Eaton weekly Democrat. [volume] (Eaton, Ohio) 1866-1875, 1871-11-23
Progress Of the Northern Pacific Rail-
road.


Messrs. JAY Cooke & Co., the financial
agents of the Northern Pacific Railroad,
furnish the following gratifying facts
regarding the prosperous progress OF
this enterprise:
The track is now about completed across
the State of Minnesota, $50 miles, the grade
being wholly finished, and the track-layers
approaching the Red River at the rate of
three miles day. Regular trains are run
ming over the completed sections.
In the latter part of September contracts
were let for the construction of the Dakota
division, extending 200 miles westward
from the crossing of the Red River to the
| crossing of the Missouri, in Central Dakota.
This division is to be finished by the first
day of July next, and so miles are to be
graded before the beginning OF winter. IN
the meantime, section of 65 miles is under
construction between the Columbia River
and Puget Sound, in Washington Territory,
where track-laying is rapidly progressing.
1t will be remem bered that the Northern
Pacific Company last year purchased i 6oth
the Main Line and branch of the st. Paul
and Pacific Road. Within the last three
months, the Main Line has been completed
through noble country, to the Red River at
Breckenridge. Contracts were last year let
for the continuation of the branch, from It's
present terminus, at Watab, on the Missis-
sippi River, 20 miles northward, to Brain
erd, where it will join the trunk line OF the
Northern Pacific. Finally, contracts have
BEN let for the construction of q branch
road from st. Cloud (175 miles north of st.
| Paul. to Pembina, on the British border, a
| distance of 375 miles. This line is to be
| completed within fifteen months of the
| present time. 1t will drain the richest por-
| ton of the Red River Valley, open direct
communication with the British settlements
| of Winnipeg and the rich Saskatchewan
| Basin. 1t will also serve as the southeast
ern arm of the Northern Pacific Road,
| reaching to st. Paul and Minneapolis, and
thus connecting with Chicago and the trunk
lines to the east. ...
The completion of these contracts will give
the Northern Pacific Company, at the close of
next year, 900 miles of road in the fertile and
prosperous State of Minnesota; it will carry
the trunk line of the great thoroughfare nearly
one-third of its distance across the continent,
and will bring to the Northern Pacific Road
the large and profitable traffic of Montana,
and the Government transportation OF the
upper Missouri.
It is anticipated that this business alone,
without waiting for through trade, will meet
the interest of the cost of the finished portion
of the Road. The Hudson's Bay Company
has already leased docks and warehouses at
Duluth, preparatory to doing the whole of its
immense business over the Northern Pacific
line.
Settlers are occupying the lands along the
route with surprising and gratifying rapidity.
About the 1st of January next nearly Two
Million acres of the finest lands in Minnesota
will be placed in market by the Northern
Pacific Railroad Company, and the proceeds
of their sale will be used to purchase and
cancel the Company's 7-30 Bonds. The Com
pany's land in Minnesota will much moro
than pay the cost of building the Minnesota
Division of the Road, and their sale will be
already Beea sold e actual BetFars heS
| of being offered. The Companys lands west
| of Minnesota, through Dakota, prove to be OF
| superb character, and will speedily come into
market.
Owing to the rigid economy and perfect in
tegrity with which all departments of the
enterprise are managed, and the great reduc-
ton in cost of material within the last few
| years, the cost of construction and equipment
proves to be considerably less per mile than
| the original estimates. For example, loco
motives which cost 1000 each when the
| Union and Central Pacific Roads were built,
| are now sold at $12 900; best American rails,
which during the war sold at about 500 per
ton, now cost the Northern Pacific Company
| only about $40 per ton right OF way, and
| stone and timber material, which are usually
| large items in the cost of new road, are fur
| nished to the Northern Pacific gratultously
| from the Government domain. The bearing
| that this greatly diminished cost OF construc-
ton must have on the value and security OF
the Companys 7-30 Bonds will be apparent
| to any one.
The money is being furnished for the early
| completion of the Northern Pacific Road by
| the now rapid sale of its first Mortgage 7-30
Bonds. Their absorption by investors has
been very rapid during the last three
months, and at the present rate of increase
of sales the Company will soon be enabled
| to reduce the rate of interest on the remain
der of its loan, or advance tho price OF the
7-3O bonds above par. These bonds have
| established their character as a hrst-class
security, good evidence of which is the fact
that they are being largely taken as an in
vestment by many of the Savings Banks Of
New England, and conservative monied
institutions of other States. Since the sue
cess of the United States Five Per Cent.
Loan, very many holders of Five-Twenties
have taken advantage of the favorable op-
portunity to exchange their Government
Bonds for Northern Pacifcs, at a large
profit. These exchanges are increasing IN
volume in all parts of the country.
Steadily and with even greater rapidity
than was anticipated by its projectors, this
great thoroughfare is advancing across the
continent, opening as it progresses the finest
belt of undeveloped country in America;
| Every phase of the enterprise is in the most
satisfactory condition, its complete success
was long since assured, and it's early com
pletion is now a certainty.