The Minneapolis journal., 1905-11-22
Special to Tho Journal.

Special to Tho Journal. ~
New York, Nov. 22.-The Hartman
railways have. about $50; miles of new
railway under survey and construction,
and it is planned to construct nearly
the entire amount before Jan. l, 1907.
900. including equipment. There is not
single important line in the budget.
1t does not include the line across cen
the executive committee. This meas
ure is expected to 60 thru within the
next thirty days, and will add nearly
SIS 900 900 to the estimates for 1906. The
new lines are to be nearly all local.
Now the reconstruction period is fair
a mortgage for $163,O0O,OOO, Of which
$75,O00,000 has been sold, and more can
be sold in good bond market for con-
struction. Also, it has unissued $780,
| 900 of preferred stock, which would
| 20 with eclat to the stockholders at par.
| The Union Pacific has cleaned up it's
finances and has, unissued but to be used
in extensions, $100,O00,00O of preferred
stock: Both the big companies are in
position to 20 ahead and finance the
undertakings which formerly they have
met out Of earnings.
Hartman Sees Future.
Hartman sees that the opening of
Oregon, Utah, Nevada and Wyoming is
the real future of his northwestern
lines. The lease Of the Oregon lines
has never proven gilt-edge invest
ment. They have never, of them
their stocks. The task before the con-
struction department is now to pick out
for them new lines which shall swell the
net revenues and make these two corpo-
| ratioDs wealthy enough to pay good div
idends on all their stocks to the Union
Pacific, which is the owner Of the stocks
under the agreements of 1898 and 1899.
This is a gigantic task. It means
that the local traffic of the Oregon
lines must be immensely Increased,
both in lumber, which is the mainstay
and in range products, mine products,
and products Of the fields, which are the
growing lines of business in the far
northwest. The Oregon Short line has
a few short spurs here and there. The
policy of the Union Pacific for this COM
pany, which will be followed out unless
Harriman from this line Of business,
calls for the construction of two
branches for every one that now exists.
Busy Years Ahead.
The next three years are going to be
very busy ones on the Hartman lines.
The transportation department has been
under fire for five years past. It has
been brought to state of efficiency
second only to the Hill departments on
the Great Northern and Northern Paci
tic. 1t is now ahead Of the Burlington,
away ahead. The Union Pacific can get
traffic and carry it nearly 10 per cent
cheaper than the Burlington, if the
word of it's chief transportation officer
here is to be taken at par. Hence
forth the transportation department is
to be given a comparative rest. Hence.
forth the man of the hour on the Union
Pacific and the Southern Pacific is the
Superintendent of construction.
The change marks the end Of an era
1t is the most striking phenomenon Of
the hour in the railway world. Il
means, of course, aggression, because
the Hartman lines cannot be built int
new countries north without some inva
SION Of what the Hill men have come tx
regard as their own particular stamp
ing ground. It Is undoubtedly to b,
followed by further extension in th
same way Of both: the Hill system. tn,
Canadian Pacific, the st. Paul. tn
North Western and the Rock Island
The new Atchison lines southwest ar
part of the same phenomenon. Th
Colorad do Southern Gulf extension be
I longs to it also. Gould began 1t wit
the Western Pacific. Where it will en-
no one can say.