 in 1SS1-62 to 41S,49S
in 1SS2-'S3. The number carried eastward
was 1884 and westward 252, ,512, the differ
enco representing largely the immigration
into northern Minnesota, north Dakota aud
Montana. Tho increase in the passenger
earnings of these divisions was 42.6 per cent.
The increase of cast bound freight tonnage
on the eastern division was 51.46 per cont,
and Of west bound tonnage 979 per cent.
The increase of freight earnings on these
division was 1869, 1892 On the western di-
vision both passenger and freight business
show an increase decrease in operating
expenses. The Pend d'0rielle division did
not come under the control of the operating
department until May, 1882, and comparisons
cannot, therefore, be made between the earn
ings of this year and last. Tho divisions of
the road west of tho Rocky mountains have
only been operated few months. The por-
tion of the main extending from Wal.
lula to q point in Flathead reservation,
the gross earnings were $Sl6,SS479,
and the net earnings $269, ,752,5i. A
large portion of this road runs through wild
region just beginning to attract settlement
and develop traffic producing industries
The cattle movement shows an increase, but
the figures have not yet been made up. Dur
ing tho present season 10000 head of young
; cattle nave been carried over inc road into
Montana. The carrying of other goods has
also increased. From Montana this season
100000 pounds of meat have been shipped
On July 511 tons of silver bullion were
shipped from Helena in q single train. The
development of the coal traffic on the Cascade
branch is increasing. The shipments from
Casbonado during the year were S2,012 tons,
and from South Prairie 10,257 tons.
The express and telegraph business which
is carried on by the company shows encourag
ing figures. The gross earnings of the former
were 1927 1881, and the expenses $50, ,494 90
leaving net earning of $l42,23lS2. The
telegraph system has also been greatly OK.
tended Since last year 293 miles of new
poles have been erected OH the main line
The line employs 1914 operators in 15i Offices
Tho following shows the profit and loss fol
tho fiscal year ended June 80, 1883:
Operating expenses. ses................... S4953OC6 s.
Rentals of leased llnes............. 2i2, ,7G5 S.
Taxes. ......:........,.......... Ill ,090 l.
Twelve months interest
on funded debt. Il, 20O,S37 SO
Six months interest
dividend scrip. ......... 13O,22l6 63
-, l,Slo,O62 II
J Adjustment of sundry accounts and
claims against the United States gov
ernment, balance. e................." 1l4O,5sS /:
! Total. neutrality-suspicious.. 7SOzdS3 @
BY gross earnings. gs.................... 7S55450 q
Dividend on acknowledgements. l2,02i 0
7,S674S3 y
400