The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1899-07-19

were easy to be had during all of 1896
at 20. The income bonds. now firmly
held at s., went begging under 40 The
preferred stock, now in the SOS. could
have been purchased for Il cents on the
dollar in 1897 The first mortgage bonds,
now selling at 1O2 could have been
bought at 6SA- Adjustment bonds, now
considered by the financial world as alb
sOlutely good, could have been bought
at the same time for % cents on the
dollar.
The railroad has now been rebuilt
Every tie and rail upon it has been ia
ken up and replaced with new ties and
rails There will not be at the end Of
the present year a single rail lying up
on the track between Chicago and San
Diego that was there when the Atchi-
son failed. Wooden bridges have been
replaced by steel or masonry struc-
lures. All of the ties now being put in
to the property are treated chemically
SO as to extend their life many years
This temporarily results in an unusual
increase Of operating expenses, but viii
IN the years to come largely decrease
the charge made necessary by tie re-
neWals. All bridge timber is likewise
treated chemically.
HIGH OPERATING EXPENSES
All of these improvements have re-
quired large expenditures and caused
the operating expenses OF the system TO
be unusually high
The new company has acquired a line
extending to the timber forests of east
ern Texas, is now engaged in develop
ing Oklahoma and Indian Territory. has
assisted in the completion of a line
through southeastern New Mexico,
which connects with the Panhandle ex-
tension of the AtchisOn: has acquired
the Atlantic and Pacific railroad, as
above stated, and leased for Il term of
999 years the MOjave division of the
Southern Pacific The latter arrange
ment was brought about in considera-
ton Of the Atchison's leasing for like
term and a like rental to the Southern
Pacific the Sonora railway, extending
from Benson to the Gulf of California
The benefit of this to the AtchisOn is
that the Sonora railway never yielded
any income to the -AtchisOn, while the
Atlantic and Pacific was required to
pay over $500 600 as rental to the South
ern Pacific for the MOjave division
ne san Francisco and San Joaquin
Valley com any is a corporation organized
purpose of getting a connection with
eastern lines that would be operated in
the money necessary for the construction
of the line to connection with the Atch-
Atchison company paid for the stock Of
the Valley company the exact amount
company's line has been completed from
Stockton to Bakersfield, and is now in
process of construction from Stockton to
Point Richmond, opposite San Francisco
DEAL WITH THE SOUTHERN PA
After the Atchison had acquired the
stock OF the Valley company il was nee
essary that some arrangement should be
made for connecting the line of the At
Ianttc and Pacific, terminating at NlOjave,
with the line of the Valley road. teruin-
ating at Bakersfield This would require
the construction of line through one of
the most difficult passes in California and
would have cost the AtChiSOn several
millions Of dollars The Southern Pacific
was naturally anxious TO keep the Atchi-
son out of San Francisco If Il could bat
upon becoming satisfied that the Atc1isOn
would build If not given Crackage rights
over their line the Southern Pacific finally
concluded to grant the AtchisOn company
Lhe right 10 operate its trains over the
Tehatchapie pass upon the payment an
nualy of an amount estimated TO be
per cent on Oue-half the cost of the South
ern PacifIc's line.
Now the AtchisOn company has equal
rights with the Southern Pacific over the
line in question paying the rental named
and a proportion of the operating and
main teuance charges upon wheeling
basis The line viii be completed into
san Francisco before January 1
THE DIRECTORS
The present board Of directors consists