, 1873-10-09


by tho Northern Pacilo Railway Us an inyost.
ment, which WIS published in our last isBue, il
ono of the most important, impartial, aud e1-
haustivo documents Of tho kind over Issued, the
truth Of which is very strkingly oxempuhod by
tho disaster which has oyortakon tho enterprise.
Herr Haas has investigated tho Northern
Pacific, free from any undue influence
in itH favor on thu ono hand, and
without any prejudice against 1t on the other.
Ho has hold the scales with an oven
hand, aud, fairly estimating,the advantages aud
disadvantages, finds +that tho latter outweigh
tho former. In reaching this decision, every
important detail in connection with tho proaont
condition and future prospects, Of tho road,
financial and otherwise, has boon thoroughly
sifted. Ho has examined it's ohartor tho goo-
graphical mud typographical fcnturcs Of tho
line j; tho cost of construction aud tho
mcanB provided for construction tho popu-
1ation OF tho statca and Territories through
which it runs, and the probable ratio Of
increase for several years. to como, as we'll
as tho productive capacity Of tho country in
their boarings upon tho future traffic of the
road; tue prospects Of local business and tho
influence OF the ABiatio through trade tho ya1ue
Of tho land-grants and their capacity to ultimate
ly redeem the bonds and the manner In which
the rights Of the bonlholdera are protected.
Every ono Of these details is subjected to tho
cool, clear-hcaded, md far-seeing criticism Of an
oxport, who presents every favorable aspect of
tho road in just as strong light as the unfavora-
bio ones, and then, putting tho two together,
comoB to decision. beyond which thoro 1os no ap-
peal that 1t is not for tho advantage Of European
fact TINT the Company cannot pay tho interest
on it's obligations for long timo to como and
that a nero possibility Of such payment in tho
distant future, whom tho country is sottled and
tradc han sprung up in the region through which
tho road runs, Is not sufficient to commend tho
bonds to European capitalists.
Tho manner in which Herr Haas arrives at
this conclusion Is very simple, and, at the same
timo, worry convincing. He limits ha inquiry TO
threo practical questions. as follows: " First
Are tho moauH provided for tho construction of
tho Northern pactlo Railway adequate to COM
plete tho limo ready for traffic 2 Second-DoeB
the finished line offor tho necessary guarantee
that tho net profit OF it's Income will yield the
SUMS required for the half-yearly payment Of
tho stipulated rate of interest on tho bonda
Third-Will tho Rums realized from tho sale of
lands suffice to redeem tho bonds within thirty
years z"
In regard to the first point, lo shows that the
estimates for buildings. including repairs, work.
aAops, and stations, and tho working capital, out
Of which must DO provided 12o locomotives and
nearly 1900 cars Of various kinds arc low out Of
all proportion to the length Of the road. and
must, of necessity, bo greatly Increased. With
regard to the very important point, whether the
Company can osta blish t. traffic which will guar
antee tho payment Of tho half-yoarly ratcs Of
interest, Horr Huns malos M extremely intor-
oatiug and careful estimate, based on tho statis-
tics OF population IN tho BtateH anu Terri
torioa through which tho roal will run
when completed. Tho yoarly tutorcat amounts
to $1,000, 900, to produce which would require q
gross income Of 920,0O0,000 per year. Herr
Haas thou goos on to show that 1t Ia extremely
doubtful whotler MI aroa OF 690,017 Square
miles, with an aggregate population Of 698, 147
persons, can insure buHlnoas which will pro-
dueo Ill income Of go, 100000 per annum, aud
Furthermore maintains that tho incroaso Of popu.
lation during the next tUu yoare which. tntieinp
by tho returns Of tho past ton yoars will not OK
coed 100000 In this area Of country, will
not yield all income sufficient to pay tho i'll
torost out Of tho net proflta. The Asiatio
through trado ho docs not consider as any moro
promising than tho local traffic, because, in the
arst place, tho Northern Pacific cannot at1oot