Lewiston teller. [volume] (Lewiston, North Idaho) 1878-1900, 1879-11-28

! guished by conversion. Ot the bonds /
not yet surrendered for conversion
into preferred stock, there are outstan |
ding only about S525,000. OF this |
/ floating debt of four and hall mil !
lions only $l9i,722 remains.
/ The gross earnings for the ten
months ending june 30, 1879, were
/ 81, l61, Pol For the same period the
year before they were 33i7 ,23o. For
uly of this year the earnings were
| sl95,324; for August, S2l0,937; for
September, 25S,000. These last, a,
against 1928, 900 for September, 1873,
are a measure of the steady increase
| of the business | note in the papers
of Minnesota and Dakota, published
on the line Of the road, complaint
that the roads transportation faclitie4
supposed to be adequate were for weeks
unequal to the prompt movement of
this years wheat crop, and that many
of the receiving stations were blocked
with grain for which there was neither
storage nor carriage
The lands granted by Congress to
the Northern Pacific Railroad com
pany 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 to 1879
500 acres. In November next, by the
building of the one hundred miles first
west of the Missouri river, il will have
earned f,000,O00 more acres--in all, for
the 600 miles of it's main line thus
completed, 1859, 800 acres, OF its
lands the company, before and since
its reorganization, has sold 2,il5, l29
acres, at an average price in Minnesota
and Dakota of S4.it per acre, and in
Washington Territory ci $4l2. These
rates and the progress of the road have
amazingly stimulated the settlement Of
the government lands. There were
taken of those by actual settlers in
Minnesota and Dakota for the fiscal
year ending June 30, 1879, over |, 30
900 acres OF the soil and climate of
the region through which the road is
constructed, it is not necessary to af-
, firm. Five successive abundant har-
: vests Of No. | Spring wheat and Cd
oats barley, hay and vegetables dem
onstrate the extraordinary productive
ness Of the earth and the most favor
able accompanying climatic conditions.
In no other part of the United States,
in the same period were five success.
!, sive full crops produced.
i Most Of the companys lands sold
. east of tho Missouri river were bought
= with it's preferred stock at par This
Q stock was cancelled, and no new stock
J, has or will be issued in it's place I'm
q der the reorganization the capital stock
/ of the company, fixed by its charter al
500, 100000, was divided into S5l ),
! 0o0,0 of preferred and 100000
of common stock. Preferred stool,
a received in payment for land, has been
q cancelled to the amount of 1900, 900
:. This leaves at this date of preferred
= stock in cxistance, S3,S00,000. o.
! this amount the company owns about
D 100000, applicable under the pla,
I of reorganization to construction and
J variously to carrying out the objects o.
y the plan The common stock is wide
q y owned by the original projectors o.
e the enterprise and their assigns. Tn,
y company owns none of it. This stoci
5 has been and will be issued only as til,
II road is constructed and accepted b,
the government in sections of twenty
. five miles. There has been, and is nov
q subject to he, issued of it $50, 952, Coz
J. out Of the Sf9,000,000. The commo,
% stock has now the same voting powe
70 as the preferred. The preferred is en-
p titled to dividends, non accumulatige
{ nor exceeding eight per cent. per Al,
r mum as the net earnings Of each yea
g lnay suffice to pay, and before any div
r idends shall be paid on the common
70 stock. When and during the tim
he the net earnings shall suffice to pa,
n eight per cent. on both the preferret
rs and common stock, the surplus is t
N be divided on both alike according t.
he the number Of shares issued of eacl,
n met earnings" are defined in the com
IA pany's plan of reorganization to b
r. 'such earnings Of the railroad as shall
Is remain after paying all expenses O
Is operating the said railroad and carry
Ia ing on it's business, including all take
= and assessments and payments on in
u cumbiances, including tho interest an
nc sinking fund on the first mortgag
. bonds, the expenses of repairing or ri
II, placing the said railroad, its appu,
al tenance, equipments, or other propert
IS so that the same shall be in high cor
10 dition, and of providing such addition
Is al equipments as the said compan
N shall deem necessary for the bushes
I'd OF the said railroad"
n The public has a reasonable assui
~ ance that in the Northern Pacific ther
N are to be no inside rings to rob stocl
I'd holders of any mart, of the roau's oar,