The Portland daily press., 1873-06-11
BANKING HOUSE
r1T-@ or IfI
JAY COOKE & co.
PHILADELPHIA, May 20, 1873.

The 7-so Fl st Mortgage Gold Loan Of the North
ern Pacific Railroad Con- pany. ia t., be closed In ac-
sordance with the following iluti ms adopted by
the Board of Directors, on the 18th of May:
Whereas, The Northern Pacific Railroad Com
pany has built AMI has in 1peratiju Five Hun
dire miles of its Ii e, through favorable and valu-
able country:
through traffic is already ASSURE to The CoSusny
over It's road thus far completed:
And, Whereas, The Company has earned title to
about Ten Million acres nj its LIN Grant, anil plac-
ed large part Of this In market and the same is be-
ing rapidly settled by immigration, foreign and
price OF nearly six dollars per acre. to such an extent
that Sinking Fund has resulted, out Of which the
redemp ion IN cancel alton of the Companys bonds
And Whereas, I, is believed that on these results
the credit Of the Company established to
der inexpedient the pigment Of high a rate OF in
terest $40 per cent future of its bonds:
Therefore, Resolved. That the Loan of the Com
negsst be limited 10 tots s%onst moi S,V ssn.;
Thirty Millions Of Dollars. and that issue Of
bonds hereafter, by this Company, beyond the said
Thirty Millous shall bear higher rate OF interest
Resolved, That the Fin me Committee be directed
TO arrange with the Fiscal Agents the closing ont
Of the 3lO Loan, indicated In the preceding Pre-
amble and Resolution.
The President Of the Company, in forwarding
these Resolutions to the Fiscal Agents, writes the
following letter:
NORTHERN PACIFIC RAILROAD COMPANY.
Presidents once % Fifth Avenue.
New YoKK, May 18th, 1873.
Gentlemen: have the pleasure of enclosing to
YOU a copy of Resolu ion passed. unanimously by
the B'ard Of Tor % 1 If raec Rail-
This Preamble and Resolve are In entire harmony
with my own ews and wishes, aud agree in spirit
and policy with the letter which addressed to you
ON the 1Ifh day Of December last. MIDI
The completion Of our Road to the Missouri River
and control Of the trade Of Mani, oba and Mon
taua-tle be lut1 and luc VcneeS the Raj
er Valley. and the valleys Of Dakota.-the value Of
the large Goyernment trade 70 tn Upper Missouri,
for the carrying Of INST Of which have this year
eontracted-our having IN OPERATION and under
con ract, 1855 miles of road the Pacific side, be-
tween Puget Sound and the Columb ia Rver,-the
very successful Inauguration Of our Immigration
system. the large arrivals from Europe OF ooaes OF
Colonsts Of the very best character, desns 70 our
Land Grant and the steady movement OF settlers
from various parts Of the Union to the country ribu-
tary to the Road,a this sho1id, ~ ., my Judgment,
I rust tha. when the limit Of the present Loan Ia
reached the Company will hni itself able to nego-
that six per cent loan for the prosecution and COM
plelion of the enterprise.
CIV. cAss,
The LIMITED REMAINDER OF THE sEvEN-rHIRrv
LOAN Is NOW BEING DISPOSED OF, and ON the ba,i.
OF previous sales win soon be absorbed.
As the bonds of this issue are made receivable in
payment for the Compaay's land at I 10, they are
iu constant and increasing demand for this purpose
and will continue to be after the loan is closeda fac
which much enhances their value and attrsc iveness
as an investment
Other securities are received in exchange &c mar