Wilmington daily commercial., 1873-05-24
BANKrNa HOUSE or JAY Cooks 4 Go,


The 7-3O First Mortgage Gold Loan of the
Northern Pacific Railroad Company ID to be
closed and withdrawn from market, in accord-
Ance with the following resolutions, adopted by
the Board Of Directors on the 18th OF May:
Whereas, The Northern Pacific railroad Com
pany has built, and has in operation, over i've
hundred miles OF its line, through favorable
and valuable country;
And Whereas, A large and growing way ard
through traffic is already assured to the Com
pany over its road thus far completed;
Aud Whereas The Company has earned title
to about ten million acres OF its Land Grant,
and placed large part of this IN market, and
the same Is being rapidly settled by immigration,
foreign and domestic. and sales thereof have
been made at an average price Of nearly six dol
lars per acre. to such an extent that Sinking
Fund has resulted, out Of which the redemption
and cancellation of the Companys bonds have
been begun;
And Whereas, 1t is believed that on these
results the credit of the Company il 30 estab-
llshed as to render ineXpedent the payment OF
so high rate of interest as 3-l0 per cent on
future issues of it's bonds; therefore
Res0tUed That the Loan Of the Company, un-
der lts present Issue, bearing 3-lO per cent. IN
terest, be limited to a total amount not exceed
ing Thirty Millions Of Dollals and that no issue
OF bonds, hereafter, by tins Company, beyond
the sad Thirty Millions, shall bear higher rate
OF interest than per cent. per annum.
ResolDed, That the Finance Committee be d.
rected to arrange with the Fiscal Agents for
the closing out OF the $40 Loan, as indicated
in the preceding Preamble and Resolution.
The President Of the Company, in forwarding
these Resolutions to the Fiscal Agents, writes
the following letter:
NORTHERN PACIFIC RAILROAD COMPANY
PREaIDENP's OFFICE, 23 Fifth ave. 7
New YORK, May Is 1873
GENTLEMEN have the pleasure of incloslng
10 You a copy OF a Resolu ion passed unanimous
ly by the Board Of Directors OF the Northern
Pacific Railroad Company on the 18th OF May IL
stant.
This Preamble and Resolve are in entire har-
mony with my own views and wishes,' and agree
IN spirit and policy with the letter which au-
dressed to you on the 11th day of December last.
The completion of our Road to the Missouri
river and our control of the trade OF Manltops
and Montana-the beauty aud productVeness
Of the Red River valley, and the valleys OF Da-
kota-the value of the large Government trade
to the Upper Missouri, for the carrying OF most
of which we have this year contracteu-our nav
ing in operation and under contract, 100 lhlles
OF road on the Pacific side, between Puget
Sound and the Columbia river-the very sue
oessful Inauguration Of our immigration system
the large arrivals from Europe OF bodies OF Coi
enists OF the very pest character, destined .t y
our Land Grant and the steady movement ol
settlers from various parts of the Union 10 the
country tributary to the Road-all this should
in my Judgment, justify us in elevatins the
standard of our credit.
l trust that when the limit of the present Loar
Is reached, the Company will find itself able te
negotiate six per cent loan for the prosecutor
and completion of the enterprise.
Respectfully yours,
G. W. CAss President
ahe remainder of the seyen-thirty loan is nov
being disposed OF, and offers to investors th'
advantages OF
Limited Amount,
Profitable Rate of Interest,
Satisfactory Security.
AH the bonds OF this issue are made reeelVaD'
ihpayment for the Companys land at l,lO the
vii be in constant and Increasing demand 10
this purpose after the loan is closed-a iac
which much enhances their value and attractive
ness as an Investment,
Other securities are received in exchsnge
market rates.
JOHS Mc6sIa q sox, No. 6O2 Market stree