Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1871-11-29
Progress Gf the Northern Pacific Rail-
road

Messrs. JAY COOKE & Co., the finan-
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 APP
preaching 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 so miles are to be graded before the
beginning of winter. In the meantime, a sec
ton of 65 miles is under construction between
the Columbia River and Puget Sound, in
Washington Territory, where track-laying is
RAPIDLY progressing.
It will be remembered that the Northern Pa
cific Company last year purchased both the
Main Line and branch of the St. Paul and Pa
cific road. Within the last three months, the
Main Line has been completed through a no
BILE country, to the Red River at Breckenridge.
Contracts were last week let for the continue
ton of the branch. from it's present terminus,
at Watab, on the Mississippi River 70 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 1915 miles
north of St. Paul } to Pembina. on the British
border, a istance of 375 miles. This line is
to be completed within fifteen months of the
present time. It will drain the richest por-
tons of the Red River Valley open direct com
munication with the British settlements of
Winnipeg and the rich Saskatchewan Basin. 1t
will also serve as the southeastern arm of the
Northern Pacific Road, reaching to St. Paul and
Minneapolis and thus connecting with Chica-
go 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 an0
prosperous State of Minnesota; it Will carry
the trunk line of the great thoroughfare nearly
one-third of It's distance across the continent
and will bring to the Northern Pacific ROAD
F., 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 on the cost of the finished portion
of the Road. The Hudson's Bay Company has
| already leased docks and warehouses at Du-
luth preparatory to doing the whole of it's i'm
mense business over the Northern Pacific line
Settlers are occupying the lands along the
route with surprising and gratifying rapidity
About the list of January next nearly Two
Million acres of the finest lands in Minnesota
will be placed in market by the Northern Pa
cific Railroad Company, and the proceeds OF
their sale will be used to purchase and canoe
| the Company's 7-30 Bonds. The Company's
lands in Minnesota will much more than pay
the cost of building the Minnesota Division Of
the Road and their sale will be rapid-indeed
many thousand acres have already been solo
| to actual settlers, in advance of being offered
The Companys lands west of Minnesota
| through Dakota. prove to be of superb char
acter, 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 cost of material within the last few years
| the cost of construction and equipment proves
to be considerably less per mile than the origi-
nal estimates. For example, locomotives
which cost $4,000 each when the Union anC
Central Pacific Roads were built, are now
sold at $4,000; best American rails,
which during the war sold at ABOUT 300 pei
ton, now cost the Northern Pacific Company
only about $40 per ton; right of way, an6
stone and timber material, which are usually
large items in the cost of a new road are fur
nished to the Northern Pacific gratuitously
from the Government domain. The bearing
that this greatly diminished cost CT construc-
ton must have on the value and security Of
| the Company's 7-30 Bonds will be apparent tt
any one.
The money is being furnished for the early
|
now rapid sale of its First Mortgage 7-3(
Bonds. Their absorption By investors haf
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 7-30 bonds above
par These Bonds have established theil
character as a frst-class security, good eyi
! dence of which is the fact that they are bene
! largely taken as an investment Ey many of the
Saving Banks of New England and conserva
! tive moued institutions of other states. Since
| the success OF the United States Five Per Cent
Loan, very many holders of Five-Twenties
have taken advantage of the favorable oppor
! tunity to exchange their Government Bonds
! for Northern PacIfcs, at large profit. These
exchanges are increasing IN volume in all parts
| of the country.
Steadily and with even greater rapidity thar
was anticipated by its projectors. this grea
tthoroughfare is advancing across the CONT
nent, opening as it progresses the finest bell
of undeveloped country in America Every
phase of the enterprise is in the most salts
factory condition, its complete success was
! long since assured, and its early completion
! is now certainty.