Seattle daily post-intelligencer. [volume] (Seattle, W.T. [Wash.]) 1881-1888, 1883-09-02

SAY FRAScIsco. August I.-Last even
ing's Bulletin says:
The laying of the last rail By th,
Northern Pacific Railroad Company va,
I completed last week at Gold Greek
Montana. II was modest affair anG
attracted but little attention. A NOR
/ formal celebration of the event il tc
take place on the Sth of September
when Mr.. Willard, the President of the
road. will 60 through the performance
OF driving the last spike, golden one
prepared expressly for the purpose. The
fracklayers are still at the point whers
the last rail was laid on the 18th o!
August, ballasting the road. The last
few miles, closing the gap. were laid in a
great hurry, some of IL at the rate OF
one mile In An hour and forty minutes
1t Is said tina. a single mile VAS laid in
one hour. MIR. Willard and S36 excur-
slonlsts from all parts of the Atlantic
States, Canada and Europe. ars now on
the way to attend the grand ceremonies
OF the formal opening of this great ua-
tional highway.
Ii may be remarked as a coincidence
that the last spike uniting the Central
and Union Pacific roads VAS driven
home also on the 9th of the month.
The Northern Pacific Railroad Com
pany obtained its charter from the last
Congress, and was approved July 2.
1864, receiving as a land grant twenty
sections to the mile within the States
passed through, and forty sections with
IN the Territories.
Tho construction Was commenced in
1859. In 1873 the road was opened at
D0iuth, at the head of Like Superior,
In Wisconsin, to Bismarck, in Dakota,
distance of $50 miles. The COMPANY
was organized in the interest of stock
holders, and the creditors purchased
the road on the 18th OF August, 1915.
Since then work has baen carried for
ward more steadily and satisfactorily.
At the time of the foreclosure the @ ipi.
tai stock was $100.OOO,0OO, and the
funded bit $30,625, $50, upon which
was due interest to the amount of $4OO
on each bond, or tot.l of about 81
10000. At that time S23,353, 400 had
been expended in the construction and
equippinR of above so miles of road.
In recognizing in 1875, the capital
was left intact, of which $5l ,0O0, 600 was
TO be known as preferred stock, and
$49OUO,OUO as common stock. The
funded debt and interest were to be
converted into preferred stock, as the
bonds of the old company were convert
ible into the land of the company. The
same right was extended to the holders
OF the preferred stock, but limited to
lands In Minnesota and Dakota. About
5000, 900 of preferred stock was SO con-
verted prior to 1882, at which time the
company had still 100000 of pre-
ferred stock unissued, leaving $39, OOO,-
GOO inthe hands Of the people on the LIST
of January. 1882. Preferred stock is
entitled to 8 per cent. dividends, non
cumulative. before anything is paid ON
the common stock.
The road starts from Duluth, an inn
portant shipping point at the head of
Lake Superior, and runs west through
Minnesota, DAKOTA, Montana, Idaho
and Washington to Portland, Oregon.
There are number of leased lines,
the most important of which ia that
from Brainerd to st. Paul. At that
point there are connections with roads
running in all directions through the
State to the Atlantic seaEoard.
As an outgrowth of the Northern Pa
cific Railroad Company there have been
organized the Oregon Railway & Navi-
CATION Company and the Oregon I'm
provement Company. The first named
was chartered in June, 1879. and succeed
ed to the business of tho Oregon Steam.
ship Company. Oregon Steam Naviga-
ton Company, and the lines of railroad
around the cascades of the Columbia
River. This gives water communication
for road direct from Portland to San
Francisco, and practically makes this
city the Western terminus of the sys-
tenn, as the company control all the
steamers running between Oregon and
California. Last December the Oregon
Improvement Company decided to issue
&. 0O0, 900 new stock for the purpose of
taking up some floating Indebtedness.
This stock was quietly placed last June.
Parties interested in the foregoing three
subsequently formed an
other to have a sort of control of the
whole, which is known as the Oregon
TranscOntinental. During the fiscal
year ending June 30. 1893, some g., 4O5
shares Of the capital stock were issued
and paid for. Notwithstanding that
steamer leaves San Francisco for Port
land every four days, there is always
some freight left over.