The Mason County journal. [volume] (Shelton, W.T.) 1886-1927, 1897-09-24
Shelton's Prospective Railroad.

The gold discoveries on the Klon-
dixie are likely to result in railroad ac-
tlvity in Western Washington as we'll
as IN Alaska and the Northwest Terri
tory that will rival the exciting times
OF seven years ago when fortunes were
MADE out of real estate with the ease
that they are now made in the wales
OF the Yukon. The misfortunes of
the Union Pacific and uncomplete
Port Townsend and Southern. from
Fort Townsend, through Shelton, to
Portland, form 9 Nucleus for the new
calculations. The are the checker
board on which d great game is to be
played. A so
1t has been given out from New York.
so report goes, that three combina-
tons are ready. to bid for the Union
Pacific when that road is put up at
auction on October 2 and some of the
most powerful magnates of the
country are ready to scrap for the
property. The reported combination
between the Great, Northern, North
|ern Pacific and Chicago & Great
western, which WAS denied by Mr..
Hill when he was in Seattle last week
very naturally suggests another union
between the Union Pacific crowd and
the multiplicity of interests involved
IN the Oregon Short Line, and while
this is going on it must not be forgot
ten that Uncle Coils P. Huntington
is not an amateur in railroad financ-
lerlng; like Jim Hill, he can tell the
difference between railroad spike
and steel rail.
The Burlington road is very desir-
Gus OF entering the Sound territory.
but at Billings Montana, it is nearly
as far west as the Union Prcific is at
Granger, Wyoming, so it probably sees
little advantage in entering a combi-
nation for the possession of the bank
rupt road.
The reported comb1natio1s to capt
ure the Union Pacific may be manu-
featured by the mortgages for the
purpose of creating an interest in the
IN the hope that it will sell for enough
to cover the first mortgage. On this
phase of the situation railroad man
said:
"The terms of the sale are such that
1T is very unlikely that any one out
side OF the Union Pacific reorganiza-
ton committee will bid fer the road.
Bidders must first deposit certified
check for $2,000,OO0, and must bid up
ward of $50,O00,O0O before such bid
will be entertained. The latter fig
ures cover the first mortgage bonds,
which must be taken care of before
Che Government lien is recognized.
Now, as the main line is not worth
that vast sum of money, it is the only
natural to suppose the road will he
bid in by the same parties that are
now operating it, namely, the holders
OF the first mortgage bonds"
A railroad property that is OF small
importance now, but that is apt to be
of considerable significance as a part
of trans-continental sys tenn is the
Port Townsend Southern. Just now
it extends south from Port Townsend
a distance Of twenty miles. Another
section of fifteen miles extends from
Olympia to a junction with the North
ern Pacific at Tenino. Between the
the two is an easya'grade along the
shores of Hoods Canal and the upper
inlets of the Sound and adjacent to
some of the best timber on the Coast
and what is thought to be an extens-
i've mineral region is contiguous. 1t
constitutes the easiest grade from a
deep sea port on the Sound to the
great wheat fields OF the East. And
grade is an important factor in calcu-
lating the cost of building and operat-
ing a railroad. The gold discoveries
have aroused the ambitions of railroad
fnanciers; have famed into flame
their desires for further acquisitions.
And each one feels that he cannot gel
move on himself any too soon. Now
that the tangled affairs of the Union
Pacific are to be Strengthened out the
advisability ofTputting more capital
into the Port. Townsend Southern
property, -andfthus reaching a seaport
on the Straits is inviting the consider
alton of those irailroad men who see
that it can be made an important fac
tor in a transcontinental system.
Western Washington need not be sur
prised, therefore, to see work. resumed
on the Port Townsend Southern soon
after the middle of October, if the sale
of the Union Pacific is made and con-
frmed. The repairs now being made
on the road are cited as something
more than the annual oYerhauling and
as indicating that. the management
desires to turn over its property to the
new owners, whoever they may be, IN
a tirst-class condition. But outside
of railroad interests influences are at
work to complete the Port Townsend
Southern. Since the future trade
with Alaska has appeared, in1its mann
moth proportions with the sudden
ness OF vision, Port Townsend, Olym-
MIA and Porflanid have united their