Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-03-26
Rock Island Financial Problems.

A new corporation is being organized I'M
der the laws of New Jersey by capitalists
of the Rock Island Railway Company for
the supposed purpose of financing the pur-
chase Of the St. Louis and San Francisco,
the Central of Georgia and the Brunswick
and Birmingham roads, all of which have
been acquired, according to authentic
statements, by the Rock Island, and
through which it will find an outlet to the
Atlantic seaboard. The manner of financ-
ing this purchase is understood to be the
issuance of bonds to the extent Of $50 00O-
600. The Rock Island is one of the least
bonded roads in the country, and this
method Is taken rather than an increase IL
it's stock issue.
Rumors in Wall street recently that the
Rock Island people were short of money
caused positive statement to- be issued
by Judge William III. Moore OF that COM
pany yesterday. He said:
"All l care to say is that the road does
not borrow any money: the owners Of the
control Of the Rock Island road are not
borrowing any money and carry no loans
in the banks: whenever the Rock Island
road makes any purchases of property the
financial arrangements are made in adj
vance; both the road and its hackers are
prepared for any. depression; the Rock
Island road carries in cash on hand at all
times anywhere from $4,000 to $40 900
600 and never has floating liability"
1t was said on good authority yestei day
that the plan for financing the purchase
by the Rock Island of the ST. Louis and
San Francisco railroad has been developed
No official statement regarding its details
has, however, as yet been given out.
Gould in Control
During the absence of President Joseph
Ramsey. jr, Of the Wabash system in
Egypt, Mr.. George ]. Gould has assumed
personal management Of the extended oper-
ations of that road in building up and con-
Meeting its system to gain the eastern out
let at Baltimore. Mr.. Gould has given or
ders to Chief Engineer j. w. Patterson of
the Pittsburg and Toledo to prepare plans
at once for the construction Of sixty miles
of road at a cost of $3.50. 900. from Bishop
and Hickory, on the Pittsburg side Of the
extension to the Connellsville region at
Uniontown. This extension will save two
days in the shipment Of coke to Chicago
and, according to the hurry orders. will be
in operation in another year. This extern
sion Is considered the most important of the
Wabash projects in the vicinity of Pitts
burg.
W. G. Loree Promoted.
w. c. Loree, a younger brother of L. F.
Loree. president Of the Baltimore and Ohio
road, Is to succeed 1. G. Rawn as general
superintendent of the Baltimore and Ohio
at Pittsburg. This change is to take effect
as assistant to Vice President j. T. Foley
Of the Illinois Central. Mr. Loree is now
superintendent of the Chicago division. Be-
fore coming to that road he had charge of
the Columbus division Of the Pennsylvania
road, with headquarters at Pittsburg,
where he is again to be located.
An Inland Waterway.
The proposition to establish an inland
waterway from Baltimore to Charleston,
for the purpose Of avoiding the dangerous
Cape Hatteras is being taken up by the
commercial organizations of those two
cities. Mr. Clarence H Forrest, secretary
Of the Baltimore Merchants and Manu-
facturers' Association is now in Charleston
for the purpose Of comforting with the bust
ness men Of that city. Mass meetings have
been arranged at Georgetown. 8. c.; Sa-
vannah, Ga, and several other places.
Representative Small Of North Carolina is
also interesting himself In the project. and
will prepare and push the necessary legts-
lation In Congress. 1t is understood that
such an inland waterway could be con-
structed with a comparatively small outlay
by utilizing the inland bays and several
short canals already built. It has even
been considered feasible to extend such a
route as far south as Florida, in which
event it is predicted a big business could
be built up between Baltimore and the
south. 80, ,,