The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-10-12
nEw \. p. DIRECTORS.
First Report since REORGANIZATION
Makes an Excellent showing.

At the annual meeting OF the Northern
Pacific stockholders held IN Ne" York
October :, the following we're elected d.
recsors FOR the ensuing year;
Edward u. Adams. Dumont Clarke,
Charles II Cosfer. Robert ". Galloway.
Brayton Ives. % Willis James, Daniel :.
Lamont. John o. Moore Charles Mellen.
Waiter o Oakmau OAyer II. Payne
Samuel Spencer. james Stillman. Francis
IAndesman and Edwin Thompson.
The new directors are Messrs- Lamont,
MelIen. Moore and Payne. They take the
places OF Messrs Robert Bacon, Charlie
rnague Tower and z w Winter. retired.
An additional director has also been In
Guided in the board The first report I'M
der the reorganization was submitted. II
covers the ten months ended June %, 1857
The income account for this period shows
as follows: Gross receipts. 81. al SIS;
operating expenses. s. 1859; net receipts.
=, 1896, taxes, ss2s, ssi; net Income from
operating. s. sss a5s. other income. So 34l /:
net revenue. s5caz a65. interest on bonds.
Bio as. balance S02 os5: written Of. ST.
-. surplus $50 s2s
The report contains a preliminary state
ment In regard 70 the orga nlzation OF the
company. giving full information as to
capitalization and properly. with a spe-
eifc description OF the various securities
The organization s practically complete
lands east 81 the Missouri river which
are still held by the receivers. The
( length of the main line operated "a
t3a5 miles. The land owned by the
Northern Pacific amounts 10 nearly "a
enHooo acres. OF which almost all Is west
OF the Missouri river. Land sales In ten
months amountet 10 sn80ag and OUT
standing land contracts on June 20 were
8. an5st. The report states the COM
pany's position with regard 70 current
assets and liabilities az follows. Current
assets. g. oil: current liabilities 81 49,
s@a; net current assets. s. s5302e
Under the plan Of REORGANIZATION a fund
/ ~ 100000 was provided for hettcrments.
/ This fund was composed Of &C. e74eI3 In
cash. and the balance IN general lien
bonds At the price Of 60 There has so far
been spent 81 05l 1898 Of tho cash. and the
/ balance IS held IN a special account.
/ Fixed charges OF the company for the cur
rent fiscal year are Sc il027s. A stlll fur.
/ Their reduction viii. however. he made by
4 thu retirement Of Missouri division bonds
and tina conversion Of the old first NOR
/ gage bonds The physical condition ~
| the bonds Is reported good The train
1 load during the neriod covered by the an
| nual report Is go 33 tons as against les
| tons In the preceding year. or the total
| operating expenses Of the company IA
| per cent was for maintenance Of equip
/ AtNfAf anu Af-e per cent TOT maintenance
OF roadway, the latter being al the rate
| OF $lt5 per mile Of road per annum.
! Daniel = Lamont was also elected presi-
| dent 0f the Northern Pacific Express
/ Company. which IS mn adjunct Of the
! Northern Pacific railroad 81 which ne is
/ director and vice president
/ The showing being made by the North
/ ern Pacific is attracting wide attention IN
1 railroad circles II Is expected that the
/ gross earnings for September will show
/ an increase over the same month last
I year Of well over ssoo 600 General Mana
I ger kendrick was asked IL the increase
was due 20 any one line Of business. NO. ?"
! ne replied. 'the increase is general We
/ moved more wheat during September
I than last year. hat merchandise and other
/ shipments showed a verv large increase"
/ Northern Pacific officials are ~ the opln-
! Ton that a II se has turned in their analrs
/ and that the road viii from now on Do p
4 big paying property. Nct earnings are
/ expected 20 show n bigger increase rela-
lively than gross as the Improvement to
I the track has enabled The engines 20 haul
/ heavier trains. and operating expensss
! are very httie increased