Valley branch be, and the same is hereby, adopted as the route of definite location of the extension of said branch. On motion, it was Resolved, That the Standard Trust Company of New York, as trustee under the trust indenture securing Northern PacificGreat Northern, C., B. and Q. collateral 4 per cent joint bonds, dated July 1, 1901, be, and hereby is, authorized to cremate from time to time, in the presence of this company's representative, coupon bonds issued under said trust indenture received and cancelled by said trustee in exchange for registered bond certificates issued under said trust indenture, provided that the said trustee shall thereupon deliver to this company a certificate of such cremation in satisfactory form, which certificate shall be accepted by this company as the delivery of the cancelled coupon bonds prescribed by section 4 of article one of said trust indenture. On motion, it was Resolved, That the Farmers' Loan and Trust Company, as trustee under the general second, general third, and consolidated mortgages of the Northern Pacific Railroad Company, be, and hereby is, authorized to cremate, in the presence of this company's representative, coupon bonds issued under any of said mortgages received and cancelled by said trustee in exchange for registered bond certificates issued under said mortgages, and to cremate in like manner all coupon bonds now in its possession engraved for issuance but never issued. On motion, it was Resolved, That the action of the president in selling to the insurance fund the securities below mentioned be, and the same is hereby, approved, to wit: $39,000 Northern Pacific Railway Co. general lien 3 per cent. bonds, at 70...... .... $27,300 $7,000 Northern Pacific Railway Co. prior lien 4 per cent bonds, at 105... 7,350 $9,000 Northern Pacific Railway Co. St. Paul-Duluth Division 4 per cent bonds, at 100.... 9,000 $6,000 Washington Central Railway Co. 4 per cent. bonds, at 90 5,400 $49,050 The treasurer's statement showing average bank balances for the quarter ending September 30, 1901, was submitted and ordered filed. The following schedules showing the execution of deeds, leases, and miscellaneous documents during September, 1901, were submitted: Schedule of land department deeds executed by the Northern Pacific Railway Company, aggregating 60,446.62 acres, for $117,926.14. Schedule of land department deeds executed by the Northwestern Improvement Company, aggregating 15,802.04 acres, for $43,806.71. Schedule of leases of right of way and other operating department property. Statement of miscellaneous deeds, contracts, and relinquish ments. Schedule of land department leases executed by the Northern Pacific Railway Company, western division. On motion, the execution of deeds, leases, etc., this day reported was approved, ratified, and confirmed. The following schedules showing the execution of deeds, leases, and miscellaneous documents during October, 1901, were submitted: Schedule of land department deeds executed by the Northern Pacific Railway Company, aggregating 80,648.94 acres, for $168,323.34. Schedule of land department deeds executed by the Northwestern Improvement Company, aggregating 24,017.66 acres, for $50,007-35 Schedule of leases of right of way and other operating department property. Statement of miscellaneous deeds, contracts, and relinquish ments. Schedule of land department leases executed by the Northern Pacific Railway Company and the Northwestern Improvement Company. On motion, the execution of deeds, leases, etc., this day reported was approved, ratified, and confirmed. On motion, the meeting then adjourned. GEO. H. EARL, Secretary. APPENDIX 6. CIRCULAR LETTER TO GREAT NORTHERN STOCKHOLDERS. The following is a copy of a circular issued by the Northern Securities Company, November 22, 1901, to holders of stock of the Great Northern Railway Company. [Northern Securities Company. James J. Hill, president; John S. Kennedy, first vice-president; George F. Baker, second vicepresident; D. Willis James, third vice-president; W. P. Clough, fourth vice-president; E. T. Nichols, secretary and treasurer.] 27-29 PINE STREET, New York City, November 22nd, 1901. To holders of stock of the Great Northern Railway Company: The Northern Securities Company, incorporated under the laws of the State of New Jersey, with an authorized capital stock of $400,000,000, and with power to invest in and hold the securities of other companies, has commenced business, and has acquired from several large holders of stock of the Great Northern Railway Company a considerable amount of that stock. A unifrom price has been paid of $180 per share, in the fully paid stock of this company, at par. This company is ready to purchase additional shares of the same stock at the same price, payable in the same manner, and will accept offers made on that basis if made within the next sixty days. Offers for sale of stock of the Great Northern Railway Company should be made upon the enclosed form, and should be accompanied by the certificates of the stock offered with transfers duly executed, having United States stamps for transfer tax of two cents per share affixed. Upon receipt of any such offer, so accompanied, the Northern Securities Company will deliver to the seller of the stock of the Great Northern Railway Company certificates of its own stock to the amount of the purchase price above named, or, if such certificates are not then ready for delivery, its negotiable receipt obliging it to issue and deliver such certificates as soon as ready. For fractional parts of shares scrip certificates convertible into stock in multiples of $100 will be given. NORTHERN SECURITIES COMPANY, By JAMES J. HILL, President. To the NORTHERN SECURITIES COMPANY, New York: The subscribers hereby offer to sell and deliver to the Northern Securities Company shares in the capital stock of the Great Northern Railway Company, represented by the certificates hereto attached, for the price of one hundred and eighty dollars ($180) per share, payable in the fully paid stock of the Northern Securities Company, at par, in accordance with the terms of the circular of the latter-named company, dated November 22nd, 1901. The stock of the Northern Securities Company to be paid in accordance with the foregoing tender should be issued as follows: Shares. Name. Dated 190-. Full address. To the Stockholders of the Northern Securities Company: Since the formation of your company with a view of promoting, developing and enlarging the commerce and traffic of the country served by the Great Northern and Northern Pacific Railway Companies, and by the Chicago, Burlington and Quincy Railroad Company, the traffic and earnings of the three railways have largely increased. Rates paid by the public have been materially reduced. The respective railways have been extended and their condition and facilities improved and increased. The stock of the Northern Securities Company was issued solely for the shares of the Northern Pacific and Great Northern Railway Companies, and other properties purchased by it. In forming the company and disposing of its shares, no commissions were paid nor has the company incurred any expenses save those necessary for obtaining its charter, and for the economical conduct of its affairs. The company's acquisition of Northern Pacific and Great Northern shares was made in the full belief that such purchases |