The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1903-06-27
RAILROAD news.
Contracts Let for an Alaska
Railroad.
Length of Trunk Line to Be
Alb Miles.
WILL BEGIN Al ONCE.
WILL BEGIN AT ONCE.
Route Surveyed and Accepted
by Government.
Capital Stock of the Company Is
$3O,OOO,OOO.

Chicago. June 27.-OficiaI confirma-
ton has been given the report that
contracts have been let for the con-
struction of the Alaska Central road
The contractors are the Seward Con
struction company of Chicago, the gen
eral manager of which is John Dowie
Under the terms of the contract the
first % miles of road is to be completed
the present year. and the remainder
next year. 1t is claimed the road will
be a paying enterprise after the COM
pletion Of the first Is miles of road.
The Alaska Central railway company
is organized under the laws of the state
of Washington to construct standard
gauge road from the Pacific coast al
Resurrection bay northward to the Ia
mana river, $50 miles above its junction
with the Yukon. The length of the
trunk line will be 413 miles
Directors of the company are: G. ".
Dickinson, formerly general manages
Of the Northern Pacific; F. August
Heinze of Montana copper fame: Sen
ator George Turner; f. +. Game, presi-
dent of the Pacific Clipper line; John z.
Banaine chairman of the finance COM
mlttee of the Alaska Central road; j.
W Goodwin, president of the United
Fisheries company, and Ex-Governor
John II. McGraW, of Washington. The
finance committee consists of John z
Ballaine, T. August Heinze and G. w
Dickinson The officers are: G. w.
Dickinson. president; John H McGraw,
vice president; J. w. Goodwin, treas
urer; a. ". Swanitz, chief engineer.
WITH A $50 100000 CAPITAL
The company is capitalized for $780,
GEO, COS. consisting of $50, 600 shares of
common stock and so. 600 shares of ;
per cent. preferred stock all of the par
value Of $50 a share. In addition S5.O00-
600 first mortgage ; per cent. 30-year
gold bonds have been issued. redeem 4
able after April 1, 1908, at 105 1t is
claimed that all arrangements for the
financing of the company have been
completed, the securities having been
underwritten by large New York
trust company.
Construction work will be begun i'm
nediately. the route having been sur
Veyed and the survey accepted by the
United States government. The COM
pany has secured a 200 foot right of way
and town sites every ten miles The
route presents no engineering difficult
ties There are two short stretches ag-
gregating six miles of per cent grade.
The rest of the grade is light
The southern terminus Of the road is
at Seward. on Resurrection Bay, and
the northern terminus is in the center
of the Tanana gold fields, which are said
by the officials to be the richest and
most extensive in Alaska The entire
route rs said to be rich in timber of
merchantable size and abounds in coal
of good steaming quality. Besides cop
per, gold platinum and petroleum are
said to abound IN great quantities and
the entire territory offers agricultural
possibilities equal to those of Michigan. |
Minnesota or Iowa.
A financial statement issued by the
finance committee of the company says
that on a conservative estimate the road
viii carry 30 900 through passengers the /
first year and that the income from this
source should be $4,000 900 a. year at the /
outset Freight earnings for the first
year are estimated at $4,000, 900. The 4
fixed charges and operating expenses are (
estimated at not to exceed s.. 900 600 I
leaving $1,000 900 net profits. The general /
offices of the company are in Seattle /
Its financial Office is in Chicago.