The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1880-05-19
CHEAP COAL.
The Utah Eastern Railroad a Sure
Thing.

It The Utah Eastern Railroad is abou
TO become an unmistakable reality. I
:. will be remembered that some month
ago the project of connecting Coal
vile and Park City with Salt LAX
T. City by a railroad was talked abour
] considerably. The came idea haC
, been advanced many times in thG
t past ten or twelve years, but had
: fallen through for many reasons.
I Originally the sole object was to
: bring coal from that point 10 this
3 city at as low rate as possible, anc
! 1t WAS evident OF course, If the CEN
sumption would guarantee the IL
vestment to be a paying one, good
r o)al could be delivered in this city at
prices much less than have ever
been known. In the past few years,
] however, new incentives have arisen.
The Ontario mine has developed into
a magnificent and permanent indus.
try, through the influence exercised
| by it, the vicinity has become thickly
populated for a mining camp; new
mines have been opened and indus
tries OF a more or less permanent
character are the losult. This condi-
ton Of affairs has increased the ne
oessity Tor rapid ard cheap commu-
nication between this city and that
camp. The consumption OF salt alone
by the Ontario Mining Company,
which has to be hauled from the lake,
a distance OF between thirty-fve
and forty miles, ia something
enormous, while that of coal would
60 almost beyond belief; in addition
to this, new and important mines will
be opened, which increases the neeeg-
sity every day.
When the Utah Eastern Railroad
was projected and the company or
ganizsd there was little doubt as to
the success Of the enterprise, in view
OF the points above set forth, pro.
Vided, however, it was conducted in
the interest of the people. During
the session Of the Legislature, the
past winter, q bill was introduced
giving charter to the railroad, and
while it passed both housed, it was
vetoed. This gave the matter a tenn
porary set back, but II seems that
future results would make it A most
fortunate stroke OF policy, out one
that could harily have been antici-
pated by his late excellency. While
the necessity of this road has been
conceded on ell hands, it has been
viewed with great distrust, and this
distrust has been so manifest as to be
a great drawback TO the progress Of
the work. For years we have been |
80 placed that coal could only be OBJ |
tanned at such prices as the railroad |
companies chose to dispose OF it, and |
though we have coal in this territory |
and within comparatively easy dis |
lance, the Union Pacific, itself owning
large coal fields, hes naturally used |
its power to dispose of it5 own
coal in preference 10 others.
The only hope for cur citizens to get
coal here cheaper, was by railroad |
up Pafley's or come other ca1on to
Coslvllle; and it was feared that when
this road was constructed it would, by
competition, be reduced so that it
would not pay; or 1t would be dis
posed OF to Jay Gould or some other
railroad king, and thus forever pre-
vent any hope OF cheap coal. These
we're the objections and they operated
in manner that can readily be CON-
pretended.
However, this difficulty has been
obViated. Those principally inter
ested in the matter have taken steps
that have once more brought the
project before the public in such a
manner that it inspires undoubtei
confidence to all.
This was done By the appointment
of a committee OF three trustees, in
whose hands majority ofthe stock OF
the railroad has been placed for a pc
Iiod of fifteen years. These trustees are
Leonard W. Hardy, John r. Winder
and Fred II. Auerbsch. The capital
of the company is placed at $1,000,
000, which is divided into shares Of
the par value Of 800 each. bat which
are now beng disposed at $50 per
share, as provided in the ar
ticles of agreement between the
railroad company and the
trustees, 10 per cent. at the time of
and 10 per cent. each
thirty days thereafter until the 90 per
cent. is paid. OF these z, 900 shares,
1000 are pls Ced in the hands of the
trustees, while the other 8, 600 is re-
served by the company. As will be
seen, this gives the trustees q con-
trolling interest In the road, and It is
further provided in the agreement
that, while the trustees are to dispose
of this stock as above stated, they viii
retain undivided control Of it for a
period of fifteen years. In other words.
all these 1900 shares might be pur.
chased by Ope man, which would give
him control of the stock, but az be buys
it subject 10 the conditions above men.
toned, tue trustees would exercise
tina tcontrolfor him, which means that
it would be exercised for the interest of
the people. Any man can sell bis
stock to any one he please5, aud at
any price, but it is always subject 10
the conditions above stated. He will .
reap sll the benefits that may accrue. !
but his votes will be held by the /
trustees for the period named. The
object of this can be readily COM /
pretended. It is to guarantee the
public against the possibility Of
a monopoly at least for fifteen /
years, and q better method OF
accomplishing the dssired result |
could not have been suggested. |
The trustees are men well known and !
esteemed in the community, and not
the slightest shadow of distrust can /
be urged against them.
AZ heretofore stated, the prelimi- /
nary survey has been made through .
to Coalville from this city. Ten miles
of the road, commencing at Coalville, |
have been cross-sectioned and the
contracts for grading let, the work /
on which has already commenced,
and will be pushed through without |
any unnecessary delay. Toe RICH. OF /
way for these ten miles hss been OBJ
tanned, so that no difficulty will re- |
suit. The grading and right of wsy |
was obtained almost entirely for
stock in the road. The surveyors |
are busily engaged in completing the !
cross.sectioniug to Park City, which |
L. A@Nlfoa-