Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-09-22
THE. NORTHERN PACIFIC.

Annual Meeting of the Styci1hoiders-
President FiiiarR's Report-Progress and
Financial Condi tie N of the Road.
NV YoEx, Sept. 21.-At the annua
meeting OF the stoc kholders Of the North
ern Pacific railroad to-day the report OF
President Wizard was read. Il shows the
gross earnings of the fiscal year, ending
June 3Oth, 1892, were S., sos, operating
expenses, including rent and taxes, 49,
573.S4O; net earnings, S1,S57 ,465; ratio of
expenses to earnings, 65.S0; increase of net
earnings over previous years; $685.
:335; average number OF
miles operated, 1877; increase in net earn
ings per mile, s.S4; namber of passengers
arriving and leaving at the eastern ter
minus, St. Paul, Minneapolis, Duluth and
Superior City, 10G,SS6, an increase of IL
GA. The passenger earnings, eastern di-
vision, showed and increase of ninety two
per cent, and the freight movement show
ed an equal percentage of increase. Dnr-
ing the year the ends of the track were add
vanced from the east 1873 miles, from the
west 1872 miles; total 2S5 miles; ending
June so, 1882, 572 miles of road We're to
be built. This will be les5ened By the
close of 1882 probably 500 miles,
leaving 272 miles of track
10 be laid after January
I. 1889. The final connection OF tracks is
expected to be made during 1883. In ad-
dition to the work done on the main line,
222 miles of track have been laid on
branches in Minnesota, Dakota, and
Washington territory. The great bridge
across the Mississippi river at Bismarck
will be completed early in October.
The financial statement shows cash on
hand at the beginning of the fiscal year,
1885,, 944; receipts from sales OF bonds
and preferred stock, S4,6S2,0s6; expendi-
lures for construction, S21,577,995.
The expenditures for construction were
largely in excess of the resources of the
company from net earnings, and pro-
ceeds of bonds received from the syndi-
cate, but thanks to the assistance OF the
syndicate and the Oregon and Trans Con-
tinental, it was always prepared to meet
all demands without ever borrowing IN the
open market. The mana cement points to
the fact that 1t has finished 2-6 miles of
road, graded $50 mics additional, bought
and paid for sufficient rails for the
entire gap between the two ands Of the
main line, and made besides r1~~e'.t dis
bursements for motive joger -OIilAg stock,
Bismarck bridge, Bozeman and Helena
tunnel, and other heavier portions Of the
work, without delivering single bond 10
the syndicate since last December.
The additional finished mileage OF 275
miles, Just inspected and approved by the
United States government commissioner,
insures the immediate reimbursement
to the treasury Of q
large amount on construction,
account. The land department sold 466,-
203 acres during the year for $1,709,33S,
the average price being $3.50 per acre. In
regard to the North Pacific land grant, the
report argued that the action of the house
of representatives at the last session of
congress IN laying on the table both the
majority and minority reports OF the judi
ciary committee, and in refusing to place
on the calendar resolution declaring q
portion of the grants forfeited, disposed of
the whole matter, and are as favorable to the
company as if an adverse resolution
had been received, considered and reject
ed by the house. It was in effect decis-
ion of the house OF representatives that it
will take nc steps to declare forfeit the
lands of the company. Furthermore con-
gress at the last session gave express leg
islative recognition of the company's I'M
impaired chartered rights. This it did by
the passage of an act, approved July 10,
1882, accepting and ratifying the treaty
made with the Grow Indians for the right
of way through their reservation for the
use Of this company, for the construction
of the road.
The following named were reelected
directors: Frederick G. Billings, A. H. Bar
ney, Jno. w. Ellis, R. G. Rolston, Robert
Harris, Thos. Tookes, II. Willard, J. L.
Stackpole, Benz. P. Cheney, Boston; j. c.
Built and Henry E. Johnston. J. Pierre
pont Morgan, and Aug. Belmontl were
added to the board. The officers Of last
year were reelected. They are: Henry
ViIlieFd, president; Thomas E. Cakes and
Anthony j. Thomas, Independents: Saml.
Wilkeson, secretary; R. L. Belknap, treas
urer7 Geo. Gray, general counsel; A. Ander-
son, engineer in chief J. a. Barker, gen
eral auditor; Herman Haupt, of st. Paul.
general manager eastern division, and j.
w. Spragne, OF New Tacoma, Washington
Territory, general manager western divi-
sions.
BosroN, Sept 21.-The five million
Northern Pacific railroad loan IS sub