The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-07-13

cent OF its cars equipped WITH automat-
ic couDlers and Al per cent with uto.
matte brakes. Fully 10 conform with
the Law will cost the Illinois Contra
about s52s. 900, for which we are making
provision.
w operate about one-fftieth of the
railroad mileage in the United States
no this ii may be guessed that the
cost TO all the railroads in the United
states during the current two years
VIII be not far from sec, 400. 900. Like the
stamps on bills of lading, this require
ment Is but m of many of the new i'm
positions which are being forced on the
railroad companies. sue as the maint
nance of watchmen, lights and gates at
crossings. lighting and paving the streets
about stations. interlocking devices at
grade crossings of other railroads and
separating the plane OF railroad traffic
from that of street traffic in large
cities.
Managers of railroads are beginning
TO appreciate the fact. which has long
been patent TO others. that in the Unit
ed States railways were not built orig
inally. and have not yet been built i'm
the sense in which they were originally
built in England and elsewhere in Eu-
rope. In many cases the capital need
ed cannot be raised by subscription or
new loans. n must be taken from
year to year out of the earnings
The recent distribution of Seattle &
Montana stock among Great Northern
stockholders has caused a prominent
financial journal TO make the following
interesting recital of the facts concern
ing Great Northern preferred stock:
In 1890 the Great Northern
was formed to lease the st. Paul. Min
neapolis g. Manitoba railroad. and s2o.-
10000 OF Great Northern preferred was
issued TO Manitoba stockholders at $50
per share in cash and $50 per share in
other securities, costing in lash slO,-
600, 900.
In 1894 there was issued S. 900. 900
more preferred stock to existing stock
holders at par. costing in rash s5, 200. 900.
And there has now been issued s25. O0O,-
900 more preferred. of which SIS. 900. 900
was sold at par. costing in cash SIS. 0O0.-
600. and $40. 600. 900 to take up Seattle a.
Montana stock distributed as a divi-
dend
d existing $50. 900. 900 of preferred
stock. therefore. has cost stockholders
In cash $50, 600, 900 and I'm securities s20,-
OOO, 900. inclusive of the Seattle a. Mon
tana dividend. This is equivalent to a
cash cost of so per cent and a total cost
of 100 per cent in cash and securities
acquired out of income.
The stock has paid dividends from the
first. viz. Az per cen in 1891. 5 per cent
In 1S92-3-4-5-6 and 6 per cent in 1897.
II Is at present on a 6 per cent basis,
but may be placed pm a higher dividend
basis before long. 1t lis quoted at lbs
upwards. at which II now returns about
5 per cent to the holder. The report for
the year ended June 80 will probably
show a surplus over dividends more
h the amou of dividends paid dur
ing the year.
This record is surely remarkable as II
stands. and ii is not easy to Mention
another that can stand alongside Ii,
especially when IL Is recalled thai these
results ave been obtained with only
$1,000 to $4,000 gross earnings per mile Of
road.
Speaking of Northern Pacific. a finan-
cial news agency says: The indications
are that Northern Pacific will wind up
its fiscal year with gross earnings the
largest in its history. except for the
years 1891 and 1892, when the
was carrying a good deal of construc-
ton material for its own lines. Ii seems
reasonably certain that the net earn
ings available for interest. rentals and
dividends will not be less than S11 .00O,-
600, which means that the surplus for
the common stock over the above full
dividends on the preferred will he equal
to about 21a per cent. The
mas ~ ~ Haid M ~ ItA flt VII lflt
preferred during the year, n presum-
ably the report will show only so much
charged against the years income.
The advance In trainmen's wage just
ordered involves probably from $500. 900
TO $500. 900 per annum Wages of other
employees are expected TO be advanced
somewhat later. officials of the COM
pany expect earnings to make only a
moderate showing for the ext two
months.
Union Pacific seems to justify the
confidence its friends have I'm ii. For
five months its net earnings increased
on an average of $500 per 'month.
and in a comparatively unfavorable
season IL was more than able to clear
its charges and preferred dividends. If
IL could keep this pace up a year tho
total net increase would be abou So
900. 900, and IL Ii could reduce its operat-
ing expenses appreciably there would
he a surplus over preferred dividends
of a sum equivalent TO 3 per cent on
common.
Chicago. July S.-Gross earnings Of
the Great Northern for June were ST.
SOL. 25s. an Increase of s21O.O7S over The
earnings for the same month last year.
For the year the gross earnings
amounted to s22. 567 Asa. an increase of
50. lac. 001. Gross earnings of the North
ern Pacific for June were s1,676,s2i, m
Increase of si49. 521. For The year the
earnings were s23. 626, 225, an increase of
s5.110,2 91.
Among the railroad men In Butte
yesterday were IL. c. Horn Of Living
ston. division superintendent of the
Northern Pacific; w. q. Pearse, assist
ant general superintendent of the
Northern Pacific at Tacoma, and II.
c. Collins of Helena, general agent OF
the Northwestern. A. J. Shores of
Great Falls, attorney for the Great
Northern, is in the city.