Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1880-12-03

and part on option. giving thc COM
pany time to finish the road; the
bonds to he issued only as the road
is finished and accepted by the Gov
ernment. The three firms named
above as contractors for the loan have
associated with them Messrs. Drexel
~ Co., of Philadelphia; j. $. Nor
gan IL Co., of London, and Drexel,
Hayes n Co.. of Paris. In this city
their associates are tho Bank OF
Commerce, Third National Bank,
Messrs. l.. VonIIoff'man e. Co., J.
and W. Seligman ~ Co.. j. $. Ken
nedy ~ Co., Spcyer Il Co., Kuhn,
Loeb " Co., aud Noerisheiler Il Co.
In Boston, Messrs. Lee. Higgings
4 Co., and Mcssrs. Brewster, Bas-
sett ~ Co. In Baltimore, Johnston
Bros. ~ Co. BY the terms of their
agreement with tho Company the
contractors are to name two direct
ors in the board, and the persons
selected are j. c. Bullott, of Ph'l&-
delphiu, and Jon. W. Ellis, Of Wins
low, Lanier & Co., of New York. 1t
is understood that John Jacob Astor
is II large subscriber to tho bonds.
They claim that land will be grant
ed the company as fast as the road
is built and tho Government grant
has not been forfeited by delay IN
completing tho road. There Is now
completed and in operation six hun
bred miles Of road on which there
are mortgages or liens. The total
funded debt OF the company amounts
to SIG, 800, 900. 1t is believed that
the issue of first inorta%e bonds will
amount to fifty million dollars. The
amount is limited, however, to tWen-
ty-ive thousand dollars mile OF
furnished road. To complete the
road there remain to he built l 500
miles, 1923 on the eastern end, 4I5
miles on the Pacific end and gap
of $40 miles on the central division
connecting the Missouri and Pen a.
Oreille divisions. Under the terms
Of the agreement, the syndicate has
been granted the right to name two
members of tho directors. The per-
sons selected are John w. Ellis, of
! the firm OF Winslow, I.anier Co,
and j. G. Bullitt, II prominent law
yer OF Philadelphia. The syndicate
probably will not offer the bonds
publicly until January, but it is UNI
dcrstood from members that sub
scriptions have been already received
from large capitalists. prominent
among them being John Jacob AS
tol. NegoiiatlouS thus completed
were begun about two month ago.
An officer Of the first National Bank,
who was formerly of the firm of JAY
Cook & Co., wien informed of the
agreement, said: What?' Drexel
buying Northern Pacific bonds.
That is greater convention than
that of Saul of Tarsas."
Seventy-Hve Miles Acrep; d.
Messrs. Nicholas, Stagle and
Clark, sent out as Government com
mission to view the new portion o.
the Northern Pacific railroad, have
submitted Il report to the Secretary
of the interior, accepting seventy
five miles of new track.
The American Navy.
WASHINGTON, Nov. 30 Chief Eas-
by's report gives the present number
and class of vessels comprising the
navy as follows: In commission: s
steamers, 30 sailing ships, ( mOni-
tors, IS torpedo boats. In ordinary:
steamers. Is; sailing vessels s; mon
itors :. Receiving ships: steamers,
3; sailing ships, 3; monitors, l.
Store ships: | steamer and sailing
ships 6. On stocks steamers, s.;
sailing ships, l; monitors, 4; and
iron clads, 3. Repairing steamers,
o. At naval academy, sailing shios,
3; monitors. !; public marine
schools, sailing ships, / tugs of all
! kinds at yards and stations, %; to.
tai number Of vessels, 1870. a brief
inspection Of the foregoing lists OF
vessels will show that an increase in
! the number Of efficient vessels for
navy ,atho finishing of the five moni-
T tors and two cruisin4 ships now com
i meme, 4. and OF Improvement and re-
pairs to the Nir'dtDr, are uf the ut
( most Importance. The Secretary
( respectfully recommends the build
ing Of two armorrd ships of di%plrce-
ment OF j, 500 tons, and Of three uu-
armorel eunbuats. having IL djsplacr,
/ r. Il