New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-07-26

operating expenses for the year Mileaze r.
creased 4611 miles. The capital stock was n
creased 81 900 in the year. issued for the con.
version Of 81 900 first mortgage per cent bond,
OF the Peninsula Railroad Of Michigan
Regarding the funded debt the report sayc
Changes Of importance have taken place dur.
ing the fiscal year In the funded debt Of tAs
company The amount outstanding as shown
In the annual report Of May 81. 1857 was Sl3l.
3S7. 800. including SO. 712 800 live bonds in thu
sinking funds and including also the funded
Indebtedness of the proprietary lines-the vi.
mona and ST. Peter and Dakota Central rail.
ways-whose operations and mileage are en-
braced in the system Of the Chicago and North
Western Railway Company. This aggregate In.
debtedness consisted Of forty-one different Il.
scriptions Of bonds and deoenture Obligation
issued from time TO time during the last thirty.
three years OF the growth enlargement and e..
tension Of the property. and matured and win
mature in various amounts at different percds
ranging from July 1. 1897. 70 May |. 1888
Measures were set on foot early IN the year
1897 to prepare a comprehensive and feasible
plan for refunding the indebtedness OF the con.
pany at or before maturity. and the plan va
fully perfected and put In operation BY N
creation Of the new General Gold Bond Mort
gage of 1887 which took effect on November
/. 1897.
prior to the execution OF the mortgage the
aforementioned aggregate Indebtedness was
changed by the payment Of S4O2, 800 Maple River
Railroad Company bonds. which were Cancelled
and the addition Of S68O.0OO Wisconsin North
ern Railway bonds assumed by the Chicago and
North Western Railway Company (of which
$4,000 we're sold for sinking fund purposes
end $500 900 were teld In the company's treas
ury) making the aggregate funded indebtedness
S131. 645 900. to be provided for in the new
General Gold Bond Mortgage Of 1885, TIE
Board Of Directors OF the company by resoiu'
tons duly adopted at it's meetings held July
and October 8, 1897. and the stockholders %
the concurring vote of more than two-thirds OF
the capital stock at special meeting hsa sep-
TENDER %. 1897, authorized the issue Of sloa'
600 900 bonds. to be called General mortgage
Gold Bonds OF 1887 to be secured by mortgage
or deed Of trust upon all the lines OF the COM
pany's railroad in the States Of Illinois. IOWA
Wisconsin and Michigan. with the equipment
franchises and appurtenances thereof and ss'
upon the lines Of railroad OF the Wnona sna
ST. Peter Railroad Company and the pako's
Central Railway Company upon their consohaS
ton with the Chicago and North Western ha'
way Company.
The saving OF interest I, the company WIKI
the payment. retirement or refunding OF 'ne
above S17,5s5. COO existing bonds shall ia"
been accomplished by the issue and suost'u'"i
of the new 81 per cent bonds viii amount
$3.50. $50 annually and proportionately iI0m
year TO year as parts of the same are refun'el
During the year S496O.00O OF the new 81 p'
cent bonds were issued and delivered on "
count Of the S2OOOO.OO0 bonds sold. s2""""
OF the issue were part OF SiWoVU speeap
reserved in the mortgage to he called TOT
resolution Of the Board OF Directors the pV
ceeds whereof to be expended for the oeua'
ment or increase Of the companys properu'A
and S2960OOO were issued against a coHe
spending amount of old bonds as shown III W
subjoined table, taken up retired and depoS"
with the trustee and by II stamped NOT neg
table Held i'm trust for the purposes decia'e
In the mortgage and as additional secu''s
therefor until the old issues OF wnich the' a'
a part shall be fully retired and cancelled |" ".
mortgage provides. Thus the aggregate "
bonds funded to May 81. 1898. and the ast''
gate OF 81. per cent bonds issued therei" ~
equal in amount, to wit: S2.96O000"