Seattle daily post-intelligencer. [volume] (Seattle, W.T. [Wash.]) 1881-1888, 1884-03-07
TING o99GoN RAILWAY 4 yAvs,
CATION COMPANY.
rNev York Railroad 0.z..,.


The Oregon Railway 4 Navigation
company reports for December an in
crease OF xl46,S50 (52 per cent? In gross
and OF $So.8l (l30 per cent in MT
earnings, while for the year ending With
December there is an increase of &522.
No tlO1 per cent in gross and $l9O.62O
go Per cent in net earnings. The
character Of the cOnpany's business
mas been changed so essentially by the
completion of the Northern Pacific
Railroad and its own railroad down the
Columbia to Portland, a. we'll "a by
the multiplication of its local lines In
Eastern Oregon and Washington, taat
comparisons have no great value, and it
Is Important to know what the present
result is. The gain seems very great in
December, but that il bec suse the IN
inRs, gross and net, were very small in
that month in 1882. The average
monthly earnings in that year were
$+A. Alb gross and $50. .O3S net, while
lu December the gross earnings were
but $2oO.6O and the net &67, ,769-the
latter only One-third of the average.
Ihe company vas working 53l miles Of
railroad at tie beginning of 1888, and
steamer lines between San Francisco and
Portland, on Puget sound. and on the
Willamet tie, Columbia and Snake riv-
ers-l575 miles Of routes. The osmpie-
ton OF the railroad above Portland has
rendered unnecessary steamer line
there. and the opening of the Northern
Pacific substantially puts an end to the
carriage OF transoOntinental traffic be-
tween Portland and San Francisco. But
during 1884 something like LOO miles
were added to it's railroad mileage. Of
this latter it leases 1873 miles. The ad-
ditiOns TO its property have been nearly
all made by issues Of stOck at par, OF
which there is no less than "a, 100000
outstanding but its funded debt is
exceptionally light, amounting to but
$7,Ooo,OOO Counting with it II, ~, ,0OO
o: per cent scrip certificates). This
makes the debt less than about Gil, 200
per mile of road owned, and the yearly
interest charge u but $448 800. The
rental paid in its last fiscal year was
*l45, 40 (for road whose expenses
were LEO per cent Of its earninRs), and
altogether. 80 far as asoertainable, the
prior charges in 1883 absorbed but
FGOO. 600 of tho k2,63S, ,535 Of net earn
ings. some additional expenditures of
capitsl will have to bo made soon, how
ever. for the completion of the branch
which is to meet the Oregon Short
Line of the Union Pacific (which il im-
pOrtant), the improvement of the Rive,
Division. and the purchase of the Pa
louise Branch of the Northern Pacific
Quilt by the Oregon d TranscOntinent-
al Company, which latter will add 100
miles to the mileage. on which $2j j,OUO
per mile Of bonds have been issued BY
the TransOOntinental Company. 1t was
intended to raise this capital by new
issue Of bonds, but it is said that some
legal obstacles intervene. As IL is, and
even il the funded debt we're largely in
creased, the margin Of net earnings
ovsr fixed charges il Exceptionally large,
30 that the bonds seem unusually we'll
protected. The company have been
paying 8 per csnt. on Its $N Co., 900 of
stock, and its chief lines are III a oOun-
try which WAS almost unOooupled only q
few years ago, il found 70 bs a mos. ex-
oeiient wheat country, and has been SET
ting very rapidly, bnt doubtless has but
a small II iction of its good land utilized
rs yet, 80 that u great increase in their
traffic IL to be expected. On the lines
which the company owns the gross
earnings were ut the rate of 5000 per
mile, and the net earnings $4,000 per
mile in the last fiscal year lending with
June). and these are astOnisb Ingly large
net earnings for new railroad IN new
country.