Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1880-09-03
Increase.....

The equipment, June 80, consisted of-Loco-
tives Is; sleeping cars 8; passenger, mail and
baggage cars 64; caboose and tool cars 25; box
cars 8s7; stock cars ~; fat cars 5o9; gravel
the company will have added to the equipment
by the last of this month"; 10 locomotives and
800 box cars.
There have been expended on improvement
of the road-bed, purchase of right of way, fenc-
ing, water stations, etc., $S40 676.49, and on
new equipment. $497, ,02l.60. which sums have
been provided for from funds reserved for that
purpose at organization Of the company, while
more than ordinary expenditures for mainten-
ance and repsires have been charged to oper.
ating expenses. The real estate purchased
and permanent improvements represented by
the sum Of &857, 5.45 in the general state
ment comprise the lands acquired by the COM
pany for union depot at Minneapolis and
ground for additional yard room and work
shops at St. Paul, new general office building
and large freight warehouse at St. Paul, and
other property which add materially to the
value Of the compauy's assets.
The company is engaged on the construction
Of about 200 miles of railroad. chiefly on the
west bank of the Bed river. in the Territory of
Dakota, all of which they expect to have COM
pleted and in operation before the close of the
year.
The sales of land by the company during the
year for cash and on credit have amounted to
268, TAI acres, representing the sum of 81 ,209,.
928, from which has to be deducted the amount
credited and the liability incurred to settlers
for cultiv tion uuder the terms of the COM
psny'a contracts, $500, 7O6 The total cash re-
ceived over and above the expenses
OF the department, as principal
and interest on land sales, and
as consideration for real estate disposed f by
the company, has been $597, ,672 .09, which sum
is applicable to the sinking fund for retire
ment OF the first mortgage bonds. OF this is-
sue, Sl6l, 600 in bonds have already been pur-
chased and cancelled. and further amount of
1879 100 has been called In by the trustees for
redemption on lat of July.
The land grant of the company, all of which
has nov been earned by the completion ofsthe
line to St. Vincent in accordance with the
provisions of the act Of Congress, amountillto
about S48, GOO acres. Of uhich there have
been sold to date 0S7, 1914 67 acres.
The report which is signed by President
Stephen, c0noludea as follows: "Although
unusual opportunities were repeatedly afforded
to every bondholder of the old company to
join tho majority In the reorganization pro.
ceedipes. there are atiIl outstanding bonds of
the 90 800 00G a3 700, 600 and 96 0OO 600 issues,
amounting in a ! tn S256, SOU, the distributive
share on which S54 207 81 lies in the court
depository subject to payment on presenta-
ton of the bonds A few of the
holders of these bonds, instigated by an insig-
nifcant local element personally hostile TO the
new company. have taken proceedings to re-
open the foreclosure DEGREES by which the com.
pauy came into possession Of the property.
These suits are still before the courts, but are
regarded "a Of no moment to the company. A