Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1882-12-14
A BIG SALE.
Three Million Acres of Land sold by
tho Northern Pacific Road at Four
Dollars Per Acre.

Ehree million Acres of Land sold by
tho Northern Pacific Road at Four
Dollars Per Acre
PHILADELPHIA, PA, Dec. 5.-The
greatest sale of lands by the Northern
Pacific railroad company is fully con-
frmed by officials of the company
Some months ago q number of English
capitalists who had thoroughly examin-
ed the lands east of the Mississippi
river determined to make large pur-
chase. Messrs. Lee, Higginson & Co.,
of Boston, the well-known bankers,
were chosen to promote the scheme,
and negoations were at once entered
into with the company, which have
now met with complete success. IN
der the agreement the purchasers are
10 take 100000 acres of land east of
the Missouri river and pay for it in pre-
ferred stock at par. The price of the
land is 81 per acre, so that on the COM
pletion of the contract, So 100000 or
120,000,000 shares of the preferred
stock will be retil ed. The whole
amount of land owned by the North ern
Pacigc railroad company east of the
Missouri river 3,350,090 acres, and the
purchasing syndicate have the right to
select their land from them. The syn
dictate is composed of Barring Brothers,
of London; Lee, Higginson & Co., of
Boston; M. Edincott, of Boston; and
other prominent capitalists of that
city, New York and London. The
Earrings are at the head of the great
scheme, and their wealth and influence
will make it a success. The syndicate
will colonize the lands with carefully
selected English settlers as soon as
possible, and, if the scheme meets
with the success its prof ectors expects,
the population of the Minnesota and
Dakota will be largely increased III the
next four years from these emigrants
alone. The effect of the sale on the
company will be to retire $12,000,G00
of the preferred stock in accordance
with the charter, which provides and
makes all sales of lands east of the
Missouri payable at the option Of the
buyer In preferred stock of the COM
pany, and that stocks received shall
be at once retired. The original
amount of the preferred stock was
S54OO0,000. OF this nearly 81, 100000
has already been retired on account of
sales of lands, or are in the treasury of
the company. This will leave outstand-
ing when the 100000 presented by
the syndicate is retired between $2S,-
100000 and s2s, 100000 of preferred
stock. The common stock remains as
1t was originally issued-$41, 900, 900.
The syndicate will naturally be desir-
Gus to secure the dividend already lde-
clared on the preferred stock which
amounts to IL per cent, and is payable
on Dec. 9, prox., and it is understood
their contract with the company gives
them the privilege of holding the
stock until they will be entitled to this
dividend. If the stock can then be
sold at the present price, which is
thought possible in view of the retire
ment of so large an amount, the syndi-
cate will make about 2 per cent. by the
transaction. The land will thus really
cost them about So 20 per acre in cash.
This transaction is one of the largest
that ever took place in land in this or
any other country, and it must prove a
great advantage to the Northern