New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-03-01

debt These facilities have been acquired ior tne
d"ri p located in and adjacent 10 tho city such
Companies whcrr they have tenants, operate Their
,srms' h WITHOUT hene any mecrns to the general
system from the increase OF business ' terminals
The switching ana a"nnra Of
The Increase In earnings derived rom nj H. orsnaI
ros, Of such terminals and the expense OF oper''"s
and maintaining the tSIrsco the mo, extensive and
val"bie in that ciiy have not boon bought VIII s"n Of
general mortgage bonds nor for s so tner aIlroods
nH Thc.e terminals do not Inn, sn s
benefits 10 he derived by yonr COMPANY !" ndemndsnt
t"onr with i trir own funded debt upon the ecrS S
that they 20 exgnsvr ana mani. S% and thus derive
hroncI III" revenue such t.nsn,s ana nav rim
suburban Sns ie1 entire Rs' cost Through fac
lies yor transcontincnta line j. ehnp~c ,,v Of Chi
direct connection with al ne importan industries
snG when those fDcics occupied TO ,h ,ron n
extent these benefits VIII sr1,s b" nxss ny ''
The t'ainmrt system has been aranirrn III and o' viii
Gr Of h Scc Gncae part thereof The value Of The
Calumet Inc Is shown by me INC, nae ana onions
an aEorah terms to your have been been s ra
10 other railroa! companfnrst " for ii" use OF
road companies are now heeo"'''"s '''
Tho immense future voluc Of this properly nrc1m T.,
msnEst Wha g"" "re overcrowcd at the present
lime that no new surface terminals cnn BE- "rInr NV
ana 'h'' y"Ir st,rncive facIlItics for ur" tenants
The city Of Chicago now ocrnplrs M lnn 600 which
,arr at the rate yoar There are
now twenty four trunk lines entering ,I e XIV now
than doH" nn entrance into the city Of Chicago Will
| be compelled 10 avail themselves OF your '"'"''' "
S p "nre Is to be- judged by tho past Your %T
minals will br rented To NOR I,n IVY ~
| then they will he diydend-paymg proPer"'''
NORTHERN PACIFIC LOANS.
On page OF The report tn" commtc" cr'''ci''' Wv.
chairman OF your board for loanng money !" s
company. and yonr directors TOT nccep'''s s'
A. the time this loan was made and renewed Inc mo'y
cou,d mt he raised by sale Of your securities ""o"'
socr,Gco This was part Of syndicate loan repre-
| sentIpg a large portion OF your hoauhg o'p''
| situation OF your company was such 'hh' wv
monhs loans were considered safer than call OF 'no
time Ioans even at higher rate OF interest as IL WI"
.xpeccd that such loans would give ample uhic io
the market 10 renc. and for sale OF your s'cu'''
unon favorable terms The syndicate loan was cn"c'u
and renewed largely through the Influence OF the car
man OF your board and among his personal i'''""'
Tho loan was made possible with his friends py con-
adcnc" Inspired through his individual subscription VI
81. 100 Ills action under the circumstances IN
stead Of being a subject OF criticism anu cc"'"' "
'nr ndar - The nrescnt management in tn" admins
ronn az YOUR affairs all Of the directors havo ~
with The s cAsms% Of Ser. IHu not
dominant party In The board Upon all l"'s,"m nom,
the action Of the board mas o ,Sn, "Sitv faithfully
Serformh the trusts devolvinr upon them, ana =
have earnestly endeavorcd to ona up an" 10
| y"ur interests III The great property 'o""''u ~
The Committee in speaking in s sne phv cns con-
y yor w. the prnpery was found to be excellent
ahe hs dsse Of snsneosGs t int' t n:
f.aad !" Soa % sNa2 pao, md
in an erfccnt condition that the di.,p' h e"
nn, the conipsny and the general me OF tne r,'
ployes appeared TO be admirh" gt Messenger and
sirht receipts seem TO complete that tnr viz
nInals found to be sA' ms pr is steady
growth and improvement In me towns ana "a ~"
territory nbutnry 70 the road nronx r. - shov that
IN" expenses Of the Land Department! can w. an ,hs
without derimen, to now ySF that ,hr busness ih'
XorLern Pacific Line. rs whole Is srVws, All '' n.
fulls. aad careful study Of w., S p"ommi,.~ admits
Ina, the branch lines con Sder.t together anu a. 20
Of yonr ys'e% hsyS p roads criticcd by the
mlttee shows ne, profit TO Your COMPANY, in a,
een,n Central % 'nde wpe,s are o' carsenSie to
snilre ryst.ir havc always been pfon'ap'o !" Co.,
ana for the four on'h s, sn', n the Charges against
the terminals chicago End Mllwanier af. "c, %
Your directors have Away and ali their
dfon csn,n nRS sy ho either an,nor
rra,,nr To- the preferred stock has been modrd as
chargca BY he c9mm'sc sSh Of the stock
hnJers among whom were the members of 'he COM
mitt"c. 49, 80 ...,.. ..,.,,. hava Through
erroneous statements aud conclusions. caused tefon'
depratlon In your securities and great loss 70 yo.
Mn directors also acting aS your agents cohN""r J,
,LcIr duty 10 correct these erroneous sAc"ents "u
.,n,l,tsinn. and rrctify II possbi, thc wrong ,na'
| has lren caused 10 YOU by their pnbncauoh w.
therefore send this communication 20 You before lhs
report VI the committee has been FORMALLY rcce'ea
| md acted upon bv YOU -, at, 90
| ", take pleasure Of avaling ourselves ol 'his "p
| nnrtunitv 4, remind that Mt the close OF the
| l-
surpins 81 over $4,000 md that Cor the six months
| endny December 81. l-D2. your company earned -
.mrnl1. Of nearly ~ BOO 900. after dedncting all
| rentals Interest on funded debt. sinking funds:
| guarantee OF terminal and all other bonds ana all
r,nrcrs - every kind whatever accrung during that
| y.riOt .. , a., >..,u
| Pacific Railroad Company.
| THOMAS +. OAKES. President.
February %. 1898.