Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1881-05-02

/ bcuRcIS GuIOuRu " SlOuA S1Cy WIN YIN
transfer, at the Des Moines. In a few days al
farthest the Des Moines bridge will be rebuilt
and the whole line be put in frst-class order
| st. Paul G Duluth Directory.
| With reference to the election of General
Manager Hill and Vice President Angus, of
the st. P. & M. railway, to be directors OF the
St. Paul s. Duluth railroad company, the
| GLOBE is of opinion that the change was
merely intended to strengthen the st. Paul q
Duluth company and does not indicate any
special alliance or combination, or present a
| companies. It has heretofore seemed to be
| the policy of the present owners of the st. P.
g. D. to endeavor to unite the principal COM
panies connecting with the st. P. & D. in
favor of its interests and independence, and the
addition of Messrs. Hill and Angus to this di.
rectory may be regarded as in pursuance OF
| this policy.
directory, Just returned home from attending
| the directors meeting in New York, informs
the GLOBE that he does not regard the election
of Messrs. Hill and Angus to be directors as
Indicative of any change in the policy of the
st. P. & D. or St. P. q M. companys or as
changing the relation of either road to the
other; but rather regards it as part OF the plan
for uniting the several companies in support
of the independent position of the st. P. & D.
company.
General Manager Hill of the st. P. & M.
company states that on his return from Iowa
he found on his desk formal notice of his
election as director of the St. P. & D. He
thought there was nothing new in the fact.
Certainly there was no consolidation of the
companies and no talk about one.
The Philadelphia Inquirer OF Wednesday
contains the following:
At meeting of the board of directors OF
the st. Paul q Duluth Railroad Company
held in New York on the 25th inst, Messrs. c.
a. Graves, of Duluth, and j. @. Adams, of
st. Paul, resigned from the board, and in their
places were elected Messrs r. B. Angus and j.
j. Hill of St. Paul. Mr.. Angus is vice-pres-
ident and Mr., Hill general manager of the st.
Paul, Minneapolis and Manitoba Railway
company. This is an important step in wise
policy adopted for popularizing and attracting
business to the st. Paul & Duluth road by
having all the large grain carrying roads CEN
tering in st. Paul and Minneapolis interested
in and represented in the management of this
the only road from these cities to Duluth on
Lake Superior, through which port SO large an
amount of the carrying trade of the North
west is done during the season of lake raviga-
ton, and from whence an all-rail route to the
seaboard is confidently expected within two
years, by way Of south shore of Lake Superior,
Sault ste. Marie, Ottawa and Montreal.
Four companies are now directly represented
in the board of directors of the st. Paul q
Duluth, either through their officers or direc-
tors-viz: the Chicago, st. Paul, Minneapolis
g. Omaha; the Chicago, Milwaukee q St..
Paul; the Chicago & Northwestern, aud the
st. Paul, Minneapolis & Manitoba, the
Minneapolis! g. St. Louis being also directly
interested as lessee of track privileges and joint
owner of branch road to Taylors Falls. The
management is now as follows: President
William H. Rhawn, Philadelphia; secretary
and treasurer-E. @. Sewall, st. Paul: assist
ant. secretary and transfer agent-C. A. Rich
ards, New York. Directors = Alexander
Mitchell, Milwaukee; David Dows, r. p.
Flower and Peter Geddcs, New York; James
Smith, Jr., r. B. Angus and j. j. Hill, St..
Paul.
AS heretofore stated in the Inquirer, the
entire income of the company, which has no
mortgage debt, has since its reorganization
four years ago, been used not only for the Or
dinary operating expenses of the road, but al
so in various necessary improvements, addi-
tions and extensions to the property and in re-
tanning large amount of its preferred stock
received for sales of land and timber and for
debts; hence no dividends have been preferred
stockholders from income, as required by the
plan OF reorganization. InlS policy is now TO
be changed, and to provide for the payment of
such deferred dividends as may be found due,
and to secure means for the completion of nee
essary improvements and the additional equip
ment required for the large amount of bust
ness now being done in the case of
other companies, without hereafter appropri-
ating the income properly applicable
to the payment of dividends, the board has re-
solved to recommend to the stockholders at
their annual meeting, to be held June 20 next,
to appoint committee of stockholders to en-
quire into and ascertain the amount of income
from all sources properly due the preferred
stockholders to July next, which amount
shall be capitalized by the issue of preferred
stock, to be paid to the stockholders for the
dividends found due. And the board further
recommends that the stockholders authorize
the issue of first mortgage bonds of the COM
pany to the amount of one million dollars, to
be used for the purposes mentioned. The au-
| thorized capital of the company is $4,000, 900
preferred stock and So, ,0O0, 900 common stock,
of which there Is now outstanding S4,7O5, 500
| preferred and 81, ,055, 400 common stock, and,
| as above mentioned, the company as yet has
no mortgage debt; therefore, the eproposed is
sue of 81 ,000, 900 bonds will be secured by
property and assets amounting to over $10,-
100000, according to the last report of the
company.
Another Handsome Depot tn Chicago.