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An estimated $13 billion in new federal money for high-speed passenger rail service should go to a single project that demonstrates its effectiveness, the top executive of freight railroad Burlington Northern Santa Fe Corp. (BNI) said Thursday.

"I'm concerned (the money) will be spread like peanut butter" nationwide and have little impact, said Chief Executive Matthew K. Rose, speaking to the Austin Economic Club, a local business group. "I'm afraid it'll be a missed opportunity."

The federal stimulus package includes $8 billion in seed money for development of high-speed passenger rail service, and U.S. President Barack Obama also has called for an additional $5 billion over the next five years.

Rose said Fort Worth-based Burlington Northern and other freight railroads likely won't see much benefit from the new federal money, aside from possible funding for small projects such as crossing upgrades, because high-speed rail lines require separate, dedicated corridors.

Still, he described himself as a supporter of efforts to improve the nation's transportation network overall. Rose recently served on a federal commission that examined U.S. transportation needs and potential funding sources.

He estimated Thursday that it could cost $1 trillion over the next 20 years to fully develop 10 to 15 high-speed rail corridors in the U.S.

Despite the daunting sum, "I really do think it's an investment our society ought to make," he said.

But he stressed that the $13 billion to get the effort off the ground won't make much of a dent unless it's targeted.

Separately, Rose noted in an interview after Thursday's event that he has seen little momentum for development of high-speed passenger rail in Texas, despite the new federal stimulus money.

A high-speed "triangle" linking Dallas, Houston and San Antonio has been proposed in the past with little to show for it.

"I don't think there's anybody in (Washington, D.C.) talking about a Texas corridor right now," Rose said.

-By Bob Sechler, Dow Jones Newswires; 512-394-0285; bob.sechler@dowjones.com