Daily globe., 1879-10-05

that division
The company has completed and in
operation of its chartered line 1856
miles on the Pacific de, and 424 in
Minnesota and Dakota from Thom-
son junction, "a miles east of Duluth,
on the St. Paul and Duluth Railroad,
to Bismarck. ....... .....:...........5 $50 miles.
Also Owns, by deed, the undivided half
of, and operates, the st. Paul & Duluth
Railroad, from Thomson Junction to
Duluth, Minnesota ta....................A "
Also owns the controlling interest in, and
operates, under 80 years lease,
completed railroad from Brsinerd on
the ain line, to Sauk Rapids, Mime
sofa. OBSERVATION-DISCLOSURES. 6OH miles.
Also owns the perpetual right to the joint
use of, and operates, completed rail-
road from Sauk Rapids to the city of
Length of completed railroad, exclusive
of sidings, operated by this company 720
EQUIPMENT.
On the 3Oth Of June, 1870, the equipment of the
road was as follows: IS locomotives, % passenger
IL baggage, mail and express ears, s23 freight
box cars, 6ae platform cars, Al stock cars,
Shop tools and machinery, value S125,000.
CONSTRUCTION.
After suspension of construction, for
more than five years, the company has been en-
abled, through full and complete adjust
ment of its affairs to avail itself of the favor
ing circumstances of the times, and resume
its work of extending the main line of road.
At the annual meeting, in September 1877.
the stockholders adopted the following resolu.
ton:
Resozred, "That it is the judgment of the stock
holders that the construction of the companys road
westward from the Missouri river should be COM
menced forthwith-and eastward from the Columbia
river, on the Lake Pend d. Oreille division, soon,
practicable. And the board of directors are here
by urged to proceed with such construction as rapid
ly as possible consistently with economy and the
best interests of the company keeping steadily in
Pacific"
At the annual meeting in 1878, the stock
holders adopted the following resolutions:
Resolred, "That the board Of directors be, and
they are hereby advised and requested to put under
contract for construction, soon as practicable,
the company's main line of road between the Mis-
souri, and Yellowstone rivers, and to cause the
to be completed at early period as prudence and
economy will justify; and to that end to utilize as
in their judgment shall seem best, the company's
lands appertainng to that portion of its main line
available means and assets of the company, so far
necessary for the accomplishment of that object"
The judgment of the directors being fully in
accord with the recommendations of stock
holders, vigorous measures were taken in the
fall of 1878, to prepare for letting the work on
the Missouri division, from the Missouri river
to the Yellowstone river. over 200 miles. Pro-
pOsals were advertised for in November. About
forty contractors submitted their bids. The
lowest bidders, Walker, Bellows & Company,
were awarded the contract for the con-
struction of one hundred miles of road
from Bismarck westward, and they
commenced work in January. Such progress
has been made as to reasonably assure the run
ming of trains over this hundred miles of ex-
tension before the close of the present season.
The remaining 1l6 to 100 miles of this di-
vision, extending to the Yellowstone river, is
now being definitely located by the engineers
in the field. portion of it will be in readi-
ness for contract in October, and an effort will
be made to reach the Little Missouri, about 14O
miles from the Missouri river, during this sea-
son. 1t is intended to have the entire division
completed and in operation to the Yellowstone
in the summer or early autumn of 1880.
The Yellowstone is the next division, about
$40 miles in length, chiefly in the Yellowstone
valley; and it is proposed to proceed with the
surveys and final location there, so as to put a
portion of it under construction early next
season, in advance of the completion of the
Missouri division.
The next, following the Yellowstone is
called the Rocky Mountain division, about 200
miles; then Clark's Ford division, about 23O
miles; and the next is Pend d'Oreille division,
about 210 miles. The last extends from Lake
Pend d'Oreille to the navigable wateIs of the
Columbia. The construction of the Pend
dOreille division is about to be commenced.
TO insure the location of this division of the
road upon the most advantageous line, several
parties of engineers we're placed in the field
early in the season, under the personal super
vision of the company's consulting engineer.
Old lines have been reviewed, and new ones
surveyed, over vide range of country, so as to
give very full and exact information upon the
topography and resources of the entire region
within the limits of selection, and location
has been adopted which is believed to be the
best that can be attained. It presents but lit
tie difficult work, and is, as whole, an easy
line to build.
The work of grading, from the
Columbia river eastward toward
Lake Pend d'Oreile will be commenced
Immediately. Proposals for timber and ties
have been advertised for, and contracts for
their delivery will be made next spring. Ship
ments of twenty-five thousand tons of rails
last, and are now due in the Columbia river.
Other shipments will be made in time for the
laying Of the rails in the track next summer.
Twelve thousand tons of steel rails, with the
fastenings, have been contracted for, delivered
at tlde-water, in the months Of December,
January and February. The prices were ia
vorable to the comparative thousand tons
delivered at ships tackles in Philadelphia, for
forty-fve dollars, and seven thousand tons at
Hoboken. for forty-hve dollars and quarter
per ton.
To provide funds for the construction Of the
Missouri division, bonds at the rate of $4,000
per mile, g. 500, 900, in ALL are to be issued by
the company, secured by a first mortgage on
the road and lands of that division-the earn
ings of the complete road being pledged, un-
der the plan of reorganization, to pay the IN
terest on and provide sinking fund for, such
bonds. $4,000 of these bonds with
like amount of preferred stock. We're offered
pro--ata to the stock holders for 81 600 600 and
were taken.
For the construction of the Pend d. d'Oreille
division, bonds have been issued not to exceed
$4,000 per mile, secured in the same way, by
hrst mortgage on the road and lands of that
division. S2,OoO,OO of these bonds and ST.
100000 of preferred stock, were offered pro
rata to the stockholders for S2OOO,0OO and
were taken. The remaining bonds of this di-
vision, as we'll as the remaining S5O0,OO0 of the
Missouri division, if needed, should be disposed
of on more advantageous terms. The faith
shown by the stockholders, and the improved
condition and credit of the company, Justify
this expectation.
With the Missouri and Pend d'Oreille divis-
ions completed, there will be gap between
them of something over 500 miles. While
will be established, and stages run between the
approaching rails.
The lands to be earned by the construction
will amour, to over five millions of acres for
! the Missouri division and over five millions
| for the Pend dOreille division.
From the mouth of Snake river, down the
| Columbia, on the main line to Kalama (whence
the company's road is completed to Tacoma,
1oo miles, connecting the Columbia with Pu-
get Sound), is about $50 miles. The length of
the branch line, from a point on the Pend
| d'Orellle division, over the Cascade range, to
be built to reach Tacoma, is about the same.
further surveys of the branch line over the
Cascade range. so that accnrato oaf;r.to. nj