, 1875-12-29
RAILROAD NEWS

The Lake Superior Il AIissIsHlppl Railroad has
thus far proved m unEroAtnblo Investment to
its stockholders and bondhoilers. The main
canse OF thla ia thst it WAS constructed under
tho belief thai as 1t furnished thu shortest and
cheapest outlot to lake navigation, latgs por-
hon OF the what exports Of Minnesota would
naturally seok this 1ouse. But in fact thin road
only touches the borders Of tho great agricut-
tuTal districts Of the State, which ARC penetrated
matnly by roads Terminating on Lalo blichignn,
aua tho wheat traffic is mainly controlled by
them. Tho indopcndent roada which do not tor
uaipato at Chicago or milwaukee, aro tho st. Pnul
i 9oux City aud the st. paui l. Pacific but
herctofore + large portion OF the vlcat carried
noapolia mills. aud though tito suro,ior
= Mississippt load takes largo share of sllo
flour lHoduoed lhato during the Blx months of
navigation on Lake Superior. tho greater s1aaro
roads, The uhola freight passing 1or.hmard
ovar the Iako superior Minslsalppl ilallroad
amounted for the year ending Dao. l, 1875, to
60,559 tons. OF shicl 2400o tons wcro wheat,
81, ,5d2 -four, aud 25,199 marchAndtso. Tho
freight paeaing southward amounted to s9.6S9
tons, Of which about 33 500 wore coal, salt, atld
other merchandise. TAa Auo ot tho road IL at
pFeaent 8paTaoty settled. thoro hetng only 3, 190
miles Of tno road. Undor .hcao circumstances
Il Is not ablo to meot tho ipte1oss on
isa indebtedness. str: J. 4. 1lsley, tho
Ffesldont OF tho road, sees no other way out
Of ths difficulty except TO reorganzo tho Com
pany on Rome plan which will bring tho liabilI-
ties OF the Company noarar to tho TAR galuo Of
the road. and place it in such tinauoal corldl-
tion that It will be ablo 10 do What III absolutely
required to make tho property capable VI ylolI-
log futu1o rovenuoh.
TINE NORTHERN PACIFIC RAILROAD.
Mr. Jay Cooko Ia reported to be Just ~ conf
don't - ever OF tho future aucoosa Of The tail-
road which swallowed up Ills great fortune and
brought him to bankruptcy. lilo says 1t now oo-
cuplcs the proudeBt position Of any road in tue
country, being entirely ftoc from debt, Its bonds
having all been converted Into preferred stock.
both ends ot tho yoad earn monthly surplus
over running expenses Of about 100000 The
.aluo Of The Compauy|s land grant. Air. Cooke
says, Ia far steater tllap oven tho Directors
themselves Imagine. Tho completion Of tho
last 300 miles Of track In psko,A gayo the Com
psny 20D QUO acrcs moro than arc contaited In
tile whole 6tata Of Massachusetts,. The reseryn-
tion Of tho alternate sections belong
Ia tracts If 10 a.lev, Or iGo to soldieEs.
enables tho Company to virtually offer tho sot-
tlor who luys farm OF II nDothor fsrm adj ,in-
Ing as ftss siss. The sess!er who buys ~ seres
from tte COMPANY has ooly to build h's honso on
the ad!alntng 80 ac1ee to own tho whola leu. II
lie was . soldier he gets $40 sorsa BY Tho eama
pzoeess. Iii. Cook areuos that tho atflcs provia-
ions Of tho law 10 prevent hl'eeulatosH getting
possession Of epI laud within the limit Of tho
grant will eycptuay rtauls ~ tLicklY popuIatlpH
fhe region through which tho Northern Pacific
runs. and. ~ result, will produce large local
bustaesa for tho road.
THE M.ssouR. PACIFIC.
Nkw YoRR. Dec. 2a.-Mayar 1lri.top, Of 81.
Louis, proalded to-day at \ numetoualy- assoudcd
meeting Of tho atockholue1s ot tho Pacific Rail
road Of Missouri. Speakers veto limited to IT.
teen minutes Zach. A. rsVo!utlou which wan Of
| fcsrd, that tho Chairman bo requested to aak
each Director presont whether or not ha would
| nbido by and comply with ths action Of tls msot-
| ing Whcn oppressed by a stock vote. brought
several Directors 70 tholF foot. jerome N. pa-
ker. ono OF the Ditectors, eaid that II the reao-
luton was adopted he would leayo the meeting.
aud ho thought hia colleague would do the aatps,
IuasauQll ~ IL vas al insult to them. They
oAus lhere to attsnl 4 meatinR OF gentle
auah, or elso they would nos rsmln
/ The other Directors pfeaont-6amuel =. Hays,
| tho proeldsnt of tho road, Daniel y. Garrison,
Joaa Tousey Aod!ew l.etes snd 1Ssx;aa 1M!,Gan IL.
| Dsker CONTINUED, saying thA. shet Dn nect9rs:em-
| phaucally uenled tho shsFBea s8a'uss them by
lhs stockholders, and that they were Without any
Ths mse.ing was = stormy one throughout,
md adjourned Without sesaoa.
| CALIFORNIAN HoAp
BAN FRANCISCO, CAL, Dec, 2s.-A dispatch
from Los Angeles says th&t large meeting waa
hold l.at night to tsko stops 10 e1teud tho Los
| Angeles b Independence lailsoad to oonuoct
With lhs Union Psci6o. a letter wAs read from
| Benatos Jos,As promising eo-ops7asioa. CONF
mittss WAS appointed to proceed 10 salt lasq jl
th4 aaseFeAt ot tho read.