The Centre reporter. [volume] (Centre Hall, Pa.) 1871-1940, 1871-11-17
Progress Of the Northern Pacific Rail.
road.


road.
Messrs. Jay Cooke a Co, the financial
agents Of the Northern Pacific Railroad
furnish 10 the public the following facts
regarding the satisfactory progress Of
this great national work
The tmck Is now about completed
ncross the State OF Minnesota, 300 miles,
the grade being wholly finished. and the
track layers approaching the Red River
at the rate Of three miles a day Rcgu-
lar trains are running over tho completed
sections.
Last week contracts were let for the
construction OF the Dakato division, e1-
tending 300 miles westward, from the
croaling Of the Red River 10 the cross
ing Of the Missouri, in central Dakota.
This division is 30 be finished by the
first day Of July next, and 50 miles are
30 be graded before the beginning Of
winter. In the meantime. section of
10 miles rs under construction between
the Columbia River ane Puget Sound,
in Washington Territory, where track,
laying is rapidly progressing,
1t will be remembered that the North
ern Pacific Company last year purchased
both the Main Line and Branch 81 the
81. Paul 4 Pacific Road. Within the
last three months, the Main Line has
been completed, through "A noble com
try, 80 the Red River at Breckenridge.
Contracts were last week iot for the con
tinuaiion Of the Branch, from IT, present
terminus, M WAiab, ON the Mississippi
River, 20 miles norihward, 10 lirainerd,
where it will Join the trunk line Of the
Northern Pacihc. Finally, contracts
have been let for the construction Of a
branch road from 81. Clond tT5 miles
north of ST. Paul 30 Pembina, ON the
British border, Il distance Of 375 miles.
This line Is 10 be completed within iif-
teen months of the present time. II
will drain the richest portions Of the
Red River Valley, open direct eommmi.
cation with the. British settlements oi
Winnipeg aud the rich Saskatchewan
Basin. Ii viii also serve as the south
eastern arm OF the Northern Pacific Road,
reaching 10 ST. Paul aud Minneapolis,
and thus connecting with Chicago and
the trunk lines OF the East.
The completion Of these contracts will
gi7e the Northern Pacific Company al
the close Of next year, 900 miles Of read
IN the fertile and prosperous State oi
Minnesota il VIII carry the trunk line
Of the great thoroughiare nearly one
third Of its distance across the continent,
and viii bring 10 the Northern Pacific
Road the large and profitable traffic oi
Montana, and the Government transpor-
tation Of the upper Missouri.
IL is anticipated that this business
alone, without waiting for through trade,
viii meet the interest on the cost OF the
finished portion Of the Road. The Hnd-
sons Bay Company has already leased
docks and warehouses at Duluth, pre-
paratory b doing the whole of lis i'm
mcnsc business over the Northern Pacific
line.
Settlers are occupying the lands along
the route with surprising and gratifying
rapidity.
About the Let of January next nearly
two million acres Of the fiaest lands in
Minnesota viii be placed in market by
the Northern Pacific Railroad Company,
and the proceeds Of their sale viii DO
used b purchase and cancel the Com
panys 7-30 Bonds The Company's
land in Minnesota will much more than
pay the cost " building the Minnesota
Division 81 the Road, and their sale viii
be rapid indeed, msny thousand acres
have already been sold 10 actual settlers,
in advance Of being offered. The Com
pany's lands west of Minnesota, through
Dakota. prove 10 be Of superb character,
aud viii speedily come into market
Owing 10 the rigid economy and per-
feet integrity with which all depariments
Of the enterprise are managed, and the
great reduction OF cost ~ material within
the last few years, the cost of constuc-
tion and equipment proves % be consid-
crably less per mile than the original
estimates For example. locomotives
that cost SIS, 600 each, when the Union
and Pacific Roads were built, are now
sold at Si20a0 best American rails,
which during the war sold nj about SlO0
per ton. now cost the Northern Pacific
Company only about $40 per ton right
0f way, and stone and timber material,
which are usually large items in the cost
Of new road. are furnished 30 the
Northern Pacific gratuitonsly from the
Government domain. The bearing that
this greatly diminished cost Of construc-
ton must have ON the value and security
ol the Company's 7-30 bonds, viii be
apparent 20 any one.
The money IS being furnished for the
early completion Of the Northern Pacific
Roath hy iis now rapid sale ni iis FirSt
Mortgage $50 Bonds. Nearly 81, s00,-
coo were taken by investors in the month
of September, and ai the present rate Of
increase Of sales the Company viii soon
&c enabled SO reduce the rate Of interest
ON the remainder of its loan. These
bonds have established their character ms
a first-class security, good evidence Of
which is the fact that they are being
largely taken ns an investment hy many
of The Savings Banks of New England.
and conservative monicd institutions Of
other States. Since the succtrss OF the
United States Five Per Cent Loan, very
many holders Of Fiye-TwontioS have
taken advantage of the favorable oppor
tnmiiy 10 exchange their Government
Bonds for Northern Paciacs, nj large
profit These exchanges arc increasing
in volume in nll parts Of the country.
Steadily, and with even greater rapidi-
~ than was anticipated by its projectors,
this great thoroughiare is advancing
across the continent, opening rs il pro-
crosses the finest belt Of undeveloped
country in America. Every phase of the
enterprise is in the most satisfactory
condition, its complete success was long
ago assured. and its early completion is
now n certainty