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Mileage of roads not reporting earnings, etc, consisting chiefly of new roads not yet brought into full operation, 7,855.28 miles. In 1889 the greater portion of the new mileage was built in the last six months of the year, and consequently had not been brought into operation until the year 1890.

Miles operated, 152,689.04.

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Net earnings

*Other receipts, including rentals, received by lessor companies....

Total available revenue.

Payments from available revenue—

Interest on bonds

Other interest.

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$211,171,279
6,747,142
79,532,863
44,798,129

34,153,554

Dividends.

*Rentals

Miscellaneous

Total......

Balance, excess of available revenue over actual payments therefrom for the year..

$259,640,807 666,530,653 66,865,396

$992,856,856 674,731,517

$318,125,339 88,804,148

$406,929,487

$376,402,967

$ 30,526,520

* In all cases where the operation of leased railroads are separately reported, the lessors' income accounts have been omitted, a duplication of amounts under these heads being therefore avoided.

For the above statistics we are indebted to Poor's Manual of Railroads for 1890.

REPORTS OF COMPANIES.

Reports have been received from six companies, as follows:
Northern Pacific,

Chicago & Northwestern,

Chicago, Milwaukee & St. Paul,

St. Paul, Minneapolis & Manitoba,
Great Northern,

Minneapolis, St. Paul & Sault Ste Marie.

We would call attention to the fact that on January 31, 1890, all the roads controlled by the St. Paul, Minneapolis & Manitoba Railway Co., which included the main line, branches and spurs of that road represented by capital stock, together with the Willmar & Sioux Falls railway and the Duluth, Watertown & Pacific railway, whose entire capital stock was owned by the St. Paul, Minneapolis & Manitoba railway, and the Montana Central railway, which was operated under a lease, were leased to the Great Northern Railway company to be operated for a specified sum, for the term of 999 years, and that the following properties and securieties were transferred to the the Great Northern Railway company by the St. Paul, Minneapolis & Manitoba Railway company as subscription to capital stock, the same being made for the benefit of the St. P. M. & M, railway stockholders.

Pine lands, Mille Lacs county

Bonds

Stocks

Land contracts

$

53,503 56 4,695,800 00 14,814,900 00 621,771 93

39,382 84

207,075 22 75,202 71 23,361 90

5,000 00 750,000 00 553.525 74

$ 21,839,523 90

These securities being represented upon the books at $19,250000. Interest on funded debt of the leased roads assumed by the Great Northern Railway company.

St. Anthony elevator site.

Hotel LaFayette....
Minnetonka beach lands.
Devils Lake townsite
Sundry townsites

....

St. P., M. & M. railway consolidated mortgage bonds
Land grant, St. Cloud to Hinckley..

In the following compiled tables the St. Paul, Minneapolis & Manitoba Railway company reports business covering seven

months, from July 1st, 1889, to January 31, 1890 and the Great Northern Railway company reports for five months from February 1, 1890, to June 30, 1890, the end of the fiscal year. To avoid duplication of the mileage, stock, funded debt and debt per mile of these two reporting companies are given as that of the Great Northern Railway company.

The gross earnings of the Northern Pacific Railroad company, as given in the table, is only for rail lines, and does not include $126,648.29 earnings of Coeur d'Alene lake and river water transportation.

The total mileage reported by the Minneapolis, St. Paul & Sault Ste. Marie does not include 160 miles of line in North Dakota graded but not yet completed for operation. The capital stock of the company, however, covers this uncompleted road.

FREE TRANSPORTATION OF FREIGHT.

The subject of free transportation of freight to destitute parties of our State is a difficult problem. The several railroad companies have done a large amount of free business, and, while we commend their generosity, we recommend that this business be based strictly on actual necessity. It is demoralizing in its effects and interferes with the establishment of permanent cheap rates, which would be of far greater benefit to the State than so large a free business.

The total mileage operated of the several railroads reporting, whose lines are partly within the State, is as follows:

Name of Railroad.

Northern Pacific Railroad company.

Chicago & Northwestern Railroad company

Chicago, Milwaukee & St. Paul Railroad company

Great Northern Railroad company..

Minneapolis, St. Paul & Sault Ste. Marie Railroad company

Total mileage operated by roads reporting

21,049.90

The mileage of the railroads in operation within the State is divided among the several roads as follows:

Name of Railroad.

Northern Pacific Railroad company.

Chicago & Northwestern Railroad company

Chicago, Milwaukee & St. Paul Railroad company

Great Northern Railroad company.

Minneapolis, St. Paul & Sault Ste. Marie Railroad company

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Miles.

4,730.81 5,416.06 6,901.19 3,196.49 805.35

Total mileage in the State..

2,084.74

The capital stock of the several corporations is reported as follows:

$49,000,000 00
36.983,323 80

Miles.

855.20

14.28 118.21

997.92

99.13

Amount.

