{January, 
AMERICAN AGRICULTURIST. 
1871 .] 
NEW 7-30 GOLD LOAN 
OF THE 
* 
NORTHERN PACIFIC RAILROAD CO. 
SECURED BY FIRST MORTGAGE ON RAILROAD AND LAND GRANT. 
SAFE! PROFITABLE! PERMANENT! 
We offer for sale at par and accrued interest, the FIRST MORTGAGE LAND GRANT BONDS of the NORTHERN PACIFIC 
HAILROAD COMPANY. They are FREE of U. S. TAX and are issued of the following denominations: Coupons, $100, $500, 
and $1,000; Registered, $100, $500, $1,000, $5,000, and $10,000. 
COLD PAYMENT. —Both principal ami interest are payable in American 
gold coin, at the office of Jay Cooke & Co., New York City—tlie principal at 
the end of 30 years, and the interest (at the rate of seven and three-tenths per 
cent per annum) half-yearly, first of January and July. 
THE RATE OF INTEREST is a most convenient as well as profitable one, 
being seven dollars and thirty cents each year on every hundred dollars, or on 
the various denominations of bonds as follows-; 
Two cents per day on each 
$100 bond. 
Ten “ “ “ 
$500 
Twenty cents per day on each 
- $1,000 
One dollar per day on each 
- $5,000 
Two dollars per day on each 
- - - $10,000 
PERFECT SAFETY.—' The bonds we are now selling are secured by a first 
and only mortgage on all the property and rights of the Northern Pacific Rail¬ 
road Company, which will embrace on the completion of the work: 
1. Over Two Thousand Miles of Road, with rolling stock, buildings, and all 
other equipments. 
2. Over Twenty-two Thousand Acres of Land to every mile of finished road. 
This land agricultural, timbered and mineral, amounting in all to more than 
Fifty Million Acres, consists of alternate sections, reaching twenty to forty 
miles on eacli side of the track, and extending in a broad fertile belt from Wis¬ 
consin through the richest portions of Minnesota, Dakota, Montana, Idaho, 
Oregon and Washington, to Puget Sound. 
THE LAND GRANT.— 1 The Northern Pacific Railroad Land Grant is larger 
Ilian the six New England States with Maryland added, or as large as the two 
States of Ohio and Indiana combined. The average of soil is very fertile and 
the climate is pleasant and healthful. With the railroad built through the midst 
o( these lands their value can be estimated by the present price of similar 
lands along the line of other roads. For example, the Illinois Central Railroad 
grant of only 2.595,000 acres, the sales from which already exceed $24,000,000, 
will yield the Company at least $30,000.000—an average of over $11 per acre. 
As the building of the Northern Pacific Railroad progresses, the lands of the 
Company will be thrown open to sale and settlement at moclei'Cite prices and on 
easy terms of payment. As eacli 25-mile section of the road is completed and 
accepted, the Government conveys to the Railroad Company a proportionate 
amount (some 000,000 acres) of land. Tims the Company will soon come into 
full possession of some three millions of acres in Minnesota—this first install¬ 
ment being greater than the entire Illinois Central grant. 
THE ROAD NOW BUILDING.— Work was begun in July last on the east¬ 
ern portion of the line, and the money provided by the stockholders to build 
and equip file road from Lake Superior across Minnesota to the Red River of 
tlie North—233 miles. The grading on this division is now well advanced, 
the iron is being rapidly laid ; several thousand men are at work on tlie line, 
and about tlie first of August next this important section of the road will lie in 
full operation. In tlie meantime orders have been sent to tlie Pacific coast for 
the commencement of tlie work on the western end in early Spring, and there¬ 
after the work will lie pushed, both eastward and westward, with as much speed 
as may be consistent with solidity and a wise economy. 
THE MORTC AG E.— For the security of the first mortgage bondholders, and 
obedient to Act of Congress, the general mortgage covering the property named 
above is recorded in the office of tlie Secretary of tlie Interior at Washington. 
The Trustees of the mortgage are Messrs. Jay Cooke, of Philadelphia, and J. 
Edgar Thomson, President, of the Pennsylvania Central Railroad Company. 
