New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-11-30
RAILWAY INTERESTS.
SCHEMES AFFECTING MANY STATES.

THE LoyG ISLAND RAILROAD s"LD.
A syndicate composed Of leading banking
houses in this country and abroad. nas made
an Arrangement to market the bonds
of the Northern Pacific Railway. Ten
millions in these securities have been
bought outright By The syndicate, which has
the privilege of taking 30,000,0OO more.
The terms are said 10 be 30 Tor bonds already
purchased, and 92l2 for any that rIay be taken
hereafter. The recent action OF the Balti-
more and OHIO Railroad Company in regard
to increasing storage CHARGES on wheat caused
much comment among the trade in this city.
1t was believed that the action would be Of
benefit to New-York
TIE NORTHERN PACIFIC SYNDICATE.
ARRANGEMENTS TO MARKET TIE BONDS or The
NoRTHERV PACIFIC RAuwAY-TEN MILLIONS
ALREADY PURCHA>ED-rBE sYNDICArEs PEIvr-
LEGEs-BgsULrs or THE AGREEMENT.
After negotiations extending over several weeks,
a syndicate has been formed 20 market the first
mor'gI.e bonds Of the Northern Pacific Railroad
Company. The firms Of Drexel. Morgan 4 Co.,
Wluslow, Lanier s. Co. and August Belmont q Co.
have been actiye IN arranging the details OF the
agreement which were hrs; made known yesterday.
Among those associated win these firms are J. &
nedy & Co., /. Won Hoffman ~ Co.. WoershoGer &
Co., Speyer & Co., tie Natoaal Bank Of Commerce,
and the Third National Bank. OF this city,
Brewster Bassett & Co. and Lee, Higgin-
son & Co., Of Boston; Johnston Brothers
& Co... Of Baltimore; and W. II. NewbOd,
sons & Co.. OF Phuadelphia. These firms have
bought outright 10000 000 first mortgage bonds
and have received privileges " PlOOOO,OOO annti-
ally tor three years, making the possible amount of
the transaction $40 OOOO.00G Il IS understood that
the price agreed to be paid 30 for the bonds alb
soutey bought and 92la for any that may be taken
under the terms Of the options.
These bonds have forty years TO run and bear
per cent interest, principal and interest payable in
gold. Thev are secured BIZ mortgage on the road
already built AZ we'll as on that 70 be constructed
They vii be issued. except the $4,000, 900 now
sold only as the road shall be built aud accepted
by the Government. They are sI!l further
secured by mortgage on the lands granted to the
compa1y which are estimated by members OF the
,vndcato to amount after all sales 10 The present
time To A.. .OOOO 900 acres. This LATER mortgage
does not cover any lands ast "a the Missouri River,
the sales of which re devoted to T. ttrlng the pre-
ferred stock of the company Ia case ot "A default
IN the payDient Of tue interest the bonds II has
been agreed that sales OF these lands east OF the
Missouri River shall be used l wing lie overdue
interest in advance OF the referred stock. inls
agreement. however, has no 'ean approved by the
director, OF tAe COMPANY, Members OF the present
s,nd.ca.e claim chat tAe land grant oi the company.
covered by the mortgage would b. sufficient Al 81
n acre to pay OF the entire amount
ot the funded debts of the road.
rhey claim alO thaJ the iaud wln % granted q
the company rs fast ,s tho road uuilt and that
the Government grant mas not been .Orieifed by the
delay IA completing the roaG.
there are now completed and in operation GOO
afrtaa. 80
! liens; on the Missouri and the Ptn GOririle
| DIVISIONS together about 9-O miiesl'
Scaa bo,o it, e szprSisd :sa. T W tse b, SSa4 SSm.
! There ara sectional mortEa9's amounting TO
80 900. Of Ihs amount r2.5o0,nJo has ben
/ l,>eed Oh the Missouri Dl,.s,ou. and 'u The PEN
~ OreiIc DIVISION tho nor, -a-, ,l 100000 mas
! b.rn reduced by &J0OO0O, leaern..d under tue
/ land grant. lncse mortgages being pipr 10 no
! oil iue company amounts 10 Sl6.JOD orO.
