The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-05-15

OF money was an easy matter,
and already terms have been definitely
arranged.
Freight experts say that for the first
year contracts can be made for all bust
ness that the road can handle between
Duluth and the twin cities, and he esti-
mated the gross passenger and freight
and passenger earnings at s1,365, 1852,
with net earnings at $477,847.03, and fixed
charges at Sal ,905.30, leaving a surplus
of $685., 941.73.
A tabl.lation Of estimated net earnings
Of the whole system is $1,001, ST. which,
after payment of interest, would leave "a
surplus Of $376,S77, equal to a 8 per cent
dividend on the capital stock.
An Independent short Line.
The officials of the road declare that
for a long time the necessity of a new
and independent line from Lake Superior
to the two. cities has been recognized by
the business interests of Duluth, Superior.
Minneapolis and ST. Paul, and they say
that the reports of the Chamber of Com
merce of the three cities have estab-S
lished whatever is claimed in the roads
prospectus as to the merits and necessity
Of the independent line between the cit
les. It will be the shortest line ls7
miles, against the 150, 156 and 172 miles
length Of the other lines reaching Super
ior
President HanIey's Statement.
President S.. M. Hanley says: We are
opening a vast territory tributary to the
two cities and our independent attitude
will give them the privileges once enjoyed
when the st. Paul & Duluth was an indie
pendent line, so far as our Superior lire
is concerned; besides our main line up
thru to Canada opens up a direct line to-
the Canadian wheat territory and thus
gives an outlet to the south, so far as
Minneapolis at least. -
The present officers of the company are
president, S.. M. Hanley; vice president,
j. L. Lowering; secretary, H. S.. Funson;
chief engineer, 3. c. Hollidge; general
attorney. H. M. Funson; directors, S. NJ.
Hanley, j. Z. Lowering, II. NJ. Funson and
j. j. Elliott.
Work Quietly Done.
The new project has been kept very
quiet and for the first time has leaked out
to-day. So carefully have the plans OF
the corporation been kept under cover
that the general public and even off
calls sconnected with other roads, have
been unaware that the general offices OF
the M s., st. P. & w. have been main
tanned for years in Minneap polls and that
for the past year the road has had a
suite OF offices on the top floor of one Of
the office buildings in the city.
The first intimation that anything par
ticular was doing was July 4. 1902. when
announcement was made in T h e ] gu r.
n a that E. C. Holidge, chief engineer,
had secured the signature of President
Roosevelt to a bill authorizing the road
to construct bridge across the Missis-
sippf. This spring dispatches contained
the news that engineers were working on
the ice at Anoka. The crew would give
no information and wild theories were
advanced that the 500 and various other
lines were contemplating some coup En-
ho1 ci,,, Ivy
at work because soundings for the COM
panys bridge could not be made except
thru the ice.
AS far back as 1896 S. NJ Hanley con-
ceived the scheme. From that time it
passed thru severe vicissitudes and re-
ceived many hard knocks. The grade be-
tween Minneapolis and Anoka was made
in 1898, the piling driven in the river and
some Of the culverts built. This work was
done under the title Of the Minneapolis &
Champlin Suburban company. The inten-
ton then was to build directly north.
Some Grading Already Finished.
Later the Minneapolis & Anoka railway
was organized with capital Of 100000
which, May II, 1902, became the Mime
apolis, Superior, st. Paul & Winnipeg
The contracts were let in the name of S.
NJ. Hanley and work was completed with
in 1900 feet Of Camden Place, or the
intersection Of the 500 line. The heaviest
work has been done within the last two
years.
At one time everything was In fine
shape and graders were at work when
thru the death Of the financial hacker in
the east the plan was temporarily dropped.
Everything is again In shape, great deal
of the rijht of way has been purchased
and arrangements have been made to take
care of the business at all terminals.
President S. NJ Hanley has stuck by