Michael Sol wrote:
>
>
> --- In MILW@yahoogroups.com <mailto:MILW%40yahoogroups.com>, "ComSoPac"
> <usspc5551@...> wrote:
> >
> > "Brown Brothers & Co. have issued a special pamphlet on the Northern
> Pacific-Great Northern Railways ...".
> ------------------------------------------
> Admittedly, I have always enjoyed the genuine historical perspective and
> high degree of accuracy provided by the "special pamphlets" of
> investment bankers trying to peddle railway bonds.
>
> What the pamphlet was announcing, of course, was that the annual fixed
> charges related to the acquisition of the Q, for the NP and GN due to
> the refinancing required in 1921, were to increase by $5.3 million
> annually, from 4% -- $9,200,000 per year -- to 6.5% -- $14,500,000 per
> year.
>
> And that was in a year in which neither road earned its fixed charges
> from Net Railway Operating Income.
>
> Ed's pamphlet shows that in 1921 neither of the Northern Lines earned
> any net railway operating income, and were forced to increase their
> annual fixed charges relating to the Q acquisition by nearly 60% over
> past years. The future must have looked so bright based on those facts
> that Ed's excitement is understandable.
>
> In 1907, the Northern Pacific earned $61,132,651 in transportation
> revenues compared to the Great Northern's $40,148,080. In 1908, the
> Northern Pacific was the strongest of the three with $67,780,177 in
> transportation revenues, compared to the Milwaukee's $59,897,463, and
> the Great Northern's $53,873,558.
>
> By 1925, NP earned $97,000,000, Great Northern earned $114,924,000.
> Milwaukee Road earned $162,000,000 -- more than the Q's $159 million.
> Indexed over the 1908 figures, the rates of growth were, respectively,
> 148, 213, and 270.
>
> Between 1906 and 1925, Milwaukee Road had ADDED to its overall revenues,
> more than the entire earning power of the NP Railway in 1925 and nearly
> as much as the entire earning capacity of the Great Northern.
>
> The numbers, of course, beg the question as to where Milwaukee Road's
> sudden growth in revenues came from.
>
> I am sure there is a pamphlet out there somewhere that explains that and
> that Ed will kindly publish that one too.
>
> best regards, Michael Sol
>
>
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