The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-10-07
Surveyors West of Pierre.

OIlC1uSlOnS. l...r-..-.G.. ri,
u-, Surveyors West of Pierre.
We have surveyors at present be-
tween Pierre and the Black Hills. We
don't take their work very seriously,
and in point of fact do not expect to
territory for some time at least. I
have no doubt that ultimately the
lines will ruin thru as far as the west
ern border of South Dakota, but that
is a mere guess on my part. These
reports that you hear. about our, sur
veying parties out along the northern
border Of Wyoming and thru Idaho
are idle rumors. 49,
"The people that talk about new
lines from Minnesota to the Pacific
coast are the people that never trav-
eled on foot thru that territory. I
have prospected as far as the eastern
border line of Oregon, and want to
say that to build a railroad from the
Black Hills as far as 7 went would be
no child's play. The mountains in
western Wyoming afford about as diff
ficult a piece of railroading as could
| be picked out on the continent with
the possible exception of Colorado" =
| Obstacles In the Way. = =.
/. From a financial standpoint it APP
pears that while the Milwaukee is in
an excellent position to- rum a. line
! thru to the coast, perhaps in better
itposition than any other railroad in
! that territory at present, there are
obstaclese in the way that can hard
I ly be, surmounted without creating a
| terrific distur bance in the railroad
situation west of the Missouri. =
The unfortunate episode Of 1901,
while it appeared to antagonize
Messrs. Hill and Hartman, really
| brought them closer together. It can
| be broadly stated that at the present
| moment there is not the slightest
possibility Of another pitched battle
between the forcese of these two
powers, either in the field or in Wall
| street. ~
The entrance Of the Milwaukee
| into Hill-Harriman territory would
/ be bitterly resented. Every foot of
| territory would be desperately fought
| for. Every ton Of freight would be
i the basis of a railroad contest. It
would simply demoralize the situa-
! ton west of the Missouri, and it is
! extremely doubtful whether the new
line would be able to pay its fixed
charges for many years Both the
dominant systems are in powerful
financial and strategic positions.
Both systems have unlimited money
behind them. <. r:s (.
This fact, namely, that the terri
| tory is already in powerful hands, is
the great deterrent to the building Of
a new line by the Milwaukee.
Confidence Not So Great.
The second potent reason is. that
/ the railroad interests Of the, country
| are not so confident of the Industrial
future as they were a year ago. The
1 gradual curtailment of the demand
for manufactures at the present high
prices; the exorbitant demands Of
| labor organizations; the gradual
i elimination of the margin of profit
in railroading thru the regulation Of
rates and traffic under the laws Of
! interstate commerce, and the long
| continued disturbance of economic
! conditions in the mining territory
1 thru the unseenly squabbles Of
dominant Industrial interests in
these territories have combined to
check enterprise and curb ambi-
! ton on all the western trunk
4 operate north Of a line from St.
Louis to San Francisco.
4 The third excellent reason why the
! Milwaukee should not undertake the
building of 1000 miles Of railroad at
the present time is found in the fact
that the Wall street market, which is
Il the agency thru which the public
must become Interested n such asven-
ture, S not at present and will not be
for at least two years, in a condition
to take kindly to such a venture. A
/ financier says Of this:
IF we built 1000 miles Of road at
100000 a mile (Which, by the way, we
could not do when one thousand miles
Of it would lie thru the Rockfes,) and
tried to float $80,00O,000 of first mort
gage 4 per cent gold bonds on the
road, don't believe that we could
market them within the next two
years at co.
This statement expresses the opinion
of the most powerful banking com
munity in New ork.