Seattle daily post-intelligencer. [volume] (Seattle, W.T. [Wash.]) 1881-1888, 1884-11-04
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From The annual sspost Of Prssiden,
smish some interesting statements an
drawn.
Inc company b nov operating l57:
miles water lines and l27 miles rsiI.
road, this NOS including the OrsQonisr
Railway, l50 miles.
The Puget Sound division includes
lines 20 milss Iona. and Il stocked VITA
eiRns stsamboafs and . barge IL,
EARNINGS fast year aR1reksted t3l9O2s
ana fts expeuses t24S.s40, the prolif.
being v70.3sl. 0r - Per cant.
The addition made to the compauyss
property during the past year cost, ia
sne aRRregzfs. 156G0s "a
koar quarterly dividends we're paid
during toe year. one Of ~ per cent,
ems Of z pr cent, and two Of IL psr
cent each, making N per cent in ali.
The OceAn and kisef diviaiuns sk0u
decreases IN earnings, partly due TO tue
opening Of the Northern Pacific and
partly 70 the tranafsr Of businsss 10 the
failFosd- The Puget Bound division
shows . slow but steady increase.
The only inoreass in the railroad
mileage opened for business and ops-
rated during the year was the sxsen-
SION Of tbs Baker City branch to Meach.
am, Z-9 milss rsyond last years ter
minns- The average mileage Of road
operated was 40 miles. The general
condition Of the track. buildings and
bridRss 10 excellent. except that on 4
part Of the main line originally pur-
chased from the old Oregon Nasioa-
sson Company the traok aud bridges
require renewal. About 1000 tons of
steel rails are on hand for this purpose.
During the year about ITO miles OF
track from Wailula 70 . point near
Cello were relaid with steel.
The only new work done on the main
line during the year was for the pro-
lection Of the track and bridoes from
freshsts. with some work In REDUCING
grades. On she WaIla Walia Division
traek has bean laid from Pendleton 10
Centerville, 1853 miles. The grading
between Centerville aud Blue Mountain
was nearly completed when work on il
was suspended, and has not since been
resumed. On the Baker City Division
work was resumed in April, and has
been vigorously pushed ever since. AZ
the close Of the fiscal year track had
been laid to point 1T miles east of
Umatiila. although only IS miles are in
regular operation. The grading il 20
far conpleted that tracklaying viii NOT
be delayed, and It is expected that the
connsction with she Oregon Short Line
at tHuutington will be competed by No
veanber.
In April last the company became the
owner of the Columbia d PaIouse road
by the purchase Of all the outstanding
bonds and stock. The amount Of honda
90 purchased was 81, 2,2S9, 600, and the
price paid, which included the stock,
was ", ,469, 80. Az a condition of the
pnrchass the Oregon d Transcontinental
Company paid in advance the interest
on the bonds tor two years at 6 per cent.
This line runs from Palouse Junction.
on the Northern Pacific Railroad. to a
point three miles east of Colfax, w, T.,
distance of ~ miles, and the grading
10 completed to Moscow, Idaho, ass
miles further east. The road was
turned over to this company June .th,
but was not In . condition to operate
ON account Of extensive washouts. Il
was opened 10 C0lfax for business Au-
gust lst, after the close Of the fiscal ,ear
Fhe completion Of this road to Mexico
10 recommended, as the grading is done
and nearly all the material on hand.
When the construction now under
way IL completed the mileage of the
railroad division will be as follows |:
Portland 10 Riparia, 30i Walla Uaiia
70 Blue Mountain, 20; Pendiston 20
Centreville, IL; Palouse Junction to
Colfax, 80; Umatilla to Huntington.
217. Total, 657 miles.
In settlement Of a claim against the
Oregon Improvement Company this
COMPANY has accepted the conveyance
of i29,O66 aores Of land and surrendered
the steamer santa Rosa.
10 provide for the payment of the
scrip certificates aRd for the oompany's
other requirements, and also to provide
for the first mortgage bonds &C matu-
rity. an issue Of $14,000,000 Of consoli-
dated 8 per cent bonds was proposed in
January last, and their sale negotiated
under favorable terms. The plan hav.
ing been foua d impracticable, owing TO
the Oregon law In regard TO mortgages,
it was then abandoned. The company
then issued $6,00O,000 in debentare
SS1e7 St@sfak Rof oSut Autcfcoss huu
having three gears 90 run from April l.,
1854. Or these bonds $5.000,OO0 have
been sold aud the proceeds applied TO
the payment of the floating debt, the
purchase Of the Columbia and Palouse
road. and the construction of the Baker
City branch. The remainder will be
sold as required for construction.
This company has claim against II.
Willard Of about $4,000, to secure
which il holds lien on his property on
Madison Avenue, In New York. which. il
is expected. will bring enough to pay
the claim.
During the year two new steamers
were added to the Puget Sound fleet, at
cost of about 100000. To the rail-
read equipment there were added q
locomotives, 10 passenger. baggage,
363 box and 2 officers ears; and there
are 300 freight oars in process OF oon-
struction. No further additions will be
needed during the current year.
In relation TO the proposed lease of
the csmpany's property the report says:
Negotiations are IN progress for con-
tract with the Northern Pacific Railroad
Company, fer the operation of this
oompany's lines under guarantee Of
earnings. The matter has not, however
at this date, made such advance as to
justify any opinion as TO the result OF
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