The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1885-09-18
RAILROAD, MATTERS.
The Northern Pacific and the
Oregon 1ranscontinentai.
INJUNCTION PRAYED FOR.
Meeting of the Northern Pacific
Yesterday for the Election OF d.
rector,-ADnuaI Statement.
Northern Pacific

|
annual meeting for the election OF
directors of the Northern Pacific Rail-
road for the ensuing year is now in
session. There Is no change in the
regular ticket presented to the stock
holders from that of last year, and no
serious opposition is anticipated. An
Injunction has been asked by the
Oregon Transcontinental people OF the
Supreme Court to restrain Messrs. Ives
and Morgan from voting the Oregon
TranscontInental trust stock at the
meeting to-day. The annual statement
of the Northern Pacific for the year
ended June 30th. 1885, shows gross re-
ceipts from freight, 81 ,446, 600; passen-
ger, SO, O76 600; mail and express, ETC.,
$7l2 900, making the total $11 ,234 900;
operating expenses 1916, 900, leaving
the net earnings at So ,038. 600. Adding
to this the interest and dividends on the
investment, balance on general interest
acconnI, incomes from other sources,
amounting to $l93, 900, the total surplus
| Is IS. 23I ,OOU. out of which there was
paid for rentals $5S1 900; guaranteed to
branch roads, $3.50, 900; maintenance of
terminal property at Portland, $27 600,
and interest of funded debt account,
$4,O24,OO0 The contributions to the
sinking fund were $50, 900, and there was
paid as the expenses of the opening
celebrations, $4,000, making grand
total disbursement of s., $1,000 leaving
the surplus over all fixed charges and
expenses for the year $92 600. Compared
with the preceding year there was an
increase in the earnings from CONNER
al Of onA from, oil
and express, etc. of $211, coo; but there
was adecrease in passenger earnings of
81, 12i 900, making the net decrease in
commercial business OF all kinds
SS39,00O. During the past year there
we're no charges made for transporta-
ton of fuel and other supplies used in
operating the road, and the amount
charged for carrying construction ma
terlal was only the cost price of trans
portatiOn. The report states that The
principal cause of the decrease in pas
Senger earnings was the subsistence of
the CBur d'Alene mining excitement, to
which must also be added the opening
of the Union Pacific road to Oregon by
the Oregon Short Line, and the city
branch of the Oregon Railway & Navi-
cation Company, as well as the snow
blockade throughout Oregon last win
ter, and the general depression of bust
ness throughout the country. These
causes of decrease were offset
as to freight by the steady ad-
vance of population and the develop
ment contiguous TO the line of the road. |
AS compared with the preceding year
the earnings decreased 1863 900 and !
the operating expenses $50 600 The |
balance sheet shows no change in the |
common stock, and decrease in pre-
ferred stock. Common and preferred |
stock now amount to $S7 ,61I 900. There |
was an increase in first mortgage bonds |
of 3, 1850 0. issued on 125 miles OF road. |
OF the 4, 143,O00 general second mort
gage bonds remaining in hand year |
ago 100000 has been sold. There is no |
change in the bonded debt of the Pend |
D'Oreille division, while there is a de-
crease of 81 900 in the Missouri division.
The total funded debt is now 81, 345.
not including dividend certificates of
s., GIL 900. The company paid to the
Northern Pacific terminal company
during the year $4,000 for rent and
$27 zoo for cost of maintenance. Re-
specting the completion of the Cascade
branch, about which there is decided
difference of opinion among the parties
interested in the road, the report states
that twenty-seven miles are now under
construction on the west side of the
Cascade Mountains and forty miles on
the east side of the coast which will
cost 81 $4,000 to complete the Cascade
branch There will aremainI751% miles,
not including % miles under way. The
esIlmated cost of the 75% miles is as
follows: 15% miles over the mountain
including tunnels nearly two miles long,
~ 44l Df0s qnnrnanhnc = T. |
,43l 900, making total of s., 872 900, to I
which Is added for snow sheds if +
needed 500, 900, making the grand total /
little over $4,000, 900. The total esti-
mated cost of 40 miles REQUIRED to
complete the gap is 1892, 900, and the
AMOUNT OF hrst mortgage bonds that
VII be available for the work is $3,5l3.-
'OO, leaving to be provided from other
ources SZr399, 600. The report saws it :
Will require between two and two and a
lait years to construct the tunnel with
economy. The total expended for CON
tructlon and equipment during the
'ast year was '$3, $50, 900. The report
ecommends the ratification of the
ease OF the Oregon Railway and Nayi-
atlon Company, and states that when
ne subject shall be acted upon by
II companies interested it will be
qDmltted to the stockholders of the
,,torthern Pacific for their action.
ne number of acres of land, sold i
uTrl ring the past year was 34 ,557, for
,6oz,f3O; the amount of land patented
no patentable still undisposed of is
yer 100000 acres, OF which $500, 900
cres are east OF the Missouri River. and
ne proceeds are applicable to the retire
lent OF preferred stock. /
At the meeting OF the Northern
acme stockholders ii was stated that s
w lnoges mad refused an injunction 4
7siPPa Ian the voting Of 40 600 shares S
sso ~ toA Ives and j. 2. Morgan. A s
;rootorS was adopted requesting the 8
= h siS Toe 70 incur any Indebtedness
e-elected. - directors was