The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-09-21
Northern Pacifc's Annual Report
for 1918.
SOME ADVERSE CRITICISM
Expenses for Maintenance OF Equipment.
The Thirty-Ffrst Annual Issue of
Poor's Manual of Rail-
roads.

attracted wide attention and not a
little adverse criticism, based on adj
vance publications of extracts from the
report. A recent issue of the New York
Commercial Advertiser has an interest
ing article. in which the Great North
ern and Northern Pacific expenses
from 1894 to 1898 are compared. The ar
ticle says:
1T will be noticed that the Northern
Pacific spent last year for maintenant
of way as much per mile of road as in
any one of the last five years, although
those years included the receivership,
when, as is well known, large expendi-
lures were made for improvement of
the property. 1t will further be noted
that the Great Northern only spent as
much per mile of road as the Northern
Pacific in n year, namely, 1897.
Everybody knows that the Great
Northern has not merely been main
tanned every year, but also extensively
improved.
Expenses for maintenance of equip
ment last year on Northern Pacific
were only surpassed in 1896 and were
almost as large as the expenses of that
year.
THE power of declaring dividends
and generally dealing with the ques-
ton of dividends in the case of a cor
poration rests solely with the directors.
IT is an essential part of their func-
tons. Consequently, the directors OF
the Northern Pacific are well within
their rights in ordering a dividend fund
to be constituted for Northern Pacific
preferred stock. AS the voting trust
controls the election of directors until
1901, it is clear that the action of the
board on the question will be final.
An important point hat appears to
ave escaped attention is that the fund
is really a protection for the common
stock. Provisions made in the plan of
CONTAMINATION were that when the NOt-
ing trust expires in 1901 default in two
consecutive quarterly dividends on the
preferred stock gives the preferred
stockholders the right to elect a ma
jority of the board. The dividend fund,
therefore, places in the hands of the
common stockholders a protection
against the control of the property be-
ing taken out of their hands by default
in dividends. because, with this fund,
there is no danger of any such default
taking place"
The 31st annual issue of "Poor's Man
ual of Railroads edition of 1899. con-
tains the usual statistical summaries of
the financial affairs and operations of
American railroad systems. The Man
ual presents this year the feature of
great detail and labor in the state
ments of the principal companies.
These statements. 1T is believed, will
prove of unusual public interest during
the ensuing II months.
The new edition of the Manual is 100
pages larger than the edition of 1897,
and cover the statements of o
1900 corporations, having an approx
mate capitalization and debt of S16,-
500, 900, 900. The new departments added
to the Manual from year to year have
increased the scope of it's text matter
from 1,167 pages to 1.346 pages. an ap-
parent increase of only 179 pages. But
the Manual of to-day is printed chiefly
in nonpareil and agate, the BREWER TAX
ing up only is per cent of the book.
ON this basis the 1876 pages of Poor's
Manual for 1898 would equal, Is set as
formerly. wholly in BREWER, 2,5SS
pages.
Of steam railroads there are present.
ed statements of 1851 companies-. 1S2
in the United States. 152 in the Domin-
ion of Canada and II in Mexico. The
department of city and suburban rail-
ways, comprising electric. cable and
horse railroads. is covered by 1,137 cor
porate statements and contains every
item of information respecting these
important enterprises.
The statement showing the mileage,
equipment, liabilities and assets, mile
age operated. traffic operations. gross
and net earnings, interest and dividend
payments, etc. of all the surface steam
railroads in the United States at the
close of the respective fiscal years:
1897 1896
Miles Miles
Mileage of railroads 179, 692.57 LIS, 1898
Second track, sid
ings, etc............ 57,21s.s5 56,93S.46
Total track ...... 236. s11.52 235. 4S2. -
Steel rails in track. .21l 1881 207 1882
Iron rails in ack 24.9S3.21 1888
Number. Number.
Locomotive engines. $3.50 sc, $50
Cars, passenger 49,. 25.275 24.Iss
Baggage, mail, etc.. S.133 1888
Freight ............. 1.229, 1876 1,240, 061
Total evenu cars. 1~.262,743 1,212,6sS
LIABILITIES.
1897 1896
Capital stock. IS, 453, 1872. O46 IS. 900. 100, 657
Bonded debt. 5,4I1. O5S.5 5,426,07 ,s69
U'funded debt 374,3s9.673 339, SOP, 302
Current acts. 1872, 4sl, 496 3S6,3s2,4 $40
Total liabil-
titles. .....s11.6 s1, H. $40 81, 442, $50, 27s
Excess of as
sets over
liabilities =. 2ss. sO1. s13 364.sO 0 1886
Total ...... 81, ss1 sl3.e5s 81, so7. 4s7, 21s
ASSETS.
Cost of rail-
road and
equipment $40, o2s, ISL, sO7 1898, 7s7, 10
r g a ! estate,
silks, bonds
and other
investm'ts 1909, sal .o62 1,45O,4ls.O23
Other assets. 222.o s9, 700 23l ,sl5,l2l
Current acts. 10, 53l, 2sf 16l, $3.50, 800
Total as
sets 49,. 81. s31. s1S. ss3 81, so7, 497, 2l3
The Chicago & Northwestern does not
intend that any sick or needy soldier
shall travel over its lines without be-
ing provided with all that he desires.
II food is wanted food will be pro-
vided. 1t medicine is needed. medicine
will be forthcoming. II attendance is
necessary, attendance will be found.
To look out for the wants Of the soldier
BOYS has been made the special duty
of conductors and agents in the follow
ing order. issued by General Manager
whitman:
You are instructed that special care