The daily intelligencer. [volume] (Seattle, Wash. Territory [i.e. Wash.]) 1876-1881, 1879-10-30

Z oNNN'SnS kCi Aic tuiOukup VI AZ, VIC
States. BY construction the road
has earned and acquired title to l0.5'9.-
200 acres. In November next, by the
building of the one undrsd miles first
west OF the Missouri river. it will have
earned 4, ,0O0, 900 more scres-in oil. for
the 66C miles of Its main line thus com.
pleted, 1859, 200 acres. OF its lands.
the company before and since its reor-
gsnization. has sold 2,3l2. l29 acres, at
an average price in Dakota and Mime
sofa Of "a 4j, and in Washington Ter.
ritory Of 80 II. These rates, aud the
progress Of the road. have amazingly
stimulated the settlement Of the Gov
eminent lands. There were taken OF
these by actual settlers. in Minnesota
aud Dakota, for the fiscal year ending
June 30 1879. over $50 900 acres. or
the soil aud climate of the region
through which the road is constructed,
it isn't necessary (, affirm. Five sue
cessivc abundant hsrvests of No.
sprirg wh.-t. and Of oats. rye. birlcy,
iray aud vegetables demonstrate the
extraordinary productiveness OF the
. earth and the most favorab bic accompa.
nying climatic conditions In no other
part of tho United States. in the same
period, were FIVE successive full crops
PRODUCED.
Most Of the company's landa sold
east Of the Missouri river were bought
with it's preferred stock at par. This
stock was cancelled, and no new stock
has been or viii be Issued in it, place.
Uuder the reorganization tho capital
stock OF the company. fixed by It's char
ter at 500 100000. was divided into
f5l COO 600 preferred and $49. .OOO. 900
Of common stock. Preferred stock re-
ceived in p"ymen. for land has been
cancelled To the amount OF 81. 200. OGJ
This raves at this date Of preferr-.,
stock III existence. IA. 800, 900. "
this .moun, the company own. about
$4,000 900. applicable under the plan
of re"r.aniz .tion to construction and
variously 10 carrying out the objects Of
the plan The Common stock is wide.
ly owned by the original protector. Il
the enterprise and their assigns. The
company owns none Of it. Thi, stock
has been aud will be issned only AS the
road IS constructed and accepted by
the Government. in sections Of twenty
five miles There has been, and is now
subj,c, to bc issued Of it S29. .952 600
out Of the $i9,00O.0O0. The common
stock has now the same voting power
as the preferred. The preferred is en-
titled TO dividends. non -accumulstive,
not exceeding eigh: per cent. per an
In nf
may suffice to pay. and before any div
idends shall be paid on the common
stock. When aud during the time the
net earnings shall suffice to pay eight
per cent on both the preferred and
common. the surplus is to he divided on
both alike according to the number of
sl,ares issued of each. met earnings"
are defined in The company's plan Of
reorganization to be "such earnings of
said railroad AS shall remain after pay>
ing all expenses Of operating the said
railroad and carrying on its business.
including ali taxes and assessments and
payments on membranes, and includ-
ing the interest and sinking fund On
the first mortgage bonds, the replac-
ing the said railroad, its appurtenances,
equipments. or other property, 80 that
the SAME shall ein high condition. and
Of providing such additional equip
ments IS the said companys hall deem
necessary for the business Of said rail-
road
The public have O reasonable assur-
ance that in the Northern Pacific there
are to be no inside rings to rob stock
holders IT any part Of the roads earn.
ipes. The directors. in July last.
passed resolutions that from and after
Jan. l. 1880. the company shall itself
do all express business on its lines; and
that all sleeping aud parlor cars regu-
lsriy run over the roads operated by
the company shall be owned or con-
trollei by il; and that no special or
private freight line or lines shall be
permitted or operated on any portion of
its roa'. At present it is an open ques-
tiun whether the company shall erect
aud own all the grain elevators and
storehouses on its line. Honest care
has al.o been taken Of the coal deposits
on the company's land grant in Wash
ington Territory. The supply Of FIRST
class bi.uminous coal for oil the Pacific
coast is to come from these exceedingly
rich fields BY resolutions Of the
Board Of Directors they have been
made safe from rings, inside and out
side. and are to be administered wholly
in the interest of the stockholders.
The time fixed in the charter of the
company. - amended. for tho compile
ton OF the Northern Pacific road, is
July 1; 1879. That day has passed.
But it is only after the company has
been in default for one year from that
date that Congress can interfere. and.
in the language Of the charter, do ANY
and ali acts which may be needed for
the speedy completion OF the said
road" nor for its stoppage. nor for its
destruction, nor for its contiscation. but
for its comple.ipn. II, however. is the
settled law OF the land that until Con-
gress doe. interfere by affirmative. hos
tile legislation against a land-gran.
railroad. the compsny loses none Of its
rights by lapse Of time. II can go on
aud construct, aud by constructing cam
its conditioually granted land. The
Executive Department OF the Govern
men, ha, within the year expressly
recognized this principle as its rule of
action with respect to the Northern Pa.
ci6c Company. For Eve years the cor
poration has gone to Congress. session
after session. to ge: its time to build
extended. At each session it has been
h.aten Inv rival interests, skillfully