The Portland daily press., 1872-02-29
THE POPULAR LOAN.

Sold in the United States during the month Of
January.
These Bonds have sold, during the past
year., 10 an extent uncqualled by those of
nny other Corporation, md they have now
vOrite securities of the country.
This is because the Bonds are based upon tine
amplest security, being FIRST AND ONLY
MORTGAGE "upon the railroad franchises, tnd
all the lands and property, and rights of property,
real and personal now in possession by the Northern
Pacific Railroad Company, or which the said Compa-
ny may hereafter acquire" The Land Grant Of the
Northern Pacific Railroad will average over $4,000
acres to each mile of road This land is capable Of
producing in abundance all the Fruits Vegetables
and cereals Of the Eastern or Middle States.
THE VALUE OF LAND GRANTS.
The average price at which twenty sixland grant
railroads have thus far sold their lands is s7o4 per
acrethe highest average of any grant being S13 49,
and the lowest 1907. With few exceptions the av-
erage selling price has increased from year to year.
The lands OF the Northern PacifcRoad are admitted
by all who have seen them, to be better and more
saeabe than those of most other grants but sold at
the general averaged Of 1904 per acre. they will yield
more than S161 per mile of road-more than three
times the possible cost of construction and equip
ment; at the lowest average of any grant (3.0D
they will produce more than $4,000 per mile, which
Is 100000 per mile than the company are allow
ed to issue bonds.
TRAFFIC ON PACIFIC RAILRO ADS
AS officially reported the gross earnings Of the pres
ent Pacific Railroad (Unon and CentraD for 1871 the
second year of through business December earnings
estimateD reach Seventeen Millions and Quarter.
OF this 65 per cent. from Local Business and is
ofa I'D frp ~
Millions, are net over operating expenses.
An equal traffic the Northern Pacific Road will
pay dividend of more than 81 per cent. its total
cost With its great and unquestioned advantages In
distance, grades, climate and tributary fertile
try, the Northern Pacific is assured of q vast and
profitable business from the outset with large in
crease for the future. ... ...4 u .1
These facts regarding Pacific Railroad earnings
and the market value Of Railroad Lands as shown
by actual sales to settlers, show the unquestoned
security Of Northern Pacific Railroad Bonds
CONSTRUCTION OF THE ROAD.
The road is completed to the eastern boundary Of
Dakota, the Red River of the North, distance of
255 miles. On the Pacific coast, 65 miles are under
construction the greater part of which is completed
including purchased lines, the Northern Pacific Com
pany now have nearly 600 miles of running road.
Contracts are let for the construction of 635 miles
more, to be finished before the close Of 1872.
WE WOULD RECOMMEND THE
NORTHERN PACIFIC sEvEN-THIR.
TY GOLD BOND AS ONE OF NHE
BEST AND SAFEST SECURITIES
NOW OFFERED TO THE PUBLIC
In this security are combined the high credit of
frst-cass Railroad Bond, with the sodity and safe
ty of Real Estate Mortgage on Land worth more
than twice the amount leaned.
These Bonds are Dayable in 1Q00-haar Al NOR
cent interest in gold payable first of July and JAN
uary-are free of u S. Tax-are receivable at 10 per
cent. premium for the Company's lands at the Low
est Cash Price, and issued in the following de-
nominations Coupon bonds $780, $500, and 8, 200;
Registered bonds, 800, $500, $1,000, $4,000 and
$4,000. l'l @
The proceeds of all sales of land are required to
be devoted by the Trustees Of the bondholders
CMessrs. j. Cooke and j. Edgar Thompson) as
Sinking Fund to the purchase and cancellation Of
the first mortgage bonds.
EXCHANGING 5-2O's. In view of the ability
and fixed policy of the Government to call in its
5-2os and substitute low interest hond-$14O 000-
600 having been called in for cancellation since Sep
TENDER 1st-many holders of 5-2O's are exchanging
them for Northern Pacifcs, thus adding to their
principal the present premium on Government
Bonds, and increasing their yearly interest income
nearly one third.
All marketable stocks and bonds will be received
at current prices in exchange for Northern Pacific
Seven-Ihirties without expense to the investor.
For further particulars concerning this Bond, or
purchase Of the same apply to the undersigned.
SWAN & BARRETT,
HI. M. PAYsON,
w. K. WOOD,
feb 27-TST&Ss,w4w