The Irish standard. [volume] (Minneapolis, Minn. ;) 1886-1920, 1911-06-03
G. N. ny. ISSUES
S600,000,000 BONDS
BIG SUM SAID TO BE SOUGHT FOR
REVISION OF WESTERN
RAILROAD MAP.
TO DIVORCE THE NOR. PACIFIC
Extension Of c., 3. &: @. and Great
Northern to 'Frisco-DeaI Ap.
proaches Magnitude of North
ern Securities Merger.


st. Paul, June with the issue Of
s600,000,000 of Great Northern rail
road bonds plans for gigantic rail.
road deal. engineered by James J.
Hill, were revealed.
1t means, declare those who are in
touch with the immense transaction,
the assumption by the Great Northern
of control over big part of the Chi.
cago, Burlington & Quincy system,
construction of Burlington extension
from Denver southeast to San Fran
cisco, divorce Of the Great Northern
from the Northern Pacific in the north
and new northern coast line for the
Great Northern from the Twin Cities
to San Francisco. This latter addition
to the Great Northern service would
be brought about by the extension of
the Oregon Trunk line. already
Great Northern line, from Bend, Ore,
to the Golden Gate by way of Sacra.
mento, and the taking over Of the Sc
attle Portland & Spokane road
Longest Road in World.
The primary cause of the immense
railroad deal, which will give the
Great Northern more miles OF track
age than any other railroad in the
world. is said to be the failure of the
Hill interests to control the Northern
Pacific on which the Great Northern
was forced to depend for a portion of
its north line coast journey. Some.
thing like half the $500. 900 900, it is
understood, is to be spent in this
northern country. Already $50 miles
Of construction work from the Column
bia river on to Bend, Ore, has been
completed on the Oregon short line.
This line, together with the Seattle,
Portland and Spokane. would give the
Great Northern its long cherished
route right into Frisco through the
northern states. To get control of
the Burlington for it's southern route,
1t is said authoritatively. that the Hill
interests got many millions in Bur.
lington refund bonds where they
wanted them.
Recalls Northern Securities.
Following is the account of the
bond issue rs carried by the Associat-
ed Press:
"A move that is strongly suggestive
here of railroad operations on the
scale of the Northern Securities com.
pany was announced by j. J. Hill,
chairman of the Great Northern Rail.
way company, today when in type.
written statement he announced the
execution Of an $SOO,OO0,OOO first and
refundng mortgage to secure bonds
for the Great Northern and Chicago,
Burlington and Quincy railroads. The
statement follows:
1.-The Great Northern Railway com.
pany, as of date May, T., 1911, has
executed its first and refunding mort.
gage, securing total authorized is
sue of $600,00O,000 bonds.
THE size of the mortgage is OK.
planned by the fact that the outstand-
Ing obligations of the company which
are to be refunded amount, approx.
mately, to $33o.000.0O Included, how
ever, in the figures last named is the
direct and contingent obligation of the
company on the Burlington joint four
maturing in 1921 and aggregating
1927, 100000.
Covering future of fifty years,
approximately $27O.O0O,0OO in bonds,
therefore, will be available for gen.
eral corporate purposes, double-track.
ing and additional mileage Since
its beginning, thirty-two years ago,
the Great Northern has expended be.
tween $35O.00O,O 900 and 100000, 900
out Of capital and earnings. The pro.
vision made for the future in consider.
alton Of the rapidly growing territory
which Great Northern lines serve,
would seem intellgently conservative.
In no other part of the country has
nature more generously bestowed
those three great sources of all ma.
tional wealth--the farm, the forest
and the mine-and nowhere else IL
there more room for such develop.
ment as follows the occupation of
new country by an intelligent popr
lation."