The Portland daily press., 1873-10-17
Present Condition of the Northern Pa.
cif1c Railroad.

4ACccut VI tHC W. ehOth = -
cific Railroad.
In reply to the inquiries OF money bond
holders and Others interested in the Northern
Pacific Railroad, Mr.. Nettletor, the agent of
the Trustees of the bond-holders, has written
circular giving the condition of the road as
well as its future prospects as seen by him.
Tie company has built an equ pped 524
miles of road of which 22S 1-2 miles are
through Minnesota. 200 miles across the cas-
tern half of Dakota, to Bismarck on the Mis-
souri, river and 1861 miles OF the Pacific di-
vision extending from Kalama on the Column
bia to Tacoma on Puget Sound. In addition
to this it is joint owner Of "a miles OF
track from Duluth west to Thompson June
ton and controls by lease 131 miles of the
Lake Superior and Mississippi Railroad ex-
tending from Thompson junction to Min
neapolis amidst. Panl, giving a total length
Of road operated by the Company OF 74O
miles.
In respec. to the traffic connections of the
portions already completed. Mr.. Nettleton
says that it has been the policy of the Com
pany TO make each Sc 2tion completed as near
ly independent of through connections as
possible so if the work is delayed at any
point, the flushed portions with allied lines
would have remunerative business. Accord
ingly toe eastern division connects at Duluth
with lines of steamers and the commerce of
the lakes and the general railroad system of
the country by the Minneapolis road. At the
A. Dad IA rooaiyas thn
trade of the new British Provinces, and at
Bismarck, the present termination, a connec-
ton Is made north and south by Missouri
steamers, by which the Northwest is opened
a thousand miles beyond the present termi-
nus of the road. The Pacific division is CON-
plete within itself, and opens up large trade
along the Columbia river which it taps at
Kalama Of the business of these several
divisions it is only said that it meets the
expectations of the Company's officers and
is fast increasing.
On the part of the road already built and
in no way dependent upon its completion,
the Company have obtained title of 10, 1872
800 acres of land. about half of which is in
Dakota and the balance in Minnesota, Wash
jngton Territory and Oregon. Fifteen months
since the Company made its first convey
ance of land, since which time 59,353 acres
have been sold, exclusive of tracts aggregat-
ing 100000 acres selected by colonies and par
italy reserved. The average price of land
sold has been IS 48 an acre. At this rate,
lands already earned would produce about
SIS, 900, 900, or double the cost of the road
now completed. 1t is not probable that this
sum viii be realized for the lands, though the
officers of the Company profess to believe
that it will The progress of the settlement
of the country along the road is indicated by
TIM fact that between one and two thousand
car loads of wheat viii be carried to market
where two years ago brea1stuffs were import
ed by the residents. The wheat brings a
good cash price delivered on the line of the
road, and the settlers are reported to he
satisfied So much for the condition of the
road and its prospects.
Nj. Nettleion next gives his attention to
the bonds of the road and attempts to satis-
fly the doubt as to the value OF these securities.
He states that all the Company's property
IuCiuuluS us idHCu-So, tOdu. oeoCh anu
lands is mortgaged to two trustees who repre-
sent the holders of the bonds. In view of this
fact and the value of the rad and its lands,
the agent concludes that there is no occasion
for the bondholders to become alarmed in the
present panic and sacrifice their investment
by throwing the bonds on the market in its
present condition. All the property pledged
for the rele option of the securities of the
road still exists and is ample. Its stockhold-
ers and officers are men of experience and
wealth and resoute effort will be made to
meet every obligation to bondholders and 9TH
ers AID prosecute the work another year.
The trustees believe that every department of
the service OF the road is managed with eccno-
my and faithfulness.
In respect to the payment of the interest on
the bonds of the road due in January, the
agent makes no prediction only stating, in re-
ferring TO the fact that in the intervening time,
the Company will have time to make new f.
nancial arrangements with view to meeting
its obligations promptly.
OF course Mr.. Nettleton takes a cheerful
view of the situation and shows the future ia
as favorable light as he can by presentation
of facts; but If the Company proposes to en-
bance the value of its bouds and rescue them
from the present uncertainty, it must not fail
to pay its January interest promptly.