Lewiston teller. [volume] (Lewiston, North Idaho) 1878-1900, 1879-08-15
The Northern Pacific Railroad.

At a messing If the board Of direc.
tors Of the Northern Pacific Railroad
Compan Y. WHICH was held ia this city
on Sstnrdays.fie re'ivnnti u If Mr.. C..
B. Wright ~ president was received
and accepted. Mr.. Frederick Billings
who hassbeen prominent member Of
the board for many years, and who is
one Of the largest owners or the secur
tiles Of the company. was chosen to sue
coed Mr.. Wright. The latter gentle
man ,reliaquishes his DATES as president
IN order 10 SEEK much needed rest and
recreation abroad. bu, be sill remains a
member Of the board Of directors. The
board decided to place under contract
200 miles nf the new ,oal, to extend
fom the head # navigation on the ca
lombia river. in Washinetnn Territory
northeast to Lake Pen d'OreiIle. The
question Of providing funds for the
proposed construction was referred 10
the executive committee with power
The Stockholders have already AUTHOR
iSed tho issu. Of bonds IL be secured
upon the lands Of the Pen d'Oreill.
divisi.,as snd il IL estimated that ro
more than SIS 900 to $4,000 per mile
will be required.
The company. II is stated is making
exc"llens progress in the construction
ri its line west of Bismarck. in u,
kosa Territory. md also + iis line i"
Washington Territory II now oner
ases completed road from Dnlu'h. on
Like Superior. to Nsm,rck. distance
If 40 miles. aud also branch 10
Washington Territory from K,l,ma. on
the C"'.o,hi, river. IN Page, Sand
distance Of 1915 miles. making n total
length ~ line now in operation OF 5e3
miles. II alsa leases f"r .ern of %
y'sr', the linc extending from Rr,'nerd
down the Mississippi river 1856 miles IN
g.. Paul. Mr. Thorn Dnane the con.
sniin9 engineer af the Northern p.
ci6c Company. i. now on tho Pacifi
slanss whore he will have charge Of the
work IF permanently heating the 200
miles ct raad eastward from The Co
lumbia river r.. contract f.r his
part .of tho company's line will he
given ont this season, ns dc ,iaed at the
meeting Of T. o directors on SATURDAY..
At tho eastern end IF the comp,ny's
c,mplesed Inc work will soon begin on
200 miles o. road tho construction Il
which has already heen contracted frr.
Tho first 100 miles will. probably he
completed by next Autumn and It il
expected thst the entire 300 miles Of
rad will finished nv tho Srrirp, 1T
1880 The comranv's line will .hcr he
IN operA'ien from Dulu,h 10 The Vel
lowsnns fevion. NJ
The Northern Pacific Railro,i Com
panv WIS chartered nv CONGRESS- July
2. 1854. and was au'horized 10 con
! afsucts line from Like Snrerinr tn
PUGET Sound. Washington Territory
and branch sou'hwnr1 to Portland
Oregon. Large grants Of laod were
made 10 The corporation. The work Of
constructing tho new road was under
taken with considerable pr ,spcct Of sue
cess but the great commerciai panic Of
1873 sericu " inferfered with It's rro
gress. On January l 1874. the com.
rsny made default in tho pavmcn. q,
interest on iss bonds. In April. 1878.
it, entir, property was paced in ~"
hands of nreceiver. and on Augns, %
Of the same year the r,ads, rights and
franchises were sold uoder foreclosure
The hnndhnldcrs ne the company had
4 organised 10 March. 1875. IN protect
their interests in the properly. md on
Juno Both n plan FIR the reorganization
Of the company was agreed mon nv
them. under which the property was
ru-chrs d.
Under the provisions rs the plan m
assessments were levied upon tho bond
holders. the exrcnses of the rcoryani
ration hcinc paid nut Of Tho n.sr,s ii
the company, Tho capit,l stock ne tho
new Company WIS fixed at 500 600 OOO
and was divided into preferred and
I common stock. The preferred stock
wss feed A. $4,000 900. and was is
sned (ll tn retire the principle of the
outstanding I 3 10 bonds. an. the in
ter'et dine IN than I'M 10 and including
July |. 1878. Al the rate al 2 per crn,
per snnum; (2) n retire The princira
and the interest 10 and inclulinr Jan
nary I. 1878. Of the land warran,
bonds; ca To pay the floating dot moi
protected by the orders of the court,
and a, far the general narpase nc car
ryins into effect reconstruction scheme
The preferred stock Ind tn, cxc'us
ire right tn vote previous Ia July 1879
II u TO receive snch dividends, not !.
ceedsng per cent. per annum as the
roads net earnings NAV suffice IN nav
before tho payment Of any dividend.