The Grange advance. [volume] (Red Wing, Minn.) 1873-1877, 1875-03-30
the NORTHERN PACIFIC R. R. SCHEME.
Meeting of tho BOndhOldcrs Of 1he
ROad-'Address of President Case.
From the N. Y. Tribune, 49,

from the N. Y. Tribune, 1911
The meeting of the bondholders Of the
Northern Pacific Railroad was held yes.
terday afternoon in the Board room of the
Company's Office, No. % Fifth avenue.
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 q
strong desire shown throughout the SEES
sion to put the road through at tho ear
Hest 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
proposed that Mr.. Sweet should preside
at this meeting of bondholders, which
proposition was accepted, made into a
motion, and adopted. Samuel Wilkeson
was appointed the Secretary Of the meet
ing, after which Mr.. Sweet briefly ad-
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 &C.
count of having lower grades, straigheer
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 228
3-4 miles, at 90 sections, or 1890 acres
to the mile, 2,928,000 acres, less onc-half,
the title OF which is withheld until Lake
Superior is reached. leaving
l.464,000 acres; from Moor
head to Bismarck, in Dakota.
1913 miles at 40 sections, or 25,60O acres
to the mile, making 5,068,000 acres, and
the Pacific Division, from Kalama to Ia
coma. 205 miles, at 40 sections, or $4,000
acres to the mile, making 2 $50, 900 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 accrulng to the 531 Sd
miles of road was lO,6S4,000. TO satisfy
the company's grant in Minnesota there
are within the 20-mile limit odd numbered
sections not otherwise appropriated or
claimed amounting to $4,000 acres.
Within the indemnity limits of 90 miles
further there are $4,000 acres available.
The total area in Minnesota available
new for the grant are l,744,7O0 acres,
being an excess of 280,70O acres over the
company's present requirements in that
State. The award of the St. Vincent
contested lands to the company would
add about 100000 acres to the available
area in Minnesota, still lacking some
$4,000 acres Of satisfying the company's
total grant in Minnesota. In Da-
kota there will be, he said,
no deficiency. The Government
has patented to the Company
685,96O.73 acres, wholly in Minnesota.
Patents for the remainder Of the earned
lands are kdelayed by two causes; first,
the government surveys are not complet-
cd; second, an act Of Congress requires
the company to pay the cost of surveying
before the patents are issued. The com
pany denies the legality Of this require.
ment, and has no funds with which to
meet it, if valid. About one-third of the
company's land in Dakota is now survey
ed. The cost of procuring the certified
lists Of lands from the local United States
land offices, preparatory to applying for
patents, is l Ia cents per acre. An APP
proximatc estimate of the cost Of Gov
ernment surveys is: 10 cents per acre for
timber lands, and cents per acre for
prairie land. The total cost of surveying
the company's earned grant will be prob
ably about 100000. The total sales of
land to March l, 1875, are as follows: In
Minnesota and Dakota, 3l0,3S9.79 acres
at $5.37 per acre, making $l,669,8l5.47;
in Washington Territory, 35.l48.09 acres
at 1886 per acre, making $500, 887.58,
the aggregated total being 1851 .S8
acres, at the average price of $50 per
acre, realizing $l,970,703.03 The total
receipts from land sales to the present
date have been $l,858,63S, consisting
mainly of the following items: In first
mortgage bonds, which have been received