The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-10-19
NEWS OF RAILROADS
GREAT NORTHERN ANNUAL MEET
ING WAS POSTPONED UNTIL
TODAY
ANNUAL REPORT GIVEN OUT

Much Valuable Information
About the Operations of the
Road for the Last Fiscal Year
New FOsstOn Line Expected to
Save Farmers a Million "A Year.
President HILL of the Great North
ern, returned from the East yesterday,
but he was 50 busy with other mat
tiers that he could not attend a meet
ing Of stockholders of his company, so
it was postponed until some time to-
day.
The annual report of the Great North
err was made public, however. 1t is
in part as follows:
the change in the bonded debt OF the St.
Paul Minneapolis & Manitoba Railway COM
pany caused in part by the redemption,
through the operation of the sinking funds, Of
$4,000 first mortgage Z per cent land grant
bonds and 500, 900 consolidated mortgage AZ
per cent bonds, and, in part, by the issuance
of $l.4t5o00 consolidated mortgage AZ per
cent bonds for the acquisition OF additional
property, ana on account OF the construc-
ton of an extension of the Langdon branch
to Hannah. and Of the Cavalier branch to
Nalhalla.
There is still outstanding Of the st. P, NJ
& NJ Railway company's first mortgage land
grant I per cent bonds No. 2245 for 81 .000
embraced in the nineteenth call and upon
which interest ceased to accrue March Ii,
1886. The amount necessary to redeem this
bond is in the hands of the trustees Of the
mortgage.
The MoL,ana Central Railway company is
sued during the year 100000 of its first mort
gage per cents to cover cost of additional
equipment purchased property acquired and
extensions built in this and prior years.
IN order TO provide funds for the construc-
tiOn of its new line between Duluth and Foss-
ton, Mimi. the Eastern Railway Company
OF Minnesota issued as of April l. 1898, $780,
O00 of its northern division first mortgage
ffty-year gold bonds, bearing interest at the
rate of per cent per annum. payable on the
first day of April and October in each year.
. The principal and interest of these bonds is
guaranteed by both the Great Northern and
st. Paul, Minneapolis & Manitoba Railway
companies.
Duluth. Superior & Western Railway COM
Qany, which is hereinafter referred to at
length, the Eastern Railway Company of Min
nesota acquired 600 ore cars assuming the
balance of payments due under a car trust
agreement, amounting to 1894 9S9.92, which ap-
pears q liability on the balance sheet pub
liShed herein. This amount will be paid as
rapidly as the car trust agreement will per-
NIT.
The item of 81 1OO, 900 shown in last years
balance sheet for account of purchase OF pre-
ferred stock of the Oregon Railroad & Navi-
cation company, was paid and Cancelled dur
ing the year from the company's current re-
CeiDts.
The directors called for redemption Sept. l,
1898. the entire issue, $15000,0 600, of this COM
pany's collateral trust per cent bonds The
bonds ceased to draw interest on Sept. 1,
1898. At this writing $13 763, 900 of bonds have
been redeemed, and the balance will be upon
presentation. Their redemption will return to
the company's treasury 1900, 900 Of the st.
Paul, Minneapolis & Manitoba Railway COM
pany's Pacific extension bonds.
Expenditures were made during the year on
the capital accounts of proprietary companies
follows:
Eastern Railway of Minnesota " 81 S44 $40 40
Montana Central Railway ......... 176,620 81
Nillmar Sioux Fails railway. 9,423 "a
Duluth, Watertown & Pacific ...... 304 "a
Duluth Terminal railway. .......... II, 263 40
Minneapolis Union railway ........ All 70
Minneapolis Western Credit. ...... So At
The amount shown for the Eastern Railway
Company of Minnesota includes the purchase
price of the Duluth, Superior & Westerns
railway and equipment and the amounts ad-
yanced contractors On account of construction
of the new Northern division to date of June
go 1898
AS shown on page %, there was appropri-
ated out Of the net revenue for the year
81 900 for the fund of Permanent i'm
SSsnYements and renewals -
The company has been carrying its own in
surancI for the past three years. with saw
ing of $7l,255.81, which amount stands on It's
books as a credit to Insurance fund" To
strengthen this fund $3.50, 900 has been trans
ferred to it, making it abundantly strong to
meet any loss and to prevent any extraordi-
nary charge for fire loss to operating ex-
penses.
Out of the net revenue for the year s750, 900
was appropriated towards cost of the tunnel
now being built through the Cascade noun
tains.
The line between Carlisle and Elizabeth,
Minnesota, 1852 miles, having been abandoned
the tracks and structures were removed dur
ing the year.
The direct line from Fosston, Mimi, to Du-
luth or West Superior, has been opened for
traffic and is practically completed. AS por-
ton Of the new line, the Eastern Railway
purchased the line of the Duluth Superior &
Western railway from the st. Louis river to
Deer River, Mimi. 1894 miles paying for
same. including equipment, material, etc..
$685., 400. From the st. Louis river to Saun-
dcrs, Wis, 6.1S miles Of leased track is at
present used. In order to provide It's own
lire and to avoid the heavy grades on the D..
s. & w. R'y, a line has been built from
ClCquet Mimi. to a junction with the main
line of the Eastern Railway at Nemadji river,
thirteen miles south of West Superior The
second. or double track. is now being extend
ed to Nemadii Junction.
From Deer River to Fosgton, 1896 miles, a
- line has been built The distance from
= FCsstOn to Nemadj Junction is 212.49 miles
is very heavy work, and is built in the most
substantial ard permanent manner. The
maximum grade is four-tenths Of one per
cent, equated for curvature. The track is
laid with seventy-fve pound steel rails and
Is fully baliasted. division point has been
established at Cass Lake 10503 miles from
Carman and 169.49 miles from West Superior,
with brick round house, turn-table, coal and
water stations, etc, and over five miles Of
yard tracks
The line between Fosston and Cass Lake
has been leased to the Great Northern rail-
way ard viii be operated portion of its
Dakota division. The line between Cass Lake
and NemGdji Junction will be operated by
the Eastern Railway Company of Minnesota,
as its Northern division.
This new line, in addition to materially
shortening the line from all points west Of
Crookston to Duluth, will develop a large
local business. The road runs through the
largest body Of standing pine east of the
Rocky mountains and a heavy lumber traffic
may be expected. 1t also runs through a
portion of the iron ore region of Minnesota
and a considerable ore traffic is now being
handled which will increase.
number of directors and large sharehold-
ers Of the company have recently made a
careful inspection of this new property and
are confirmed in their opinion Of the wisdom
of is construction.
Under arrangements made with this com
pany, the Park Rapids & Lesch Lake Railway
company began during the year the con-
struction Of line from Park Rapids to Cass
Lake, MINI, about 40 miles The track has
been laid from Park Rapids to Akeey, 10
miles. and viii be completed to Cass Lake be-
fore winter.
Since the close of the fiscal year, the com
pany has secured almost the entire stocks
and bonds of the Spokane Falls c Northern