The daily intelligencer. [volume] (Seattle, Wash. Territory [i.e. Wash.]) 1876-1881, 1879-10-30
THE NORTHERN PACIFIC
RAILROAD.

Os
BISMARCK. Oct, 9-The Northern
Pacific Railroad enterprise was para
lyzed by the bankruptcy Of Jay Cooke
& Co. its financial agents, on the 18th
Of September, 1878. The company q
floating debt on that day WAS four and
. half millions cf dollars. Its mort
gage bond iss1e wss thirty one and .
half millions. The suspension Of inter
est On these bonds looked 10 be durable.
Their price fell in the open market by
rapid sumbles from par to 10. The
popular enterprise to build a second
trans. continental railway on the short
| est. the northern. route. Was felt to be
irrsvocsbly bankrupt The Northern
Pacific Was jsered. aud its bond. and
Jay Cooke. Their sanguine seller. were
: alternately cursed and laughed at
Tho gathering of the wreck under tho
safeguard OF . rec-iver.hip, and tho
reorganization of the company in 1873,
are we'll known hi.tsry. Today the
c0nditioa and prospects Of the North
ern Pacific Railroad sre IS follows:
OF it's chartered line there are com
ple.ed AID in daily operation 1876 miles
on the Pacific side Of the continent.
and 424 miles in Minnesota and Dakota
in all. $50 miles.
This company owns the Undivided
half Of and operates the st Paul and
Duluth .Rnilroad from Ibonpson to
Duluth. Minnesotts. twenty .tmur miles
long 1t owns the controlling interest
in and operates the comp!etei o,d
from Brsin,rd on its main lins to Sauk
Iispids. Minnesota, y distance OF sixty
aud halt miles. II owns tho perpet-
uul right to use and operate the CON
pieted road from Sank Rapid, 10 st
Paul. seventy five and half mice
long.
The length Of complet' i road. exclu-
sive Of sidings. now operated 10y the
company IS 72O milea.
In Novem mbcs there will be one hun
dred miles more OF its main line in OPP
Grafton, west Of the Missouri river. In
the autumn Of 1880 the entire Missouri
division OF tho road. 30 miles long.
from the Missouri to the Yellowstone
will bs completed.
On the Pacific side work has b.guu
on the Pen d'Ore,lle division from the
Columbia river ut the mouth of tho
Snake to Lake Pen d'Ors,iie. 2I0 mules
long The company will be it's o~n
contractor on this division Twenty
five hundred tons Of steel rails were
shipped for it arourd Cape Horn in
May last, and 10000 tons more have
been contracted for, delivers able at tide
water 10 Decsmbe January and Feb.
ruGry next Pour hundred Cinnamon
will be grading on this division il this
month Of October.
On the west side Of the Red river
in Dakota. thirty miles Of spur road
has been put under contract. from Cas-
se,tOn on the main line northward
through tho company's land grant.
The ultimate extension Of this spur
will be . connection with Canadian
road to run northward. from the bound
sry lire through the wheat fields Of the
Saskat chewsn Valley. And here it is
gcrmane to saw that. under the North
ern Pacific plan Of reorganization, the
right to ex end spurs forty miles either
side Of the main line in the Terrific
ries and twenty miles in the States (the
limit Of its lend grant has been declar-
cd and will be exercised.
West Of tho Missouri division there
are four divisions to be constructed be-
fore the Columbia river is reached.
When tho westerly one of these. the
Pen d'Oreille is completed. and the
Missouri division is finished TO the Vel.
lowstope. there will remain . gap OF
about 800 miles. A line Of s'X-horse
and four horse coaches will operate
this interval; but the length of this
mail route will shorten weekly. II 10
the declared purpose Of the directors Of
tho company to run trains through to
the COlum bic river in . good deal less
than i've years. The best line Of inland
steamers in tho world operates that
great stream to Portland. in Oregon.
and TO the Pacific Ocean. Nor will
these steamers long hold the Northern
Pacific in the subordinate relation Of
feeder. The westerly division OF the
road is that called the Pacific. 1t ex-
tends from the west bank Of the Colum.
bia up the Yakima Valley. over the
Cascade Mountains. through the Cow
litz Pass to Tacoma. the terminus. and
the company's seaport on the Pacific.
There awaits it . traffic. practically un-
limited. Of lumber. timber and coal
eastward. and wheat westward 1t 10
inconceivsble that the Pen d'Oreille
division shall long gather up the enor-
nous wheat product of Eastern Wash
ingtou To take 10 the Oregon Steamship
aud Railroad Company. to be carried
down the Columbia river. 10 be shipped
at Portland for England. Some coer-
cion will compel the Northern Pacific
10 retain this freight and carry It to its
own seaport. Tacoma We therefore
look 10 see the construction of the
western division Of the road commenc
ed Unexpectedly soon and vigorously
prosecuted.
The company's bonded Indebtedness.
which in 1873 WAS about thirty -one and
. half millions, has been extinguished
by conversion. OF the bonds not yet
surrendered for conversion into prefer
red stock, there are outstanding only
about $525.OOO. OF its floating deb,
Of four and half millions. only $l94.-
122 remains.
The gross earnings for the ten months
ending June 80. 1879. were 81 .l61 ,26l.
For the same period the year before
they we're $9i.. .23s. For July OF this
wear the earnings we're Sl92,S2i; for
August. $2l0. .ee7; for September. S25s,-
noIt u,h... last as AGAINST 1923 coo for