Seattle daily post-intelligencer. [volume] (Seattle, W.T. [Wash.]) 1881-1888, 1884-07-04
wuar DOES Ut xEPKssEsY.


said The Csi,n fseIas Vas stsfs<t.
anfer toe most favorable auspices tnHf
ever surrounded monopoly. Is wss
bsifs aud equipped By the psorie ~ The
Ia s@d States, for II ia well kuoTu 10 {
fhs projectors Of tue Uaion PseIsc raj +
nav pud in only sbpot one and bali
million dollars towards its constr7e-
tio1-7
Tae statement il undoubtedly correct
With a single exception. To Eis: Ihe
Nor bern Paesis railroad company. II
a. not 20 veil knows although snsc@pts-
bleof proof h.t the originsl stnckhoId
ere Of the Northern Pao'fi never con
triba,ed a dollar toward baisdia2 tat
road. The only expenditures made by
1hsse among whom the tI0oOb,mo 10
stock vas divided add u vh"m Is vas
uarsisIlyce syer. d, SIRE tos OPP cls-
Ing tue paefa o Of tte dig nal chsrsss
and land grant act and sui a. nt "a 80
-dssssy resoIntions tLroax. Coueros
and .. ms few thousand doIi-rs sdvsDo
cd sfs@rw-rd by Jay Cooke 4 ca 10 pas
ferptliminary extmiEssIon os IN rous~
uror . the execution of the contrast
saads With that firm to sell boads 81 the
road for the purpose Of ia cons'rucsist
IN all. these expenditures did not -
osed $50 600. in fact 10 vss ssaVuissed
in q written contrscs thas tho share
AoIders in she franchise should mot be
ss s=szd to exceed the above ssn In The
aoGregate.
Al tins d .te those contracts are inter
-sMnsr reading. Muon has besn Written
sboss fhs hardships, struERiss. icsss4
sss. a the original projsssoss q the
Nsrshsva Pacific railroad COMPANY.
Tbs fssss are that only the uususp. citing
gable. ~os bough, shares ss 6ssisious
values Of men whom they cost nothinR.
hape bssn~icsinised. 30 far 49, can
ada fDn Investigation Of pabitshsd o.
: Asiai staaaneuts II ths Nosthssn PssiAs
railroad oompapy. not dollar received
from sales Of stock IN thsk company
'wss invested In its construsaon. The
ar.t 500 miles were constructed be<usen
1szo and 1873 with sbs proceeds Of The
sale Of t30,e000 $50 bonds, q the rUad.
end ice land Rraus. Up 20 shat time.
Vsins the road was chartsrsd, ssx yssrs
bad elapsed during which Tho srieinni
sssskhoidsss bad divided snsse shsm-
silves o. asaignsd % Jsy Cooks 3 Go.
che y lole ssital stock Of tbs company
asd ssasd 70 parties 10 the contract q
sas9s proportion Of 10 In paid - shsres
Here are .sv details Of oas u che
nsss b ,ld-fscsd frauds and iaiquitoos
aQwnsEss on record. The franchise
- he Northern Pacific RxiiEoad wss u
leg.shs property Of ,. GrsaDsy smith
: a S. Adams. w., and o4hsss- The
sas Of lobbying the act Il 1854
Alssueh Congress. and insiAsutai e.
gensss mp 10 that date. smssat-d IN |
.a7rRnDn- 10 January, 1851. . eoutssos
wss made whereby this prop sty-she
charter, etc.-waa divided into a shares |
Of $500 each. This eontrsst psOvidsd
, esa subscribers shou q b sams jSinsiy |
INTERESTED With Smith " in preporsion ~
shs shares, q parts Of shares tsksa. n
ahs charsss or franchise a Ne North
en- Paeifc Railroad, with al ~ rights,
! puwsss. privileges and immanitiss-" q
fuxsher osc~idsd that all parties thsesto
a uhoald unsts - get aid fro@ Oo"ersss BY
further Iaisa~sisn snd eoatribass pro
msa, assordine 70 the inssssse hsid By
~~ssh for that purpose. and thsf ~ coon
- Ooaerss granted further ed a. Or
aunas ssion shoald be sdeoecd 70 som-
0sn1s instruction of the read and Ga
.suzs he land granted bv shs asa Ga
-1gas q ss67, three yeArs after the char.
81 had bee, granted. the above agsss-
Usus ms amended By ssipalssine that
90 total amount which sssh Of The
Ausavs shares should BE- ccmpslied %
esn1rihu1s sh ,uld res be oww ol3Do,
tnsssains t,s amount already paid
<QBsool. MAILING . total Of ttsaeOo. -
60 limis Of the amount which the
esnssa Of the charter could b. con
gsllsd 10 eoutributs.
.9Aas skaters remained en1n iDD, no
ssiiroaa yes having been en@~snosa.
In thas ysar-May 20. le69-sa aerse-
0sut vas made By he boldses q IN
4kssshiss With Jay Cooke d IN. sy which
- shares vsrs increased 70 Is, six Of
wAish were - b given 10 Jay Ossks 4
O.. and the O pssd % oh Divided ~ fol-
ssus- oioo0oo. % ssork. sa.ool 30 %
Asssasd - fsa pad sp ssseA sso ssss
ssseae the 10 shuss ~ folisvs ttst.-
10 90 share immsd@ssly Ard ess.ooD
~ sAare a ofssi ~ s,cA - miles Of
vssd h eoussrusss Tee bslaaos Of
sAssapital stock tess.soeoeg 70 ~ d.
Iivsssa 10 lag Cooke a q In psid %
-u2ssk % follow, Az often - ssid ysy
-ossks q Co. shalt cell tlu1e esud
gan Of shs stock shall be delivered.
Ons hundred million DOH ws Of 1870
boads were ordered issusd. 10 be s,ld
81 said Jay Cooke 4 o., a @ cents on
che dollar. This oonsrses vss sixnsd
BY Smith. President Rioa Bsasy,
Oed-n. Cass, Thompson and Fargo.
Bzecssivs Committee, and By jag Cooke
.&Oe.
kot q foos Of railroad b "A 20 besr
~eassrucsed, although ave ysxrs had
psssed since the charter uas evaased.
and plicasian had twics been sasde
90 C.uers-s for extensions a the tins
when u saeaid Be ssmple,si.
On the nrss Of January, Issa th~ s~v
going contract vAs nodi6sd. Durlnc
'1hs interval Jsy Cooke b ca. I'D insss
sie<se& the rsos.-. prus. ~css. co. af tsae
propsssi raslroad. AID the change wss
made IN compliance WITH shs a ssaanas
OF sost eompany. Tue Is sAsrsn wrr~
kncr~a~ed 10 -, Of which Jss CUoke a
"a ur@ra IN h.va 1a