Condensed statement of the Income Accounts of the Company for five years ending May 31, 1869 : NETT EARNINGS. Total resources... Interest and exchange (including interest and dividends on the Chic, and Mil. RR. and the Beloit and Mad. $2,199,387 91 $2,874,360 42 $3,541,730 47 $5,209,424 32 $6,037,300 34 PAYMENTS. Abstract of Balance Sheets for five years ending May 31, 1869 : To the amount of share-capital stated as above should be added $1,500,000 of preferred stock, issued June 4, 1869, and which provided the means for the payment of the dividends declared June 15, 1869. The proceeds of this issue taken by the stockholders at par. The Company also made an issue, near the close of the fiscal year, of consolidated bonds to the amount of $750,000. The general balance sheets of the Company include only the advances made to the Iowa Division since the leases were executed-not the original cost of these lines. Their cost to the North-Western Company are the capitalized rentals and the sums required to complete them. The rental paid ($660,334 46) for the Chicago, Iowa and Nebraska Railroad, the past year, capitalized, equals the sum of $9,433,349, or $116,000 to the mile. The Cedar Rapids and Missouri Railroad earned, the past year, $10,684 per mile. At this rate, per mile, the rental of that road the coming year, will be $3,068 per mile, the capital of which sum is $43,829 per mile, or a total for 271.6 miles of $9,903,956. If the earnings of the Iowa Division should not increase, its capitalized rental after January 1, 1871, will equal a sum of $19,337,305, no portion of which appears in the general statement of the North-Western Company. 1,963,000 1,948,000 1,250,000 1,250,000 $1,249,000 $1,249,500 3,594,500 2d mort. 7 p. c. bonds (Gal. and Chic. U. RR., Peninsula RR. 1st mort 7 p. c. bonds (71.2 m.), Consol, sinking fund 7 p. c. bonds (C. and Total funded debt. The "bonds guaranteed" by the Company are as follows: 1st mortgage 7 per cent. bonds (Chic, and Milw. RR., 45 m.), 1874, May and Nov.. Bonds of leased roads guaranteed by Company.. $397,000 87,900 182,000 10,500 1,098.000 363,000 $2,088,400 Directors (elected June 4, 1869).-H. Henry Baxter, M. L. Sykes, Jr., John M. Burke, James H. Banker, Benjamin Nathan, Anthony G. Tulman, George S. Scott, John Bloodgood, E. P. James, S. M. Gurney and Russell Sage, New York City; John B. Turner, William H. Ferry, Perry H. Smith, Henry R. Pierson and George L. Dunlap, Chicago, Ill.; Alexander Mitchell, Milwaukee, Wisc., and J. L. Ten Have Frzn, Amsterdam, Holland. BELOIT AND MADISON RAILROAD. (Leased in perpetuity to Chicago and North-Western Railway Company.) Line of Road.-Beloit (90 m. N. W. Chicago), Ill., to Madison, Wisc...47 miles. General Balances (June 1, 1869).-Capital (except $10,200 exchanged for C. and N. W. Railway preferred) stock. Funded debt-1st mortgage 7 per cent. bonds, due 1888-$363,000. Dividends and interest paid by lessee. . Chicago, Ill. GALENA AND CHICAGO UNION RAILROAD. (Consolidated with Chicago and North-Western Railway in 1864.) Line of Road.-Chicago, Ill., to E. bank of Miss. (opp. Clinton, Ia.)..138.1 miles. Branches: Junction, 30 miles W. Chicago to Freeport, Ill........ 91 Elgin (42 miles N. W. Chicago), to Richmond, Ill............... 33-124.0 Total length of road operated. Second track and sidings, 71.86 miles. 262.1 miles. General Balances (June 1, 1867).—Capital stock (exchanged for C. and N. W. Railway stock at the rate of one share for one share C. and N. W. preferred, and one share common stock, and $3 cash). Funded debt-1st mortgage 7 per cent. bonds, due 1882, $1,919,000; 2d mortgage 7 per cent. bonds, due 1875, $1,029,000; Mississippi River Bridge 7 per cent. bonds, due 1884, $200,000; and Elgin and State Line RR. purchase 6 per cent. bonds, due 1878, $189,000-Total funded debt, $3,337,000. Interest is paid by C. and N. W. Railway Company. PRINCIPAL OFFICE AND ADDRESS.. Chicago, Ill. PENINSULA (Mich.) RAILROAD. (Consolidated in Chicago and North-Western Railway.) Line of Road.-Escanaba, Mich., to Lake Angeline Mine, Mich......67.9 miles. Branches and extensions to Mines..... 5.9 Sidings, turnout, etc., 9.93 miles. Gauge, 4 feet 8 inches. Rail, 57 lbs. to yard. General Balances (June 1, 1863).-Capital stock (exchanged for stock of C. and N. W. Railway Co.). Funded debt (1st mortgage 7 per cent. bonds, due 1898), $1,010,000. Coupons payable by C. and N. W. Railway Company. PRINCIPAL OFFICE AND ADDRESS.. Chicago, Ill. CHICAGO AND MILWAUKEE RAILROAD. (Consolidation of Chicago and Milwaukee and Milwaukee and Chicago Railroads, and leased, in perpetuity, to Chicago and North-Western Railroad Company.) 85 miles. Line of Road.-Chicago, Ill., to Milwaukee, Wisc..... Sidings, etc., 9.87 miles. Gauge, 4 feet 8 inches. Rail, 57 lbs. to yard. Operations (year ending May 31, 1869).-Gross earnings, $1,122,114 39; and operating expenses, $558,440 78: nett earnings (50.23 p. c.), $563,675 60. General Balances (June 1, 1869.)