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inadequate to satisfy the demands for the year in respect to interest, sinking funds, etc., the fact is indicated by marginal reference.

For comparison from year to year, the number of miles of road operated on June 30 of each year is also shown, but this number is not closely comparable with the amounts of funded debt and capital stock; in some cases portions of the road operated are held under lease from corporations not controlled by the lessee, and in such cases the securities representing the leased road are obviously not included in or represented by the outstanding securities of the lessee. The annual rents on such property are not shown in the following statements, but they have been provided for in the income account before making provision for interest, sinking funds, etc.

It is also apparent that where carriers have investments of considerable importance other than in road and equipment, the revenues from such investments may appreciably affect the income accounts, and the securities issued for the purpose of acquiring such investments may account for considerable portions of interest and dividend charges.

35 I. C. C.

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Statement compiled from returns contained in the annual reports of the Great Northern Railway Company to the Interstate Commerce Commission for the years ended June 30, 1890 to 1914.*

9479°-VOL 35-15-36

Statement compiled from returns contained in the annual reports of the Northern Pacific Railway Company to the Interstate Commerce Commission for the years ended June 30, 1890 to 1914.*

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*The figures are shown to the nearest whole dollar. The amounts shown for funded debt and capital stock outstanding may include securities issued and held by the company. 1 Figures represent returns of the Northern Pacific R. R. Co.

3-6

3-6

155,000,000

3-7 155,000,000
3-7169,721, 100
3-6 7 217,881, 836
3-6 8248,000,000

248,000,000
248,000,000

10, 850,000

10, 850,000

3,000,000

3,016, 932

10,850,000

4,081,980

5,542,520

10, 850,000

12,623, 929

2,784,950

6,258, 118

14, 104, 790

7,534,350

17,359, 685

4,936, 259

17,359, 580

3,082, 266

3-6

248,000,000

17,357,900

303,815

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17,356, 220 17,356, 220

999, 727

,453,518

240, 761

2,295,247

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Figures represent returns of the Northern Pacific Ry. Co. for the 10 months ended June 30, 1897. Represents $6,999,946 declared on common stock and $1,500,000 declared on preferred stock.

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Statement compiled from returns contained in the annual reports of the Chicago, Milwaukee & St. Paul Railway Company to the Interstate Commerce Commission for the years ended June 30, 1890 to 1914.*

Interest accrued on funded debt.

Capital stock outstanding on June 30.

Year ended June 30.

Miles of road operated June 30.

Funded debt outstanding on June 30.

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*The figures are shown to the nearest whole dollar. The amounts shown for funded debt and capital stock outstanding may include securities issued and held by the company.

1 Includes $1,829,632 declared from surplus.

116,348, 200

116, 274, 900

8,417, 349 9, 308, 040 9,315, 614 16, 231, 453 16, 231, 453 115,071, 993 13,912, 533

468,879

5,072, 463

3,247, 410

6

116,855, 400

116, 274, 900

777727

3,796, 586

1,084, 362

126,861 25, 158, 155 3,657,844 1,391, 356

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Statement compiled from returns contained in the annual reports of the Chicago & North Western Railway Company to the Interstate Commerce Commission for the years ended June 30, 1890 to 1914.*

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