The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1871-12-01
Progress of the Northern Pacific Rail.
road.

Progress of the Northern Pacific Rail.
road.
MEssRs. JAY COOKE d Co., the fnan-
cial agents of the Northern Pacific Rail-
road, 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 running 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 divi-
sion is to be finished by the first day of July
next, and 30 miles are to be graded before the
beginning ofwinter. In the meantime q Sec
ton of 50 miles is under construction between
the Columbia River and Puget Sound, in
Washington Territory, where track-laying is
rapidly progressing.
1t will be remembered that the Northern
Pacific Company last year purchased both 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 Brecken-
ridge Contracts were let last year for the
continuation of the branch, from its present
terminus, ut Watab, on the Mississippi River,
seventy miles northward, to Brainerd, where
it will join the trunk line of the Northern
Pacific. Finally, contracts have been let for
the construction of branch road from st.
Cloud Q75 miles north of st. Paul, to Penn
bina, on the British border, q distance of 375
miles. This line is to be completed within
fifteen months of the present time. 1t will
drain the richest portion of the Red River
Wall Il
British settlements of Winnipeg and the rich
Saskatchewan Basin. II will also serve as
the southeastern 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 q will
carry the trunk line of the great { rough
fare 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.
1t is anticipated that this business alone
without waiting for through trade. will meet
the interest on 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 rapidty.
About the LIST of January next nearly Two
Million acres of the finest lands in Minnesota
will be placed in market by she 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 more
l.,,.1 i.
Division of the road, and their sale will be
rapid-indeed, many thousand acres have
already been sold to actual settlers, in adj
vance of being offered. The Company's 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 en-
terprise are managed, and the great reduction
in the cost of material within the last few
years, the cost of construction and equipment
proves to be considerably less permile than
the original estimates. For eXa mple, loco
motives which cost $4,000 each when the
Union and Central Pacific Roads were built,
are now sold at Sl2,000 best American rails,
which during the war sold at about 500 per
ton, now cost the Northern Pacific Company
only about so per ton; right of way, and
stone and timber material, which are usually
large items in the cost of a new road, are fur
nished to the Northern Pacific gratutously
from the Government domain. The bearing
that this greatly diminished cost of construc-
ton must have on the value and security of
the Company's go 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 $50
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 remainder of its
loan, or advance the price of the 80 bonds
above par. These bonds have established
their character as first-class security, good
evidence of which is the fact that they are
being largely taken as an investment by
many of the Savings Banks of New England.
and conservative monied institutions of other
states. Since the success of the United States
Five Per Cent. Loan, very many holders of
Flve-Twenties have taken advantage Of the
favorable opportunity to exchange their
Government Bonds for Northern Pacific at o
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 its early compile
ton is now certainty.
AnecdOte of Dumas.
AlavanI, No ,o,lo,