Bismarck tribune. [volume] (Bismarck, D.T. [N.D.]) 1878-1884, 1880-12-03
RAILROAD RUMBL|NGS.
THE $40, ,OOOO, 600 BOON FOE THE
NORTH PACIFIC.

THE 10000, 900 BOON FOE THE
NORTH PACIFIC.
Greatest Transaction OF the Kind Ev-
or Made in the United States---
| Gen. Anderson's Trip to
| the Western Coast.
| The only word that half expresses the
present status of the Northern Pacific
road is "boom" Meyer in its history
did it present such a prosperous front as
now. Never was the confidence of the
people in the roads ability and intention
to push speedy completion, so crystal
lied as at present. In short, the North
ern Pacific stands IN the front row of
railroads. Jay Cookies prophecies are
coming true. He walked proudly down
Wall street this week and was warmly
congratulated by his friends. His state
ments of five years ago regarding the
northwest and the Northern Pacific are
completely vindicated. On the strength
of the recent negotiation Of loan Of suf-
fcient size to complete and equip the
road through to the Pacific coast, CON-
mon stock has jumped up to 3S114 and
preferred to 6s4.
THE SYNDICATE
is composed of the prominent banking
houses Of New York, Philadelphia and
London, who bind themselves to take
thirty million dollars Of the Northern Pa
citic company's first mortgage six per
cent bonds, paying for them only so fast
as the proceeds are needed for construc-
tion-the company agreeing 10 have the
road completed and trains running from
Montreal river and Minneapolis and St.
Paul on the east, TO Portland, Oregon,
and Tacoma on Puget Sound, by Dec. 81,
1888. The price realized is nom1nally
an average OF ninety-tive cents, but each
thousand dollars of bonds is accompan-
led by bonus of 5000 Of the company's
preferred stock. The loan is nOminally
for forty millions, but ten millions is in
tended to be used in converting into the
new bonds all the present outstanding
first mortgage bonds on the Missouri and
Pen d'Orieillc divisions. The new mort
gage is to cover everything, the road fin
ished, yet to be built, land grant and
equipment
PUSHED WITH ENERGY.
Dispatches from New York state that
the road is to be pushed next spring with
more vigor than ever before. The engi-
neer force is to be Increased and the sur
vevs of the main line and branches COM
r1o
bridge at Bismarck has been thoroughly
discussed. and it's early completion may
be looked for It will no doubt be near
ly completed next year, providing the
dyke, now being built, shall withstand
the spring breakup and serve successful
]y the purpose for which it is intended.
1t is thought by some that present rise in
stocks is only temporary, while many
brokers and dealers believe that the end
is not yet, and that 80 for preferred anl
so for common will be reached. In view
of the successful loan, it does not seem
strange that this sudden rise should take
place. 1t ia only until lately that the
value of the northwest has been under
stood, and now purchasers of Northern
Pacific stock are reported from every
section of the country.
LIMIT OF STOCK.
When the road is completed, the
amount of the two stocks that will be
outstanding will be forty nine millions Of
common and thirty-seven millions of pre-
ferred. The maxi mum of the latter is
constantly being educed by the cancell-
alton of stock in payment for lands. The
legal limit is ffty-one millions. Addi-
tional legislation is looked for at the
coming session of congress, and may be
confidently expected.
THE SYNDICATE.
Another later despatch from New York
says that Drexel, Morgan s. Co., Wins
low, Courier & Co., and August, Belmont
& Co. have made a contract with the
Northern Pacific railroad company for
$40 900, 900 Of six per cent gold bonds,
forty years to run, a part of which is
bought by the firm and a part on options,
giving the company time to finish the
road The bonds are to be issued only as
the road is finished and accepted by the
government. The three firms named
above as contractors for loans have asso-
ciated WITH them .Messrs. Drexel & Co.,
Philadelphia; M. S. Morgan s. Co., Lon
don; Drexel, Parges & Co., Paris. In
this city the associates are the Bank of
Commerce, Third National Bank, Messrs.,
J.. Won Hoffman & Co., j. & ". Selig-;
man & Co., J. s. Mennedy & Co, Speyer
& Co., Woerlshofer Il Go. In Boston,
Messrs. Lee, Higginsen & Co., and
Messrs. Brewster, Dassell & Co.; in Bal
timore, johnson Bros. & Co. BY the
terms OF the agreement with the COM
pany the contractors are to name two di-
rectors in the beard. The persons select
ed for the positions are J. G. Bullitt, of
Philadelphia, and John w. Ellis, of
Winslow. Lanier & Co., Of New York. 1t
IS understood that John Jacob Astor, IS q
large subscriber to the bonds.
GEN. AEDERsON's VIEWS.
Gen. Anderson, chief engineer of the
North Pacific, returned to Bismarck
Monday night, having just completed
his trip across the continent ON the line
OF the road. He left the end of the track
Of the Missouri division on the 9th of
September, and arrived at the Pacific
coast on the 31st of October, just seven
weeks. He travelled continuously as far
as his pack train could travel each day.