Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1871-10-11
Progress of the Northern Pacific Rail-
POHd.


road.
Messrs. Jay Cooke & Co., the financial agents of
the Northern Pacific railroad furnish the following
gratifying facts regarding the prosperous progress
OF this enterprise:
The track is now about completed across the state
of Minnesota, 255 miles, the grade being wholly
finished, and the track.layers approaching the Red
river at the rate of three miles a 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, extend
ing 200 miles westward, from the crossing of the
Red river to the crossing ofthe Missouri in central
Dakota. This division is to be finished by the first
day of July next, and 80 miles are TO be graded be-
fore the beginning of winter In the meantime. a
section of65 miles is under construction between the
Columbia river and Puget sound, in Washing
ton territory, where track-laying is rapidly pro-
1t viii be remembered that the Northern Pacific
company last year purchased both the main line
and branch of the st. Paul and Pacific road. With
in the last three months, the main line has been
completed, through noble country, to the Red
river at Brecklnridge. Contracts were last week
let for the continuation of the branch from its pres
ent terminus, at Watab, on the Mississippi river,
20 miles northward to Brainerd where 1t will join
the trunk line of the Northern Pacific Finally,
contracts have been let for the construction of
branch road from St. Cloud rs miles north Of Saint
Paull to Pembina, on the British border, distance
of 375 miles This line is to be completed within
fifteen months ofthe present time. 1t win drain the
richest portions of the Red river valley open direct
communication with the British settlements of Win
serve as the southeastern arm of the Northern Pa
cifc read, 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 ofnext year,
800 miles of road in the fertile and prosperous state
of Minnesota; it will carry the trunk line of the
great thoroughfore nearly one-third of its distance
across the continent and will bring to the North
ern 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 tine interest
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 rapidlty.
About the LIST of January next nearly two million
acres of the finest lands in Minnesota will be placed
in market by the Northern Pacific railroad COM
pany, and the proceeds of their sale will be used to
purchase and cancel the company's $50 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 sold to actual set
tiers, 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 reduction in cost of mate
rial within the last few years, the consruc
ton 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 S12,0O0; 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 furnished to the Northern Pacific gratuitOusly
from the government domain. The bearing that
this greatly diminished cost of construction must
have on the value and security of the cOmpany's
$50 bonds, will be apparent to any one.
The money is being furnished for the early COM
petion of the Northern Pacific road by the now
rapid sale of its first mortgage 7-30 bonds. Their
absorption by investors has been very rapid during
the last three months and at the present rate of in
crease OF sales the company will soon be enabled to
reduce the rate of interest 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 in
vestment by many of the savings banks of New
England and conservative mOnIed institutions of
other states. Since the of the United States
five per cent. loan very many holders of FIVE
twenties have taken advantage of the favorable
opportunity to exchange their government bonds
for Northern Paclfcs, at a large profit. These ex-
changes increasing in volume in all parts of the
country.
Steadily, and with even greater rapidty than was
anticipated by its projectors this great thorough
fare is advancing 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 completion is
now a certainty.