Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1879-11-14

celled to the amount OF 81 200 600.
This leaves at this date OF preferred
stock in existence, $500 900. OF
this amount the company owns about
$1,000 600, applicable under the plan
of reorganization to construction and
variousiy to carrying out the objects
of the plan. The common stock is
widely owned by the original pro-
jectors of the enterprise and their
assigns. The company owns none
of it. This stock has been and will
be issued only as the road is con-
structed and accepted by the Gov
ernment, in sections of twenty-five
miles. There has been, and is now
subject to be, issued of it $50 ,952,-
GOOO out of the 100000. The
common stock has now the same
voting power as The preferred. The
preferred is entitled to dividends,
non-uccumulative, nor exceeding
eight per cent. per annum as the net
earnings of each year may suffice to
pay, and before any dividends shall
be paid on the common stock. When
and during the time the net earnings
shall suffice to pay eight per cent.
on both the preferred and common
stock, the surplus is to be divided
on both alike according to the num-
Der of shares issued of each. "Net
earnings are defined in the COM
pany's plan of reorganization to be
"such earnings of the railroad as
shall remain after paying oil expenses
of operating the said railroad and
carrying on its business, including
all taxes and assessments and pay
ments on membranes, including
the interest and sinking fund on the
first mortage bonds, the expenses Of
repairing or replacing the said rail-
road, its appurtenance, equipments,
or other property, so that the same
shall be in high condition, and Of
providing such additional equip
m ,nts as the said company shall
deem necessary for the business of
the said railroad,"
The public has reasonable as
surance that in the Northern Pacific
there are to be no inside rings to
rob stockholders of any part of the
roads earnings. The directors, in
July last, passed resolutions that
from and after January LIST, 1880,
the company itself shall do all ex-
press business on its lines, and that
all sleeping and parlor cars run over
the roads operated by the company
shall be owned or controlled by 1t,
and that no special or privileged
freight line or lines shall be permit
ted or operated on any portion OF its
road. At present it is an open ques-
ton whether the company shall erect
and own all the grain elevators and
storehouses on its line. Honest care
has also been taken of the coal depos-
it's on the company's land grant in
Washington Territory. The supply
of first class bituminous coal for all
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 outside, and are to be
administered wholly in the interest
OF the stockholders.
The time fixed in the charter of
the company, as amended, for the
completion of the Northern Pacific
road, is July 4, 1879. That day is
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 "apy and all acts
which may be needed for the speedy
completion Of the said road" nor
for it's stoppage, nor for its destruc-
ton, nor for its confscation, but
for its completion. 1t, however, is
the settled law of the land that until
Congress does interfere by afirma-
tive, hostile legislation against land
grant railroad, the company loses
none of its rights by lapse of time.
1t can go on and construct, and by
constructing earn its conditionally
granted land. The executive depart
ment of the Government has within