St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-03-04
PEACE AFTER WAR.
The Senate Settles Down to
Solid Work Again and
Ceases Talking,
Commissioners Fail to Learn
Much About the Soo's
Watered Stock.
Eeveral Very Important Meas
uPes Carried through the
House.
10 Action Taken on the Brake
and Coupler Force
Measure.

partly read and corrected. And then
came petitions from the Duluth cham.
ber Of commerce on the age of consent
and citizens of Wabasha county pro
testing against the Currier railroad bill
Senator Stevens offered remonstrance
of the trades and labor assembly against
the project of establishing a boot and
shoe factory at the Saltwater prison.
From Senator March came q request
that the present penalty of 10 per cent
for delinquent taxes be changed, and
made ! per cent per month. The rail
way commissioners sent in report Civ
ing the senate information on the cost
of the 500 road, pursuant to the resOlu-
tiOn adopted Feb. Z, 1891, as follows:
Resolved, The board of railroad commits
sioners IS hereby requested TO inform the
senate what amount of stock or other evil
dences OF Indebtedness has been issued or
created by the so-called 500 abroad com
pany, since the first day of January. 1887
and how much money was paid or invested
in the company for said stock; and who re-
ceiyed the said stock or evidences of indebt-
edness. and whether the issue of any such
stock was a violation OF the laws Of the
state, and if so, what steps were taken for
the prosecution and punishment of the par
ties so offending.
Immediately after the passage of the
above resolution the commissioners
wrote to the 500 company for the III
formation desired. They were answer ed
10y {. w. Gardner, who stated that the
only income certificates that have been
issued by his company were issued in
June, 1890. and that during that month
there were III certificates of $1,000
each issued to the holders of its first
mortgage bonds in exchange for an
equal amount of bOndS
The railroad commission sent its secre-
t9Ty. a X. Teisberg. TO Minneapolis TO in
Yesugate the books of the company, but that
Official did not get any further information.
However. on Feb. 10 the secretary OF the 500
road W. r. Martin, wrote to the commission
that after careful investigation relative to
the issue OF stock and income certificates he
was unable TO find any record in his office of
the points the senate desired TO cover He
states that the III income certificates issued
by the company July l, 1899, were in lieu of Il
like amount of first mortgage bonds of the
company, surrendered by the holders there
Of TO the company.
From a special report of the railroad COM
mlssioners the latter learn that the capital
stock of the 500 authorized, issued and out
standing July 81, 1888, was S2l.G0' 000,
each; that of this amount 10000
shares are preferred stock, and the re
maiHGcr are common stock. That all of this
stock was issued during 1887 and 1883. SIP
OO0,00O Tor the 500 road; ST, 200 for the Min
neapolis u st. CToiX; ST. 030000 for the Min
neanolls and Pacific; S4,96S 500 for the Aber-
deem, Bismarck IL Northwestern. OF these
shares SG000.0G0- were preferred stock and
Sl4,uO0.000 common stock.
The commission says that it appears from
this statement that no money was paid or in
vested in The 500 for this stock So issued II
was an exchange Of stock bv The consoli-
dated company, share and share alike. for all
the shares outstanding of the constituent
companies. The shares of stock so surIen-
dered by the constituent companies for the
stock of the consolidated companv are re
ported by the officers of the 500 road to
have been destroyed.
The commission further reports 10 the SEN
ate that with reference to the issuance OF in
come certificates by the MINNEAPOLIS d Pa
Citic Railway company its attention was first
called TO the same by the annual report made
bv that company 10 lhe commission for the
year ending June 20 1887, and it appearing 10
the commission that the same was a violation
OF the laws OF this state, the whole subject
was referred TO the attorney general. with the
request that, if IN his opinion the law had
been violated he W ould institute proceedings
Tor the punishment of the offenders The AZ
torney general held that there were not
Slltlclent reasons for prosecution
The commission further reports that the
income certificates issued by the MINNEAPOLIS
~ Pacific amounting TO S5,72109O were re
urcd and cancelled when the consolidation
was effected, and that these certificates are
not in any sense a liability of the 500 road.
Further, the commission states that for the
preferred and common shares the cOmpanv
received no money, but that il was eX.
changed, share and share alike for the stock
of The companies which were consolidated
under the name OF the present 500 road On
July |. 1880. the COMPANY issued income
certificates TO the amount of S111 900 which
were exchanged for an equal amount of first
mortgage bonds OF the company and that
lhe first mortgage bonds SO received in ex-
change were not Cancelled or DESTROYED but
remain in the treasury of the comuanv 10 he
sold for its benefit. The funded debt of the
company outstanding June 30, 1890, was as
follows:
First mortgage bonds of the Rlinneanolis 4
Pacific, S4,2g,GO0; first mortgage bonds of
the MiIn., ). ). NJ. & A., $4,000 coo: first
mortgage bonds of the Nj St p ana 81 p e.
>: ;. VI. Ky, S2l0.OOO. There were also out
standing equipment trust obligations for
SlOl,O2l.4O 40. The current liabilities at the
same date were S1,47I, ,S94. ~ making the total
liabilities for capital stock, funded debt in
ciudlng equipment trust Obligations, and for
current Liabilities. June 30, 1890. SI2 012 g15 60
The total mileage at the same date was re-
ported at 1S7 32l0O miles. The amount of
Liabilities per mile of road was $50. ABS a. To
me liabilities above reported is to be added
SHIOOO income certificates, isSued about Julv
!, lSO. All of which is respectfully sub
mltted. GEORGE l.. BECKER
Chairman of Railroad and Warehouse Com
mission.
New Measures.
The Introduction of bills came newt
and took but few minutes, the sena-
tors evidently having completely emp
lied their desks on Monday. The three
measures introduced follow:
Mr.. Leavitt, S. F. No. 463-Appropriating
$500 for bridge across Crow river, Meeker
county Local legislation.
Mr.. Leavitt :. F. No. 464-Appropriating
money for bridge across outlet to Lake Stella.
Local legislation.
Mr.. Leavitt, S. F. No. 4G5-Providing pen-
atty for butter adulteration Taxes and tax
laws.
Committee reports came next, and
proceeded without objection or com
ment until Senator Craig handed in
report recommending the passage of the
reapportionment bill with the amend
ment adding Anoka to the Fourth dis
trict. and lsanti and Kanabec to the
Sixth. Senator Stevens objected to the
consideration Of the report, and wanted
1t made special order for Friday. SEN
a1or Lienau, as a member of the com
mlttee who had not been present
wanted 1t referred, and by a close vote
ii was sent back to the reapportionment
committee.
When tie committee on local Jegisla
ION sent up reports favormg the mas
sage OF bills allowing the village of Jas
per to Issue bonds for the building of