Bozeman avant courier. [volume] (Bozeman, Mont.) 1872-1882, 1875-11-12
r>&IkerHs Pacific Railro ad.,

Nert6eFns Pacific Railro I'D.
Tnel ubstance of "a interview with Gen.
4 b Nettleson, Of Phils. Ielphia. now IN
Deer Lodge, relating to the Northern
Pacific Railtosd, appear In the New
North. West Of the 9Th. In reference 70
The reoreslAzation. present condition, and
future prospects Of This great enterprise
|0sn. Nettlston says:
The movement 70 reogganiss the North
|eru Psciac Company spd clear II Iron
debt originated last March ase 1eens mset
linz in New York city of stockholdsss 80
mortgage bondholdera The nseDc'ai ~
ua,ion Of the company 1t that time -
this. Il was earning somsthin& moro toso
current expenses. but it was weighed
down with . first mortgage debt Of
some ss2, 900 900. floating debt Of $oOO''
loco. and IN accommodating interest burden
|of nearly &. SOC. 900 yearly. OF course
this position was one of perfect paralysis
|so Ter Is getting return On me invest
|ment or completing the work W. concern.
ed. Not hand or foot could b stirred
until this mountain Of indebtedDees could
|be disposed of. There was no possioihsy
of inducing tho investment Of fresh CAPT.
tai IN the construction of the road unless
the old mortgage could be got rid OF.
Looking these facts in the faee. the bond
holders ana stockholders promptly, ausca'
bly,, aud sensibIy united In . plan Tor
turning over the compaayS property and
trancnises 70 the bondholders in foil satis.
what the reorganization amounts 70: The
bondholders have taken the road. land
and charter. cancelled the only existing
mortgage, and now constitute the reor. an
iz~d Northern Pacific Railroad Company,
receiving certificates of preferred stock -
evidence of their ownership in the new
Under the terms Of the pan
of reorganization the floating debt 10 now
also being settled with preferred stock.
The present condition Of the company.
therefore, 10 Substantially this: Il has $50
miles Of finished road in operation and
earning considerable surplus over expen-
sss: It has ten million acres Of land from
which Gales arr being made at the rate Of
81, 5OO, 900 per snnum, the average price
per acre being IS 40; it has surplus roll
ing stock sufficient ~ equip An additional
6OO miles of road; il has in its treasury
81. OOO. OV Ct the preferred stock, ISSUED
under the reorganization plan. which Is
xvaiIsble for purposes Of construction; it
has hasis Of 10000. 900 of stock capital
,a,d in in cash. aud is wholly free from
debt or interest burden of any nature
THIS probably 10 . better balance sheet
than any oth.r unfinished railroad in
America can exhibit. But this is not all.
The Northern Pacific Railroad Company
i,ss Congressional ch.rter-one Of the
most liberal and valuable EVER entrusted
to q corporation. This charter 10 still in
tact, an can without difficulty be kept so.
For every mile of additional Rad hereaf:
ter built the company will receive 25.6OO
acres Of adjacent lands, aid what this
means may b safely left for dec's'o" to
the people of Montana VIII know the
products of their own farms, pastures,
forests aud mines.
A part Of the plan of reorganization is
. provision for new mortgage on the en-
tire line of road built and land owned at u
rate not 10 exceed $25 GOO per mile. With
this new basic for credit. with labor and
material for construction nearly 50 per
cent. cheaper than when the first part of
The rad was built. it would be cause for
we'll grounded surprise it the new COM
peny. backed by 10000 stockholders Who
should NOT Ug aDie ID Ypoesfv tsIse the
means with which 10 resume construction
and press forward the work until Western
Montana 10 reach. d. It 10 considered al
together probable that funds will be pro
vided Tor the construction from the west
tank of the Missouri, at Bismarck, to-
Glen dive creek. on the Yellows,one-225
miles from Bismarck and 3l2 miles from
Bozemsn- during the year 1875. II il e.
timated by competent engineers that, ia
king labor and material at present prices,
that division can be graded, tied and iron
cd for less than ga, 600 per mile. General
Nettleton did not feel 1t liberty to speak
of definite financial plans Of the company,
. they are yet partially unmatared. and
many Circumstances may arise between
now and the time for beginning construc.
finu IN tho s,.rin0 IF 1874 that NAV snet.