Joint Resolution To Facilitate The Reorganization Of The Northern Pacific Railroad Company

Author : Northern Pacific Railroad Company
Publisher : Forgotten Books
ISBN 13 : 9781330183557
Total Pages : 34 pages
Book Rating : 4.1/5 (835 download)

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Download or read book Reorganization of the Northern Pacific Railroad Company written by Northern Pacific Railroad Company and published by Forgotten Books. This book was released on 2015-06-25 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from Reorganization of the Northern Pacific Railroad Company Third. - The Reduction of the Fixed Annual Charges to Less than the Minimum Earnings Under Probable Conditions. The Net Income applicable to Fixed Charges has fluctuated from $10,067,408.37 in the fiscal year 1891-92 to $4,449,999.04 in 1893-94. The average of the past five years has been $7,801,64578. The smallest results were brought about by the well-known combination of currency panic, floods, social disorders and short crops, all of which are unlikely to occur again at any one time. The gross earnings of the present fiscal year show an increase of about 16 per cent, over the gross earnings for the same period of the previous year. The fixed annual charges under the Plan of Reorganization, when fully carried out (exclusive of bonds reserved for new construction), will amount to $6,052,660. Fourth. - Ample Provision for Additional Capital as Required in a Series of Years for the Development of the Property and for the Greater Facilities Necessitated by an Increased Business. In their report of September last, the Receivers state "that provision should be made for extraordinary expenditures in the next five years of $9,000,000, in order to place the property on an equal footing with its rivals for economical operation." The General First, Second and Third Mortgage Bonds are secured by liens in their respective order upon the Land Grant and upon the Main Line railroad, as above. The Consolidated Mortgage Bonds are secured by a fourth lien upon the Land Grant and upon the Main Line railroad, and also by the pledge of First Mortgage Bonds upon various Branch Lines having an aggregate length of 1,415.85 miles. None of the four mortgages cover (except by leasehold) any of the terminal properties owned by the St. Paul & Northern Pacific Railroad Company, the Northern Pacific Terminal Company of (Portland) Oregon, or the Northern Pacific & Manitoba Terminal (Winnipeg), all of which are owned by separate organizations. There arc other branch roads comprising 1,138.24 miles, the bonds of which arc directly owned by the public. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.