The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1875-04-02

measure Of comparison, and stated that
the Northern Pacific road would be bot.
ter than tho Union Pacific road, on &C.
count Of having lower grades, straigheer
line, better lands, more and richer min
erals, more and better coal, vastly more
timber, better climate, less snow, bettcr
agricultural and pastoral soil, more water,
and greater supply Of stone for build.
ing. Hc said that the Northern Pacific
Railroad Company had earned the fol-
lowing lands: From tho Northern Pa.
cifc Junction to Moorhead, making 22s
5-4 miles, at 20 sections, or 1880 acres
to the mile, 2,028,O00 acres, less onc-half.
tho title Of which is withheld until Lake
l.4e4.ooo acres; from Moor:
head to Bismarck, in Dakota.
1913 miles at 40 sections, or 25,600 acres
TO the mile, making 5.08S,000 acres, and
the Pacific Division, from Kalama to Ia.
coma. 205 miles, at 40pections, or 25,60O
acres to the mile, making 2. 668, 900 acres,
showing as total that the company is
entitled to patents for 9,22O,O0O acres OF
land, while the total number Of acres OF
granted lands accruing to the 531 3d.
miles Of road was l0,684,000. To satisfy
the company's grant in Minnesota there
are within the 20-mile limit odd numbered
sections not otherwise appropriated or
claimed amounting to 100000 acres.
Within the indemnity limits Of 20 miles
further there are $4,000 acres available.
The total area in Minnesota available
new for the grant are 1,744,7OO acres,
being an excess Of 280. 700 acres over the
company's present requirements in that
State. The award Of the St. Vincent
contested lands TO tho company would
add about 799. 900 acres to the available
area in Minnesota, still lacking some
$4,000 acres Of satisfying the company s
total grant in Minnesota. In Da-
kota there will be, he said,
no deficiency. The Government
has patented to the Company
685, ,o60.73 acres, wholly in Minnesota.
Patents for the remainder Of the earned
lands are delayed by two causes; first,
the government surveys arc not complet-
cd; second. an act Of Congress requires
the company to pay the cost Of fsurveying
before the patents are issued. The com
pany denies the legality Of this require
ment, and has no funds with which to
meet it, if valid. About one-third Of the
company's land in Dakota is now survey
ed. The cost Of procuring the certified
lists of lands from the local United States
land Offices, preparatory to applying for
patents, is IA cents per acre. An ap.
proximato estimate Of tho cost of Gov
ernment surveys is: 10 cents per acre for
timber lands, and 8 cents per acre for
prairie land. The total cost of surveying
the company's earned grant will be prob.
ably about 100000. The total sales OF
land to March !, 1875, are as follows: In
Minnesota and Dakota, 3l0,3S9.7o acres
at $5.37 per acre, making ST., 800. 1854 ;
in Washington Territory, 35.l48.00 acres
at $3.50 per acre, making $3O0,887.5e,
the aggregated total being 345,537. .8s
acres, 1t the average price Of $50 per
acre, realizing $l,970,703.03 The total
receipts from land sales to the present
date have been $1,858,638, consisting
mainly of the following items: In first
mortgage bonds, which have been received
and cancelled, $1,26l, $50; in land-war.
rant interest bonds, since cancelled,
$116,194.1l; in accrued interest on
bonds, $51 ,803.61; in premiums allowed
on bonds, $l34,7O8; in bills receivable,
settlers contracts on credit sales, part Of
which will be forfeited to the company,
and most of the remainder settled with
bonds, $1l2,065.03. OF the sales in Min.
nesota and Dakota, 1873 acres were OF
timber land, and the remainder, or 1885,.
716 acres, Of agricultural land. Of the
farm lands 3 Id, one-half nave been pur.
chased by actual settlers and others espe.
cially for cultivation.
1t is proper to add, that in view of the
recent discovery Of coal on the company
land in Washington Territory. reports o!
which are exceedingly favorable, both as
regards the quality and quantity Of the
deposits, all sales of coal land by the
company have been suspended until more
complete information can be obtained
The financial statement of the company,
he said, was also interesting. There have
been issued of first mortgage 7 $40 gold
bonds, $3l, SOC, ,270, Of which have beer
surrendered by the Land Department fol
lands sold, &l,254.970, leaving the bal
ance outstanding OF $50, AL 300. Of the
80 bonds issued as collateral for float
ing debt, mostly in 1875, there have beer
pledged 81, ,780, 300, at the rate Of from 25
to 10 cents on the dollar. The interest
Of land warrants, bonds and scrip giver
in. fundi"g Of coupons amounts to @848,
1855, less 5,552.78, the amount sur
rendered in payment for land sales, leav
ing balance outstanding of $732, ,632.77
The floating debt is $634, 1888, but o.
this amount $150,00O is arranged for set
Element in few days, and Of the remain
der $250.000 is due to the directors 70,
money advanced to finish the Pacific sec
ton after the failure of Jay Cooke l. Co
in 1873. This leaves only $284,658. 81
due outside Of the company as floating
debt, which he, tho President, theughl
was better showing than any
other railroad company could make
The earnings of the roat
have been as follows: On the Minnesota
and Dakota Division, $544,420.78, les:
expenses, $46O, ,066.23, leaving the net
earnings $84, ,420.55; on the Pacific Di
vision the earnings have been $102, ,394.7 70
less the expenses, $62,750.1O, leaving the
net earnings, $39, $3.50, making the tota
net earnings for the two divisions 1924,
056.l5. The capital stock issued to tn.
date of March 10, 1875, in shares of $1O(
each. have been 254,976 shares, making
the gross amount Of 5,497 900. Hav
ing made these statements, he was ready
to answer any questions which the bond
holders desired to put.
The constitutionality Of the enforce