New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-09-20
The Central Trust COmpa ny, of New York

These IN all respects similar to those now quoted
at the and stock Exchanges They are Sc
cured first mortgage on the entire railroad equipment
franchises property Of the company acquired ana 10
he acquired including the grant with the exception OF
the lands River subject only to the lien
OF the dOreie and Missouri Divisional Bonds whlch
are being rapidly by Land Grant sinking Funds
and the payment which equal amount Of these Bonds
are reserved by the Trustee
receivable IN payment for lands at 10 and
interest The proceeds Of lands thus morteagcd
after payment Of the the bonds to which they are
first pledged the earnings OF the road be at any
time insufficient therefor must be applied 10 the purchase OF
tho bonds exceeding 10 and interest or BY drawings
at that prce.
The bonds purchased together with received in pay
lands will be stamped and held by the central trust
20 Trustee as the property Of tie sinking Fund.
The registered certificates not subject to compulsory
redemption De called in for the sinking Fund until all
the coupon bonds ma been redeemed
The Sinking Fund begins in 1881 is accumuatve ana sur
fosnt minimum pay all the bonds to be issued under
tins mortgage 0 before maturity
The and Grant to which company entitled by its
the rate per mile Of $500 acres in the states
and 20 800 the Territories The Land Department
reports that the for the year ending July 1852
amounted to
46s.32l acres Observation-Disclosures
And that the sales during July and August last were:
1913. 900 acres fol. ......-.......... $4,000.
The land east Of Rives subject to the right
Of the holders preferred stock purchase the same at
cash win thelt snaies AT IL
provided in the mortgage in conformity with the
pan Of reorganization the security Of this Land reverts
the event Of default in some Of the pro
visions Of these bonds Of the preferred stock on
the said land does attach however in any wise 70 the cor
responding railroad upon which these bonds have an abso
Lutte first mortgage.
The Main Line and Branch authorized by Government
charter and tho OF which subject TO this mortgage
comprises about 466me being the line from the eastern
terminus superior to the objective points on the
Pacific Ocean
The CON any that including 100 miles owned and
controlled not embraced the above line 1t has completed
and now operates line OF l549 miles, OF which
there are in Division 929 miles and In the West
e Division miles and that the unfinished gap between
these two divisions entirely In the Territory OF Montana does
not exceed miles Of which about 200 miles are now graded
ready for the rate OF construction the
grading of this gap will completed before the close OF this
wear and track then finished as viii leave
about only 10 be laid all Of which II Il expected WI"
be completed In Of 1898 and thus open the con
nuous this company from Lake Superior to the Pacnc
Ocean.
This Main Line being constructed without
the intervention construction company and the proceeds
OF these bonds are paid directly the railroad company
Under an agreement with the and Transcontnenta
Company branch lines being constructed which are ana
Will become valuable feeders to the Main Line largely aug
menting its business well as protecting ts territory
these branches although owned by independent CON-
panies will be operated by the Northern Pacific Railroad
Company under contracts by which viii eventually
become the owner mileage and property flee OF
all encumbrance
OF about 800 mites OF such branches the gradual con
srrcton which Is contemplated az required durng the
next few years about 81 miles now approaching com
pleuon.
1t shown the companys reports that the fixed charges
f annual interest on the 125 900 OF bonds Outstanding
July 1882 10 81 lS35OO per annum The net earn
ing from the operation of the road during the year ending
July l. 1882 amounted TO f2l72577. The earnings during
the twelve months ending June 30 1882 compared with the
same periods the previous year. show average increase
OF over II per cent while the increase Of mileage
for the same months not exceeded ~ cent
estimated that gross traffic earnings for the year ending
July l. lss3 viii not be less than ss.OOOOOO
subscriptions the above bonds
at1O2 1-2 and accrued interest
payable 1882 option of the pur
chaser, viii DO received ON
Thursday. september 81, 1852,
By OF the undersigned OF whom copies Of the bond and
mortgage map road and further Information In do tail can
be obtained.
DREXEL, MORGAN 4 co,
Corner Wall and Broad-sts.
WINsLOW. LANIER Il co,
Corner Cedar aud Nassau-sts
AUGUST BELMONT 81 CO..
III Nassau-sL
subscriptions will also be received at the oficesof
DREXEL a. co, Phiia delpbia-
LEE. HIGGINsON q co,
BREWSTER BAssET & 60, bos'o%
JOHNSTON BROTHERS Il 90,
BalLimarc.