$85,983,323 80

Chicago & Northwestern Railroad company.
Chicago, Milwaukee & St. Paul Railroad company-

Common.
Preferred

Great Northern Railroad company-preferred
Minneapolis, St. Paul & Sault Ste. Marie....

$39,868,961 00
21,839,900 00

Great Northern Railroad company-No funded debt, but has as-
sumed interest on debt of St. Paul, Minneapolis & Manitoba
Railway company on
Minneapolis, St. Paul & Sault Ste. Marie Railroad company.

The funded indebtedness of the several railroads in operation in this State for the year ending June 30, 1890, was as follows:

Name of Railroad.

Amount.

Northern Pacific Railroad company

Chicago & Northwestern Railroad company
Chicago, Milwaukee & St. Paul Railroad company

Name of Railroad.

Northern Pacific Railroad company

*Chicago & Northwestern Railroad company

66,532,820 53

61,708,861 00 20,000,000 00

21,000,000 00

The stock of each company operating railways in the State per mile of road operated is as follows:

Name of Railroad.

Northern Pacific Railroad company.
Chicago & Northwestern Railroad company
Chicago, Milwaukee & St. Paul Railroad company
Great Northern Railroad company
Minneapolis, St. Paul & Sault Ste. Marie Railroad company.

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$109,219.778 72 104,985,500 00 125,693,000 00

52,785,000 00 19,601,021 40

Stock per Mile.

The funded debt of each company operating railways in the State per mile of road in operation is as follows:

Chicago, Milwaukee & St. Paul Railroad company.

Great Northern Railroad company-Interest assumed on debt of St.
Paul, Minneapolis & Manitoba

Minneapolis, St. Paul & Sault Ste. Marie Railroad company

$31,425 91 15,594 56 10,908 73 7,208 07 26,672 76

Funded Debt per Mile.

$34,576 45 24,700 26 22,219 69

The total stock and funded debt of each company operating railways in the State per mile of road operated is as follows:

19,023 89 26,765 38

Stock and Debt
per Mile.
$ 66,002 36

40,947 73
33,128 42
26,231 96

53,438 14

The grand total cost of construction, equipment and permanent improvements of each company operating railways in the State is as follows, reported to June 30, 1890:

*This apportionment of debt per mile does not include a total floating indebtedness of the Chicago & Northwestern Railroad company of $2,775,088.23.

Name of Railroad.

...

Northern Pacific Railroad company.
Chicago & Northwestern Railroad company.
Chicago, Milwaukee & St. Paul Railroad company
Great Northern Railroad company

Cost to St. Paul, Minneapolis & Manitoha Railroad company.
Minneapolis, St. Paul & Sault Ste. Marie.

The number of passengers carried by each company on the entire line for the year ending June 30, 1890, was as follows:

Name of Railroad.

Northern Pacific Railroad company.

Chicago & Northwestern Railroad company

Chicago, Milwaukee & St. Paul Railroad company.
*St. Paul, Minneapolis & Manitoba Railroad company
+Great Northern Railroad company..
Minneapolis, St. Paul & Sault St. Marie Railroad company

Name of Railroad.

Northern Pacific Railroad company.

Chicago & Northwestern Railroad company.

Chicago, Milwaukee & St. Paul Railroad company.
*St. Paul, Minneapolis & Manitoba Railroad company
+Great Northern Railroad company

Minneapolis, St. Paul & Sault Ste. Marie Railroad company

Amount.

$180 484,350 05 155,328,489 99 185,631,301 37

78,555,469 49

34,235,145 42

The amount of passenger earnings by each company for the entire line for the year ending June 30, 1890, is as follows:

Name of Railroad.

Northern Pacific Railroad company.

Chicago & Northwestern Railroad company.

Chicago, Milwaukee & St. Paul Railroad company.
*St. Paul, Minneapolis & Manitoba Railroad company
†Great Northern Railroad company

Minneapolis, St. Paul & Sault Ste. Marie Railroad com any.

Number.

2,214,704 12,213,627

7.505,946

1,429,444 796,605

222.506

*For seven months. +For five months.

Amount.

$5,910,347 44 6,334,364 47 5,981,639 36

The number of tons of freight carried by each company for the entire line for the year ending June 30, 1890, is as follows:

1,147,070 54 661,322 43 329,332 32

Number

of Tons.

3,569,969 13,450.324

9,292.992

1,545,133 790,858

1,037,752

The amount of freight earnings by each company for the entire line for the year ending June 30, 1890, is as follows:

Name of Railroad.

Northern Pacific Railroad company

Chicago & Northwestern Railroad company..

Chicago, Milwaukee & St. Paul Railroad company.
*St. Paul, Minneapolis & Manitoba Railroad company
+Great Northern...

Minneapolis, St. Paul & Sault Ste. Marie Railroad company.

Amount.

$15,355,112 53 19,864,151 89

18,337.009 51 4,538,691 10

2,533,096 61 1,475,264 63

The amount of gross earnings from operations by each company for the entire line for the year ending June 30, 1890, is as follows:

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