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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: List of Companies reporting.

When Filed. Burlington, Cedar Rapids & Northern.

. September 19. Chicago, Burlington & Northern....

..October 27. Chicago, Milwaukee & St. Paul...........

... November 5. Chicago & Northwestern..........

September 14. Chicago, St. Paul, Minneapolis & Omaha

....October 9. Chicago, St. Paul & Kansas City .............

September 26. Duluth Short Line.............

.. September 12. Duluth Terminal.....

... November 14. Duluth, Red Wing & Southern..........

. September 11. Duluth & Iron Range....

September 24. Duluth & Winnipeg .....

... October 24. Eastern Railway of Minnesota .....

. November 14. Great Northern........

November 14. Minneapolis Eastern.......

..October 8. Minneapolis & St. Louis....

...October 13, Minneapolis, St. Paul & Sault Ste. Marie.....

... November 23. Northern Pacific (including proprietary lines).

...... November 3. St. Paul & Duluth.......

September 25. St. Paul, Minneapolis & Manitoba......

.November 25. St. Paul & Northern Pacific....................... .. November 10. St. Paul Union Depot.....

.September 28. Wisconsin, Minnesota & Pacific........

... October 13. Willmar & Sioux Falls.....

. November 14. Wisconsin Central Lines (N. P. Lessee).....

...October 28. Winona & Southwestern...

. December 30. In all twenty-five companies.

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.

Miles. From Winona to Leroy...... ................................ 96.03 Northern Pacific R. R. Co.From Crookston to Carthage (proprietary)........

21.71 And lengthening spur tracks, etc.....

10.14 Burlington, Cedar Rapids & Northern Ry. Branch track to stone quarry........

......... Minneapolis, St. Paul & Sault Ste. Marie Ry.From Shoreham to Camden Place.......

1.01 Duluth & WinnipegExtension from end of track..

.......

5 41

2.00

:

136.30

Total increase
The following companies report a decrease, as follows :
St. Paul & Duluth R. R.-
Leased Kettle River road to Eastern Ry.....

5.00 Eastern Ry. of Minnesota,

Abandoned part of Kettle River road......... .............. 3 99 Wisconsin Central.-To correct error in previous reports...........

............

8.87 Total decrease....

17.86 Thus making the net increase for the year........... 118.44 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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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. & 0. 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 stateFor the year ending June 30, 1891, was.......... ........ $28,721,058 The same for 1890 was....

27,193, 168 Increase for 1891.........

$1,527,890 FREIGHT EARNINGS. The total freight earnings, including receipts from stock yards, elevators, etc.For year ending June 30, 1891, were....

$20,626,760 For previous year the same were......

19,719,719 Increase for 1891.

$907,041

....................

PASSENGER EARNINGS.
The total passenger earnings-
For the year ending June 30, 1891, were. .......
The same for previous year were.....

86,034,445 5,617,095

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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 telegraph For the year ending June 30, 1891 were................

$2,059,853 Same for previous year were.......

1,856,354

Increase for 1891.

$203,499

OPERATING EXPENSES. Total amount of operating expenses in Minnesota as reported by the companiesFor year ending June 30, 1891, was.......

... $17,568,812 Same for previous year was.....

... 16,311,062

Increase for 1891......

...... $1,257,750 Percentage of operating expenses to gross earnings 68.13 per cent.

NET INCOME. Total net income of all railroads in MinnesotaFor year ending June 30, 1891, was............................ $11,152,246 Same for previous year........ Increase for 1891......

$270,140

.............................

10.004.100

TAXES.

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

$743,075.87 Same for year 1889 was......

... 698,229.26

Increase for 1890.........

.......

$44,845.61

ACCRUED INTEREST. The amount of interest accrued on funded debt of all railroads in Minnesota, for entire linesFor year ending June 30, 1891, was............

............................ 825, 146,707 laterest on current liabilities...

109,940

Total for year 1891.........
The same for previous year......

.....

$25,256,647 25,325,836

Decrease for 1891........

$69,189

...........

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...

........ $7,899,443 Same for previous year was.....

7,338,929 Increase for 1891.

$560,514 The above-named dividends were paid by the following companies: Chicago, Mil. and St. Paul, on preferred stock...

$1,532, 153 Chicago and Northwestern, on common stock..

1,882,494 Chicago and Northwestern, on preferred stock..

1,563,310 Chi. St. P., M. and Omaha, on preferred stock.

450,272 Great Northern, on preferred stock..............

650,000 Northern Pacific, on preferred stock....

1,472,466 St. Paul and Duluth, on preferred stock..........

348,748 Total

87,899,443 In addition to the above, the following companies not operating their railroad report dividends as follows: St. Paul, Minneapolis and Manitoba........

...$1,200,000.00 St. Paul'and Northern Pacific, common stock....

348,750.00 St. Paul and Northern Pacific, on surplus......

.... 499,351.33 Total.

..... 82,048,101.33 FINANCIAL CONDITION. The twelve following companies, operating railroads in Minnesota, report a surplus for year ending June 30, 1891, (including the surplus from previous years), as follows: Burlington, Cedar Rapids & Northern .........

$612,025 Chicago, Milwaukee & St. Paul........

3,094,852 Chicago & Northwestern.......

5,621,596 Chicago, St. Paul, Minneapolis & Omaha.

6,744,327 Chicago, St. Paul & Kansas City ...

1,143,898 Duluth & Iron Range.....

722,604 Eastern Ry. of Minnesota ....

58,017 Great Northern. ...

1,402,150 Northern Pacific........

5,335,651 St. Paul & Duluth.....

166,307 Duluth & Winnipeg (North Star Con. C.)..

33.647 Duluth, Red Wing & Southern.....

19,169 Totai............... ...................................... $24,954,243 The following seven companies operating railroads in Minnesota, report a deficit up to June 30, 1891, the former years included, as follows: Chicago, Burlington & Northern ..........

$619,052 Willmar & Sioux Falls..

105,373 Minneapolis & St. Louis.....

14,825 Wisconsin, Minnesota & Pacific...........

1,392,807 Minneapolis, St. Paul & Sault Ste Marie.....

173,886 Wisconsin Central, (N. P. R. R. Lessee)...

526,308 Minneapolis Eastern......

102,571 Total.

$2,934,822

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