The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1893-09-24
HIS IDEA ABOUT IT.
A Well Known Citizen Proposes New
RAILROAD Scheme.

Of the plan herewith proposed, beiiev-
ing it to be feasible after a great deal
of careful study, and also because we
have tried SO long to induce outside
capital to build the road, and having
failed, 1t becomes us now to at least
consider plans Of building It ourselves.
What road shall 1t be? If outside cap
ital is to build the road, then let OUT
side capital have its choice of routes
Either road would pay splendidly. No
other road now built in Oregon could
pay better than a railroad from As
toria to transcontinental railroad con-
nection. We, as Astorians, gain or
desire when we have railroad connce-
tion with any other railroad eitf er at
IIillsboro or Goble. Bpt If we are to
build the road ourselves, it is not so
much question to settle which road
will do us the most good, as the ques-
tion (which road can we build?"
/ have given the matter Of cost Of
the Goble road very close attention in
every detail, and affirm that very
good road can be built for nine hum
dred thousand dollars. That would be
as good railroad as any in Oregon
for the same length in miles. Steel
rails, as you know, were estimated at
$50 per ton delivered on the line In our
former estimates. Now they can be
laid down for $35 per ton. Nearly ev-
cry other item of cost has fallen in
proportion. AS to the Nehalem route,
that would cost $1,S5O,OOO at least, al
lowing for proportionate reduction on
former lowest estimates In either
case these costs would not include
equipment, but we could hire equip
mont OF the connecting railroad. Nor
would these costs include very fine sta-'
tion houses and terminal facilities. For
those we must wait. So let us consider
that for cheapness we can more easily
build the Goble road. Now for the
plan of building.
First-Let us subscribe and give
power Of attorney to a trust company
to sell certain Of our lands subscribed
and direct that this trust company
shall Invest for US The proceeds In
the bonds and stock Of the Goble rail-
road at par In like proportion to each
subscriber as fast as the payments are
made to them on the lands.
Second-The common stock of the Co
bic railroad to be $4,000 and the mort
gage bonds to be limited to $7OO,0OO Tor
about $4,000 per mile.) The stock and
bonds at par will then equal the total
cost of the road. The bonds to be all
first mortgage and to bear 6h per cent
per year after two years. but no in
terest during this period
Third-The trust company will be in
structcd to hand back the powers Of
attorney for property within three
weeks, providing that in that time suf-
iicient property is not handed in, ap-
praised at 100000, the full cost of the
road.
EOuAtl oulliClCHl DlODtllG 10
handed in, the trust company shall
hold large auction sale for one week
to sell the property subscribed. This
sale shall be thoroughly advertised at
all of the leading cities on this coast,
and In the whole United States, for one
month preceding such sale.
Flfth-At this sale the terms shall be
10 per cent down and 20 per cent Of
the balance every two months until the
whole shall be paid. Any buyer shall
have his deposit returned and
his purchase cancelled at the end OF
this weeks sale, IL the total amount
sold does not reach the 100000 neces-
sary TO build the road
If the sales exceed this amount the
subscribers will have their excess mon
ey returned to them In proportion as
payments are made.
Slxth--If sales do not reach the $780,
OO0 they will be cancelled and the at~
torney papers returned to the sub
Hcribers.
Seventh The moneys received from
the sale OF these bonds and stock to
be paid as fast as collections
are made, over to construction COM
mittee, which shall proceed to build
the road as economically and as rap
idly as possible This committee shall
be appointed by the subscribers of the
land prior to the grand auction sale,
and they shall have fun power to
build and complete the road within
one year and turn over the same to
the railroad company at the end Of
that time, The salary of each OF these
commissioners shall be $500.
Many advantages of this plan win
suggest themselves to you. Let me
mention a few. No subscription to
land Is effective unless the building Of
the road is assured. And the bonds
are issued at such a low rate per mile
that they would be first class invest
ments for and in exchange for our
property. We would have the rail-
ROAD ana our securities also Another
advantage Is that the plan insures us
reasonable prices for our lands as all
who bid win understand that their bids
are not good unless the building OF
the railroad Is practically assured.
Yours, etc.
AUG. c. KINNEY.