The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1871-10-27
Progress Of the Northern Pacific Rail.
road.

road.
hessrs. Jay Cooke & Co., the financia
agents Of the Northern Pacific Railroad
furnish the following facts regarding tn,
satisfactory progress OF this great nationa
work:
The track is now about completed across
the State of Minnesota, $50 miles, the grad,
being wholly finished, and the track LAYER,
approaching the Red River at the rate o
three miles day. Regular trains are run
ming over the completed sections,
Last week contracts were let for the con
struction of the Dakota division, extending
200 miles westward, from the crossing O
the Red River to the crossing of the Mis-
souri,, in Central Dakota. This division is L
be finished by the first day of July next
and so miles are to be graded before the be-
ginning of winter. In the meantime,
section of IS miles is under construction be-
tween 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 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, through the Red
River at Breckenridge. Contracts were last
week let for the continuation of the Branch
Mississippi River, 20 miles northward, tc
Brainerd, where it will join the trunk line
of the Northern Pacific. Finally, contracts
have been let for the construction of O
branch road from st. Cloud (75 miles north
of st. Paul., to Pembina, on the British
border, distance of 375 miles. This line
is to be completed within fifteen months OF
the present time. 1t will drain the richest
portions of the Red River Valley, open
.tI IL DE-
Elements of Winnipeg and the rich Sas-
katchewan Basin. 1t 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 ni es of road in the
fertile and prosperous State OF Minnesota /;
it will carry the trunk line of the great
thoroug hfare nearly one-third of its distance
across the continent, and will bring to the
Northern Pacific Road the large and profit
able traffic of Montana, and the Government
transportation of the upper Missouri.
II 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 Bay Com
pany has already leased docks and ware
houses 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 first of January next nearly
two million acres of the finest lands in Min
nesota 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 7-3O
bonds. The company's land in Minnesota
will much more than pay the cost OF build
ing the Minnesota Division OF the road, and
their sale will be rapid-indeed many
thousand acres have already been sold to
actual settlers, in advance 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
integrity with which all departments of the
enterprise are managed, and the great re-
duction in cost of material within the last
few wears, the cost OF construction and
equipment proves to be considerably less
per mile than the original estimates. For
example, locomotives which cost $4,000
each when the Union and Central Pacific
roads were built, are now sold at $4,000 J;
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 a new road, are furnished tc the
Northern Pacific gratuitously from the Gov
eminent domain. The bearing that this
greatly diminished cost of construction
must have on the value and security of the
company's 7-3O 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 7-3O Bonds. Nearly $l,300,000
were taken by investors in the month OF
Septem Der, and at the present rate Of in
crease of sales the Company will soon be
enabled to reduce the rate of interest on the
remainder of the loan. These bonds have
ESTABLISHED their character as a first class
securi ty, good evidence of which is the fact
that they are being largely taken as an in
yestment by many of the Savings Banks of
New England and conservative monied in
stitutions of other States. Since the success
of the United States Five Per Cent. Loan,
very many holders of FiveTwenties have
taken advantage of the favorable opportu-
nifty TO exchange their Government Bonds
for Northern Pacifcs, at a large profit
These exchanges are increasing in volume
n all parts Of the country.
Steadily, and with even greater rapidity
than was anticipated by It's prof ctors, this
great thorough fare is advancing across the
continent, opening as it progresses the fin
est 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.
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