The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1905-11-25
RAILROAD NEWS.
Hartman Has Gigantic Plans for
His Many Railways.
Fifteen Million Dollars to Be
Spent on Local Lines.
AFTER BIG DIVIDENDS.
Earnings of Existing Roads Must
Be SWelled by Feeders.
Gossip and Matters of Interest
in Railroad Circles.
AFTER BIG DIVIDENDS.

Hartman railways in the west, the
southwest and northwest have about
four hundred and fifty miles of new
railroad under survey and constitute
ton and it is planned to construct
nearly the entire amount before jan
uary I, 1907. The money involved is
nearly $15,000,000, and included in
this sum is the cost of equipment for
the new lines. There is not a single
important line in the budget. It does
not include the line across central
Oregon, approval of which has not yet
passed the executive committee. This
measure is expected to go through
within the next thirty days. and will
add nearly $5.0O0.0o to the estimates
for 1906. The new lines comprising
these four hundred and fifty miles are
nearly all local.
Now the reconstruction period is
fairly well over. The Southern Pacific
has a mortgage for $163, 000, GOO, of
which $75,000,000 has been solds and
more can be sold in a good bond mar
ket for construction. Also, it has I'M
issued $60,00O,000 of preferred stock,
which would go with eclat to the
stockholders at par. The Union Pa
cIfic has cleaned up its finances and
has unissued but to be used in extern
sions, 500, 100000 of preferred stock.
Both the big companies are in posi-
ton to go ahead and finance the IN
dertakings which formerly they have
met out of earnings.
Hartman sees that the opening or
Oregon, Utah, Nevada and Wyoming is
the real future of his northw esteFn
lines. The lease of the Oregon lines
has never proven a gilt edge invest
ment They have never of them
selves, earned any great percentage on
their stocks. The task before the
construction department is now to pick
out for them new lines which shall
swell the net revenues and make these
two corporations wealthy enough to
pay good dividends on all their stocks
to the Union Pacific, which is the
owner of the stocks under the agree
ments of 1898 and 1899.
This is 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
company which VIII be followed out
unless some unforeseen conflict again
calls Hartman from this line of bust
ness calls for the construction of two
branches for every one that now ex-
| lists.
The next three years are going to be
I
| The transportation department has
| been under fire for five years past. II
has been brought to a state of efficiency
second only to the Fill departments on
| the Great Northern and Northern Pa
cific It 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 its chief transportation officer
here is to be taken at par. Henceforth
| the transportation department is to De
given comparative rest. Henceforth
| the man of the hour on the Union Pa
cific and the Southern ~ riffc is the
superintendent of construction.
The change marks the end Of an era.
| It is the most striking phenomenon OF
the hour in the railway world. It means
of course, aggression. because the Har-
riInan lines cannot be built into new
| countries north without some invasion
| of what the Hill men have come to re-
gard as their own particular stamping
ground. It is undoubtedly to s0''nw-
! ed by further extension in the same
way Of both the Hill system, the Cana
dian Pacific, the st. Paul, the North
western and the Rock Island. The new
| Atchison lines southwest are part OF
the same phenomenon. The Colorado
Southern Gulf extension belongs to il
also. Gould began it with the Western
Pacific. Where it win end no one can
say.