The romance of the Canadian Pacific RailwayMacBeth, R. G. (Roderick George)
History
The romance of the Canadian Pacific Railway
MacBeth, R. G. (Roderick George)
Canadian Pacific Railway Company
The expenditure was almost incredible. Where the rivers ran, there was,
for miles on end, the necessity for cutting into the solid rock to get
room for the road-bed and trains. There were miles of snowsheds to be
built, and tunnels through solid rock almost without number. Up the
mountain sides there were built various devices to protect the road and
make it safe from slides and avalanches. Rivers were deflected from
their channels and retaining walls were built. When I first passed over
the road, not many years after it was opened, there seemed to be leagues
of trestles, now filled in or replaced by steel or tunnels. Everywhere
there was need for the ceaseless flow of millions of money. But Van
Horne, who knew all about the business, saw that nothing was left undone
to make the road beyond criticism. And so well was the work done that
once, shortly after the road was completed, Van Horne, who was taking
some arbitrators over the mountains to value the government construction
section, had the engineer run over fifty miles an hour to show these
gentlemen “that the Company section was a real railroad even if the
government sections were not.”
It was no wonder that with the vast expenditure indicated by the above
paragraphs the Directors saw that they must raise some more millions or
perish.
Accordingly, in 1885, when the Riel Rebellion, by reason of the service
rendered by the Canadian Pacific Railway in transportation of troops,
had been quelled, Stephen approached the Dominion Government again for
assistance. The rebellion services of the railway had solidified the
Government support in the House, which was then in session, and had
pretty well silenced the Opposition. The assets of the Railway were
already subject to a lien for the former loan, but the Government,
besides a few minor concessions, finally allowed the Directors to issue
$35,000,000 stock, of which it was to guarantee $20,000,000, the rest to
be issued by the Railway Directors. Stephen went to London, not very
hopefully, to sell this bond issue. The Directors in Canada waited
anxiously to hear the result, for the bankruptcy of the road and of the
Directors (though they cared less for that) was only hours away if
Stephen’s mission failed. Sir Charles Tupper, then High Commissioner for
Canada in London, that steadfast friend of the road, had done some most
effective preparatory work with the famous banking house of the Barings,
of which Lord Revelstoke was the head. Stephen had scarcely begun his
explanation of the situation when Lord Revelstoke broke in and said, “We
have been looking into the whole matter already. We are satisfied with
the outlook in Canada and the future of the Canadian Pacific Railway,
and will take over the whole issue of your stock at ninety-one.” Stephen
was overjoyed, because the question of the solvency of the great railway
was settled for all time. He sent an exultant cable at once to Canada.
Mr. Angus and Mr.
Public-domain text, read in full here on John Shaqi.
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