Northwestern ‘Union ....  .

-"AMERICAN; ~'-RAILROAD JQURNAL.

Chicago and Northwestern.... .. 314,351,523 33
Iowa Midlaud‘..‘-.‘.‘..?..’........-.. ' 98,023 38
135,049 07
222,520 48

794,820 35

La Crosse, Trempeleau 6;. r>.~esE:Z.it'.
Winona and St. Peter, and Mankato
branch   

 

$15,631,936 61

No dividends have been declared since June,
1873, when 3% per cent was paid on the preferred
stock. At that time it was anticipated that the
outlays-made by the company, for completion of
the new lines then in progress, and for other

’ works of construction, and new equipment, would

be met- by the sale ofbonds in suflicient amount to
represent. "the cost of these permanent. improve-
ments‘; but the financial troubles which began in
September, and the unfriendly legislation since,
in the States wherecur property is situated, pre-
vented the company from realizing its expecta-
tions from the sale of bonds.

All the net earnings have been applied towards
the pay ment of construction indebtedness, mostly
incurred before the panic, and for such further
expenditures as have since been found necessary

a to finish up and utilize t_he_works then nearly
completed.

' can-ran srocx.

The capital stock of. the Chicago and North
western Railway Company, at the close of the
fiscal year, was $36,477,173 82, via:

‘Common stock    .....$l4,993,060 40
Preferred stock....   ..

 21,484,113 42

   

Total....  ....   “$36,477,173 82

being an increase of $40 in the amount of common
stock, and $50 in the amount of preferred stock,
which’ represents scrip issued in adjustment of
dividends. I ‘

Bonus.
The following bonds have been retired and can-

_celled during the year, viz: - 3

Preferred Sinking Fund Bonds, $2,800; Green
Bay‘Extensiou $2,000; Funded Coupon, $6,700;
Galena and Chicago Union, first mortgage, $82,-
000; Galena and Chicago Union, second mortgage,
$84,000; Elgiu and State Line, $1,500; Missis-
sippi ‘River Bridge Bonds, $10,000; Seven per
cent Equipment Bonds, $86,000; Chicago and

,Milwaukee, first mortgage, $335,000; -Milwaukee

and Chicago, second mortgage, $84,500; and
Milwaukee and Chicago, third mortgage, $9,500.

- Total, $704,000.

‘In conformity with the trust deeds which pro

6 vide for consolidating the above debts, the follow.-

ingpbonds have been issued therefor, viz: 1

- Consolidated sinking fund, seven per cent,

;,bonds of the Chicago and -Northwestern
zi Railway Company, maturing 1915 ....$275,000

Consolidated, seven per cent, bonds of the

Chicago and Milwaukee B.ailwayCom-'
xpany, maturing 1898....    498,000

-—_:———‘

Total issued.....J....   .s773,000

The excess of bonds "thus issued and sold, over
the amount retired and cancelled, is 869,000 of

Jf Chicago and‘Milwaukee consolidated bonds, which
' issue is protected‘ by the‘ company’s deposit of

$69,000 in cash, with the trustee, to remain in his
hands ‘until a like amountiof the bondswhich
mature in 1874 shall come in for redemption.*
The company has sold for the purpose of con-
struction account, new equipment, and for steel
rai’ls,. purchased during the last year, the amount

’of $4,461,000 of its General Consolidated Gold

Bonds, making it total of $8,995,000 of the bonds

of this issue outstanding on the 31st of May last.
The bonded debt of the company at the close of

the fiscal year ‘wasv$29,538,500, consisting of $14,-

693,500 of bonds, bearing currency interest, and

$14,845,000‘of gold bonds. ‘ I

, The pbonded debt of the proprietary roads at the

I 6 ii‘ ‘Bonds since redeemed-and deposit taken up.

same time was $14,625,000, consisting of $6,750,-
000 of bonds, bearinginterest in currency, (less
$505 000 unsold), and $7,875,000 of gold bonds.
Aggregate of bonded debt outstanding, $43,-
658500. ’ ‘

CONSTRUCTION AND EQUIPMENT.

Theexpenditures madeduringtheyearforand on

account of the Chicago and North Western Railway
Company and its proprietary roads, for completing
the lines that were in progress, for new shops, new
general offices in Chicago, extra cost of steel rails
over iron, new side tracks, tracks to the iron
mines, and other important improvements, and for
41 new locomotives and 183 new cars, of various
kinds, amounted to the sum of $4,985,668 81. Of
this amount there was expended for account of
‘the Chicago and North Western Railway Company
on construction account $3,191,329 36; on equip-
ment account $679,060 53; and for the proprie-
tary roads $1,065,278 92. '

Among the important improvements, completed
during the past year may be mentioned the
general office building in Chicago, a substantial
and convenient brick building, 64 by 200 feet,
with three stories and basement, containing large
fireproof vaults, for_ the protection of books,
papers, and other valuable property, erected on
the company’s grounds, on Kinzie and Market
streets, Chicago, for the accommodation of the
general offices and business departments of the
company. . , p

The building was finished in season to be cc-
cupied on the 1st of last December, at a cost of
$122,172 02.

at West Chicago, consisting of one shop, 120 feet
wide by 550 feet long, with transfer table for re-
pairs of locomotives and machinery.

A blacksmith shop, 80 by 400 feet.

An engine house, containing stalls for 10 loco-
motives, with a turn table and necessary fixtures,
and with side tracks to accommodate the working
of the shops. . .

