Evening journal., 1915-10-16
New News Of Yesterday
Raising Money to Build
the AtchiSon
ny Holland

"How trifiing is the knowledge OF
Americans of the present generation
respecting the difficulties which faced
the men who undertook to build lines
extending from the Mississippi river
on the Great Lakes to the Pacific
when it came to a question of rails
ing money" said Asa A. Potter, for
merly a Boston banker, to me recently
when speaking of some of the earlier
attempts to finance the construction
of railroad systems, particularly those
In the west.
Nowadays the public is accustomed
to hear of great financing in behalf of
railroads carried on even by banking
houses. The public has learned to
think in millions so far as railroad
financing is concerned. But in the
early days those who undertook TO
build railroads we're content to obtain
here and there a few thousand dol
lars, sometimes relying upon land
grants or aid from the government
which Congress justified giving on the
ground that it was a military and po-
litical necessity TO bind the continent
together from the Atlantic to the Pa
cifc with steel rails.
Il remember distinctly the strenu-
GUS efforts of those who had in con-
temptation the construction of rail-
roads from Chicago across Missouri
and Kansas to Colorado and then by
way of the Santa Fe trail to the Pa
cifc Coast. These promoters went to
Boston very likely because Boston
was the only city in the east in those
early days which took much interest
in Pacific railroad development. They
came in touch with Joseph Nicker-
son, about the last man so far as his
own business was concerned who
would take an interest in a Pacihc
railroad proposition. Nickerson was
born and brought up on Cape Cod,
and he was practically self-taught
He engaged in the FISH business and
with his brother established in Boston
a fish-packing house which prospered
until 1t was the leading house in that
business. Nickerson gained an excel
lent reputation for business integrity
and for honors BILE business conduct
He was one of the largest men physi
cally I ever saw, so big that it was
necessary to build a carriage of pc
culiar construction so that he could
conveniently get into and out OF It
In some way, he became interested
In the Atchison railroad proposition
and he undertook to raise some money
in Boston. Business men used to see
him going around from bank to banl
every day and always between clever
and two o'clock. They were curious
TO know what his mission was and a.
last learned that he was endeavorinl
to hypothecate securities of various
kinds issued by the Atchison. HI
was glad enough to get an advance
of $4,000 secured by bonds from on'
bank and perhaps twenty-five hundred
more from another.
"At last he was called as a wit
ness in some case and when he wa
asked what his business was he re
Piled in a loud voice, Borrowing
money!" He was then asked If he wa
borrowing it for himself or for some
one else. He replied that he wa
borrowing it for the Atchison raj
DAD.
THAT answer attracted general al
tention and 1t proved to be an exec
lent advertisement for the Atchisol
The proposition gained favor speedll
and within a short time one OF IN
great banking houses of Boston al
nounced that it had become the agen
and representative in the Atchiso
loan. After that it was comparative
ly easy sailing financially for tn
AtchisOn."
Copyright. 1915, by E. j. Edwards
All rights reserved.)