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

ern Paclhcin tue subordinate relation
Of 4 feeder. The westerly division of
the road is tha. called the Pacific. 1t
extends from the west bank of the
Columbia up the Yakima valley, over
the Cascade mountains, through the
Cowlitz pass to Tacoma, the terminus,
and the company's seaport on :ae
Pacific. There awaits it a traffic
practically unlimited, in timber, lum-
ber, aud coal eastward, and wheat
westward. 1t is inconceivable that
Pen d'Oreille division shall gather up
the enormous wheat product OF East
ern Washington to take to the Ore
gon Steamship and Railroad COM
pany, to be carried down the Colum-
bia river to be shipped at Portland
for England. Some coercion will
compel the Northern Pacific 10 retain
this freight and carry ii TO it's own
seaport, Tacoma. We therefore
look to tie construction of the west
ern division of til road comm enced
unexpectedly soon and vigorously
prosecuted.
The company's bonded indebtness,
which in 1873 was about thirty-one
and half millions, has been extin-
guished by conversion. OF the
bonds not yet surrendered for con-
version into preferred stock, there
are outstanding only about S525, 900.
OF this floating debt of four and
half millions only $194 1872 remains.
The gross earnings for the ten
months ending June 30, 1879, we're
S1,167,261. For the same period
the year before, they were $947 ,238.
For July of this year the earnings
$195 1924; for August, $2l0,937; for
September, S25S,OOO. These last,
as against s123,OoO for Setember,
1878, are q measure of the steady in
Gre ase Of the business. I note in the
papers of Minnesota and Dakota,
published on the line of the road,
complaints that the road IS transporta-
ton facilities, supposed to be ade-
quate, were for weeks unequal to
the prompt movement of this years
wheat crop, and that may Of the
! receiving stations We're blocked with
grain for which there was neither
storage nor carriage.
The lands granted by Congress to
the Northern Pacific RAILROAD COM
pe.y amount to forty sections per
mile through the Territories and
twenty sections per mile through,
or in, the States. By construction
the road has earned and acquired
title 10 10,579, 200 acres. In Novem-
Der next, by the building of the one
hundred miles first west of the Mis-
souri, river, it will have earned 4 ,000,-
600 more acres-in all, for the 660
miles of its main line thus completed,
II, ,579, 200 acres. Of its lands the
company, before and since its reor-
ganizatiop, has sold 2,415, ,120 acres,
at an average price in Minnesota and
Dakota of $4.44 per acre, and in
Washington Territory OF S4.12.
These rates and the progress of the
road have amazingly stimulated the
settlement of the Government lands.
There were taken Of these by actual
settlers, in Minnesota and Dakota
for the fiscal year ending June 80,
1879, over 1850, 900 acres. OF the
soil and climate of the region through
which the road is constructed, it is not
necessary to affirm. Five successive
abundant harvests of No. l Spring
wheat, and of oats, barley, hay and
vegetables demonstrate the extraordi-
nary productiveness of the earth and
the most favorable accompanying
climatic conditions, In no other part
of the United States, in the same
period, were five successive full crops
produced.
Most of the conpany's lands sold
east of the Missouri river were
brought with its preferred stock at
par. This stock was cancelled, and
no new stock has Or will be issued
in its place. Under the reorganiza-
ton the capital stock of the company,
fixed by its charter at 500, 900 900,
was divided into $51 ,000,OG0 of pre-
ferred and $40. 600 600 of common