Bozeman avant courier. [volume] (Bozeman, Mont.) 1872-1882, 1873-11-21
NORTHERN PACIFIC RAILROAD
Undertaking viewed as Einanci.
ally sound.
Facts Never before Published.
From@the Duluth MiAnesotian


Facts Never before Published.
From-the Duluth MiAnesotan
The st. Paul Pioneer Of Sept. Saith,
under heading Of Washington News,
quotes what John J. Knox says, as
follows:
Duluth was mistake-the party
of German capitalists who came to A
merica in 1871 to examine and report
on the Northern Pacific, made a report
when they returned home adverse TO
the road and its financial interest, and
that the report was suppressed by the
Company's money, though a few copies
still EXIST
To contradict this statement as to
the adverse report Of the Europeans
above referred to, it is only necessary
to print the following extracts from
said report, which have never before
been published:
1The present terminus Of the North
ern Pacific Railway, Duluth, the chief
city on Lake,Superior, young city OF
four Thousand inhabitants, is found by
its natural position to be the staple
town for export Of the rich grain con-
signments Of Minnesota and tile re-
gions beyoad; Since, by means OF the
network OF the large inland lakes, the
transport of its productions can be eff
fected in the cheapest manner
After going into a detailed statement
of their examination of the line, and
giving the prices obtained by other
land grant railways for their land after
the completion of their respective
roads, the Commissioners use the fol-
lowing words:
nFrom the increase in value of the
bonded property transferred to the
Company, and the abundant resources
that are disposablein the region of the
Railway, it may be anticipated that
after the space of thirty years, SO much
land will have been sold as to enable
the Company, from the proceeds there
OF, to completely redeem the bonds;
and we acknowledge that, taking the
whole together, there is a basis for a
remunerative undertaking."
They then go on to recommend that
some provision be made for payment
of interest for three years after com
pletion of the road by deposit in Eu-
rope of part of the proceeds of the
bonds sold.
They ask that two Of the then Board
of Directors should resign and two be
appointed in their places, selected in
Europe to represent the foreign CAPT
talists who may embark their money
in the enterprise.
They asked that one European trus-
tee should be added to Jay Cooke and
Edgar Thomson, who were then the
sole trustees named in the bonds-this
thoy deemed necessary to prevent any
arising from death or fl
nancial failure.
They required the immediate disco
luton of the Puget Sound Company.
They required that 500 acres of land
should be held to secure each bond of |
81 900, and no land to be released I'M
bill the Company had earned enough |
TO pay its interest for three successive
years.
They required that no contract for
the road should~be let
without two months advertisement,
Ind that in no case should Director
n Employe of the Railroad be in any
way interested in said contracts. And I
hey add;
"Our opinion, formed after mature
vestigation of all the circumstances
'elating to the Northern Pacific Rail
vap, may be briefly summed up as
ollows:
We acknowledge the undertaking
n itself to be sound and capable of
fielding profit. In case these circum-
tances are removed, then, in our Opt
hon, and so far as human foresight
there exists no cause to doubt
he punctual frllfllment by the North
III Pacific Railway Company of their
Engagements entered into with their
This report was signed BY a majority
the Commissioners at Vienna on
be 18th day of December, A. .. 1871.