The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-05-15
cANADrAN PACIFIC AFFAIRS.

Annual Financial Statemont-o0. 900, 600
to BE Spent In improvements.
At the annual meeting of the stockhold-
ers of the Canadian Pacific railway at
Montreal. the reports showed: Gross
earnings for the year 1892. $2l. 409. 352, and
the expenses. So, 9s9. 0O4; ne: earnings,
s., 40. 34s: interest earned on deposits on
loans. sos. 6o3; fixed charges, $5,-
lto ols: surplus for the year after
paying dividends. 1921 ,923. and accumu-
lated surplus, So. a23, 531; increase in prof
its from working, including interest
earned, 1914, col; land sales for the year.
sol. 467 acres for $l.356, SIS. against 1920
acres for <4l4 ,9l5 last year. The net town
site sales were $3ii $50. The directors say
the increase in the acreage made ready for
crop, Of over 80 per cent. in the Northwest.
gives promise of large traffic after next
harvest. The past winter has been the
most difficult one within the experience
Of the company, and the results of worS-
ing have consequently compared ut dis
advantage. Among other Improvements
reported. 55l wooden bridges have been re-
placed with permanent work during the
year.
In recommending further expenditures
for additional improvements and rolling
stock the directors favor the policy of pro-
viding for them by new capital and the
division of profits among the stockholders
after providing for q reasonable reserve
fund. They have hitherto provided this
new capital by the issue Of per cent. de-
benture stock. but they think the time has
now arrived when those expendi-
lures may be more advantageously
provided otherwise. and, there
fore. they obtained power from
parliament to issue preferred stock to half
the amount of the common stock by a two
thirds vote of the stockholders. They
recommend that such stock be issued from
time to time for such purposes as may
be approved by the stockholders. The
directors also say that they have an
accumulated surplus Of earnings of So. $685.
5sl. and, recognizing the advisable
ity Of keeping a large part of
it in cash. they have decided to
place $4,000. 900 on special deposit with the
company's bankers to meet any possible
deficiency in maintaining dividends at 4
per cent. on ordinary stock. While the
fund deposited with the Dominion gov
eminent TO secure the paymen, of diyi-
dends will be exhausted by the dividend
earnings are now more than 5 per cent. on
ordinary stock, and there is an available
surplus amounting to two years dividends
at 5 per cent. to fall back on in case of
need.
Resolutions were passed authorizing the
expenditure of capital aggregating IS, 600, :
600 for the following purposes:
Nineteen hundred thousand dollars, perma.
nent bridges and improvements not chsrgeabie
to operating expenses: ST5o.ooo. grain elevators
and additional terminal facilities: 81. ID. 600.
additional rolling stock; :, 10000, acquiring
the bonds OF the Montreal & Ottawa railway,
interest on which the company guar niecs By
way OF rental; Ss.7o0co1, construction aad ex-
tension O. the souris branch from the intesns-
t;onai boundary 10 pssaua. i6e miles: the Te-
miscamingue railway, fifty miles: the Re vel
stoke branch, twenty eight miles, and section
OF the EganviIle branch
To provide for these expenditures the
issue of the $s.ooo, 90 preferred stock
asked for by the directors was authorized
at o special meeting Of stockholders.