These Trustees, who directly represent the bondholders, are required by tlie 
terms of tlie mortgage to see that the proceeds of all sales of First Mortgage 
Bonds -Arc devoted to the construction and equipment of the road, and that tlie 
■proceeds of land sales are used in purchasing and cancelling the bonds of the Com- t 
pany if they can he bought before maturity at not more than 10 per cent premi¬ 
um ; otherwise tlie Trustees are to invest tlie proceeds of land sales in United 
States Bonds or Real Estate Mortgages for the further security of Northern 
Pacific bondholders. At all times until the entire bonded debt of the Railroad 
Company is paid off and cancelled, the Trustees are required to see that they 
haye in their control, as security, an average of 500 acres of average land to 
every $1,000 of outstanding first mortgage bonds, besides the railroad itself and 
all its equipments and franchises.'' . 
PROFITABLENESS OF NORTHERN PACIFIC 7-SO’s.-We 
are not willing to admit that any investment can he safer than tlie Bonds of the 
United States, which, as the Government's agents, we placed in tlie hands of 
the people of this country and of Europe. But since' the Government is no 
longer a borrower, but is rapidly paying off its existing debt, and as the great 
work tlie nation now has in hand is not that of preserving its existence, but 
that of developing a continent. \ve call tlie attention of those who desire to in¬ 
crease their income while still having a perfectly reliable investment, to tlie fol¬ 
lowing facts: 
United States 5-20's at their average premium yield the present purchaser less 
than 514 per cent gold interest. Should they be redeemed in five years, and 
specie payments lie resumed, they would really pay only 4%■ per cent, or if in 
three years, only 3)4 per cent,.as the present premium would meanwhile be 
sunk. 
Northern Pacific 7-30's selling, at par in currency yield the investor 7 s | I0 pe? 
cent, gold interest absolutely for thirty years, free from United States tax $1,100 
currency invested now in United States 5-20’s will yield per year in gold, say 
$62.00. $1,100 currency invested now in Northern Pacific 7-30's will yield per 
year in gold. $80.30. Here is a difference in annual income of nearly one-third , 
besides a difference of 7 to 10 per cent in principal, when both classes of bonds 
are redeemed. 
With tlie same entire confidence with which we commended Government 
bonds'to Capitalists and People, we now. after the fullest investigation, recom¬ 
mend ttiese Northern Pacific Railroad bouds to our friends and tlie general 
public, 
THEIR PERMANENCE. —Capital invested in these bonds cannot be dis¬ 
turbed for thirty years, unless by consent of tlie holder. The Government 
fully expects to call in and cancel its 5-20 bonds within two years. Per¬ 
sons lidding tlie latter and desiring a more permanent investment cannot do 
better than convert them into Northern Pacific Railroad 7-30’s. 
BONDS. RECEIVABLE FOR LANDS .—By tlie terms of the mortgage 
the 7-30 bonds of tlie Company are always receivable, at par and accrued inter¬ 
est, in payment for the Company’s lands at their lowest, graded prices ; and bv 
an arrangement between the Trustees and the Directors of the Company, in ail 
cash purchases of land from the Railroad 1,0 per cent discount, will be made 
from tlie purchase price whenever the Company’s first mortgage bonds are of¬ 
fered in payment. In other words. Northern Pacific 7-30s are, if desired, at all 
times convertible at 110 into real estate at lowest casli prices. 
HOW TO GET THEM.— Your nearest Bank or Banker will supply those- 
bonds in any desired amount, and of any needed denomination. Persons wish¬ 
ing to exchange other bonds for these, can do so with any of our agents, who 
will allow the highest current price for all marketable securities. 
Those living in localities remote from banks, may send money, or oilier bonds, 
directly to us by express,'and we will send back Northern Pacific bonds at our 
own risk, and without cost to tlie investor. Should further information be de¬ 
sired. any of the Banks or Bankers employed to sell this loan, will lie.glad to 
answer all questions, furnish pamphlets, maps, etc,, and supply tlie Seven- 
Thirties in small or large amounts. Letters of enquiry addressed to tlie under¬ 
signed will receive prompt attention. 
FOR SALE BY JAY COOKE k CO., 
Fiscal Agents Northern Pacific Railroad Co. 
114 South Third Street, Philadelphia: Corner of Nassau and Wall Streets, New 1 ork: 452 Fifteenth Street, 
Washington, D. C., by all National Banks, and by Brokers generally Throughout the Country. 
