St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-08-04
The st. Paul & Duluth Road.

AAo Ao"u hoo just puullSucu SttIclloHU
OF what has been done during three years
from which we extract the following:
Within the three years $66S, 96269 hss
been expended for construction, improve
ment and equipment, Sill, 695.73 ON the
Grantsburg branch of II miles, and S124,-
S22. ii In the purchase of half interest in
the Taylor Falls branch OF 81 miles; the
whole OF which is now owned by this COM
pany with the land grant Of "a, $50 acres Of
land attached to It, In the reorganization of
the company there was issued $4,055, 407.51
common stock and scrip, which amounts re-
main unchanged, $500, 090.02 preferred
stock and scrip, which has been reduced
1898, $751; by cancellations to August 1,
1888 Gncluding $4,000 in july, and in
creased by dividends of $470. 5606 SO, paid
November 1, 1881, and $3.50, 1872, payable
August ID, 1884, leaving $3.50, 949.60 out
standing. The bonded debt remains at
$l,000,0O0 at 5 per cent. The company
now operates 225 miles of railroad, owning
main line from St. Paul to Duluth 155 miles;
Taylor's Falls branch, 81 miles; Grantsburg
branch, II miles, and KnifelFalls branch, 26
miles; and leasing Minneapolis branch, IA
miles, and Saltwater branch, IL miles.
The secretary and treasurer, Mr.. P. s.
Harris, has issued the following circular,
dated July II, which needs no explanation |:
To the stockholders: At the annual meet
ing of the stockholders of this company, held
at st, Paul, June 16, 1884, more than two
thirds in amount of both common and pre-
ferred stock being represented, the following
was unanimously adopted:
WHERE'S, A large proportion of the in
come OF this company for the past three years
has been devoted to various improvements
and additions to the railroad and equipment
and to the purchase and construction of
branch roads connected with the main line,
and in the requirement of other valuable
property, which appears upon the books of
the company unrepreseeted by capital stock;
and whereas, there remains due to the pre-
ferred stockholders out of the income for the
fiscal year ending June 80, 1882, an unde-
clared dividend of three and one-half per
cent, and like dividend of three and one
half per cent. will be due on July LIST, 1884,
out of the income for the fiscal year ending
June 80, 1884, therefore:
Resolved, That the board of directors be
authorized and directed to declare dividend
to the preferred stockholders of seven per
cent, payable in the preferred stock of this
company: provided, that after having sub
mitted the question to competent legal
authority, they are advised of their right I'M
der the law to do so. This dividend to be in
full OF all amounts due to said preferred
stockholders up to and including the first
day of July, 1884"
The board Of directors, having been duly
advised by competent legal authority of the
legality of the proposed dividend under the
laws of Minnesota and the charter of this
company, have this day declared a dividend
OF seven per cent. in preferred stock to the
preferred stockholders of record on August
1, 1884, payable to them or their legal repre-
sentatives, in certificates of preferred stock,
with scrip for any amounts less than a share
of stock, at the Fourth National bank of the
city of New York, transfer agent of the COM
pany, No. 16 Nassau street, New York; said
dividend to be in tull of all amounts due said
stockholders to July 1, 1884.
C7on the return Of the proper receipts
therefor, the certificates of stock and scrip,
duly registered by the Central Trust company
of New York, will be delivered by mail on
August 49, or upon personal application at
the transfer agency on and after that date.
The stock transfer books will be closed
July Is, and re-opened August Is.
All scrip of the company is convertible
into full stock upon presentation in sums of
800 or lnultiples thereof at the transfer
agency upon the re-opening OF the transfer
books; and until further notice the holders
of less than 500 of any issue of scrip may
send it to the tranfer agency with asdraft for
the sum of money required to make it up to
500, when the additional scrip needed to
make up full share Of stock will be fur
nished at the then current market rate of the
stock in New York, and certificate for the
share of stock will be issued and returned,