Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1881-01-21
The Northern Pacific Loan.

New York and $40, 900, 900 in Lon.
don) of the Northern Pacific Com
pany was subscribed and that the
bonds, which were offered at 1O2
and accrued interest, are in active
demand at 102. The mail has just
brought us the advertisement, which,
for the information contained is here
reproduced: .a..s. s,t
Twenty millions dollars, Northern
Pacific Railroad Company, general
first mortgage railroad and land
grant sinking fund gold bonds.
Principal and interest payable 10
the city of New York in United
States gold coin of present standard
of weight and fneness.
Principal due January l, 1921,
interest six per cent. payable Janu.
ary and July /. .. s...
" Free from all United States and
municipal taxes that may be required
by law to be deducted by said com
pany from said interest,""
Bonded debt limited to $25, 900
per mile of road finished and accept
ed by the President of the United
States.
Form OF Bonds-Coupons of ST.
600 each, with privilege Of registra-
ton of principal. Registered certi-
ficates Of $5, 900 each. I. ID aoa-sl.
Trustee. The Central Trust Com.
pany of New York.
The bonds are secured by a first
mortgage on the entire railroad
equipment. franchises, and other
property of the company acquired
and to be acquired, including the
land grant, with the exception OF
the lands east of the Missouri river.
subject only to the lien Of the Pend
d'Oreille and Missouri Divisional
Bonds, to retire which an equal
amount of these bonds are to remain
in the hands of the trustee, i....s. ).
The bonds are receivable in the
payment of land at no and interest.
The proceeds OF all the sales Of land
mortgaged, after paying the interest
on the bonds, must be applied to
the purchase of the bonds II below
ITO and interest; il above that price,
the bonds will be drawn by lot fo1
paymant of 40 and interest. sati
The bonds so purchased, together
with any received in payment fol
lands, will be held for sinking fund
purposes.
The sinking fund begins in 1886,
is accumulative and sufficient at iti
minimum to pay of this indebted
ness at maturity. faa ass3 ssa.
The laud grant Of the company is
very large and valuable, being at
tie rate of II, 800 acres per mile in
the States and Is 600 in the Terrific
ries. The land east of the Missouri
river is subject to the right of the
Preferred Stockholders to exchange
their stock at par for purchase ol
these lands; but in the event of a
default in the payment Of the inter
est bonds the security of these lands
would revert to the bond-holders.
The main line of railroad when
completed will extend from Lake
Superior to two points on the navig-
able waters of the Pacific Ocean. i.
g., Puget Sound w. T., and Co
lumbia river, at or near Portland,
Oregon. It will be about 1000 miles
in length. The branches and con-
nections now opened or under lease
are 2035 miles in. length, making
total line about 1900 miles. ra
OF the main line there are now
finished and running 799 miles; un-
der construction and expected to be
completed about July, 1881, 200.
To complete the system there re.
quires to the constructed about l..
400. it. ,'.'+ '''''. !
OF the 2O33 miles of branch lines,
1872 are now finished, making at the
present time total finished line Of
991.
With the proceeds OF the present
loan the Board of Directors have al
ready taken steps to extend the
building Of the line in the most rapid
manner compatible with proper
economy; and it is the intention ol
the company to have through line
at the earliest practicable period.
In addition to the 200 miles above
mentioned and undor construction,
vigorous measures will be taken for
further prosecution of the work.
The necessary rails, fixtures, and
equipment fer more than 500 miles
have ALREADY been contracted for.
The net earnings of the company
for the year ending June 80, 1880,
as stated in the annual report were
sos, ,OSS 60 Oh the 722 miles of the
completed road.
The gross earnings of the company
from july l, 1880, to December 81
1880, december estimated, were
81 ,637 ,924 10. For the same period
of 1870, 81, ,l95,3l3 81. Showing in.
crease for 1880, same period, $342,'