The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1889-10-09

cific across the Nehalem country,
| would give Astoria the speediest rail-
road connection, but; although desirous
of separate connections both With the
Northern Pacific's and Southern Paci6c's
lines, in order to protect the people OF
| Astoria from extortionate freight rates
| if the Astoria and South Coast railway
was connected with one of these railway
companies only, and to enable either or
both to reach, and, If desired, terminate
| in Astoria, your directors dhave, never
theless deemed it preferable IN the inter
ests of the city of Astoria, to make our
first railway connection with the Will
lamette valley railroad system, near
Hillsboro, a distance to be constructed
ofonly 76 miles from where our graders
are now working: thereafter to issue our
remaining bonds on hand in order If the
stockholders desire it, to make connec-
ton with the Northern Pacific by traffic
agreement or otherwise if the latter COM
pany desired itself to make such connec-
tions. We have aso the option to ex-
tend this company's railway for a dis
tance of 12Sl miles more or less to con-
nection with the Portland and William
cite Valley railway at Tualatin station,
which is 12sz miles from the city of Port
land on which latter railway one per
cent. grade now exists from Tualatin in
to Portland, and which terminates at
Jefferson street in the heart of that city:
thus giving the Astoria and South Coast
railway if desired a three fold railway
connection with the city of Portland to
three separate railway companies, ter
minating at three different depots in
that city at a comparatively small united
cost. There are also two sides of road
bed now let to be constructed from
Young's bay on Columbia river into the
city of Astoria, with 1850 feet of bridge
trestle attached. The construction COM
pany has Just notified your directors that
their engineers will shortly proceed to
make the permanent location from Hills
boro with the view of commencing grad
ing from the Willamette valley to Asto-
ria within forty days.
REAL ESTATE AND TERMINAL LANDS.
Beside the railroad itself the company
possess under deeds of agreement the
following terminal properties and real
estate.
1. Four thousand, nine hundred and
fifty feet of deep water frontage adjoining
Astoria on the Columbia river, with all of
the tide lands behind same intended for
wharves, grain, freight and foreign ware
houses.
2. About 1000 feet of deep water
frontage, adjoining Astoria on Columbia
river, across Young's bay near to Astoria,
with tide lands behind same.
3. Five acres of land (dyked) at War
ren's station, five miles from Astoria,
with frontage to Skipanon. creek, in
tended for machine shops.
4. Forty acres of land near Seaside,
l8 miles from Astoria.
g. o. IL n H.,
lots, in Railroad companv's addition to
Grimes, now selling at $3.50 each.
6. Twenty acres of land adjoining
Hillsboro, the southern terminus of rail-
road and connected with tracks of South
ern Pacific company there, for machine
shops, etc. Also sixteen miles standard
gauge from from Young's bay to Grimes
hotel and station, including bridge par
TALLY finished from west bank of Colum-
bia river and bay, with one 34-tOn loco
motive, three summer excursion coaches,
now constructing, and % freight cars,
Kilbrain's make, % tons capacity, with
50-pound steel rails for main line, upon
one per cent. grades.
You will thus see that the Astoria and
South Coast railway is provided with
ample terminal facilities at and near
Astoria for many years to come.
| BONDED INDEBTEDNESS.
The bonds are signed and executed and
bear per cent. interest for twenty years,
limited to $25, 900 per mile of road COM
pleted and no more, and it is In the
mortgage declared illegal to increase the
bonded Indebtedness beyond that sum,
nor shall there ever be (the mortgage
says) greater mileage built than 12C
miles in all, or So, 900, 900 of bonded in
| debtedness to a connection either with
the Southern Pacific or Northern Pacific
or both, the object being to prevent un-
necessary rivalry or useless construction.
The mortgage is made payable to the
Union Trust Co., of New York, as sale
trustees, where principal and interest
are payable and covers not only your
rOadbed and rolling stock, but also your
company's valuable terminal lands and
facilities at and near the city of Astoria
of considerable value when the road il
completed from the Willamette valley.
The bonds are the first and only lier
| (no other indebtedness). No bonds viii
be sold by trustees to the public unit
the first 20 miles of railway are actually
in running operation, with track laid
thereon and equipped with locomotives
and cars and the bonds will be ISSUED
when there are ten miles of railway il
existence free of debt in running opera
tion. The trustees at New York fol
bondholders are only allowed to issue
the bonds upon the completion of Ger
tain conditions as defined in mortgage.
CONTRACT FOR CONSTRUCTION.
Provides among other things that tn
contractors shall be paid-in cash So, ,00
per mile of all completed roadbed, whicl
includes mountain portions, covers grad
ing, bridging, tracklaying and ballasting
also two tunnels, l,500 feet; 60-pount
steel rails for about two-thirds of tn
route, and 50-pound steel rails for the re
mainder; also to erect water stations, i
depot buildings, general passenger sta
ton at Astoria, also machine shops ant
two round houses, wharves and ware
houses and portion of bridge acros
Young's bay, also turn tables, engineer
ing and everything else except rollins
stock and rights of way. The main lin
from Astoria to Southern Pacific Co.
station near Hillsboro, includes the Sea
side branch in length. from where it in
tersects with the main line, is only /
miles, carrying with it, it is estimated
at least 10000 passengers yearly on roun
, trip tickets. both from Portland by raj
overland, and from Astoria by rail froI
Portland steamers connecting with us a
Astoria. The whole Indebtedness o.
which interest must be paid for mai
, lines and Seaside branch together 19
miles) completed and in running opera
J tion to Southern Pacific system, wit
! rolling stock included, will be S2,5OO,O 90
> at 6 per cent, and if a double connectio
is also made with the Northern:Paci
main line, which goes to Portland an
Z Puget sound, in addition to the conneS
: ton with the southern Pacific to th
Willamette valley, the entire aggregate
estimated cost will be $4,000 ,0O