The Superior times. [volume] (Superior, Wis.) 1870-1912, 1873-10-18
PRESENT CONDITION AND PROS
PECT.S or THE ". p

PECIS OF THE " p
From recent report of the Trus-
tees of the Northern Pacific railroad
we condense the following in rela-
ton to the stability of the enter
prise and the safety Of the bonds:
The company is now operating 55S miles OF
road independent Of its interests in the -
miles from Duluth to Thompson, and the 13l
miles of track leased from the Lake Superior
and Mississippi railroad company in all TO-
tai of 74O miles of road OperaCed directly by
the COMPANY line about equal in length to
that from Philadelphia to Fort WAYNE, Ind.
Work is progressing steadily on the Pacific
Division, and il IS expected the small untin-
ished portion will be completed by November
10, as the material is all at hand or on the
way. The several divisions named above are
III regular daily operation with freight and
passenger trans.
The route OF the road has been surveyed
entirely across the continent, and line has
been obtained which the engineers pronounce
remarkably favorable, both as regards econ
omy of construction and operation, and char
acter of country traversed
OF the Pacific Division have been examined
BY Government commissioners and accepted
by the President of the United States as first
class in every regard. The Dakota Division
is now finished, ready for examination and
acceptance, and the Commissioners are ap
pointed for the purpose.
The number of acres sold up to the present
time, fifteen months after the date of the
first conveyance, is 59, 9,353-equivaent to "a
square miles This Is exclusive of severa
tracts aggregating sCme 100000 acres, selec
ted by colonies aud reserved for them under
more or less definite ipuIation of gradua
purchase. The average price per acre real
lied Is S5.4o, and the total proceeds are
S325, ,653 %. At the average price above
named the Company's lands already ealned
would produce about S55. 900 O0u, or nearly
double the cost of the finished portion OF the
road Sales have thus far been chiefly made
to actual settlers who begin cultivation al
once
There is no occasion for holders of North
ern Pacific bonds sacrificing their invest
ment, and the most unwIse course possible
would be to attempt TO force these bonds, OF
any other railroad securities, on. tie market
during the present period of depression ant
alarm. The intrinsic wor and ultimate Sc
curitv of Northern Pacific bonds have not
been impaired by the panic All the proper
" pledged for their redemption still exists
The Railroad Company loses no money bl
the suspension Of its financial agents; it ha,
paid It's interests promptly and met its en-
gagementS with the public; no interest fall
due for three months TO come, and this give:
time for making new financial arraugeu. .euts
Among the directors and stockholders ar,
many OF the strongest capitalists aud mos
successful railroad managers in the country
who have several million dollars OF their owr
means invested in the work \ resoluIe IF
fort viii be made to overcome whatever EN-
barrassmeuts may result from the prevailin.
financial stringency meet every obligation t,
bondholders and others, and carry forwagt
the work of construction the coming season.
In any event Northern Pacific bonds arr
secured bv the road and lis growing traffic
and by about ,, ,uou acres of land per mile o
track, while other railroad bonds are secured
by road and growing traffic without any land
In other words while the financial storm AT
t, cts all new roads alike and their securitie
will for a time be depressed, | know OF non,
that have 80 much Of real value and actua
property behind them to sustain their credi
and insure their redemption as have North
erH Paclics.
Gen. \. concludes by stating it to be bi
emphatic belief that every department of III,
Companys service is managed With clear
hands, with ri-id economy, and with goot
judgment Every mile OF the road has beer
built under contracts let TO the lowest res
ponsible bidder after public advertisement
aud competitive bidding
\. B. NEFTLETON, Trustees Agent.