The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1912-07-01
credit. The difference to the public

credit. The difference to the public
was not a penny either way.
A branch lines were built or ac-
quired their bonds were guaranteed.
In 1887 an issue of I25,O0O.O 900 on
lines in Montana was authorized.
Some Improvement. bonds were issued.
The extension to the Pacific coast vas
financed by the issue of 5000, 900 Of
mortgage bonds against the extension
lines by the Manitoba company. In
1888 the bonded debt had become
$60.9S5.000. The Great Northern,
which now took the place of the other
companies, issued collateral trust
bonds, which were afterward retired
from the proceeds Of stock issues in
1898. 1t assumed the payment Of
bonds, principal nd interest of the
companies taken into the system: and
its bonded debt thus became $685.
$4,000 in 1908. Of which over s2s,-
0OO, 600 was held as free assets in the
company's treasury. Last year the to-
tai bonds on the property outstanding
in the hands of the public amounted
to $~144.331,90s.
Standardization OF Securities.
this total $35,o0o,o0 was part
Of the issue of first and refunding
mortgage gold bonds authorized in
1911: which brings us to the final
standardization of the company's Sc
curtties and the act by which it pro-
vided against future contingencies.
This issue of $500, 900, 900 In ali,
stands to the big systems Of today as
the s50,0oO,000 issue of consolidated
bonds did to the small system of TWEEN
Weight years before. 1t creates a
financial clearing house through
which its several outstanding securi-
ties may be converted into n Of
standard form and value; and it forms
IN ADDITION a reservoir of authorized
credit so carefully guarded by the
conditions of the mortgage that 1t can.
not be abused or dissipated, yet SO
ample that it will supply all needs for
probably fifty years to come. No pri-
vate estate in this country is more
carefully. provided against the future
than is the property Of the Great Nor
them Railway company. All prior
mortgages become closed and more
tran one-half of the total $500, OOO. 900
Is to be used to redeem bonds issued
under them and those issued to buy
the company's interest in the Burling-
ton. Nearly $4,000, 900 may be
used to cover the cost of other prop
while 800, 900, 900 may be Issued. a.
not to exceed $4,000, 900 per n
to cover the cost Of future construc-
ton, acquisition and betterments.
The financial outlook of this COM
pany is as we'll assured as that of
o governments. 1t has a provision
mad now. deliberately and not under
n pressure Of necessity, for the
work of years to come. That provf-
SION may be utilized In lean years and
held IN suspense in fat years. so as
always to realize the best prices for
securities and to keep the credit of
the company unimpaired. No emer-
gency can surprise it. It is financed
for a period beyond which It would be
fanciful to attempt to provide. And
the development of its business
throughout every part Of the practi-
caliy half a continent which 1t serves
makes the payment Of dividends on
the stock as certain as that Of its bond
coupons. There has never been a de-
fault in either. There has never been
a dollars worth Of stock or bonds is
sued that was not paid for in cash.
property or services at its actual cash
value at the time. The stock has paid
a dividend ever since 1882, and since
1900 the rate has remained steadily
at z per cent.
First Phase Ended.
The occasion permits no more
than this condensed statement, pass
ing In nasty review the fortunes Of the
"At SHleI rise IOT more tnan thir.
ty-nve years. The first phase of the
Great Northern railway system is end
Cd: The value of the property is
founded on the resources Of the coun-
try 1t traverses. From the head of the
lakes to Puget sound this is rich aeri-
cultural land. From fifty to 100 miles
OF the line run through mountain val
leys. but even these are susceptible Of
cultivation. Barring only the actual
submits Of the mountain passes the
country Is capable. under the best
modern agricultural treatment. of
multiplying its wealth indefinitely and
furnishing increasing and proitable
tonnage for years to come. The Great
Northern is now wrought SO firmly In.
to the economic as we'll as the orpor
ate body Of the land as to have fitted
itself permanently into the natural
frame Of things. So far as n crea-
ton of human effort can be made n
will be proof against the attacks OF
time. -
Not lightly may the relation Ia.
tween q MAJ and the work IN vvhich