Show GOULD RAILROAD LINES ou I t 1 r i The Western Pacific a Road of Necessity Why Necessity Why It came to Be Built Complete Built Complete in a Year Year Sale Sale of D. D and R. R G. G Notes Gives Sufficient Capital for Unlimited Work Work Work-A A Line of Low Gradients and High High-C High Class lass Construction I From th the New York Evening Mail May 12 1008 1908 The Thc Western e Pacific railway raHway was inevitable inevitable in In- evitable e in tact fact a necessity Years before it was projected it was a vision in one mans man's mind but when Union Pacific secured control of the central division of or the Southern Pacific and straightway exhibited a n hostile policy toward the Denver Den and Rio Grande and the Rio Grande Western Vestern a new newline line lino from Salt SnIt Lake L. City to San Francisco Francisco Fran Fran- Francisco cisco passed from froni tho the dream stage to a reality It had bad to he be built to Insure the free play of the Colorado lines Otherwise th their ir destiny for many years at least would have been heen concerned concerned con con- simply with local traffic Transcontinental business had to bo be preserved etl even eyen if at great cost The Rio Grando Grande W 1 stern was first constructed under the tho auspices of or the Denver and Rio Grande as a narrow narrow- gauge road This was during the tho height of the he war var of tile the gauges wn waged ed by technical writers and theorists theor theor- When the Denver and Rio Grande became insolvent and later was reorganized tile the Rio Grande Western became independent and ond so remained until acquired by the Denver Denver Den Den- ver vcr and Rio Grande In 1809 1899 the two boards of directors appointed conference conference con con- ference committees the one olie to sell and the other to buy bur Rio Grande Graude Western The Tue committees failed to agree whereupon hereupon the thc Western Vestern jointly with the tle Colorado and Southern bought tho the Colorado Midland ana the Western West West- ern era bought also a large Interest In the tile Colorado and ancI Southern I I A year eaI elapsed during luring which the Denver and Rio Grande Grante board nearl nearly decided to build xan nn independent extension ex cx- tension to Salt Lake Lalee City and Ogden Prudent counsel prevailed however and in 1900 1000 negotiations were resumed and after aftel somo sonic months Denver Denyer andRio and antl andRio Rio Hlo Grande acquired the tile Western About this time George Gould Goud hearing of the tho conferences and ami being suspicious sus stis- of or negotiations so o long Jong and antI quietly conducted acquired for Missouri Mis MiSS soon Pacific an important interest In Denver DelIver and lud Rio Grande so that Mis MIs- lis snort Pacific would have a friendly connection to Denver and anti to all prin- prin cipal points in Colorado and This is a tale never before told The Huntington regime had favored the two Rio Grandes Mr lr Harriman immediately became an antagonist He lie was bent on routing all of the tho busness bus busl ness neBS that tile thc Central Pacific could stand by hy that line lie ne only did what any other railroad man would do in inthe inthe intile the tile same position for the sentimental side of transportation life is not con on The Harriman attitude made It imperative for the the Rio Rio Grande Grand to act to get a n. western outlet not only for 01 or themselves but hut for tho the three or four Hues that sent the 1 bulk 1111 of their coast traffic via the Rio Grande route Surveys had been made matIe along a projected projected projected pro pro- hue lino that Tou roughly hl follows th the present right of or wa way of the tho Western Pacific and engineers had been heen in the field for a long time trying to find a low grade pass through the Sierra Nevada Nc mountains and amI the tho Coa Coast t range which permit the construction construction construction con con- of or a line lilie at rea reasonable cost The Southern Pacific nt negotiates the tho Sierras at an elevation elc of or f foot feet et with a maximum grade of over oyer 2 I Iper per cent The engineers whom President President President dent Jeffery of or the tho Denver Deliver and Rio nio Grande engaged for a a number of or years rears ago ao were successful success ful in f finding a n wa way through Beckwith pass and h 1 by the canyons of the Feather river anti and tributaries in the Sierras Here Hero it is that the line now being constructed has its right of wa way passing the tho summit at an elevation of G 5 feet with a westbound gradient of a little more than three-quarters three of one ono per cent Possessing such stick an advantage advantage advantage ad ad- vantage to start with further doubt douht concerning the feasibility of or the tho line was removed remo A nucleus was esta established in two small California one with thirty eight miles mUes of or railroad and the tue theother theother other with six fifty miles mites of or valuable rights of or way war The Tile main undertaking provided for fOl the tho construction of or miles additional giving a continuous line lino of traffic from the tile Rio Grande Western estern terminal at Salt La Lake e City CUy CUyto to Oakland Calif where the Western Pacific ha has its own proper facilities It also has excellent traffic handling arrangements in San Francisco Stockton Stockton Stock Stock- ton and alid Sacramento I Western Vestern Pacific construction began hegan actively In 1905 1005 after the tho financial plan had been heen approved and 50 00 of or year thirty 5 per cent gold bonds sold EolL It was expected that the theUne theline he heline line Une would be bc completed and In operation operation operation opera opera- tion hr by September IDoS 1908 but tunnel delays have compelled c the management management manage manage- ment to set the tile date forward to April or 01 May lar of or 1909 1009 or about a year ear hence Of the total miles COO 00 00 are completed completed com com- that is is graded bridged track laid and ballasted This Includes miles west from Salt Lake City CItro which has been opened some time and now could be operated for local business s. s and miles in California from Stockton to some distance north of Sacramento and from Oroville OrO to Big Dig BigBend BigBend Bend on the Feather river About COO GOO miles mites of or right of Wa way have been graded and are ready reach for ties and rails Of the tunnel and ex excavation work worl 60 CO per cent was completed a few weeks ago Rail Hall laying this spring has Ilas progressed nt at the rate of about two miles a day lIar Tho Tile heavy construction construe construe- tion Hon is in the Feather liver x-lver