Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1871-10-26

VI asslssss
Progress Of the Northern Pacific Rail.
y Res~'fOadEp ~aaessqfHsT
| rf3Ieesrs. Jay Cooke & Co. the financial ayants
|, of the Ncxthern Pacific Railroad furnish the
following facts regarding the satisfactory pro-
! gress OF this great national work:
The track IA now about completed across tile
State of Minnesota, $50 miles, the grade being
| wholly finished, and the track-iayers approach
| ing the Red River at the rate of three miles a
day. Regular trans are running over the
| completed sections.
| Last week con tracts were let for The CON
struction of the Dakota division, extending 300
miles westward. from the crossing of the BED
| River to the crossing of the Missouri, in GEN.
/ tral 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, a section of So miles is under
construction between the Columbia River and
! Puget Sound, in Washington Territory, where
/ track-layipg Is rapidly progressing, i, r.
1t vii! be remembered that the Northern Pa
I eitic Company last wear purchased both the
Main Line and Branch of the st. Paul and Pa
cife Road. Within the last three months, the
! Main Line has been completed, through no.
Bile country, to the Red River at Breckenridge,
Contracts were last week let for the continna--
ton of the Branch, from iss present terminus,
at Watab, on the Mississippi River, 10 miles
northward, to Brainerd, where it win JOIN the
trunk line Of the Northern Pacific. Finally.
contracts have been let TOR the construction
of branch road from st. Cloud (75 miles
north OF st. Paul., to Pembna, on the British
border, a distance of S75 miles. This
line. Is 70 be completed within If
teen months OF the present. time IT. Will
drain the richest portions 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
southeastern arm of the Northern Pacific
Road, reaching TO Sc, 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, 800 miles of road in the fertile and
prosperous State Of Minnesota; it will carry
the trunk line of the great thoroughfare near
y one-thrd Of It's distance across the contl
nent, and Will bring to the Northern Pseiiic
Road the large and profitable traffic of Mon
tana ana tho Government transportation Of
the upper Missouri.
1t is anticipated that this business alone.
without waiting for through trade, will Get
the interest on the cost of the finished nor
ton of the Road. The Hudson's Bay Com
pany has already leased docks and warehouses
at Duluth, preparatory to doing the whole of
line.
Settlers are occupying the lands along the
route with surprising and gratifying rapldity.
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
cidc Railroad Company, and the proceeds OF
their sale will be used to purchase and cancel
the C0mpapys 7-3O Bonds. The .Companys
land in Minnesota will much more than pay
the cost of building the Minnesota Division of
the Road, ana their sale viii he rapid-indeed,
many Thousand acres have already been sold
to actual settlers, In advance of being offered.
The Companys lands west of Minnesota,
through Dakota, prove to be of superb char
acter and viii speedily come into market
Owing TO the rigid economy aad perfect in
tegrity with which all departments Of the en-
terprlse are managed. and INC 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 orig
inal estimates. For example locomotives
which cost $4,000 each when the Union and
Central Pacific Roads were brilt are now
sold at 81, 900; best American rtils. which
during the war sold at about sll0 per ton
now cost The Northern Pacific Company only
about SOL per ton; right of way, and stone and
timber material which are usually large items
in the cost OF a new road, are furnished to the
Northern Pacific gratu!tously from the Cow
eminent domain. The bearing thatthis great
ly diminished cost Of construction must have
on the value and security of tho Company's
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 80
Bonds. Nearly 81 800, 900 were taken by in
vestors in the month of September, and at
the present rate OF Increase of gales the Com
pany will 5000 be ena.ssed TO resince the rate OF
interest on the remainuer Of it's loan These
bonds have established their character as a
tirst-class security, good eyi9ance Of which ia
the fact that they are being LARGELY taken as
an investment by many OF the Savings Banks
Of New England and conservative moDied tn-
stitutions OF other States Since the success
of the United States Five Per Cent Lean
very many holders of Nve-Twenties have TAX
en- advantage of the favorable opportunity 10
exchange their Government Bonds for North
ern Pacxics. at a large profit These ex-,
changes are increasing in volume IN all parts
of the country.
Steadily, and with even greater rapidty than
was anticipated by its projectors. this great
thoroughtare u advancing across the CONT
nept, opening AZ 1t progresses the finest belt
of undeyeloped country in America. Every
phase Of the enterprise is in the most satisfac-
tory condition, its complete SUCCESS was long
since assured, and its early completion is low
a certainty. .. 'FsH.,t 81. t4 o.. .fl.,
- rca-Drinkers. e.,f ..|