Los Angeles daily herald., 1889-04-12
THE SALT LAKE ROAD.
The situation Outlined by Mr.. M.
4. Sturges.


Mr.. J. s. Cameron, assistant to the
President Of the Union Pacific, has been
passing few days in this city on matters
relative to the extension of the line of his
company to this city, but absolutely re-
fused to be interviewed on the subject.
Those with whom he was in conference
here state, however. that everything is
going on satisfactorily, and that the
Union Pacific is more anxious than ever
to put the line through. The following
interesting communication regarding the
building of the road has been sent by
MIR. Sturges to the Salt Lake Chamber of
Commerce:
"The proposition regarding the pro-
posed Los Angeles Railway is as follows:
To complete the present subscription, al
subscriptions being conditioned on the
total reaching $3.50, 900, we will subscribe
$50 900 ourselves. We ask $l2,200 per
mile, of which we ourselves furnish
81, ,250 per mile, over half. The 100000
only will be furnished by Salt Lake peo-
pie, and we make a contract that agrees
to leave $240, 900 of bonds in the treasury
OF the company, when the first forty
miles is built. At SIS cents, these bonds.
sold on built road, will bring 5000, 900,
which is in the treasury to build further
with. With this 5000, 900 the company can
build further themselves and bond, or we
will make a contract for another such
forty miles, at rates to suit, but not to
exceed 81 900 more cash DER mile than
on the first forty miles. This virtually,
for the use of the subscriptions for
short time, returns the company the
$200, 900 advanced, and makes the stock
holders here present OF the line built.
We shall carry, and are able to carry,
the 100000 of bonds we take, and the
$50 900 OF stock, net selling any till the
| forty miles are built. We ask no delay
to float these bonds, all "ifs" are left out
we have the money. II this liberal
offer is taken, dirt will fly in thirty days,
and we care little what date is set by the
| Chamber for the completion OF the road.
| And this is not just to build forty miles,
but it would, indeed, be an etfete set OF
men at the head of the Chamber affairs
if with 100000 in the treasury no further
could be built. But, as before stated, we
will agree to built farther, at not over
| 81 900 per mile cash, making thirty miles
| farther. We will then take a similar
contract, and so build to the mines. We
Will uON I'll dCCcPblul0 W 0dlb LhAO POOplOJ
| take contract for the entire road to Deep
| Creek, virtually guaranteeing Salt Lake
| the control of the entire road, to be built
at once, if they will pay the>$20O, 900 they
have subscribed for the road. Remem-
ber, l state what we can and will
agree to do. And with $250,000 of
bonds and stocks on our hands, whose
value depends on the value of the road,
xry1,,fd NOT n,,~ iufaracf aorto iulx, lia iY,
pushing the road through? What have
asked is that a meeting of the stock
holders be called to consider it. Why is
it not called? Or do the leading sub
scribers now desire their talk to be all
that is done. 1t is acknowledged every
where that the $3.50, 900 cannot be raised,
unless some one subscribe $4,000. We
do that.
| AS to leasing rolling stock, I did not
state that thought it could be leased.
1 stated that l could produce more than
one company, at once, who would lease
both engines and cars. And as to rates
charged, many Of the leading railroads
lease q portion of their rolling stock.
We have been comforting with Salt
Lake now for year, lacking one month,
and this cannot last always. We have
the money, down in our Jeans, and we
are not going to do much begging on this
business.
The people here have tried, for year,
to get some one to make a proposition
to build the road, but cannot produce
one proposition from moneyed parties
that is not sprinkled full OF "ifs" and
"ands," and asking time to float bonds.
We expect to make something ourselves,
but it is by taking risks and ad-
vancing large amounts of money. We
do not ask you to advance us the money,
the bank can pay it out for us in vouchers
for rails, etc., as far as it will go. If Salt
Lake will go in hand with us, just say to
me, and two members of the firm at
Pittsburg will come out, on a days
notice, and sign papers. Dirt will fly
fast in very few hours after.
M. F. STURGIs.
Salt Lake City, April 5, 1889.