New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-03-28
OREGON BONDS IN GERMANY.

The CRITICISMS OF FRANKFORT BANKERS EX-
PIAINED BY FORMER OFFICER OF THE ORE
CON AND CALIFORNIA RAILROAD.
A. NJ. LOrya, ex-Vice-President of the Ore
goa and California Railroad and Mayor Of the City OF
East Portland Oregon, n this city, yesterday and
was visited by TRIBUNE reporter who was in search OF
information in regard TO the oregon and California Rail
road Company against which serious charges have been
made LOrys said that the rumOrs in regard 10 the
financial operations Of the Company in Europe might be
traced TO German capitalists The object OF their hos
iy is TO compel Benjamin Holiday President Of the
Oregon and California Railroad, 10 purchase franchise
for building locks at the falls Of the Wal
Iamet River y miles above Portland. State aid to
The extent Of $4,000 obtained and IL estimated
that this would the cost but afterward IL
found that $500 would be required and the Com
pany had been put under bonds to complete the road
within given time, the only way San Francisco capt.
taist could himself from loss by compelling
Holiday, who also has line OF steamers the river,
20 buy him out. For this purpose he has started all
sorts OF injurious 10 the enterprises in which
Holiday is engaged. All these rumOrs Mr. LOrya pro-
nOunces without foundation. The following is his ac
count OF the progress and condition OF the Ore
gon and California Railroad
Benjamin Holiday is President OF the road and built
the first section Of IS miles from East Portland
rora with hs own money. This about three years
ago. He then negotiated the bonds Of the road in
Europe rapidly built the road to Eugene City at the
head OF the Wallamet Valleya distance Of l25 miles
In ALL Last year ne built rs miles TO Roseburg in
Southern oregon, being the most expensive portion Of
the whole The road is now being operated from
Ioseburg to Portland2OO miles OF good road
be found in the United States, stated by the
members Of the Northern Pacific Railroad Committee
Travelled IL last year. The line for the whole
distance was completed last FAN, and has been In
operation all Winter without any detention. Con-
neoted with the road, ana under the control
OF tho same company, IS line Of steamers
srom Portland 10 San Francisco Mr.. Holiday has built
shops depOts walls, and grain warehouses the most
improved plans 1t has been only ia consequence OF
these improvements that tho people Of Oregon have
able to bring their grain to the water and ship 1t TO
Europe. Mr. LOrya not able to state the extent
value Of the equipment the road, but confident
that sufficient to reach all the present demands OF
travel and traffic and that would be increased the
demands increased The road. he said. would not only
nav the interest on the bonds promptly but with the
deyeIOpent OF the country would be able TO pay the
whole Indebtedness.
The bonds negotiated 10 Europe by NJ. s. Latham
nj the banking firm Of Zubach Brothers, who have
,beir main office in Frankfort, Germany with branches
ia London aud San Francisco Before the sale was
consuInmatad one OF the partners came 10 America
90 Jnake personal examination OF the prospects OF the
Connany ana expressed himself as satisfied The bonds
,,eded 10 The Company 20 per cent amounting 10
between 100000 and t60O0OO0 interest mas been
nntv nad and money ID now deposited in Frankfort,
fondon EewYOrk and San Francisco Tor the payment
of fbe Apr coupons The Company has land grant u
a. CCOOG Consisting o. alternate SECTIONS along the
HlOIe line Of tho TVad and containing hOiHv" TUG Do''