I've been reading the posts with curiosity as I haven't delved that deeply into
the histories of any of the roads mentioned. I'd like to point out a couple of
items that are comments but I guess could also be taken as questions due to my
lack of extensive knowledge.
It has been discussed/questioned as to why the Hill lines purchased the Q
versus the Milwaukee. It seems that adding the Milwaukee, while adding a good
route to Chicago, would also add many parallel routes which wouldn't
necessarily be a good thing.
Also, the income numbers seem to miss a basic point. The Milwaukee was
already, in essence, a transcon with a route from Chicago to the northwest. So
in order to accurately compare income figures, one would need to include the
Q's income with the northern lines to provide an somewhat equal comparison
since the whole idea is to move goods and people between the midwest and
northwest.
Ricky Keil
Bellevue, NE
> To: cbq@yahoogroups.com
> From: nrmmtclf@gmail.com
> Date: Tue, 16 Mar 2010 21:31:31 -0600
> Subject: [CBQ] Re: [MILW] Re: The Board of Directors
>
> Michael Sol wrote:
> >
> >
> > --- In MILW@yahoogroups.com <mailto:MILW%40yahoogroups.com>, "ComSoPac"
> > <usspc5551@...> wrote:
> > >
> > > "Brown Brothers & Co. have issued a special pamphlet on the Northern
> > Pacific-Great Northern Railways ...".
> > ------------------------------------------
> > Admittedly, I have always enjoyed the genuine historical perspective and
> > high degree of accuracy provided by the "special pamphlets" of
> > investment bankers trying to peddle railway bonds.
> >
> > What the pamphlet was announcing, of course, was that the annual fixed
> > charges related to the acquisition of the Q, for the NP and GN due to
> > the refinancing required in 1921, were to increase by $5.3 million
> > annually, from 4% -- $9,200,000 per year -- to 6.5% -- $14,500,000 per
> > year.
> >
> > And that was in a year in which neither road earned its fixed charges
> > from Net Railway Operating Income.
> >
> > Ed's pamphlet shows that in 1921 neither of the Northern Lines earned
> > any net railway operating income, and were forced to increase their
> > annual fixed charges relating to the Q acquisition by nearly 60% over
> > past years. The future must have looked so bright based on those facts
> > that Ed's excitement is understandable.
> >
> > In 1907, the Northern Pacific earned $61,132,651 in transportation
> > revenues compared to the Great Northern's $40,148,080. In 1908, the
> > Northern Pacific was the strongest of the three with $67,780,177 in
> > transportation revenues, compared to the Milwaukee's $59,897,463, and
> > the Great Northern's $53,873,558.
> >
> > By 1925, NP earned $97,000,000, Great Northern earned $114,924,000.
> > Milwaukee Road earned $162,000,000 -- more than the Q's $159 million.
> > Indexed over the 1908 figures, the rates of growth were, respectively,
> > 148, 213, and 270.
> >
> > Between 1906 and 1925, Milwaukee Road had ADDED to its overall revenues,
> > more than the entire earning power of the NP Railway in 1925 and nearly
> > as much as the entire earning capacity of the Great Northern.
> >
> > The numbers, of course, beg the question as to where Milwaukee Road's
> > sudden growth in revenues came from.
> >
> > I am sure there is a pamphlet out there somewhere that explains that and
> > that Ed will kindly publish that one too.
> >
> > best regards, Michael Sol
> >
> >
>
>
> ------------------------------------
>
> Yahoo! Groups Links
>
>
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