Phillipsburg herald. [volume] (Phillipsburg, Kan.) 1882-1905, 1889-02-15

DsnIsons he decided on his policy The
No. 4. = q. VIII have to go through the sx-
psrLguCa OF the Wabash.
The trouble With the NJ, K = q. road is
that it Is capitalized too high: henGs, the
problem tEab confEonbs ali classes Of Sc
cuE1tY holders Is net simply that or scaling
down Gne interest charges, but principal as
well. The security hOlders-aJ least the
bOndhOldsrs-donot take this view OF the
situation and the drst-mOrtgage bOndEold-
ers are especially confident Of their Pc
sitiOn.
Their position is accurately described
when il is said that the upper half Of their
road has been cut TO pieces By Mr.. GOuld's
Missouri Pacific and the lower hat through
the Indian Territory IS useless except IN
connection with the vast system OF feeders
that compose the Texas part Of the com
pany' g property. A part OF the NeOshO d.
vision from junction City to Parsons does
rot earn It's operating expenses, and the
Missouri Pacific short cut from ChetOpa to
Nevada renders a part Of its main line use
less. Gould used this short cut to great ad-
vantage-that Is, to the advantage of Mis-
souri, Raclhc-by running the Ms i. q i.
through business over it from one division
Of its main line to another at high figure
Mr.. GOuld's little extension across the
northeastern corner Of the Indian Territory
means more than protection against the
NJ, X. d II. road. it is a link completing a
line from Kansas City and Eastern Kansas
to the Atlantic seabOard. Mr.. Gould has
been picking uD Richmond Terminal stock,
and his present holdings Of the common
stock are compebentiy estimated at fully 80.
600 shares. He proposes TO be Independent
Of the Wabash and other Northern lines, and
has made a new alliance. 1t is with the So
called Brice-ThOmas syndicate. which is now
IN control OF the h1chmOEd Terminal gYs-
tenn. With the so miles of road referred to
completed the Missouri Pacific Will have for
the Western part Of its system an outlet to
Memphis over the Little Rock q Fort Smith
road that it owns and the eastern part will
be drained to the same point by the Iron
Mountain road. At Memphis connection
viii be made with the Memphis d Charles
ton rosd, which Is the western division of
the East Tennessee road, belonging to the
Richmond Terminal company.
The southern part of the Missouri Pacific
system Will connect with the Richmond Ter
minal system at Arkansas City, or rather
across the Mississippi river from that point.
The connection there Is with the Georgia
Pacific, the completion of which Ia being
rapidly pushed toward the Mississippi. The
advantage of this new and important alli-
anCe are that the Missouri Pacific will OBJ
tain a large amount of the traffic from the
great provision producing districts of the
west that IS now distributed through the
south by way of st. Louis. 1t viii also Of
wick and other southern ports than Ii can
command at present. The advantages to
the Terminal system are ObYiYus, being an
increase in traffic in both directions. In
furtherance OF this deal the Richmond Ter
minaI company has decided upon the meth
Cd of hnanclerlng It's purchase Of the GeOr-
gia cOmpany's stock, and taken other i'm
pOrtant steps toward sOlidifying its sys-
tenn.