Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1880-12-31
OUR RAILWAYS.
THE NORTHERN PACIFIC.
FINANCIAL CONDITION.

FINANCIAL CONDITION.
The capital stock of this company is
fixed by its charter at $10O,O00 900, divi-
ied into 100000 shares of 800 each
when the company was reorganized a
few years ago, its capital was divided in
to preferred stock, $4,000 shares, s51.
O00, 900, and common stock, 400, 900 shares.
$40 100000. The preferred stock, being
receivable at par for the company's lands
east OF the Missouri had on the 30th of
June last, by redemption in land, been
reduced to s43, ,412, 645 u, of which 81
3ll, $50 10 was held in the company s
treasury, leaving the amount of preferred
stock in circulation $50, 1OO;S15 O2. The
outstanding bonded, certified and float
ing debt of the company juno 30th last
amounted 10 about $4,000 but its
treasury held of the bonds about 81. 800
600 and its cash assets were about $780,
600. In November last contract was
concluded with strong syndicate of
Eastern bankers to market the first mort
gage bonds of the company to the amount
OF S40.000,000. These bonds arc to run
forty years at SIX per cent. interest, and
are payable principal and interest in
gold. They will be a first lien upon all
the franchises and property of the COM
pany, except that the lands east of the
Missouri are reserved for withdrawal of
the preferred stock. The syndicate buys
outright SO, 100000 of these bonds at
ninety cents, and is to take the rest at
ninety-two cents, according as the road
is further built, on its new lines being
accepted by the government The
amount of first mortgage bonds will be
limited to So, 900 a mile of completed
road, and it is planned that the total
debt of the company, on the completion
of its roads, shall not exceed $50 900, 900.
The negotiation of this loan places the
company in position to push it's work
with the utmost ra pidity, and it is be-
lieved the whole line, from the Montreal
river OF Lake Superior to the Pacific,
may be finished and put in.
operation by July 4th, 1884 The
cAhNlNOs Of COMPANY.
from the operation of its completed
divisions, show a gratifying increase,
indicative of the rapid development of
the resources of the country and sustain
ing the most sanguine anticipations of
the projectors and friends of this
northern transcontinental line. In the
year ending June 80, 1879, the earnings
Of the 647 miles of road operated
amounted to ST. ,406, POI So For the
year ending June 80, 1880, the COM
pany operated Including its joint oc-
cupancy under lease of trackage from St
Paul to Sauk Rapids, but excluding the
new roadway, the earnings of which are
credited to construction account pending
completion of the divisions of which they
are part) 722 miles of road, viz: From
Duluth to Bismarck, 450 miles; from St.
Paul to Brainerd, l56 miles; from Tacoma
to Kalama. 105 miles; and from Tacoma
to Wilkeson, 81 miles Its
earnings for this year amounted
to $2,230, lS1.S1 an increase
of $s23, 81. 16 or over So per cent. The
earnings of the five months, July 1st to
November 30th, mot including six weeks
operation of the Casselton branch.) were
81 1862, 500, against 81, 123, 1929 in the same
month of 1S79-an increase of s239. .I6I,
or over q per cent; and the earnings of
the first three weeks of December indi-
cate that the gain of that month over De-
cember of 1879 will'approximate 500. 900,
bringing the increase for the last half
| of 1850 over the corresponding period of
1879 to about 26 per cent While the ex-
| traordinary increase of the fiscal year
1879 so is to be attributed i'm large part
to the obtaining direct connection with
ST. Paul, the increase of the last six
months may be taken as fairer measure
of that development of the Northern Pa
cific country which is to be continued
for scores of years to come.
PROGRESS OF THE LAST YEAR
During the year 1850 this company has
| built on the west coast or Pacific divis-
| ions, 2lO miles of road 1t has built from
| the Missouri westward 175 miles, making
$50 miles on the main line, besides IL
miles of grading completed on the Mis-
souri, division, from the end of the track
| to the Yellowstone. 1t has also built and
put in operation 80 miles of branch
road running north from Cassclton in
Dakota, making in all Ali miles of new
road for the year 1880 Besides this
large work of construction, which has
doubtless cost not less than $40, ,00O, ,0uo,
the company has well maintained lis
completed road and has added to its
rolling stock as follows: Locomotives,
l6; freight cars, 500; passenger coaches,