/ II IL believed thar tHc Issue of hr-t mortgage
/ bonds will amount t"T lu"t"oo. Tee amount y
/ limited, hOweyc~, tD rZJ.3ou % mI" OI uhlshei
| guad. Ine-e divisional .uor. gaze ion4s IKE the
| csmpany's preferred stIeA, ulaF be .scd Iu Dur-
| chase of TIN lands a. pari ir' lew bonds can De
! ro eou'uI-re .lr roal eye remain to be buils
| 900 miles; 323 miles on iae eastern end, 451
! m les on the Pacific eud. Iad -tp Il $50 miles on
! tnc centr1 fitis'ou' co'''. n 'He AI''"uIl
! and Pen d'Orelie Divisions. tIIs part OF The
| unfinished road lies IA the Territory OF Montana.
IL has been considered diiii"ut part "f 5he route,
| and lowdId the wcstcrn lue o1 the Territory the
| road extends through "a Muunia.nuus .. gl"n. but
no difficulty J, autlcip.tr by IuCnts Ot tie con
| pInV In completing tAr lrad WA b proceeds cr
! the present sale Ot DoIds. L. ls expected oy tho
company and 10y the in mbrr- ol the present > ul4-
cIte tutt the development U ic mineral ana agri-
rul,uIaI resources Ui tac Territory viii iid greatly
! lu tue prJSeol lItiuu OF tAe NOrA
Under the terms of t.. aar.'Wegt the sYnd cate
has been granted tur i-ii 90 Ntni tNO mcilpeiN VI
ne board OF Director, OF he cJmpauE III" per ons
spectea are JJuu ". Ellis. Of tae Ilrm y, NInsiuw,
! Lau.cr y C0.. ana j. G.. Bnt-. pr'nIIent LAWYER
%. ..s.F. .f .HF Poi h ff
! fir f4e bonds puOucF uuttl January, but 10 ~
/ uad.rsC. cd from members thdr subscriptions have
Decn ready received tr)u ia ~ capitalists, prlul-
! utut a1Ong them oe'nS '"u J.c'1 Aai'r. lle
ne rotarons thus c0mplrtct Ncc' begun about tTO
| months aIO. since .utt time tiH. ldye been con-
! ducird win gtc.,t secrecy, .utn tn,y W're
! O.. ported. about ten daNs ago. 80 be- hns.cd lac
! r,crul dciay ~ m1Aing pthar ne conditions
/ oi tne agreement ua- been caused % t"e prep "a
| fne ail0tueuts. .. tic prominent 'tnhiAg-hpuHeS
| wuicu nave b.in previous mcIipurt IN .uuaee-
tl1u win the nrgpi IONS. tIt. OF Morton, biisr ~
Co. ~ not meu.uer of ihr lr>tt y 4duIcate II -
| huO.n tnaJ tL.s h.m Na7 approached ~
friends Of Tie comoaDy about two
tnr matter tie iirn decGed 10 take part IN he
enter. .rse. IL understood Jndt effort, Hcre made
! nit IN tic last week to secure iac cooperation II
t.l> ir.l, Ouf thi~ was ucnlcd Yesterday at Is
iii .e. lne announcement "i ,ht paiu"AidrS II tle
! agreement caused 1T K .t"ucht IN Wal street
OF ou tue IL Or oI th' NiucA Exchange Au olhccr Of
! t.e tI,t National Bank. wlo Wa .o..He.\ OF the
| firm OF JAY CuoNc ~ Co., when lufC. ulrd 81 tne
! agreement sald " ~ ma! DrtXr buying Northern
! P.eltc bouUs Y-...at - g.etirf tonN"niou man
! that II saul ot laI.us.
THE GRAIN TRADE OF BALTIMORE.
wHAr Is THOUGHT Ins CITY OF me iNcKRAsR
or RAJ, OF STORAGE BY uW BAiuMoRE AND
ONO RlU.RoAD-rEE .FF.Cr LIKELY TO BE
BLNEFlCIAi~
The acton of the Baltimore and Ohio Rail
| rolu Co .paDY gylus notice ,adt o. a"l as'cr De-