The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-10-06
FIVE MILLIONS NET
NORTHERN PACIFIC INCOME FOR
THE TEN MONTHS ENDING
WITH JUNE.
NEW DIRECTORS ELECTED.
MELLEN, LAMONT, MOORE AND
PAYNE ADDED TO THE
LIST.
NET CURRENT ASSETS, s2,s5s, o2e.
Gross Receipts Under the Reor-
gani2mtiOn Only IL Trife Under
Fifteen Millions of Dollars.

NEW YORK, Oct. 5.AAt the annual
meeting of the Northern Pacific stock
holders here today the following were
elected directors for the ensuing year,
, Edward D. Adams, Dumont Clarke,
Charles H. Foster, Robert M. Gallo
way, Brayton Ives, D. Willis James,
Daniel S. Lamont, Charles Melien,
John G. Moore, Walter G. Oakman,
Oliver H. Payne, Samuel Spencer,
James Stillman, Francis Lindesman
! and Edwin Thompson. The new d1-
rectors are Messrs. Lamont, Mellen,
Moore and Payne. They take the places
OF Messrs. Robert Bacon, Charlemagne
Tower and E. w. Winter, retired. An
additional director has also been in
Guided in the board.
The first report under the reorgani,
cation was submitted. 1t covers the
ten months ending June 80, 1897. The
income account for this period shows
as follows: Gross receipts, $14, 9n ,S18;
operating expenses $685. 1913; net re-
ceipts, S., 7S5, 945; taxes, $42S, 9S1; net in
come from operating, $5,356,964; other
income, $255,241; net revenue, 1882, 305,
interest on bonds, S5,11O,248; balance
1902 057; written off, $12, 229; surplus,
$489, S2S
The report contains a preliminary
statement in regard to the organization
of the company, giving full infOrma-
ton as to capitalization and property,
with specific description Of the vari-
Gus securities. The organization is
practically complete, with the exception
of the matter Of the lands east of the
Missouri, which are still held by re-
CeiVers The length Of the main line
operated is Abb miles. The land OWL
ed by the Northern Pacific amounts to
nearly 34,000,000 acres, of which almost
all is west of the Missouri river. LanG
sales in ten months amounted to $41S.-
O24, and outstanding land contracts OH
June 80 were 81, 2O3, 584. The report
states the company's position with re,
gard to current assets and liabilities
as follows:
Current assets, $7,437,011; current liza
bilities, $4,4S3, 9S5; net current assets,
2,953,026. Under the plan Of reorga-
nization fund of $5,000,00O was pro-
vided for betterments. This fund was
composed of 1854, 913 in cash, and tho
balance in general lien bonds at the
price of co. There has so far been
spent Sl,O51, 1888 of the cash, and the
balance is held in a special account
Fixed charges of the company for the
current fiscal year are $6,110,276. A still
further reduction will, however, be
made by the retirement Of Missouri d.
vision bonds and the conversion of the
old first mortgage bonds. The physical
condition of the property is reported
as good.
The train load during the period COW
cred by the annual report is 23033 tons,
as against 1913 tons in the preceding
year. OF the total operating expenses
of the company 14.4 per cent was for
the maintenance Of equipment and 29.G
per cent for maintenance of roadway,
the latter being at the rate of S745 per
mile of road per annum.
Daniel S. Lamont was today elected
president of the Northern Pacific Elk
press company, which it an adjunct OF
the Northern Pacific railroad, of which
he is director and vice president.