Helena weekly herald. [volume] (Helena, Mont.) 1867-1900, 1872-01-25
RANKING HOUSE OF JAY COOKE s. co.,
t p" ia SOUTH THIRD STREET,


Y PHILADELPHIA, October 25th, 1871. IT, /
You will be pleased to learn the following
facts regarding the prosperous progress of
the Northern Pacific Railroad: |
The track Is now about completed across
the State Of Minnesota, $50 miles, the grade
being wholly finished, and the track layers
approaching, the Red River at the rate of
ming over the completed section. Ea3g /
Early in October 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 of the Missouri,
in Central Dakota. This division Is to be
finished by the first day of July next, and 80
miles are to be graded before the beginning
of winter. In the meantime, section of 65
miles is under construction between the
Columbia river and Puget Sound, in Wash
ington Territory, where track laying is rapidly
approaching. TIM -
It viii be remembered that the Northern
Pacific Company last year purchased both the
Main Line and Branch of the st. Paul g. Pa
ciic Road. Within the last three months,
the main line has been completed, through
noble country, to the Red River at Brecken-
ridge. Contracts were last week let for the
continuation of the Branch, from the 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 con-
struction of q branch road from st. Cloud (75
miles north of st. Paul, to Pembina, on the
British border, distance of 375 miles. This
line isto be completed within fifteen months
of the present time, It will drain the richest
portion Of the Red River Valley, open direct
communication with the British settlements
Basin H will also serve as the southeastern
arm of the North Pacific Road, reaching to
st. Paul and Minneapolis, and thus connect
ing with Chicago and the trunk lines to the
East. a@al aDa u ;a,f tla. f,aI st,ti M !
a. The completion of these contracts will give
the North 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 nearly
one-third of its distance across the continent,
and will bring to the Northern Pacific Road
the large and profitable traffic of Montana,
and the Government transportation of the
Upper Missouri. I'd
Il 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
Duluth, preparatory to doing 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, nearly two mil
lion 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 company's 7-30 bonds. The COM
pany's lands in Minnesota will much more
than pay the cost of building the Minnesota
division of the road, and their scale will be
rapid-indeed, many thousand acres have
already been sold to actual settlers, in ad-
vance of being offered. The companys lands
west of Minnesota, through Dakota, are also
OF superb character, and win speedily come
into market
Owing to the rigid economy and perfect
integrity with which all departments of the
enterprise are managed, and the great reduc-
ton in the cost of material within the last
few years, the cost of construction and equip
ment 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 less than $40, 500; best
American rails, which during the war sold at
about 300 per ton, now cost the Northern
Pacific Company. only about $40 per tom;
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 Pa
CHIC gratuitOusly from the Government do
main. The bearing that this greatly dimin-
ished cost of construction must have on the
value and security of the Company's 7-3O
Bonds, is obvious. Sz' u it7''3, 's
The money is being furnished for the early
completion of the Northern Pacific Road by
the now rapid sale Cat par and accrued inter-
esD OF its First Mortgage 7-30 Bonds. Their
absorption by investors has been very rapid
during the last three months, and with con-
tinuation of the present rate of increase of
sales the Company may soon be enabled to
reduce the rate of interest on the remainder
OF its loan, or advance the price of the 7-30
bonds above par. These bonds have estab-
hshed their character as first class security,
good evidence of which is the fact that they
are being largely taken as an investment by
many of the Savings Banks of New Eng
land, and conservative moneyed institutions
of other States. Since the success 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 North
ern Pacifics, at large profit. These ex-
changes are increasing in volume in all parts
of the country.
:! Steadily, and with even greater rapidity
than was anticipated by its projectors, this
great thoroughfare is' advancing across the
continent, opening as it progresses the finest
belt of hndeyeloped country in, America.
Every phase of the enterprise is In the most
satisfactory condition. Its complete success
was long since assured, and its early compile
ton is now a certainty. ,,..s. .., ar,
!. Philadelphia, Washington and New York.
Financial Agents of Northern Pacific Rail