The Mobridge news. [volume] (Mobridge, Walworth Co., S.D.) 190?-1917, 1911-06-09
BIG BOND ISSUE
SIG SUM SAID TO BE SOUGHT FOR
REVISION OF WESTERN
RAILROAD MAP.
N.lSSUES S6OO.oOO, 900
Extension of c., q. & @. and Great
Northern to 'Frisco-DeaI Ap-
proaches Magnitude Of North.
ern Securities Merger.

ST. Paul, Minn.-With the issue OF
| $500 900, 900 OF Great Northern rail
road bonds plans for a 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 G. Quincy system,
construction OF Burlington extension
from Denver southeast 70 San Fran
cisco, divorce OF the Great Northern
from the Northern Pacific in the north
and n 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 a
Great Northern line, from Bend, Ore,
TO the Golden Gate by way of SaCra-
mento, and the taking over of the Sc
Nttle, Portland & Spokane road.
Longest Road in World.
The primary cause of the immense
railroad deal, which will give the
Great Northern more miles o. 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 S6o0,000,0 900, il Is
understood. is to be spent in this
northern country. Already $50 miles
of construction work from the Colum-
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 it's long cherished
route right into Frisco through the
northern states. To get control of
the Burlington for its 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 as 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 ]. ]. Hill,
chairman of the Great Northern Rail-
way company, today when in a type
written statement he announced the
execution of an $500, 100000 first and
refunding mortgage to secure bonds
for the Great Northern and Chicago,
and Quincy railroads. The
statement follows:
The Great Northern Railway com
pany, as of date May, 1, 1911, has
executed its first and refunding mort.
gage, securing a total authorized is.
sue of $600,000,000 bonds.
The size of the mortgage is ex-
planned by the fact that the outstand-
ng obligations of the company which
are to be refunded amount, approx
nately, to $330,00O, 600. Included, how
ever, in the figures last named is the
direct and contingent obligation of the
company on the Burlington joint four
in 1921 and aggregating
1922, 100000.
Covering a future of fifty years,
approximately $270,0OO,0OO III bonds.
therefore. will be available for gen
sral corporate purposes, double-track-
Ing and additional mileage. Since
It's beginning, thirty-two years ago,
he Great Northern has expended be-
tween $350.000, 900 and s4OO. .0o0, 900
nut 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 intelligently 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 is
there more room for such develop
ment as follows the occupation OF 4
new country by an intelligent popu-
latioD."