Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1872-01-06
THE NORTHERN PACIFIC RAILROAD.

Nessrs. Jay Cooke Il Co. the financial
agents of the Northern Pacific Railroad
furnish the following gratifying facts re.
snrd'ns the prosperous progress Of this
enterprise
The track is now about completed across
the State Of Minnesota, 250 miles. the
grade being wholly finished, and track.
layers approaching the Rcd River at the
rate Of three miles a day. Regular trains
are running over the completed sections.
In the latter part Of September, con-
tracts we're let for construction of the
Dakota division, extending two hundred
miles westward, from the crossing of the
Red River to the crossing of the Missouri.
in central Dakota. This division is to be
finished by the first day of July ext, and
fifty miles are to be graded before the
beginning of winter. In the meantime.
a section of sixty-fvc miles is under con.
struction between the Columbia river and
Puget Sound, in Washington Territory,
where the track laying is rapidly progress
ing.
1t will be remembered that the North.
crn 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 COM
plctcd through noble country to the Red
river at Breckenridge. Contracts were
last week let for the continuation of the
branch from its present terminus at Watab,
on the Mississippi river, seventy mile
northward to Brainard, where it will join
the trunk line of the Northern Pacific.
Finally, contracts have been let for the
construction Of a 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 Red
River Valley, and open direct communica-
ton with the British settlements of Win
nipcg and the rich Saskatchewan basin.
1t will also serve as the southeastern arm
of the Northern Pacific Road, reaching to
St. Paul aud Minneapolis, aud thus
connecting witk 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, 90J miles Of road in the
prosperous State of Minnesota; it will
carry the trunk line of the great thorough
fare nearly onc-third of its distance across
the continent. and it will bring to the
Northern Pacific road the large and profit
able traffic of Montana and the Govern.
ment transportation of the Upper Mis-
souri,.
1t is anticipated that this business alone,
without waiting for through trade, will
meet the interest on the cost Of the finished
portion. The lludson'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
rapidity.
About tho LIST of January next, nearly
two million acres of the finest lands in
Minnesota 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 Companys seven
thirty 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-in-
deed, 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 cnonomy aud perfect
integrity with which all departments Of
the enterprise are managed, and the great
reduction in the cost Of material within tho
last few years, 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 Sl2 900;
best American iron, which during the war
sold at about 500 per ton, now costs the
Northern Pacific Company only about SO
per ton; right of way, and stone and tim.
Der material, which are usually large
items in the cost of new road, are fur
nished to the Northern Pacific gratuit-
ously from the Government domain. The
bearing that this greatly diminished cost
of construction must have on the value
and security Of the Company's seven
thirty bonds will be apparent to every
one.
The money is being furnished for the
early completion of the Northern Pacific
road by tho now rapid sale of its first
mortgage seven-thirty bonds. Their alb.
sorbtion by investors had been very rapid
during the last three months; 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,
or advance the price of the scven-thirty
bonds above par. These bonds have es-
tablshed their character as n frst-class
security, good evidence Of which is tho
fact that they are being largely taken as an
investment by many Of the savings banks