The Superior times. [volume] (Superior, Wis.) 1870-1912, 1871-10-28
Progress of the Northern Pacific Rail.
road

Messrs. Jay Cooke CO.. the financial agent
or the Northern Pacific Railroad furnish &
the pubic the following facts regarding th,
satisfactory progress of this great natiora
work:
1he track Is now about completed across tn,
State of Minnesota, go miles, the grade belne
wholly finished, and the track-layers approach
ing the Red River at the rate of three mile,
day Regular trains are running over The
completed sections.
Last week contracts were let for the con
struction of the Dakota division, extending 20t
miles westward, from the crossing of the Rec
! River to the crossing of the Missouri in cen
trail Dakota. This division is to be finished by
the first day of July next, and 80 miles are tC
/ be graded before the beginning of winter. Il
/ the meantime, a section of 65 miles is undcl
construction between the Columbia River and
Puget Sound, in Washington Territory, where
/ tTack-layinC Is rapidly progressing.
/ 1t will be remembered that the Northern Pa.
/ cifc Company last year purchased both the
Main Line and Branch of the ST. Paul & Paci
! iic Road. Within the last three months the
Main Line has been completed, through a no
bic country, to the Red River at Breckenridge
! Contracts were last week let for the continual
ton of the Branch, from its present terminus
at Watab, on the Mississippi River, 20 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 (75 miles
north OF st. Paul., to Pembma, on the British
border, d distance of 375 miles. This
line Is to be completed within IF
teen months of the present time. 1t viii
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 st. Paul and Minneapolis,
and thus connecting with Chicago and the
trunk lines to the East.
The completion Of these contrac 8 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 near
" one-third of its distance across the cont
nent and will bring to the Northern Pacific
Road the large and profitable traffic of Mon
tana, 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 Du-
luth, 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 LIST of January next nearly two
million acres of the finest lands in Minnesota
will be placed in market by the Northern Pa
clfc Railroad Company and the proceeds of
their sale VIII be used to purchase and cancel
the Company's $50 Bonds. The Company s
land in Minnesota viii 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 sold to
actual settlers, IN advance of being offered.
The Company's lands west of Minnesota,
through Dakota, prove to be of superb charac-
ter. and viii 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 or
iginal estimates. For example, locomotives
which cost SIS, 900 each, when the Union and
Pacific Roads were built, are now sold at S12
900: best American rails, which during the
sold at about 800 per ton, now cost the
Northern Pacific Company only about $40 per
ton right of way, aud stone and timber ma
teral which are usually large items in the
cost of a new road, are furnished to the North
ern Pacific gratuitously from the Government
domain. The bearing that this greatly dimin-
ished cost of construction must have on the
value and security of the Company's 100
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 100
Bonds. Nearly 81, 100000 were taken by in
vestors in the month of September, and at
the present rate of increase of sales the Com
pany will soon be enabled to reduce the rate Of
interest on the remainder of its loan. These
bonds have established their character as a
trst-class security, good evidence of which
Is the fact that they are being largely taken as
az Investment by many of the Savings Banks
OF New England, and conservative monicd In
situations of other States. Since the success
OF the United States Five Per Cent. Loan,
very many holders of Five-Twenties have TAX
en- advantage Of the favorable opportunity to
exchange their Government Bonds for Nor
thern Pacitics, at a large profit. These eX-
changes arc increasing IL volume in all parts
of the county.
Steadily, and with even greater rapidity than
was anticipated by it's projectors, this great
thOroughfare is advancing across the CONT
nent, opening as it progresses the finest belt
OF undeveloped country in America. Every
phase OF the enterprise is in the most satisfac-
tory condition, its complete success was long
ago assured and its early completion is now
a certainty.