The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1892-08-16
THE SAN FRANCISCO & SALT LAKE.

A few weeks ago the s'San Francisco s.
San Francisco papers said so. They pub
lished formidable lists of millionaires who
were interested in the project, and declared
that subscriptions aggregating So, 900, 900
had been taken. Surveyors were in the
field, the general route had been desig
mated, and real work would be begun at
once. the line being put through to Salt
Lake inside of two years. Then matters
quieted down for g time, and when people
began to AJAX what had become of the
scheme it was announced that the stock
and bonds were to be put upon the market
Immediately, the expectation being that
San Francisco would take most of the
securities and furnish the capital re-
quired. This was some time after the
statement that the projectors had abun-
dance of money and could manage the af
fair within themselves. Now the San
Francisco Chronicle, which has been one of
the roads chief boomers says the scheme
''is still undergoing the incubating pro-
CESS" The details are still being consid-
cred, stock subscriptions are solicited pri-
yately, and an cir of secrecy pervades the
movements The paper says that when
matters get into the proper shape a pros
pectus will be issued, and iniimates that
when the announcement does como it will
be in the nature of paralyzer. 1t viii be
remem bered that as a starter $4,000, 900 had
been subscribed by few men. Now the
Chronicle says sit has been intmated by
l. -, -.
terprise that the amount of private sub
scriptions to stock may approach a million
doliars.'' Continuing, the paper says:
The Judgment OF the leaders in the enterprise
has differed much on some points. One OF
these is the minimum amount of stock sub
scriptions with which the company can so TO
the money market with its bonds Some say
that ST. Us, 600 will be sufficient, and the judg
ments of the others range upward to 100000
as the least backing that would secure for the
bonds any favorable consideration and fair
price. II it expected that many of the bonds
will be sold in this city and state Opinion was
also divided on the question OF whether the
through road or local competing lines should
receive first consideration This question has
been decided in favor of building the through
line first. Altogether the present situation is
very encouraging.
Tue HERALD has never taken much stock
in this project. and it takes less every day
We don't know what the alleged projectors
mean, but we think we know they don't
mean to build railway between San Fran
cisco and Salt Lake. Our reasons for
thinking this are found in a certain knowl-
edge of the country to be traversed and
or inf b.a
railway. AS to the country, experts and
men of good judgment have gone over it
more than once, have taken account of its
visible resources and reasonable pros poets
and have decided that it would not pay to
build railway there. The proposed line
would practically parallel the Central Pa
cihc all the way. and would be direct
competitor for through business; and it is
no secret that with all the traffic, an
charging such exorbitant rates as to incur
the enmity of all its patrons, the G. P. has
made no money for ten years. II
the business were divided the Central would
be obliged to call on the Southern Pacific
for axle grease, and the competing road
would go into the hands of receiver Just
what the scheme is, may be developed IN
the course of time. but that another direc.
line of railway between this city and San
Francisco will be built during the present
century, The HERALD does not regard as
among the probabilities.
AS we have many times pointed out,
there is an opening for grand railway,
and one which will pay after the first 200
miles have been completed. A road con-
Meeting Salt Lake and Los Angeles will
have rich tributary country all lis own.
and it will be able to command a large
share of the through traffic now controlled
by the Southern Pacific. Such line
would also help Salt Lake, more than
dozen roads would do running by the side
of the Central Pacific.