(Page 9a.) PROPERTY OPERATED-STATE OF MINNESOTA.

(For Roads Making Operating Reports.)
Name of Every Railroad the Operations of wbich are Included in the

Income Account-Page 31.

1. Railroad line represented by Capital Stock:

a Main line.

O Branches and spurs.
2. Proprietary companies whose entire capital stock is owned by this company.

Line operated under lease for specified sum.
4. Line operated under contract, or where the rent ie contingent upon earnings or other consid-

erations.
5. Line operated under trackage rights.

(Page 16.)

EXPLANATORY REMARKS. We are unable to ascertain the consideration upon which this stock was originally issued, the present owners having bought up the entire issue of 5, 000 shares, paid up and outstanding.

(Page 23.)

CURRENT ASSETS AND LIABILITIES.

Cash and Current Assets Available for Payment of Current Liabilities.

Current Liabilities Accrued to and Including June 30, 1896.

Materials and supplies on hand, $9,675.39. (See general balance sheet, page 49.)

(Page 29.) PACOST OF COST OF ROAD, EQUIPMENT AND PERMANENT IMPROVEMENTS.

Credit. (Page 28.)

EXPLANATORY REMARKS. The credit to “Grading Bridge and Culvert Masonry" and "Telegraph Line" is for the reason that proper returns were not made in prior report, and accounts have been redistributed, and greater part of this credit appears in "Other Items," with explanation.

(Page 31.)

INCOME ACCOUNT.

(For Roads Making Operating Reports.) Gross earnings from operation-page 35 .......

$227, 657.86 Less operating expenses-page 45...... ...

161, 307.85 Income from operation.....

$66, 350.01 DEDUCTIONS FROM INCOMEInterest on interest-bearing current liliabities accrued, not otherwise provided for.......

$7,080.33 Rents paid for lease of road-page 47, A.

52.50 Taxes......

1,924.96
Other deductions,Debit interest and discount, 65, 469.39; profit and
loss, credit $2, 955.86....

2, 513.53
Total deductions from income.........
Net income....
Surplus from operations of year ending June 30, 1896..............
Surplus on June 30, 1895 (from "general balance sheet," 1895 report)

...

.

..

.

......

Surplus on June 30, 1896 (for entry on "general balance sheet," page 51)

(Page 35.)

- EARNINGS FROM OPERATION-STATE OF MINNESOTA.