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The following table shows the names of the companies reporting to the commission and the dates when such reports were filed for the current year:

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.September 11.

Duluth, Red Wing & Southern.

Duluth & Iron Range..

Duluth & Winnipeg

Eastern Railway of Minnesota.
Great Northern...

Minneapolis Eastern...

Minneapolis & St. Louis.

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

Northern Pacific (including proprietary lines).

St. Paul & Duluth....

St. Paul, Minneapolis & Manitoba.

St. Paul & Northern Pacific...

St. Paul Union Depot....

Wisconsin, Minnesota & Pacific.

Willmar & Sioux Falls.....

Wisconsin Central Lines (N. P. Lessee).

Winona & Southwestern......

In all twenty-five companies.

September 24.

October 24.

November 14.

November 14.

..October 8.

..October 13. November 23.

. November 3. September 25. November 25.

November 10.

.September 28.

.October 13.

November 14.

..October 28.

December 30.

RAILROAD MILEAGE AND CONSTRUCTION.

The number of miles of railroad in Minnesota on June 30,

1891, was 5,527.55, an increase of 118.44 miles since June 30, 1890.

This increase is made up by the following roads :

Winona & Southwestern Ry. —

From Winona to Leroy...

Northern Pacific R. R. Co.

From Crookston to Carthage (proprietary).

And lengthening spur tracks, etc..

Burlington, Cedar Rapids & Northern Ry.

Branch track to stone quarry.

Minneapolis, St. Paul & Sault Ste. Marie Ry.

From Shoreham to Camden Place......

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Miles.

96.03

21.71

10.14

5.41

1.01

2.00

136.30

The following companies report a decrease, as follows:

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The Duluth, Red Wing & Southern Ry., the Winona & Southwestern Ry., and the Duluth & Winnipeg R. R., are in the hands of their respective construction companies, as yet.

The Minneapolis & St. Louis Ry. is still in the hands of a receiver.

The Northern Pacific R. R. Co. operate in addition to its own road the lines of the Duluth & Manitoba, the Little Falls & Dakota, the N. P. Fergus & Black Hills, the Duluth, Crookston & Northern, the Wisconsin Central R. R., and the St. Paul & Northern Pacific.

The Duluth Short Line is operated by the St. Paul & Duluth R. R. Co.

The report of the Winona & Southwestern Ry., was filed too late to be used in compiling the statistics.

CAPITAL, STOCK AND DEBT.

The following statement shows the changes during the year ending June 30, 1891, in capital stock, funded debt and current liabilities as shown in the comparative general balance shee of the respective companies.

STATEMENT

Showing Increase or Decrease in Capital Stock, Funded Debt and Current Liabilities, for Whole Line, as shown by Companies' Comparative General Balance Sheets.

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CAPITAL STOCK.

FUNDED DEBT. CURRENT LIABILITIES

Increase. Decrease. Increase. Decrease. Increase. Decrease.

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The net increase of capital stock is $6,926, 114. The increase of the capital stock of the Chicago, Milwaukee & St. Paul Ry., of $6,517,300, was made by issuing 3,590 shares of Preferred

Stock in exchange for bonds, amounting to $359,000.00 and by issuing 61,583 shares of Common Stock for exchange or purchase of stock of the Milwaukee & Northern R. R. Co., amounting to $6,158,300.00. The increase of the St. Paul & Northern Pacific R. R. Co., of $750,000.00 was issued to pay for terminal facilities as stated in the report of the company.

The net increase in funded debt is: $28,660,377, and the net increase in current liabilities is: $21,755,641.

STOCK, DEBT AND CURRENT LIABILITIES.

In table XIII a condensed statement of the capital stock, debt and current liabilities, is given, as reported by the various companies on pages 25 and 27 of the respective reports. It appears from this table that the capital stock is $23,872,769 less in 1891 than in 1890; that the funded debt is $17,800,378 more in 1891 than in 1890 and that the current liabilities are $3,831,524 more in 1891 than in 1890. The discrepancy shown by comparing this table with the foregoing table which shows a net increase in stock of $6,567,300, is explained as follows: The Northern Pacific Co. report this year $24,940,069 less stock than last year. On inquiry why this is so, the general auditor of the company says: "That the $24,940,069 represents the stock of certain branch roads operated by this company under traffic contract, but the possession of which has practically passed to the Northern Pacific R. R. Co., by the exchange of the bonds of these roads for Northern Pacific R. R. Co.'s Consolidated Mortgage Bonds. In the report for the year ending June 30, 1890, the cost of these roads appears in the item $124,951,500 on page 25."

Then, again, the stock of the St. Paul & Northern Pacific R. R. Co. was last year counted twice, first in the N. P. report and then separately in the report of the St. P. & N. P. R. R. Co., to the commissioners and the stock of the C. St. P. M. & O. Ry. was placed at $50,000 too much last year in the same table.

GROSS EARNINGS.

The total amount of gross earnings from operation of the railroads in this state

For the year ending June 30, 1891, was..

The same for 1890 was..

Increase for 1891....

$28,721,058

27,193,168

$1,527,890

FREIGHT EARNINGS.

The total freight earnings, including receipts from stock yards, elevators, etc.

were...

For year ending June 30, 1891, were.
For previous year the same were.....

$20,626,760

19,719,719

$907,041

Increase for 1891..

PASSENGER EARNINGS.

The total passenger earnings

For the year ending June 30, 1891, were.
The same for previous year were.....

$6,034,445

5,617,095

Increase for 1891.....

MISCELLANEOUS EARNINGS.

8417,350

The miscellaneous earnings, including mails, express, extra baggage, car mileage balance, switching charge balance, rents from tracks, yards and terminals, train and station privileges and telegraphFor the year ending June 30, 1891 were..

Same for previous year were..

Increase for 1891...

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OPERATING EXPENSES.

Total amount of operating expenses in Minnesota as reported by the companies

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Percentage of operating expenses to gross earnings 68.13 per cent.

NET INCOME.

Total net income of all railroads in Minnesota

For year ending June 30, 1891, was..

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Total amount of taxes certified by the commission to the state auditorFor the year ending December 31, 1890, was..

Same for year 1889 was..

Increase for 1890..

ACCRUED INTEREST.

$743,075.87 698,229.26

$44,845.61

The amount of interest accrued on funded debt of all railroads in Minnesota, for entire lines

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DIVIDENDS PAID.

The total amounts of dividends paid by all railroad companies, operating in Minnesota, for entire lines-

For the year ending June 30, 1891, was.
Same for previous year was.

Increase for 1891.....

$7,899,443

7,338,929

$560,514

The above-named dividends were paid by the following com

panies:

Chicago, Mil. and St. Paul, on preferred stock..
Chicago and Northwestern, on common stock..
Chicago and Northwestern, on preferred stock..

Chi. St. P., M. and Omaha, on preferred stock..
Great Northern, on preferred stock.
Northern Pacific, on preferred stock..
St. Paul and Duluth, on preferred stock..

Total

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In addition to the above, the following companies not opera

ting their railroad report dividends as follows:

St. Paul, Minneapolis and Manitoba.......

St. Paul and Northern Pacific, common stock.
St. Paul and Northern Pacific, on surplus....

Total....

FINANCIAL CONDITION.

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The twelve following companies, operating railroads in Minnesota, report a surplus for year ending June 30, 1891, (includ

ing the surplus from previous years), as follows:

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The following seven companies operating railroads in Min

nesota, report a deficit up to June 30, 1891, the former years

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