St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-03-06
REAL ESTATE FOR SALE.
Miscellaneous
LOST AND FOUND.

| Northern Pacific Railroad Co
TO IT'S STOCKHOLDERS.
The directors OF the Northern Pacific Rail.
| road Company in their review issued Feb
ruary 2sth last, of the report of the commit
| Tee appointed by the stockholders at their
| annual meeting on October 10Th, 1892, show
that the acts complained of by the commit
| tee were authorized or approved by. and
were for the best interests of, the stock
| holders.
The policy of constructing branch lines
| was adopted many years ago on the recon-
| mendation Of the stockholders for the pur-
pose of opening the company's lands 10 set
tement, securing the business of adjacent
territory, and protecting the Northern Pa
cihc territory against the encrOachment OK
rival transcontinental lines. 1t was not ex-
pected that these branches would be profta-
Bile when taken by themselves; but when
treated as part of the Northern Pacific sys-
TEN, by reason OF the increase OF business. a
gain is shown in the net earnings of the
| main line of about S. 900 for the fiscal
year ending June 30, 1892 The directors
refer to the following branch lines, the ac-
the committee i'll its report, namely:
PUGET SOUND AND ALASKA
STEAMSHIP COMPANY
BY the acquisition of this steamship line
The company maintained its hold upon the
Puget Sound traffic and secured the long haul
to St Paul and Chicago This steamship
traffic forms an important item in the earn
ings of the main line and these earnings
show net profit to the Northern Pacific
company of more than % per cent upon the
entire cost of this steamship line, for the
fiscal year ending June 2JIh. 1892.
ROCKY FORK AND COOKE CITY
RAILROAD.
The acquisition of this railroad, including
contract with the Coal Company, has
effected a saving TO the Northern Pacific
Company of fully S50O.ONG year in cost Of
coal. If this branch road were credited tor
transporting this coal, it would show net
profit of three per cent upon its cost to the
Northern Pacific, for the fiscal year ending
June 30th 1892.
RTHERN>PACIFIC AND MANI
TOBA RAILROAD.
The building of this line was originally
undertaken by the provincial government Of
! that province, to connect with the Duluth u
Manitoba at the boundary line of Manitoba.
The government failing to complete the
work, offered tine road and franchise to this
company. which offer was accepted by the
| Northern Pacific, to secure to the Duluth &
| Manitoba branch the benefits originally an
| ticipated from its construction. The earn
| ings from the traffic interchanged with this
| line show a net profit to the Northern Pacific
| Company of over four per cent upon its cost
| for the fiscal year ending June 30, 1892.
SEATTLE, LAKE SHORE AND
EASTERN RAILWAY.
This road was acquired to protect the
4 Northern Pacific Company's interests on
| Puget Sound. At the time of its purchase it
was earning surplus over its fixed charges.
| When credited with the business it brings
! 10 the main line. it shows net profit of 12I2
| per cent for the six months ending Deem
| Der 3ist, 1892, on the cost of the stock par
chased by the Northern Pacific.
SEATTLE BELT LINE.
This line was projected to supply railroad
| facilities to the manufacturing and other in
| dustries which are being located along the
| shores of Lake Washington. Its completion
| has been delayed because of the general de-
| preston of business in that region Ten miles
remain to be built, and when completed this
| line win be of much advantage to the com
pany, as it will give it the command of traffic
certain to be developed within a few years.
WISCONSIN CENTRAL LINES.
The lease of these lines was necessary be-
| cause of the encroachments of other Chi
| cage Roads into Northern Pacific territory
| and to enable this company to reach that
| important railroad center ana make connec-
| tons with the Eastern trunk lines. The
| lease was made on April /, 1892 and was APP
| proved by the stockholders of the company
! by unanimous vote at the annual meeting
| in october, 1890. These lines are distinct
| from the terminals at Chicago. and Milwau-
| kee, and, taken separately show net profit
since the lease to the Northern Pacific Of
| $I9l, 705.61.
CHICAGO AND NORTHERN PA.
CHIC RAILROAD
The lease of this property was made to Sc
cure necessary terminals at Chicago The
amount due to the Northern Pacific for adj
vances to this company is not s., OH, 597S4, as
stated in the committees report, but S376,-
39S.61, for which the Northern Pacific holds
ample collateral. The committee shows that
the value of this property i'll Chicago is worth
several millions of dollars III excess of its
funded debt. The Northern Pacific owns
| over Sl5.000000 of the capital stock of this
company being n controlling interest which
at current prices is worth S2.00000O in cash.
CHICAGO AND CALUMET TER
NgENAL.
By the acquisition of this property the
Northern Pacific, through the Chicago II
Northern Pacific obtained belt line con-
Meeting with every trunk line entering Chi
cago, and reaching many of the important
Industries in that city. The Chicago & North
ern Pacific terminals in Chicago are so To-
Gated as certainly to bring i'll other railroads
as tenants, and thus derive from the revenue
of such tenants and from suburban business
a netincome more than sufficient TO pay ill.,
terest upon the cost Contracts have already
been effected with three railroads. and nego-
tiations are now pending with three others
for the-use OF these terminal facilities.
LOANS.
The loans criticised by the committee in its
report are shown to have been made on
terms favorable to the company. They form
part of syndicate loan representing a
large portion of the floating debt which
syndicate loan was effected and renew
largely through the influence of the chair
man OF the board, confidence having been
inspired by his individual subscription OF
S725,0O0, nearly one-tenth Of the entire syndi-
cate loan.
CONDITION OF THE PROPERTY.
The directors review alludes to the mem
ton made by the committee OF the excellent
physical condition OF the property, of the
good operating management of its extensive
and conveniently located term inals. of the
steady growth and improvement of the terri
tory tributary to the road. and that all indi-
cations show healthy growth while care
full study of The property encourages conf
dence in It's future.
CONCLUSION.
The directors conclude their review of the
report by calling attention to the fact that
the surplus earnings for the fiscal year end
ing June 30, 1892, were over S45O,O0A and for
the six months ending December 5lst 1882.
amount to nearly Sl.500.000, after dedueting