section where the tho line goes through almost solid rock There extensive tunneling has been necessary Ten bores from to 1200 feet long were recently completed and sixteen more of or the tho same average length are now under tInder underway wn way besides several ranging from feet to feet long The cost per mile in these parts of the line lino frequently Ire fre runs up to The Tue final filial cost of the Western Vestern Pacific is placed at 60 This includes terminal property and an appropriation for equipment To date there has he been en actually expended The Tue of or 5 per ier cent bonds realized to tho the company as they ther were s syndicated at 92 with a bankers bankers' bankers bankers bankers' bank bank- ers' ers commission of 2 per ier cent Provision Provision Pro Pro- vision islon was made for the tho payment of interest to September cf this year from the cost of construction an nn appropriation appropriation ap ar- ap- ap amounting to The funds already disbursed provide for material on a good part of or the tile unfinished unfinished un finished road For instance the entire bridging Is bought and paid for Like every other large largo project undertaken undertaken under under- taken in iii the past fi five ve years ears the Vestern Western West Vest em ern Pacific Is costing its promoters more than they estimated but the tile margin between original appropriation and final expenditure expenditure- will not bo lie nearly so great as as for example In the case of the St St. Paul extension to the tho coast or the New York terminals of ot the Pennsylvania and the New York Central systems Within the past vast few days 1 of or Denver Deliver and Rio JUo Gran Grando e year five-year C G per cent convertible notes have havo been placed with bankers This provides pi for sufficient new capital to complete completo Western Pacific c construction The operation of of the tile property within a year Is now an assured fact Furthermore Furthermore Further Further- more mom the tile writer un understands that some strong banking houses have e pledged their support to what may eventually work up Into a comprehensive sive s1 scheme for financing tho tim Western Pacific of the future as well a providing pro pro- vi viding ing for the growth and increased traffic moving mo necessities of oC the Denver Denver Den Den- ver vcr and Rio Grando Grande Although the tho surplus of the latter Jatter for the tho past fiscal year ear was above fixed there is an almost immediate demand for extensive I e capital outlays on the tho property for fur It Ji has haa outgrown its capacity its shops and its terminals Inasmuch as the operating op r between Denver Den and andRio andRio Rio Grande Grando and the Western Pacific I will bo be extremely Intimate a an exten J sive shoe capital capitol readjustment to meet t this Is contingency will have c to en engage the attention of Gould interests within two years time Between terminal points the We West Western tern t- t ern era Pacific will be seventy five roPo nic longer than the Central Pacific This disadvantage is overcome O and compensated com corn by tile the difference in speed f fand and transportation charge allowed d inthe intile in inthe the tile low tow gradient It will be he surprising to ta the general public to know that of the total of or miles of road is at grade e as level as tho Lake Shore Shor or orthe orthe orthe the Eastern division di of the Pennsyl vanla vania a circumstance that a n country of such high altitudes would not ap appear appear ap ap- ap pear capable of producing On the tile remaining miles the tilo maximum over o the tho Sierra Nevadas Ne as has been remarked etl Is 1 per ier cent eastward while on the tue coast range it Is 1 per pel percent percent cent both east cast and west westbound hound In ever every respect the highest ideals of construction have been real t lied The is laid th th five eighth five pound rails ran 3 rock and anti gravel with It 1 bridges except in a few minor ninor I Instances of ot steel and concrete of or the strongest type Uninterested engineers engin- engin eels eel's and engineers of or other lines who have been over oyer the tho completed parts freely state that it is one ono of the tile best specimens of date to railroad construction con con- that the country affords Assuming that tile the final cost o of th the tho Western Pacific will be annual interest charges of or about a mile will be he obligatory obliga estimates estimate of ot tor tory The compan company's own gross grest earnings per mile at the end of the tho first year ear of or operation and those of independent traffic men make maIm an an average of or around S OO per mile mile I probably to per mile at atthe atthe atthe the outset if business then i is normal I It ought to bo lie possible to operate a al property so well ell c. c constructed tl at CO GO COper GOper per cent as a maximum This would just about meet fixed charges from the tho beginning Eventually it is believed be be- ed local traffic alone atone will meet moot the regular annual interest obligations The right of or way is through a very rich country that will wiil produce a large largo volume of or tonnage in the form of fruit minerals and lumber Tile The im lin immediate immediate mediate earning capacity however has hasto hasto hasto to do cIo mainly with the tho revenue from the tho long Jong haul and with traffic turned over to it b by the existing Gould lines The Western Vestern Pacific Is tho the child of or orthe the Denver and Rio Grande This property and antI the Rio Grande Western Vestern have furnished the tho credit for the lie en en- It has been distinctly fi fi- fi Not a dollar of Missouri Pacific Pacific Pa Pa- mone money ha hap gono gone Into it nor has Missouri Pacific credit supported It Tho The cb charge that Gould Goulet Hues lines in iii general gen gen- eral were contributing to the construction con con- of or this final link of the chain has no basis in fact Tho The road seems to be amply justified by the tile new tonnage in sight and surely surely sure sure- 1 ly lyby by liy the relief that it will vili afford to tot t tie the e somewhat pocketed D. D and R n. G. G Still It is an untried venture for whose success the Denver and Rio Grande and its subsidiaries stand responsible responsible re re- re- re and pledged to see that interest in in- terest crest charges are met and aUlI deficits canceled after tho the main maui line is completed com and placed in operation No Noone Noone Noone one however who has 1115 traversed the Western Vestern country and witnessed the lie ac accumulatIon accumulation ac- ac o of freight ht on the Pacific coast can the success of the tho scheme I |