The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1875-04-01
The NORTHERN PACIFIC R. R. SCHEME.
cmceting Of the Bondholders OF me
Road. Address OF President Cass..
From the N. Y. Tribune, l9-]

From the N. Y Tribune, l9]
The meeting of the bondholders Of the
Northern Pacific Railroad was held yes
terdav afternoon in the Board room OF the
Company's Office, No. % Fifth avepue.
The room was inconveniently crowded,
large number being compelled to stand IN
the hallway and at the doors leading to
the adjacent apartments, several mill.
ions of dollars being represented from all
parts of the United States, and the meet
ing was remarkably harmonious, a gen
eral feeling Of confidence being manifest
ed in the merits Of the enterprise and IN
the value of the property. An equally
strong feeling Of confidence was expressed
by those present in the integrity and abil-
ity of the management, and there was
strong desire shown throughout the ses-
sion to put the road through at the ear
liest possible opportunity.
George w. Cass, the President Of the
Northern Pacific Railroad Company,
called the bondholders present to order,
and mentioned the fact that there was
present the Hon. L. D. NJ. Sweet Of Maine,
who had been intimately connected with
the legislation in the Congress which
chartered the Northern Pacific Railroad
and started the enterprise. He therefore
nroposed that Mr.. Sweet should preside
at this meeting Of bondholders, which
proposition was accepted, made into
motion, and adopted. Samuel Wilkeson
was appointed the Secretary of the meet
ing. after which Mr.. Sweet briefly adj
dressed the bondholders, and the call for
the meeting was read.
President Cass then addressed the gen
tlemen at length on the advantages Of
the route of the Northern Pacific Rail-
road and the great value Of the property
when the road shall have been completed.
He cited the Union Pacific Railroad as
measure Of comparison, and stated that
the Northern Pacific road would be bet
ter than the Union Pacific road, on ac-
count Of having lower grades, stralgheer
line, better lands, more and richer min
erals, more and better coal, vastly more
timber, better climate, less snow, better
agricultural and pastoral soil, more water,
and greater supply Of stone for build
ing. He said that the Northern Pacific
Railroad Company had earned the fol.
lowing lands: From the Northern Pa
cific Junction to Moorhead, making 22o
3-4 miles, at 20 sections, or 1880 acres
to the mile, 2,92S,00O acres, less one-half,
the title of which is withheld until Lake
Superior is reached, leaving
l,4e4,OO0 acres; from Moor
head to Bismarck, in Dakota,
1913 miles at 40 sections, or 25,6OO acres
to the mile, making 5.06S,O0O acres, and
the Pacific Division, from kalama to Ia
coma, 2O5 miles, at 40 sections, or 25,6OO
acres to the mile, making 266S.OOO acres,
showing as total that the company Is
entitled to patents for 100000 acres OF
land, while the total number of acres Of
granted lands accruing to the 5ol So
miles of road was 10,6S4,000. To satisfy
the company's grant in Minnesota there
are within the 2O-mile limit odd numbered
sections not otherwise appropriated OF
claimed amounting to $4,000 acres
Within the indemnity limits of 20 mile!
further there are $4,000 acres available
The total area in Minnesota available
new for the grant are l,744,7OO acres
being an excess of $50, 700 acres over tn
company's present requirements IN tina
State. The award Of the st. Vlncen
contested lands to the company woult
add about 1900 acres to the availabl
area in Minnesota, still lacking SOM
$4,000 acres Of satisfying the company
total grant in Minnesota. In Da
kota there will be, he said
no deficiency. The Government
has patented to the Compan
685,96O.73 acres, wholly in Minnesota
Patents for the remainder Of the earne
lands are delayed by two causes; tirs
the government surveys are not compie
cd; second. an act Of Congress require
the company to pay the cost ofsurveyip
before the patents are issued. The con
pany denies the legality Of this requir'
msnt. and has no funds with which
meet it, il valid. About one-third of til
company's land in Dakota is now surye,
ed. The cost Of procuring the certihe
lists of lands from the local United State
land offices, preparatory to applying IL
patents, is IA cents per acre. An a.
proximate estimate Of the cost Of Coz
ernment surveys is: 10 cents per acre Fl
timber lands, and s cents per acre Il
prairie land. The total cost of surveyor
the company's earned grant will be pro
ably about 100000. The total sales
land to March l, 1875, are as follows:
Minnesota and Dakota, 310.3S9.79 acr
at 1851 per acre, making 81, 669.Sl5.4
in Washington Territory, S5.l4s.oe acr
at $3.50 per acre, making S30O.sS7.5
the aggregated total being 1859.
acres. At the average price of $3.50 p
acre, realizing $1,970, 7O3.OS. The tot
receipts from land sales to the prcsc
date have been Sl,s5S,6SS, consist
mainly of the following items: In I'll
mortgage bonds, which have been receiv
/ and cancelled, S1,26l,5 $50; in land-w'
/ rant interest bonds, since cancell'
4 $116,lo4.11; in accrued interest
4 bonds, $5l,S03.6l; in premiums allow
4 on bonds, S134.7os; in bills receivab
Il settlers contracts on credit sales, part
which will be forfeited to the compal
and most Of the remainder settled vi
bonds, s11o,065.03. OF the sales in IL
nesota and Dakota. 4l,673 acres were
timber land, and the remainder, or 26
716 acres, Of agricultural land. OF
II f.ro lands 8. Id. one-half have been u