The sun. [volume] (New York [N.Y.]) 1833-1916, 1911-06-01
scinc when the Burlins ston road was

Pacific when the Burlington road was
taken over by the two roads.
Tho authorization OF bonds to the
amount Of 1900. 900 900 does not mean
that the bonds or any considerable part
Of them will he issued at once. Mr. Hill
said that only a very email part Of the
Issue will be sold now.
"Rubbishl' said Mr. Hill when IL was
suggeeted that the move meant that in
the near future the Great Northern would
absorb the Burlington road and cut
loose from the joint control Of chat road
with the Northern Pacific. Following
this Mr.. Hill went into an elementary ex-
PLANTATION OF the relation Of the Great
Ngation assumed In connection with the
Burling gton. He showed that tho Great
Northern In responsible for the whole Of
the S227, 10000 bonds executed jointly
and separately by that road and the
Northern Pacific. The present financing.
he said, ia merely precautionary measure
whereby the road will he able to assume
its share Of the debt represented in the
purchase Of the Burlington road.
II 10 current rumor in railway circles.
however. that il is the intention of the
Great Northern TO take over the Bur-
hngton a. soon "a possible. leaving I've
Northern Pacific to make other traffic
arrangements.
A suggestion to Mr. Hill that some Of
the 500. 1000 900 OF the bonds over and
ent obligations when they become due
might he used for more lines on the
Pacific coast was rebufed. what do
you want with more lines'" he asked.
We are not going TO build into Cali
fornia.'
The Des Chutes Valley line will soon
b within $50 miles Of the northern border
of California. and it has been suggested
that . logical extension OF the Hill lines
there would be TO enter San Francisco
and compete with the Hartman in
tsrests. Mr.. Hill has. however. denied
this rumor before
by arranging all the bonds now which
my Be needed for long time number
q different classes Of securities is
aSoided.' said Mr.. Hill in further ex-
planation Of the details Instead Of
having . number Of small issues OF bonds
~ - Ill phoCCu OhC tbbuVs
While reading the prepared statement
". Hill commented on the small amount
u the bonds arranged for the next fifty
years compared with the sum which has
been expended on the construction and
maintenance Of the line since its begin
ming. thirty-two years ago. During that
time out OF the earnings Of the road
nearly $500. 600 900 was used in construc-
ton work. For the next fifty years the
present plans provide for only $40 900. 900
This may eeem little SMALL said Mr.
Hill. -but there will be no transconti-
mental lines to build. Except for small
branches and extensions. we have built
ell the line
II was suggested that in arranging for
the bonds Mr.. Hill showed that the Grea,
Northern had confidence in the country
and the Northwest. 'Humph.' he said;
sthe country Ii all right It's the people.
They're lazy II would be better for the
country II a good many OF them were in
their & raves"
Then he launched into his favorite
subject Of the dependence Of Minnesota
and the Northwest on the farmers and the
fact that the development OF the agri-
cultural resources OF the State has been
.Where does the wealth Of Minnesota
come from" he demanded. ITS the
farms that are making wealth The
iron mines provide work for few men
TO run the steam shovels. but the ore il
taken out OF the State. The trees are
being cut on and there is no fuel in the
State for manufacturing"
OF the capital stock Of the Burln gton
secured under the Great Northern Pacific
Joint fours half is owned by Northern
Pacific. 40 that the transaction will put
into Northern Pacific's treasury an amount
estimated between 20 and 80 per cent