-Capital stock owned by lessee. Funded debt1st mortgage 7 per cent. bonds (C. & M. RR., 45 miles), due 1874, $397,000; 3d mortgage 7 per cent. bonds (C. & M. RR., 45 miles), due 1870, $37,900; 2d mortgage 7 per cent. bonds (M. & C. RR., 40 miles), due 1874, $182,000; 3d mortgage 7 per cent. bonds (M. & C. RR., 40 miles), due 1879, $10,500; 1st mortgage 7 per cent. bonds (C. & M. Railway, 85 miles), due 1898, $1,098,000-Total funded debt, $1,725,400. Dividends and interest paid by Chicago and North-Western Railway Company. PRINCIPAL OFFICE AND ADDRESS.. . Chicago, Ill. READING AND COLUMBIA RAILROAD. Line of Road.—Columbia, Pa., to Sinking Springs (Leb. Val. RR.) Pa..40 miles. Branch: Junction (12 m. E. Columbia) to Lancaster, Pa....... 8 Sidings, turnouts, etc., 2.50 miles. Gauge, 4 feet 8 inches. Rail, 54 to 56 lbs. to yard. Trains are run over the Lebanon Valley RR. between Sinking Springs and Reading, a distance of 6 miles. Rolling Stock.—Locomotive engines, 8. Cars-Passenger, 7; baggage, mail and express, 1; freight, 37.-Total, 45 cars. Operations for year ending November 30, 1869.—Trains run-Passenger, 72,653; freight, 99,382-Total, 172,035 miles. Passengers carried, 122,000. Tons of freight moved, 239,000. Gross earnings-Passengers, $62,022 35; freight, $151,552 66; other, $2,657 20—$216,232 22. Current expenses, including taxes, $154,556 99; nett earnings, $61,765 23. Interest on bonds, $70,000. Balance debit, $8,324 77. General Balances (December 1, 1869).—Capital stock, $506,848 09; 1st mortgage 7 per cent. bonds of 1862, due March 1, 1882, $650,000; 2d mortgage 7 per cent. bonds of 1864, due June 1, 1884, $1,000,,00; other liabilities, $986,448 83. Per contra: Property-Road, $1,861,193 04; rolling stock, $219,883 46, and real estate, $61,583 22-$2,167,659 72; material, assets and cash, $56,862 62. Total, $2,199,522 34. Directors (elected January 10, 1870).-H. P. McKean, A. E. Borie, R. B. Cabeen, J. B. Lippincott, John Ashhurst and John Tucker, Philadelphia, Pa.; W. G. Case and George Bogle, Columbus, Pa.; T. Baumgardner, Lancaster, Pa.; Frederick Lauer and G. A. Nicolls, Reading, Pa.; Samuel Small, York, Pa. DAYTON AND MICHIGAN RAILROAD. (Leased in perpetuity from May 1, 1863, to the Cincinnati, Hamilton and Dayton Railroad Company.) The Dayton and Michigan Railroad was taken on perpetual lease by the C., H. & D. RR. Co. on the 1st of May, 1863, on condition that the interest on the bonded debt should be paid by the lessees. A bonus of a million dollars of stock, together with $594,000 of past due coupons, was given to the C., H. & D. Co. The coupons were subsequently paid to the C., H. & D Co. in the bonds of the D. & Mich. Co. secured by a new mortgage on their road. During the six years that the road has been operated by the C., H. & D. Co., the nett earnings have exceeded expenditures for operatting and interest on all the bonded debt, $193,960 18. The C., H. & D. Co. have, however, made large advances to the D. & M. Co. for construction and repairs, which have been reimbursed (with exception of $107,148 49) by the sale of bonds issued by the latter. Line of Road.-Dayton (60 m. N. Cincinnati), O., to Toledo, O....141.37 miles. Sidings, etc., 16.09 miles. Gauge, 4 feet 10 inches. Rail, 56 lbs. to yard. Rolling Stock (April 1, 1869).—Locomotives, 21, and cars (passenger, 4; baggage mail and express, 4, and freight, 351), 359. Operations (year ending March 31, 1869).—Gross earnings (passenger, $341,668 42; freight (330,779 tons), $646,604 09; mails and express, $50,974 30, and rents, interest, etc., $1,042 46), $1,040,289 27; and operating, renewals, taxes, etc., $751,068 89: nett earnings, $289,210 38. Bond interest, $246,960. Surplus, $42,260 38. The gross receipts for the past eight years have been as follows: 1862. 1863.. $400,168 57 1864.. $768,246 20 1866. .1,069,186 97 1867. $951.357 46 1868. $965.853 55 ..1,040,289 27 General Balances (April 1, 1869).—Capital $2,390,645 57; funded debt, $4,316,800; bills payable, $4,200; interest on bonds, $8,147 87; lessors' account, $107,148 49, and individuals, $840 36. Per contra: Construction and equipment, $6,471,898 66; bills, $1,624; town of Perrysburg, $10,000; individuals, $7,187 72, and profit and loss, $336,072 91. Total, $6,827,783 29. Statement of the bond issues outstanding April 1, 1869 : 1st mortgage 7 per cent. bonds, due July, 1884, interest Jan, and July.... 2d mortgage 7 per cent. bonds, due March, 1879, interest March and Sept.. 3d mortgage 7 per cent. bonds, due Oct., 1888, interest April and Oct.... Toledo Depot 7 per cent. bonds, due Sept., 1881, interest March and Sept.. And also $3,300 in miscellaneous bonds. $2,802,000 642,000 700,000 169,500 Directors (elected May 11, 1869).—S. S. L'Hommedieu, Cincinnati, O.; M. R. Waite, Toledo, O.; George T. Stedman, John Young, Lowell Fletcher and William Goodman, Cincinnati, O.; P. Smith, Dayton, O.; C. T. Pomeroy and George W. Holbrook. |