Two water tanks, each 30 feet in diameter and
16 feet deep, to supply the stationary and locomo
tive boilers. ' ' ‘ 3 3

A coalished, 24 by 160 feet, with chutes for
delivering coal to the engines. An arlesian well
1,800 feet deep. Also, the stone foundations for
four additional buildings for car shops, each 80
by 300 feet.

The shops are of brick and stone, with iron
truss roofs, and have been furnished with a new
stationary engine and b‘ Her, and much new ma-
chinery for the constructio_n and repairs of engines
and cars. Economy of operations is anticipated
from this consolidation of the principal shops of
the company. V

At Winona, a new machine shop has been com-
pleted and put-into operation, to facilitate the
repairs of equipment on the Winona and St. Peter,
the La Crosse, Trempeleau and Prescott, and the
Madison Extension lines. I

At Chicago, a viaduct has been constructed by
the city, to carry Canal street over the tracks 0!
this company andof the C. B. and Q. R. R. Co.,
near 16th street, and the share of expense which
was required to be paid by this company amount-
ed to $23,370 16. _ ,

One wooden span, 200 feet long, of the bridge
across the Mississippi River, at Clinton, has been
replaced with a substantial iron structure, and the
timber protection for the drawbridge mostly re-
Vnewed.

A large number of pile bridges on the Iowa
Division have been rebuilt, and many water sta-
tiousand other structures repaired, and five new
coal houses erected at the stations. ~ I

On the Peninsula Division, the sum of $123,068
94 was expended in completing tracks and
branches extending to the iron mines; and the
sum of 88 292 60 was expended on repairs of ore
dock, at-Escauaba. I 6 _

0u.,the Milwaukee Division, the _work was begun

of filling-up and renawingfltheg long tressle, bridge

New machine and repair shops were completed I

at Racine, and lands for'fill1'ng-, and a s‘i.é'aui'i ex-
cavator have been obtained for this purpose‘. ‘
An arch culvert of-24 feet span,‘ and an em-
bankment across the valley at Kenosha. are being
put in to replace the piling and tressle work at
that point. ' ‘
In the general disbursements for construction,
a considerable expenditure has necessarily been
incurred on the new roads since their opening in
September, in preparing tracks, ditches, cuts and
embankments. for the winter; and in providing
adequate side tracks, water stations, etc., for the
convenience of operating. Some further outlays
of moderate amount will be required from time to
time for -the same general purposes. 6
To set at rest all questions in regard to the con-
struction of new roads, it may be remarked that
all works of this kind which Vvere in progress at
the beginning of the fiscal year were completed
during the year, and no new roads are now build-
ing, nor are any contemplated.
The expenditures made for this class of con-

struction during’ the year were necessary to com-

plete the new lines and extensions which had been
authorized and entered upon in former years, and
upon which a large outlay had already been made.

The capital expended on the new lines has been
faithfully applied to their construction Ulldtl‘ the
immediate supervision of the principalofficers and
chief engineer of the company, and all materials
have been purchased and the works prosecuted to
completion without the intervention, in any man-
ner, of “ construction companies," or other inter-
mediary instrumentalities. 1

1 nnnrns AND nnnuwans.

In addition to the purchase of the ren thousand
tons of steel rails, which were mentioned in the
last Annual Report, the company ordered the
further quantity often thousand tons during the
last winter and spring, and have relaid 168 miles
of the main lines with steel track during the year.
Nine hundred tons were laid down on the Penin-
sula. division, and the residue on the Chicago and
Milwaukee line, on the Wisconsin division from
Chicago northerly, and on the Dixon air line be-
tween Turner 1.1 uuctiou and Fulton. .

In the changes from iron to steel, the track has
been mostly laid with new ties, and thoroughly
ballasted, dressed up, and improved, thus increas-
ing the ordinary cost of track repairs.

The difibrence between the cost of steel and
iron rails has been chargedto reconstruction of
tracktin steel. V ~ . _,

The total length of steel rail tra.ck laid down
and in use, on the 31st of May last, was 206.60
miles. _ , ' ‘

For extensive improvements made to the track
during the past year the large sum of 32,265,418
31 was expended. and charged to track repairs.
This expenditure, which constituted about twenty-
five per cent. of the entire cost of operating, and
exceeded by $648,449 75, or more than forty per

cent., the same class of expenditure for the pre-’

vious year, has materially improved the value of
the property, and will greatly add to the comfort,
security, and economy of operations in the future.
I Included in this outlay for track repairs is the
renewal-cost (at the price of iron rails) of
1685~”,,5,-,'»“5 miles of new steel rails, and v23°;§",5~ miles
of new iron rails, together amounting. to~$l,-
l35,994 28; also 15,90l-f§_f- tons re rolled iron
rails, equal to 163:;-5% miles of track, costing
$510,058 86; also 22,700. iron rails..repaire(l.and
re-rolled at the Company's shops——equal to
45§93g%- miles, at a cost of 824645 62. The length
of track so renewed is more t_ha,n double that re-
newed in either the two previous years, and meas-
ures 3s4gggg miles, or over 25 per cent of the
entire length of the Company’s road. The large
number of 550,587 new truck, switch and bridge
ties, costing 38.61 cents each, or an average ‘cost
in the track of 58.54 cents each, amounting to
$321,773 71, were used, and are equal to 196.64
miles of road laid with new ties. '

The sum of $83,295 97 was expended in raising
track to grade and for ballasting, and $26,874 92
for deepening and widening ditches.

!=3..1».-57