The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1863-05-15
ST. PAUL AND PACIFIC RAIL.
ROAD.
The Hudson Bay Company Have
Taken a Large Interest In 1t.

EDMUND RICE, Esq, President of the
Pacific Railroad and E. B. LlToHFIELD,
Esq, who has the contract for its con-
struction, sailed for Europe last Thurs
day in the steamer Persia, upon business
connected with the road In the financial
article of the New York Tribune of the
9th INST, we find the following important
intelligence regarding the prospects for
the speedy accomplishment of this noble
enterprise:
The st. Paul and Pacific Railroad, commenc-
ing at st. Paul, and running northwest along
the MISSISSIPPI River to st. Cloud, and thence
to Georgetown, upon the Red River of the
North, have been constructing their first d.
vision of eighty miles from Saint Paul to
Watab during the last eighteen months and
have completed the same to the Falls of
Saint Anthony, and have graded about seventy
miles, Iron for portion, and ties for the
whole distance, are being delivered upon
the line and the Company expect to have
the eighty miles completed by Jan. 1, 1864.
About 81 400, 900 have been expended in con-
struction. The Company have issued first
mortgage bonds for $780, 900, and have negoti-
ated $3.50, 900 in this city, and among the pur-
chasers were Oliver Charlick, Samuel j. Til
den, A. G. Jerome, and Others The balance,
$3.50, 900, are placed by the Company in the
hands of Messrs. Duncan, Sherman & Co., to
be used in completing the road, and only used
upon the certificate of Oliver Charlick and AL
bert Havermeyer that the work has been done
thus protecting the purchasers of the $3.50, 600
against any further issue of bonds unless the
work is completed. These bonds represent,
only 900 per mile. The completed road
is earning interest upon its cost. The great
object proposed by the st. Paul and Pacific
Railway Company, and for which the grant of
lands held by them will be munifcent en-
dowment, is to connect by railroad, the navi-
CATION of the Mississippi River and it's tributa-
ries at St. Paul, near the falls of st. Anthony,
with the Red River of the North, and other
navigable streams of Northwest British Amer
lea. Perhaps nowhere on the American con-
tinent will such important commercial results
follow as will be witnessed in Minnesota, when
5000 miles ofsteamboat navigation on the Mis-
sissippi and st. Lawrence Rivers, and 5000
miles of similar navigation on the rivers of
Central British America are joined together,
mostly by the proposed routes of the st. Paul
and Pacific Railway. In the Spring of 1862,
the company placed the first division of eighty
miles, from St. Paul to Watab, under contract,
near fifteen miles ofwhich has been completed,
and cars running to the Falls of st. Anthony;
the balance of the line is expected to be in ope-
ration before January 1864. The Company
have issued their first mortgage real estate
bonds for 81, 200, 900, secured upon 3O7, 200
acres of land, and second upon the railroad be-
ing less than So 80 per acre upon the land
they are due in 1892, and bear interest at per
cent, payable semi-annually with the Govern,
ment tax, and are receivable for lands sold by
the Company at their par value. The lands
have been carefully surveyed by competent in
spectors, and reports made to the Company,
who are offering them for sale
The President of the Board Mr.. E. Rice,
goes to Europe in few days to enlist foreign
capital in this enterprise. The Hudson Bay
Company have taken large interest in it.