Daily inter mountain. [volume] (Butte, Mont.) 1881-1901, 1900-01-05
RAILROAD NEWS
Booking For Cape Nome on the
Steamer Oregon Closed.
WAS PROSPEROUS YEAR
Few Railroad Bankruptcies Increase
ID the Capital Of the Great
Northern.

~RHsSS -
Northern.
Booking first class passengers for Nome
on the steamship Oregon the first boat
scheduled to leave for the new gold fields
in the spring, ceased yesterday by order
of the Pacific Steamship company. ]. e.
Mccormick, of the Northern Pacific, VINO
is the local representative Of the steam
ship company, states that a large colony
of Butte gold hunters will go north on the
Oregon, which is scheduled to leave Seat
tie April 10th. If the weather is particu-
larly bad at that time. the start will be
deferred.
Mr.. Mccormick has at his disposal a
number OF second class berths on the
Oregon. Following the Oregon the
Charles Nelson will go north on May S,
the George w. Dickinson on May 10, and
the Cleveland on May Is.
CnlcagO, Jan. 5.-The Railway Age SAYS:
The best evidence that the year of 1899
was n OF general prosperity is found III
the fact that it was a year almost with
out railway bankruptcies. In only two
years since 1875 have the roads for which
"AAS oPlo.iIICu, Ottu 81 ltW--
and in only three Of those years were the
mileage and capital involved so small
The new Kansas City, Pittsburg and Gulf
defaulted in it's obligations before it had
time to demonstrate it's earning capacity
and was placed in charge of a receiver
early In the year. Of the nine others in
tine list, two are short logging roads be-
longing to private parties. One is an old
narrow u road that has never been
prontable and is owned by a great rail-
way company, which now proposes 10
s~traighten out it's title by foreclosure and
the Others are short local lines, mostly in
the experimental stage. The total. cover
ing all these conditions represents COM
panles with LOIS, miles of road and a
capitalization of a little over S52. 900. 900.
Ine long dark era of railway bankrupt
cies which eliminated in 1893 when sew
enty-four companies with nearly 30, 900
miles of lines were handed over to re-
celvers, has ended and the new year starts
with the railways of the United States,
With Very few exceptions, in a solvent
and hopeful condition.
In 1876 the 1852 miles of roads for which
receivers were appointed represented over
eight and a half per cent of the total
mileage of the country, then 76, 800 miles.
The receiverships for 1899 cover only t.
019 miles, or a little over half of one per
cent of the present mileage. The record
for foreclosure sales also shows a large
decrease in the number of roads and mile
age over immediate preceding years, in
dicating that the supply of bankrupt
companies is being steadily reduced
Nevertheless the foreclosures for the wear
Included thirty-two roads with 4,294
miles of lines and s267, 600. 900 of CAPITAL.
of which $155, 900, 600 was represented by
bonds.
While most of these roads are small,
there are several very important prop
n1jiSc IN tho 1tr+ ~
mont, Baltimore and Ohio Southwestern.
Wisconsin Central. Wheeling and Lake
Erie, Cleveland. Cantor and Southern,
Columbus, Hooking Valley and Toledo
and Jacksonville, Tampa and Key West.
These seven roads ieave $3.50 miles of line
n represent an apparent investment of
over 1920, O00. 900.
An appalling proportion of our rail-
ways have now gone through the costly
experience of foreclosure sales.
The following statement has been
made, with the sanction of President Hill
of the Great Northern:
The directors of the Great Northern
have voted to Increase the capital stock
of the company TO the amount of ST.
SOC, GOO, and to sell portions of the stock |
to employees of the road under certain
conditions, and the balance to present
holders of stock.
Ia i1SN SWIM Will NC SSuGu r CD. j. |
and, it is supposed, the funds are intend
ed to pay for the Sioux City and North
eIn, and the Sioux City. O'Neil and
Western, and for certain improvements
on the Pacific coast.
AS to these details, President Hill de-
clines to make a statement. They will
have to he confirmed through other
sources. !,
However, the assertion that a portion ;
OF this increase in stock will be set aside
for purchase by employees of the road
was practically confirmed at the Great
building today.
It has been under contemplation by Mr..
Hill for a year.
During this period, the condition un-
der which such saks of stock might be
made, have been worked out, and it 10
has been secured.
The sale of stock to employees by rail-
roads has proved successful on other
lines. The system is in use with good
results by the Illinois Central, the Great
and other lines, although, per-
haps, under different provisions than
those to be put in effect by the Great
Employees drawing salaries of So, 900 per
annum or less will be entitled to buy stock
at par, in sums not to exceed IS, 900. The
stock is to be sold at par. The stock in
now worth SITS per share. 1t will b.
seen such al investment will
prove very profitable to the purchasers. It
Is expected that many of the minor OFF,
cials. conductors. engineers and others
will avail themselves of this opportunity
to proitably invest their earnings.
Such c0ilhin ations of interest betweeni
and employees have always
been found to promote good will, and
the plan has been tried, there