c Includes subscriptions to new stock of $14,721,100.37.

IMPORTANT CHANGES MADE DURING YEAR-
STATE OF MONTANA.

1. All extensions of Road put in Operation.

Decrease in Mileage by line abandoned or straightened.

2

6. Capital Stock issued under regulations of Board of Directors held September 23, 1905, $200.00; For cash, $20,000.00; in exchange for 90 shares St. Paul, Minneapolis & Manitoba Ry. stock, 11,250.00.

7. Northern Pacific-Great Northern joint Chicago, Burlington & Quincy collateral trust bonds issued $800.00; G. N. Ry. proportion $400.00.

8. Resolution of Board of Directors authorizing the issue of $60,000,000.00 Capital Stock to provide funds to pay for additional equipment, additional terminals and facilities to existing lines, including second track mileage, and for reduction of grades and improvement of lines; also, for acquiring the stocks or bonds, or both, of sundry Railway Companies as the Board of Directors may deem necessary.

Subscriptions to this new stock June 30, 1907, $34,616,212.00.
The following securities have been acquired during the year:

St. Paul Union Depot stock, $3,600.00.

Half interest in $400 C. B. & Q. stock.

Minnesota Transfer Railway Co.'s bonds, $19,000.00.

Crows Nest Pass Coal Co. stock, $355,400.00, par value.

St. Paul, Minneapolis & Manitoba stock, $9,000.00. (As explained in item 6, above.)

The following securities have been sold during the year:

Great Northern Railway capital stock 413 1-2 shares.

Have received from Treasurer, Town of Sanders, $408.00, towards redemption of bonds held by this Company.

Town of Minnesota Falls, bonds redeemed, $1,000.00.

No changes.

MONTANA CENTRAL BY.

MONTANA RAILROAD.

3. Thirty-six miles of main line from Lombard being revised, both alignment and grade. Work not completed.

NORTHERN PACIFIC BY.

1. Elkhorn Branch transferred to operated mileage, 4.41 miles. Cokedale Branch, track taken up, 2,19 miles.

2.

6.

See No. 8.

7.

Prior Lien Bonds issued $1,018,000.00.

St. Paul-Duluth Division, bonds purchased and canceled, $39,000.00 Western R. R. of Minnesota, bonds redeemed at maturity, $308,000.00 Minneapolis & Duluth R. R., bonds redeemed at maturity, $279,400.00 Car Trust notes paid at maturity. .$ 34,036.68 $357,563.32

Net increase in mortgage debt.

8. Under date of December 12, 1906, the stockholders authorized an increase in the Capital Stock of 950,000 shares, 930,000 shares of which have been offered to the stockholders of December 31, 1906, at par. None of this stock will be issued before January, 1909, but payments have been received on subscriptions

OREGON SHORT LINE RAILROAD.

4. The properties owned by the following Companies were leased to the Oregon Short Line Railroad Co. on the following dates:

St. Anthony R. R. Co., July 1, 1906.

Salmon River R. R. Co., July 1, 1906.

Wyoming Western R. R. Co., July 1, 1906.

Malad Valley R. R. Co., July 1, 1906.

Minnidoka & Southwestern R. R. Co., July 1, 1906.
Yellowstone Park R. R. Co, July 1, 1906.

Malheur Valley Ry. Co., Jan. 15, 1907.

YELLOWSTONE PARK RAILROAD.

No changes.

CONTRACTS, AGREEMENTS, ETC., AFFECTING BUSINESS WITHIN STATE OF MONTANA.

1. Receive a percentage according to agreement with the Great Northern Express Company, the Northern Express Company and the Pacific Express Company.

2. Receive from the United States Government $3,187.00 per annum for the transportation of mail. 4. Receive a percentage according to agreement with the Great Northern Railway the Northern Pacific Railway and the Oregon Short Line Railroad, on through freight and passenger business. 7. Receive a percentage according to agreement with the Western Union Telegraph Company on through telegraph business.

1.

2.

3.

5.

Mont.

CHICAGO, BURLINGTON & QUINCY BY.

Adams Express Company.

Mails are transported at rates fixed by Act of Congress.
Pullman Company for Sleeping Cars.

Northern Pacific Railway, use of track from Huntley, Mont., to Billings,

7. Western Union Telegraph Company.

GREAT NORTHERN RY.

1. Contract with the Great Northern Express Company whereby they do all the express business upon lines operated by Great Northern Railway. The Railway Company receives a percentage of the gross earnings.

