Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1880-12-10
NORTHERN PACIFIC.
Operations OF the syndicate.
ChiNco Tribune,

The largest transaction in railroad
bonds ever made in the United States
has Just been closed hv prcxcl. Nor.
gau Il Co, NinSlow, lanicr 4 Co, and
August Bolmon; 4 Coz, they having
made contract with the Northern
Pacific railroad company for $4,000 of
Is per cent sold bonds, forty wears To
run, y part ofwhich is bought firm and
j. part on options, giving the company
time Is finish the road, tho bonds "a he
issued only as the road is finished and
accepted by the government In adj
dition to being secured hy mortgage
upon the llnc " mad, thcywlll also he
secured by \ mortgage M the immense
Ilnd-gwntS az tho company, estimated
now, after all sales to this time, nj ~
oo0,eN to 49,0o0,OO0 acres
( /. RGrE TITAN ALL run INV ENol N>n
STATS
combined, The three firms named
above ~ contractors for the loan have
associated With Thorn some of the hest.
known bankers here and III other
cities, Us we'll rs III Europe, among
whom are McSSIS nrcxcl & Co, of
Philadelphia !, ;, Morgan 4 co, of
london; and nrrNCl. llNricS 4 Co, sc
Paris, In this city the associates are
the bank ot Commerce, the Third Ma
tionanai hank. MrSsrS. l.. Won Heii-
man \ Co., McS>rs ] & ". Scligman
\ CO.. ]. ;. kcmnry 4 Co, Spcyer 4
| Co, Kuhn, leoh 4 Co. Wocrishotlcr
X Co.; in Boston, MCSSrs. Lee, Higgn-
sun X CO., Me>SrS. Brewster, Bas>ctt II
Co.; i'll Baltimore, MtSSlS. johnson,
Bros, \ CO. rhcrc urc NOW IN All
NEARBY GOO NHlrS on Oln CONSTRUCTED
ROAD
IN operation, on which there are no
mortgages or liens oCany kind, and on
which there has been spent about $50.
| 100000 In addition, there are the
Missouri division and the Ecu pOrcilie
division, together l36 miles. a part Of
which is completed and the rest israp.
idly getting ready for use, On these
! two divisions there are some sectional
mortgages Rv the terms of tho
agreement with tho company tho CON
tractors are to name two directors III
the board, and the persons selected for
the positions are j, {. Rullitt, Of Phil.
adclphia, and John w. Ellis of Mssrs.
Winslow, lancr 4 Co., Of New York
1t is understood that MIR. John Jacob
tstor is Il large subscriber tO the
bonds,
THE CONTRACT
signed insurcs the completion OF
the Northern Pacific railroad lis fast
rs possible, for the contract provides for
the furnishing of the money rs fast Ms
II can he used with due regard To econ
omy. The syndicate is to take ten
milliNns during the coming year and
the company Is satisfied chat no more
money can be expended with due re-
gard To economy. The company OPP
Grated during the Mst fiscal year 10
! miles
TIE TERRITORIAL LlNE
Of Dakota was crossed il few DAYS ago.
Work on the Pen ~ Orcille Division of
500 miles is going on rapidly, thGugh
there is II little delay just now for want
of ties, but the rails are MI there, and
1t is cNuccted that the division viii he
finished this year. Twelve miles will
be built on the Columbia River Division
between Ainsworh and Walula, So
that there will be additional to the
mileage Of ISL miles this year, max
ing Il total of l,2O34 miles. The gap
between the MissouriAnd Pen ~ Orelllc
Divisions is $40 miles. There is also to
he built the Wisconsin Division, from
Thomson Junction Ia Lake superior.
on the Montrealriver, there to connect
with the proposed line to the straits az
Mncklnac, and the Columbia River
Division to Portland \ bridge must
be built over the Missouri the cost Of
which is set ut $4,000.
FROM THE ENGINEERS ESTIMATES.
tbs thought that Si000O,OOO will prove
more than enough to complete all these
lines Nearly 500 miles of the road is
without lneumbmncc, and it is appar-
ent that the company has enough road
now bullt % secure tho entire amount
ofbonds TO be issued during the coming
year. Ont ofthe total issue nm amount
equal 10 bonds ON the Pen ~ Oreilc
! Division (which is bonded nj
the rate of S2j,OOO mile), and the
bond. on the Missouri division (which
is bonded nj half that amount) will be
reserved 10 retire the underlying seen
rites. The road will deal directly with
the actual contractors, without the in
tcrvcntlon Of any construction compa-
ny The company, having now over
400 miles Of road without any lienupon
ii, can issue that amount ut once. The
ground is now being cleared for the
Montreal division, 1870 miles east OF
Duluth, 70 the Montreal river. The nd
vance guard il ut work on the yellow
stone, and
THE GASt' tpE DIVISION
(which will complete the connection Of
the Pen ID Oreille divisions with the
coast will be put under contract al
once The Pond Oreille division will
be completed this wiater, and next year
will probably see trnck going down mt
the rate Of a mile and bali day. The
company tlas recently given out con
tracts for 800 ton. Of steel rails, 500
10 the Cleveland rolling mill, 1000 10
the Pennsylvania steel works, and ] 1000
10 the Bethlehem iron works also for
twelve locomotives to the Baldwin
Npprl. npI DrO ~. ,.ntYt, ,,t,I I,y ~, -.