The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1880-12-09
OUR LAND LINES.
PROGRESS OF AMERICAN RAILWAYS
ASi3 Miles OF New Road Built This
Ycar-Locati0n Of the Ir"'N 10y
ere Facts Concerning SreNt
syndicates- The WORK Oh
Banding the Continent

The Railroad Gazette, oil Decemper y
contains information of the laying OF track
"a new railroads as follows;
Gsorc.'s Creek & Observation-Disclosures
a, from Ocean Mine, Nd, west to Lonacon-
inc miles. McComb & Deshier.-Track
laid ON Deshier, o., southeast to McComb,
II miles. Jacksonville s. Sou!heastern.-
Extended from Virden, ILL.,, southeast to
Litch6eld, "a miles. International u Great
Nor,bern.-EItended from L'ttlo York
Cresk. Tex, southw vest to New Braunfcls II
m;l,,. Mas.nchesett, Central. The tirst
track is laid from Hudson, Mass, westward
to Stony Brook, II miles. Chicago Milwau-
kso g. St. Paul.-Tho Chicago & Pacific
Division i. extended from Byron, ILL.,, west
10 Lsnsrk, 80 miles. This is total of lOl
miles of now railroad making 5,443 miles
thu, far this year, against 1888 miles re-
nor,ed Al the same time in 1879, 2,126 mile,
In 1878, 1864 mil in 1877, 2,l63 miles in
1874. ll7C mile, in 1875, |. 73l miles in 1874
845G miles 10 1873 and q, $50 miles in 1872
Memphis, Pine Blgtf, " Shrevepert'-Ih's
company has been organized for the pr
pose of building railroad from the Mlss's-
sippi river opposite Memphis across Ar,
knrss by way OF Mariana, Plne biun
Hampton and Edorado to Shreveport, La.
with branch to TeYsrkans Meetings in
ala of the project have been held recently al
several points along the line.
Missouri. Kansas Il Texas-Counsel Of
tbi, company and the Union Trust Company
have agreed upon form Of docreo for the
release Of tho railroad property to the stock.
holders under the recent decision of Justice
Miller. Of the United States supreme cou t..
The date of the surrender Of the road was
Axsd for December /, At which time tho I'M
paid coupons on the first mortego b nds Of
tho railroad company were paid BY the
Union Trust company, which WAS in posses
sion Of the money for that purpose.
New Orean, Paciac.-At meeting Of
the board of directors last week, a resolution
WAS unanimously adopted to submit to the
stockholders the question OF the consolidation
of the New Orleans Pacific and the Texas "
Pacific companies.
Northern Pacnc.-Tho following is ths
statement furnished for publication in regard
to the sale of bonds of this company: "Fhe
largest transaction in railroad bonds ever
made in the United STATES has Just been
closed by Messrs. Drexel, Morgan & Co.,
Winslow, Iianier & Co., and August Bel
mont s. Co., they having made IA contract
with the Northern Pacific rarosd company
for S40,000,000 per cent. gold bonds, hay
ing 40 wears to run. A part Of the bonds
we're bought firm, and q part on options,
giving the company time to finish the road
the bonds to bo Issued only Ms the road is
finished and accepted by the government. In
addition to the security furnished by mort
gage upon the line Of the road. they will
Also be secured bya mortgage on the i'm
mense land grant Of the company, estimated
now, after all sales to this time, st $4,000 DOC
TO 100000 acres-larger than all the Now
England states combined. The three firm
named 40 contractors for the loaI
have associated with them several o
the best known bankers in Now York
and in other cities, rs well as in Europe
among whom are the following: Mesbrs
Drexel & Co., Philadelphis j. 8, Morgan
Co.. London, and DreI i, Haries &c Co Paris
In New York the associates are: The Banl
of Commerce, tho Third National Bank
NJ y. u.
Seligmpn Il Co., j. 5, Kenney Il Co., Spoye
4 Co., Kuhn, Leob & Co, Woerishotler
Co. In Boston, Me'srs. Lee, II gginson !
Co., and Messrs. Brewster, Bar'ett " Go. i
Baltimore, johnson Brothers IL Co. Their
arc now in all nearly GOO miles of the oil
constructed road in operation, on whic
there are no mortgages or liens of any kind
and on which there has been spent abot
$30O00000. In addition, there are the Mis-
souri, division and the Pend d'Oreille divitisl
making together 426 miles, u part of whc
is completed, and the rest is rapidly gettin
ready for use; on these two divisions thel
arc some sectional mortgage Within q
last three or four years tho wheat regions
Minnesota and Dakota have prove
to be the best in the worl
and the lands ara selling raj
idly. The upper Missouri and tho "
lowstone divisions embrace in the territory
Montana distance of nbou 500 miles.
addition to its mineral wealth, it is fast b
coming a great grazing country. BY Il
terms of the agreement with the compsn
the contractors are TO name two directors
4. tho board, and the persons selected for Il
positions are Messrs. j. G Blllitt, of Phil
x depNia, snd John w. Ellis of Win,lo
L,ni RS Go. of New York" 1t said tn
thu syndicate accept Sl0000000 bonds ov
right NJ 80. with tho privilege of subscribi
for $4,000 600 additional bonds at the RI
of Sl0,000000 per snnum for the next thu
Yea 6, the price for the option bonds bel
fixed ct 92t. A preliminary survey. has be
made for branch from jamestown, Ds
up the J,mes river 10 Mouse river, distar
OF 100 miles. II is stated that this bran
will open up large district Of choice far
| ing lands, and will also reach some cHtens
i coal deposits.
Il Price Of rsils.-The market for steel ri
has been active, and some large transacti'
\ are reported, at prices ranging from S57
4 TO So 80 per ton at mill, according to ii
II of delivery. Some moro larger orders
lIf reported on the market. lion rails are qu
n and firm, with little new business report
I'LL Quotations SAT por ton at mill for 55-
X section, up to $4S so to S53 for light ra
II Old iron rails are not sc,ive but steadyN
II 80 S2S per ton in Philadelphis, with hold
not willing to make any concession in prit
I'LL The Toronto Globe claims to have
III tanned trustworthy information, at last, ai
IN the terms Of the contract with the Can,
M Pacific railway syndicate. II states that
line is 10 be divided into three sections,
{. the construction of which payments in MOI
il made by tho govern ment will vary accord
II TO the cost of the work. For the first sect
NIX from Nipissing 10 Tnuneer bay, north
l8t9 Lake Superior, about GOO miles, the COVE
ment grant will be SIC 900, coo and u 90
3. 900 acres of land. For the second sect
A II