St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-08-29
MAY Hill Hill MOVE: !

Continued From First Page.
the movement and cheaper the cost Of
| handling traffic, and in many ways
| operate to the great benefit, profit and
| advantage of said companies, espe-
| cially in connection with the shipment
| of commodities. It would be greatly
to the advantage of defendant if it's
! line of railway extended to said cities
| of Tacoma and Portland, and to other
reached by the line of the Northern
Pacific company, and defendant ex-
| poets and proposes to extend it's line of
| railway to said points unless 1t can
| make an arrangement by which 1T can
reach said points and share in the
| traffic afforded by them, as under exist
| ing conditions it cannot do. An extern
sion of defendants line to Portland
| ly 200 miles of railroad, and to reach
Portland, Tacoma and other points
which would afford a large and profit
| able traffic, would require the con-
| struction of over 400 miles of railroad
at a very large cost, nearly all of
which, owing to the topography of the
| country, must necessarily be construct
| ed on a line substantially parallel with
| the existing line of the Northern Pa
| cific company. The construction of nee
essary buildings and tracks and the ac-
| curing of necessary terminal grounds
in said cities would cost a. very large
amount, and it would be to the adyan-
tage of this defendant and to the pub
lie should an arrangement be entered
into for the Interchange of cars and
traffic between said lines of railroad
under reasonable, fair and legal terms
and conditions, and under which de-
PENDANT can bill and route its traffic
from points on the line and by way of
connection with the Northern Pacific
company to said cities and other points
on the line.
UNION STATIONS.
At Spokane, in the state of Washing
ton, a city having a population of about
80, 900 people, the Northern Pacific owns
a. commodious passenger station and
terminal grounds and tracks connected
Herewith. This defendant at the pres
ent time has no passenger station of it's
own with convenient tracks and facili-
ties in said city. 1t is at present max
ing use of the depot and terminal
facilities of another company, and it
will be necessary for it at large expense
in the near future to construct a sta
ton and provide terminal facilities for
it's own use unless it arranges with the
Northern Pacific company for the joint
use of its depot and facilities as union
station, and there are many other
points where the joint use of a union
| station would be advantageous in point
of convenience and economy.
The tracks of defendant and the
Northern Pacific company between st.
of about eighty miles are parallel, oc-
cupying substantially the same right
Of way, being but a few feet apart. The
traffic of the large system owned and
operated by said companies reSpec-
lively, and consigned to Minneapolis
and st. Paul, or to connecting lines at
said points, is concentrated to very
large extent upon said tracks between
| said points, and must be moved. over
them to said cities or connecting lines.
The volume of such traffic will in the
| near future be such as to render 1T an
safe and improbable to both COM
panies to handle the traffic that must
necessarily pass between said points
by said companies respectively over
said tracks as single tracks. The use
of said tracks as double tracks having
all the trains of each company moving
in the same direction upon the same
track would greatly facilitate tbs
handling of the business Of said COM
pany, and it could be transacted with
safety to the public. Under con-
tract or arrangement in substance as
herein set forth it would not only oper-
ate to the great benefit, profit and ad-
vantage of the defendant company,
but would likewise operate to the adj
vantage and profit of the Northern Pa
cific Railroad company and the pub
lie.
LONDON AGREEMENT.
The defendant, with the approval of
a large majority of its stockholders
and the holders of the majority of the
several classes of outstanding bonds
consolidated mortgages of the said
| Northern Pacific Railroad company,
| have entered into an arrangement in
| substance as follows: The holders of
obtain a decree Of foreclosure in said
| actions and for the sale of the rail-
| road properties and franchises of the
Northern Pacific Railroad company.
| including it's franchises, to be a cor
poration subject to the said divisional
| and general first mortgages mentioned
in paragraph ten of the bill, and shall
cause the same to bid in and be pur-
or their agents for the benefit of all
the bondholderS of said outstanding
bonds, secured by the mortgages so
foreclosed, and shall cause a reorgan-
iZation of the said railway franchises
and property as new corporation,
either under the said acts and joint
resolutions of congress relating to the
Northern Pacific Railroad company, or
| legislation of the United States or of
some one or more states. Upon such
foreclosure, sale and reorganization
the reorganized company may issue it's
bond to an amount in the aggregate
of 800, 100000 or over, and it's full-paid
capital stock of S100, 100000, this de-
PENDANT to guarantee, for the benefit
of the holders of such bonds, the pay
mellI Ol the principal lueTeOI, together
with interest thereon to an amount
in the aggregate of such interest guar
antee not to exceed Sc, zoo, 600 per year,
which guarantee shall, if required by
! said reorganization company, be writ
ten and executed upon the back of
each of said bonds. Among other good
and valuable considerations for such
| guarantee, and as a compensation for
| the risk of the stockholders of the de-
| PENDANT company which may result by
reason of said guarantee in the way Of
| a possible diversion of portion of the
| earnings of the defendant to make
! good its guarantee, the said reorgan-
or procure to be transferred by it's
stockholders to the shareholders of
| the defendant company, or to some
person or corporation as trustee for
| their use, one-half part of the capital
| stock Of said reorganiZed company.
| The Northern Pacific company shall
| join with the defendant in providing
reasonable and adequate facilities for
| an interchange of cars and traffic be-
tween their respective lines, and shall
interchange traffic with defendant and
| operate its trains to that end upon
reasonable, fair and lawful terms un-
der joint traffic or otherwise. The de-
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