New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-03-24
CANADIAN PACIFIC'S EXPANSION.
Big Gains in Earnings Reflect the Domin-
IONS Prosperity.

Montreal March 2S-The remarkable expansion
that is taking place in the industries of the Do
niricn of Canada-ag riculture. manufacturing and
mining-has attracted large following in the
curities- markets of London, New-York, Montreal
and Toronto to the investment issues of Canadian
enterprises. a reflection OF which is presented in
the activity in the shares of the Canadian Pacific
Railway in the last few months investment ac-
cumulation of the 500 stocks, the majority of
which are held by the Canadian Pacific and pre-
dictions in well informed quarters Of further ap-
probation in the market values OF all shares rep
resenting Canadian corporations Doubtless there
are few people who know that the mineral land
holdings of the Canadian Pacific larger and
more valuable than those of any other railroad in
the Western Hemisphere and that the company
owns IN the Northwest 1l.s3s $50 acres of farm
lands and 1924 acres in British Columbia while
it will receive an additional grant in the latter
section of the country of 2.5Od.Ooo acres.
While the company paid the Dominion govern
ment last year-that is. the fiscal year ended June
So 1so4s30 900 600 account of the land grant bonds
and will continue to make similar annual payments
until the balance Of the bonds. amounting to
s1o,oo have been paid .fbr, it Is we'll TO note the
fact that sales from landt in the last fiscal year
amounted to much more than the amount paid the
government. and that In the preceding year the
total income from land sales was over 100000
The statement that recently made in Wall
Street paper that the company was receiving
benefit from the sales OF it's lands was therefore
misleading to say the least. The price of the lands
an average rate of Sc 81 acre. while in 1904 the
average. was 40 acre. The amount of de-
ferred payments lands sold is about SIS OoO.OOO
drawing interest at per cent. while the total OF
the land grant bonds outstanding. noted above.
is su5a0,000 at 81. per cent. The advance in Lon
don In Hudson Bay stock is based the great
value of its Canadian lands. and similar apprecia-
ton doubtless will take place in Canadian Pacifc
as its land holdings even greater than those OF
the Hudson Bay Company
With active immigration going on il NAV ar
once be seen how great and valuable an asset the
Canadian Pacific has in It's vast ownership of farm
and mineral lands also In Its holdings of oil lands
Oil. which experts say is Of the highest grade re-
Gently has been tapped In enormous volume in the
Canadian Northwest. A recent estimate of the
valuation of the Canadian Pacihc's agricultural
timber and mineral lands placed 100 per cent
on the company's capitalization.
So far in the current fiscal year earnings Of the
Canadian Pacific have increased to an extent that
foreshadovs total for the twelve months Of
more than S540oo0D in gross. against s4s $50 1873
in the preceding year. gain in four years of
more than S23no.00n For the six months ended
surplus. after all charges and dividends of 81 S1
but, as the earnings OF the company's express,
hotel and steamship service and returns from land
sales are not included in this COMPILATION IL will
oe seen that the company position is really better
than II appears the surface. Perhaps fhe hest
way 70 show the wonderful growth Of the com
pany is TO present comparative table of earnings
as the one following. which gives the results OF
operations In the last fiscal year and those OF five
years ago: