, 1885-09-26

ROAD IOr the year endlng June 80,
1885, made before the meeting Of the
board OF directors:
The gross receipts from freight
were 81, ,4GI ,267; passengers, s3,O55-
sS2; mail, express, etc, S7l2,0Ol;
making total Of 1924, $50. The
operating expenses were 50, 100, ,3Ol,
leaving the net earnings at Sj,O37,-
$40. Adding to this Interest and
dividends on investment, balance
general interest account and income
from other sources amounting to
sl93, ,223, the total surplus is SS,23l,-
OIL, out of which there was paid for
rentals 1851 PA, guaranteed to branch
roads S352, ,lji, maintenance Of ter
minal property at Portland S27,3il,
and interest on the funded debt ac-
crued s4,O23,9I9. Contributions TO
the sinking fund were s50,37G, and
there was paid as expenses of
the opening celebration SilIS, MAX
ing q grand total Ct disbursements OF
IS, 139, ll2, and leaving a surplus over
all fixed charges and expenses for the
year Of S9l $3.50. Compared with the
preceding year this was an increase
in the earnings from commercial
freight 1885, and from mail, ex-
press, etc, Of Sll,Oj2, but there was
. decrease in the passenger earnings
of 1921 ,2OG, making the net decrease
in the commercial business of all
kinds S3S,Sl9. During the past year
there was no charges made for trans
portatiOn of fuel and other supplies
inoperating the road, and the amount
charged for carrying cOnstruc-
tion material was only the price OF
transportation. The principal cause
of the decrease In passenger earn
ings was the subsidence OF the Occur
dAlene mining excitemeet, to which
must also be added the opening Of
the Union Pacific road to Oregon by
the Oregon Short Line, and the Bak-
er City branch OF the Oregon Rail-
way and Navigation company, as
well as the snow bockade through
out Oregon last winter, and the gen.
eral depressian of business through
out the country. The causes Of de-
crease were offset rs TO freight by
the steady advance of population
and the development contiguous to
the line OF the road. As compared
with the preceding year, the earn
ings were decreased sl,367, ,426, and
the operating expenses S96S, ,725.
The balance sheet shows no change
in the common stock and decrease
in the preferred stock by land sales
of 81, 1856, 4s3.
The common and preferred stock
now amount to Ss7,61O,5s4. There
was an increase in the first mortgage
bonds of S3,125,OOO, issued on l25
miles of road. OF the 81, 900 gen.
eral second mortgage bonds remain
ing on hand a year ago, S3,OOO,OOO
have been sold. There is no change
in the bonded debt Of the Pend
dOreille division, while there is a
decrease Of S26,9OO in the Missouri
division. the total funded debt is
now s67, ,733, 800, not including divi-
dend certificates Of s4,64O,S2l. The
company paid to the Northern Pacific
Terminal company during the year
SS4, $50 for rent and S27,34l for cost
Of maintenance. Respecting the
completion OF the Cascade branch,
about which there is a decided DIFF
ference Of opinion among parties in
terested in the road, the report states
that % miles are now under con-
structiOn on the west side OF the Cas-
cade mountains and 40 on the east
side, the cost OF which will be ST.
$40, 900. To complete the Cascade
branch, there is 7jI miles not includ-
ed in the G7 miles under way. The
estimated cost OF the 75l miles is as
follows: l5l miles over these noun
tains, including The tunnel nearly
two miles long, 81, al 200; approach
es on each side, 81, 43O, 200, making a
total Of SO, ,S7l 900, for which is added
for snow sheds, il they are needed,
S20O,OOO, making a grand total Of
little over SI,0O0,OOO. The total
estimated cost Of the 40 miles re-
quired to complete the gap is S5,9ll,-
900, and the amount Of first mortgage
bonds that will be available for the
work is s3,5l2, 800, leaving TO be pro-
vided from other sources $3.50, 400.
1t will require between two and two
and half years TO construct the Cas-
cade tunnel with economy. The
total amount expended for construc-
tion and equipment during the past
year was s3,562, ,03O. The report re-
commends the ratification Of the
lease Of the Oregon Railway & Navi-
cation company and states that when
the sui ject shall have been acted
upon by the companies interested, 1t
will be submitted to the Stockholders
Of the Northern Pacific for their ac-
tion. The number of aPres Of land
sold during the past year was 3I4, ,557
for s1,6s2, 79O. The amount Of land
patented and patentahle still undis-
posed of is over 37,7OO,OOO, of which
3,s99, ,594 acres are east Of the Mis-
souri, river, and the proceeds are ap-