The St. Cloud journal. [volume] (St. Cloud, Minn.) 1866-1876, 1875-05-06

west either in the Manitoba country
or in Dakota, Montana and to the
Pacific coast.
/ have said in other letters that
work on these Extension Lines
stopped; that Mr.. Receiver Farley
has never done a stroke Of work on
our end Of them; and that all he has
done was in the vicinity OF Glyndon,
and that after certain gentlemen
from Amsterdam and New York con-
nected with the bondholders were out
here to look over the Extension Lines.
Now, what did this work stop fort
Everything had apparently been AZ.
ranged satisfactorily so far a. the f.
nances were concerned and the whole
thing figured out al right. The con-
tractors were working three thousand
men in the midsummer Of 1872, the
best time Of year for such work
times were good; there was no panic
yet in this or any other country
when, all at once, without a moments
warning, down went the machine and
not wheel has turned since. That
performance beats me, and I haven't
been able to investig gate it satisfactory
ly to myself yet. I have found out
that there are the Main Line men
there are the Branch Line men
there are the Extension Lines men :;
there are the Northern Pacific men,
and there are the Bondmen, or rather
the parties known as bondholders,
who did the mischief ,uhat for, is
the interesting question just at this
point.
Right here let me say that Mr..
Becker and Nh. Delano always advo-
Gated and urged that the Extension
Lines should be constructed by first
building the piece from Brainerd to
Sank Rapids so a. to use that for
transporting the iron over from Du-
luth to St. Cloud, and then build the
road from St. Cloud to Glyndon
working both ways and meet between
Alexandria and Fergus Falls; then
60 on from Glyndon to St. Vincent.
But the financial men and the bond
holders were going to furnish the
money so freely that the foreign or
ders were to put on men everywhere
and finish it all up" Mr.. Becker
was overruled, and We see the result
40 finished road on the Extension
Lines that is Of the slightest practi-
cal benefit.
Now, to get back to why it all
stopped and has not started again,
even with the help of a United States
court-its badly mixed! The great
majority Of the bonds of the St. Paul
& Pacific Main, Branch, and Exten-
sion Lines have been sold, or are now
held, in Holland and Germany. AS
I learn, the various lines were mort
gagged about as follows:
| BRANCH LINES.
One mortgage to secure $4,000
is first on the road only from St.
Paul to St. Anthony, ten miles, o,
$4,000 per mile.
One mortgage for 100000 is 4
first on the road only from St. An.
thony to Watab, seventy miles, o,
$4,000 per mile.
One mortgage for 81 100000 is a
first on the lands and q second on the
road from St. Anthony to Watab.
One mortgage for 100000 is a
second on the lands and a third on
the road from St. Anthony to Wa.
tab.
One mortgage for 81, 100000 is a
third on the lands and a second on
the road from St. Paul to St. An
thony-making a total of $4,02O,-
900, or at the rate of $4,000 per
mile, on eighty miles ofroad, seventy.
six Of which are finished. Of these
bonds, the first three mortgages are
principally held in this country, and
the balance abroad.
MAIN LINE.
One mortgage of 100000, which
is first on the road and lands from
St. Anthony to Morris, $50 miles.
One mortgage Of $4,000, 900, which
is first on the road and lands from
Morris to Breckenridge, 81 miles.
One mortgage Of $4,000, 900, which
is a|third on the lands and a second
on the road from St. Anthony to
Breckenridge, 207 matchmaking a
total Of 81 600, 900, or at the rate Of
$50, 900 per mile.
Of the above mortgage bonds, a
small portion are held in this country
and the balance abroad.
ST. VINCENT AND BRA1NERD ExrEN.
One mortgage Of $4,000, 900,
which is the first and only mortgage
on both road and lands, and is at the
rate Of $47 900 per mile on 800 miles
Of road. which, A. your Minnesota
readers are aware, is in all the. VA.
rious stages Of progression, from the
naked, untouched prairie to the ironed
track, but without wheel Of equip
ment yet.
| Here, then, are three lines of rail.
road-which are generally improper
ly considered by the public as one
concern-with a bonded Indebtedness,
drawing interest at the rate Of seven