2. Mail Routes established by the United States and Canadian Governments according to law.

3. Operates its own sleeping, parlor and dining cars.

7. Western Union Telegraph Company and the Great Northwestern Telegraph Co., joint use of wires and transportation of labor and material account repairs-free.

MONTANA CENTRAL RY.

1. Contract with the Great Northern Express Co. whereby they do all express business over line operated by Montana Central Railway. The Railway Company receives a percentage of gross earnings.

road.

2 Mail Route established by U. S. Postal Department.

3.

Sleeping cars owned by the Great Northern Railway are run over this

7. Western Union Telegraph Co. License to string one wire on Railway Company's poles between Great Falls and Helena, Mont., also for joint use of wires and free transportation of men and material account repairs.

MONTANA RAILROAD.

1. Agreement with the Northern Express Company to accept through billing on one graduate, rates based on sum of locals. 2. Mail Route Contract No. 163,006 of United States Postal Department dated September 11, 1906, transportation of United States mail, Lombard to Lewistown, at $87.21 per mile per annum.

5. Traffic contract with the Northern Pacific Railway Company, effective March 1, 1900.

9. Contract with McIntosh Brothers for construction of revised main line, Lombard to Mile 36. Contract with Spring Creek Coal Co. for fuel.

NORTHERN PACIFIC RY.

1. The Northern Express Company runs over all lines operated by this Company, paying a percentage of its gross earnings for the privilege.

2. U. S. Mails are carried by this Company at the rates of pay authorized by Act of Congress and under the rules of the Postal Department.

3. Standard Sleeping cars are owned jointly and equally by this Company and the Pullman Company, and the earnings and expenses are apportioned equally to the two companies.

tion.

5. Montana Central Railway, trackage rights Helena to Boomerang Butte, Anaconda & Pacific, lease of line Stuart to Anaconda.

Chicago, Burlington & Quincy Railway, lease of line, Huntley to Billings. Oregon Short Line, lease of line Butte to Silver Bow, rental based on valuaWestern Union Telegraph Company.

7.

OREGON SHORT LINE RAILROAD.

1.

Pacific Express Company. Oregon Short Line Railroad receives fifty per cent of the gross earnings of the Express Company.

2.

3.

Handled in accordance with rates fixed by Act of Congress.

Sleeping, Parlor and Dining Cars handled under contract with the Pullman Palace Car Company.

5. Receivers Union Pacific System, October 2, 1897, interchange of passenger and freight traffic, supplemental, October 2, 1897, January 12, 1898, March 12. 1898. Union Pacific Railroad Company: August 18, 1898, division of revenue on Butte interline freight traffic, November 24, 1900, division of revenue on lumber shipments from O. R. & N., November 24, 1900-traffic interchanged between U. P., O. S. L. and O. R. & N. (Sioux City to be common with Council Bluffs); November 27, 1900, division between U. P. and O. S. L. on lumber, etc.. from Northern Pacific; March 5, 1901, division on coal traffic from Diamondville and Kemmerrer to points Ogden and South via U. P. and O. S. L., June 18, 1903, interchange of passenger and freight traffic.

Rio Grande Western Railway Company May 1, 1897, formation Local Utah Railway Association May 29, 1897, interchange of passenger and freight traffic, supplemental, August 11, 1897.

Oregon Railroad & Navigation Company, April 19, 1897, May 29, 1897. June 10, 1897, August 30, 1897. October 18, 1897, November 1, 1897, November 17. 1897.- interchange of freight and passenger traffic.

Salt Lake & Mercur Railway, March 29, 1897, interchange of passenger traffic.

Northern Pacific Railway Co., effective March 1, 1898, traffic right Silver Bow to Meaderville.

Great Northern Railway, Oregon Railroad & Navigation Co., Union Pacific. November 24, 1900, traffic agreement covering freight and passenger business via Spokane Gateway

San Pedro, Los Angeles & Salt Lake Railroad Company, June 18, 1903: interchange of passenger and freight traffic.

7. Western Union Telegraph Co., April 22, 1898, supplemental Dec. 14, 1900, and Dec. 24. 1900, November 11, 1901.

8. Rocky Mountain Bell Telephone Co., June 1, 1897, June 8, 1900, June 17. 1902, April 1, 1905, May 28, 1905.

8.

Utah Independent Telephone Co., July 23, 1905, Oct. 23, 1905, Oct. 24, 1905.

YELLOWSTONE PARK RAILROAD.

No contracts or agreements.

Total all lines.
**No data given in annual report.

51

36 612 281 931 732 802 768 1,881 679 773 2,913| 7528,476 130 629

2,712 2315123100]

Figures given are for entire line.