The sun. [volume] (New York [N.Y.]) 1833-1916, 1882-06-18
PRICE THREE CENTS.
OUR GIFT TO ONE RAILROAD.
$4,000, 900 ACRES OF LAND GRANTEE
TO THE NORTHERN PACIFIC

Leave balance OF HtVyUVOVUV-"hS
tho Unearned Lands should DO forfeited.
WASHINGTON, June IA supplemental
minority report. signed by Proctor Knott. Fay
son Calkerson. and Townshend OF tho Judiciary
Committee respecting the lands granted 70 my
n,oTthern racifc Railroad. mas peen draiteu.
and will be submitted to the House at the earli-
est opportunity. 1t is accompanied by reso-
luton declaring that all lands granted to that
road which had not been earned by construc-
ton on Jan. 1. 1882 shall DO forfeited to ths
United Statos. The report begins by stating
that seven out Of the fifteen members OF the
Judiciary Committee dissent from tho :" re-
markabe conclusion" OF the majority. This
conclusion was In effect that the lands were
uncomfortable.
The report says that the Northern Pacific
was chartered by act Of Congress approved
June 4. 1864. In which a conditional grant OF
land was made. estimated by the Auditor OF
Railroad Accounts at 81. 900 900 acres. or 500
square miles. In 1870 Congress authorized tho
company to Issue bonds to aid In constructing
and eduipping the road. the bonds to be Sc
cured by mortgage on its rights and property
Of all kinds. Under this authority the COM
pany issued In tho following July $50 900 900 OF
bonds to run thirty years. at $40 per cent.
interest These bonds were put on the mar
ket. and the report says that 1t requires
an extraordinary ,credulity to suppose that
such long time and high interest bonds, which
land worth three times more than their face
value. would not be most tempting nyest-
ed. the report says. and were a favorito invest
ment for guardians and judiciary trusts so The
brought on by the inability Of those Interested
In the Northern Pacific to keen 1t longer afoat:
@ Si BONDS
1875. whom foreclosure proceedings were be.
ehssG By for wthe
The bonds had gone, down. before the suit
fore the decree to IA cents. The report infers.
therei9rs that ct the time OF the sale the large
lists who had bought them up at these low
figures SO far as the stock of the company is
Se aare GSofe bU hd t%s
says 1t was notorious that the stock was held at
merely nominal value and that large , blocks
On Sept. 80, 1915. the company having been
programmed on a plan by which the bond;
in preferred stock at par entitled e eight per
paid, Theses bonds we're to be convertible into
certain bonds belonging to the COMPANY nS NJ pre-.
issued to the holders of common stock
II the old company y share aha for share Ine, to
OF these proceedings be admitted: says he r.
port. the stockholders obtained 500 900 900 in
preferred ana common stock; with me iran
cnlseS anu pr9dPnerty OF ,ne company; incl9uing
the right 10 w wy SQUARE mlies OF iand' AZ
probable outlay Oh Twelve ml!ii9hs or less. me
most proulsal, generosity coulu phly aloW the
company sulllclehl amount OF iahu 70 enhDe
II 70 nnisn its Toau lree Oh COST. EoNen nuhuren
ana n eighty niles OF te ROAD are nov com petea,
OF ooo more 'hnh WheH me huutoi ia ~ on @
was made. THIS gives the road y. soy oOv
eurheu acres, me aNeraEe price tne iaho
neretoi2nre 500 mas ProuEho nus peem So,at an
| acre. me ne lamns airsehuy earned amount 70
ss e m nj 9s 900 and nc TIARA G
msG uoS e, pet iie az ",u Us ther i, te
s ia oVV o itcS to pe pu,t We cos WI, I've
s9 ad2 4YE III, ~ 'is SUN ~ o o % Wa
sns,a9T"ou a nnc csida'n ro worm OF tho aho
arnany ed 1 o,e ropoli argues .hat ane
abn II 10y bid is Iino fpee Of 20 co e
he rcpo 1ter th d N boa
xS;i INC ., iIn , ivbIh9 h,i"t ,io WHO'S
uti,I vi Is npoit Wh ia c zen Solrahy 10
~ Wv 70 ~ u 1b' ii , .nn
In. t hn sG GH a vi ,s 1a NM
1ito wnuid 81 sIs IN NM SS' ,rhicb' a.
arn % xSa "a 6n6 @ IA MA @
atoi .io iu" I Sn2G2 Ii.i u,or
MN onT S tn, Mo d" 1i' w.,
| 80, -. nnh GOO a.. -, IL.