The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1888-09-21


who suseees9ed Mr. BeIknap a. treasurer
ssIne months seo. vas elected 10 81 that
ofaee. and Samuel wilkssoa, secretary.
w&s given IS assistant George H. Earle.
The subject OF deelarins divideaI On
the pEsserresI stock did rot eorae Hy- Every
enc eaaneef<d with the Rad appeared 10
- entirely satisfied with the result. and
neither Mr. Harris. Mr. 0zkes nor Willard
desired 70 make any comment beyond the
statement thsS they wers well pleased
The stockholders met trxt and reelected
the cid hc&rd Of directors. with change
noted above. Ibea they adopted the lease
of the Northern Pacific & Montana railroad
as a private contract entered into with the
Northwestern Equipment company. and
passed n vote 81 thanks 10 the officers ard
direefers for the grand FeSaIts OF The year
After this the directors came toyefher and
organized BY the election Of Robert Harris
as chairman Of the board Mr.. Colby
Nominated Henry Willard as president. hu.
the latter positively declined and named
Ar 9akes for the position. The
following officers were then elected. Fresi-
dent Thomas z. oaksz. headquarters 81 ST
Paul; chairman board of directors Ronerf
Harris. headquarters AZ New York; first
siee president. John y. Williams. secoud
yice-pFe sldenf. c. II. Prescott. secretary,
samuel Wiikesons treasurer. George 5. Bax-
ter. general auditor james A. Barker. a.
sistanf secretary, George II. Earle. The to-
tai number OF shares east az the meeting was
So rs. o. which Nr Willard voted about
s5i 40 and hsd I2.s2s more than a majority.
The proxy committee east g. SO There
were 25,1ss shares Of Boston stock and 900
or ZOO scattering shares. These paragraphs
from the snnual eerort are Of interest.
Land grAnf--As regards the land grant
10 the fxrFiioFies see no reason 70 quslify
the expression of confidence ia former
reports that congress viii never take any
action that wiil impair the eompany's title
to lands cared By the construction OF the
road In claSiag the report says ''$-S7.
SO is applicable 10 dividends on the pre-
ferred stock accumulated in the last ave
years. Land sales are expected sooner or
later to reduce the preferred stock $50 800.
coo, and $2,eoo,eoo more If the company
wins a lzad suit with Manitoba. .
The yice-presidenf ard general mana
gers report refers TO the inter state com
raerce act and the Minnesota railroad com
missioners as follows "The Interstate
commerce law changed In many ways the
methods heretofore pessued ia the con
duct of traffic Ia some cases reducing rates
but it has not on the whole proved
burdeusome 10 this company. 1t is still
impossible. however. to predict whs: the
ultimate effect Of The rulings win be upon
our business, Ia Minnesota we have been
obliged to contend with very nnfriendly
railroad commission, which has now I'M
= - -. t..
rates on sueh commodities as are pariicu-
iafly handled in Minnesota. II Is hoped
that the cheek experienced by the Iowa
commission IN is attempt to enforce un-
reasonable rates VIII have its influence on
the Minnesota commission"
These paragraphs are also from the vice
presidents report The most important
invasion Of oar territory during the year
has beer by the 81 Paul, Minneapolis 4
Manitoba through its subordinate organi-
cation. the Montana Central Railway in
Montana, which has for some months been
IN operation TO Helena, and more recently
reached Butte. The effect Of this eosnpe-
tition IS also felt in several minor directions
though il has al all points been principally
confined 10 freight business, no efforts
having as vet been made TO compete for
through passenger trafiic. The intention
OF the Minnesota and Pacific line in Dakota
intersecting our james river valley and
Fargo and Southwestern territory has OF
course resulted in a further division Of
business with the company but the growth
of this traffic has been sufficient TO Offset
the proportion lost.
our relations with the Oregon Railway &
Navigation Company have also exercised
an important influence upon our traffic.
The attitude Of that company has con
,iuued 10 be racsi uufayorable aud has ex-
tended 10 the people of Portland. As
consequence We have not been able
10 secure our proper share OF
this competitive business. and ON
that which has been secured the division
Of earnings have been unfair TO this com
pany The disadvantage. however. has
been more than e0unterbalaueed by the
large increase of business with Puget
sound points which are now so easily
reached independently of the o. r & y
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