The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-01-09
SOME RAILWAY PARTICULARS.

L "A
The squabble over the Sanpete Val
ley railroad is familiar to many of our
readers and has been a vital question
with the people of Sanpete county.
There are some things connected there
with that are not generally known.
One of them is that the stir among
the men connected with the little road
from Nephi, and their endeavors to
connect with Manti. had quite differ
ent motive behind it to that which ap-
peared on the surface.
The Herald contained some state
ments a few days ago in regard to
that line, the intention of the mana
ger to haul freight to Nephi for moth
ing, if it became necessary in compe-
tition with the. other road, and he ad-
vised the people mot to ship over the
other line" but ''an stand behind the
road he represents, and stated that if
they would do so he would make "a
long, hard fight that must end in VIC
tory"
1t is but fair to the other road to
state that it is evident the great object
in view in the extension of the San
pete Valley road to Manti, was not so
much the benefit of the people of that
region as to make a profitable sale of
the line to the Rio Grande Western
or some other company.
We do not mean to say that any
railroad is run simply for a public ben
eft. That of course would be absurd
in view Of the facts and also Of the
purpose for which all great enterprises
are inaugurated. But when that idea
| is set forth as the moving cause in
the projection of a particular line, it
is only fair to the public and to other
roads that the truth should be made
clear.
On our table is a transcript from the
record of The High Court of Justice.
Chancery Division. in London, England.
in the case of the holders of debentures
against the Central Pacific Coal and
Coke company, Mr.. Justice Sterling on
! the bench. First is a notice to the
debenture holders that AN application
will be made before the Justice on
Tuesday. May 2, 1893, for the approval
&c =. ,.r,,, 10 81 x.-l,;oL 100 at
of scheme proposed with a view of
trying to save the property or some
part of it, by sale to Charles Morrison
of the Sanpete Valley railroad" under
conditions fully set forth, the partic-
ulars of which need not be detailed
here
Second, is the scheme proposed,
from which we will make some ex-
tracts. The whole document shows that
the property of the defendant company
consisted of about 5000 acres of coal
land and all the shares of the Sanpete
Valley Railway company, which were
mortgaged to the trustees. 1t shows that
the coal lands were not worked. that
the railway was stopped, that the COM
pany had no funds, that the indebted
ness was in Utah 10000, including over
$4,000 to the manager of the COMPANY.
and that if it was not cleared off the
the railway and land would be attached
and sold. That the debts in England
were about 100000 and accruing inter
est of $500 in addition 1t is stated
that:
ut is certain that the railway as it
is will never pay, and the only hone
OF its doing SO is to extend it to the
town of Manti, about sixteen miles
and 1t is possible that when so extend
ed, sale may be effected to one of the
other railway companies in the dis
trlct- To do this will cost $125, 900. and
an additional $1,000 will be required to
put the present railway in proper re-
pair, and arrangements have been made
with the present general mana ger Of
the railway if this scheme is carried
out, TO build the extension and repair
the existing railway for this amount"
It is further. stated that:
1.-THE general manager of the line Is
prepared, if this scheme is carried out.
to find $4,000 in return for which he
stipulates to receive $64, 600 in the bonds
and $4,000 of the share capital. This
will leave $125.O0O to be found by Mr..
Morrison, in return for which he will
get the balance of the bonds. viz: $751;
200, and the balance of the share can
ital viz: $25S, 600.
The present general manager of the
company will enter into an agreement
to manage the railway at a salary of
$500 a year, 81, 500 of which is not to be
paid until the 4 per cent. has been paid
on the above issue of bonds''
The great objects in view in MAX
ing this statement appear to nave been
the extending of the line to Manti, so
as to make it sufficiently competing
with the other road to induce the latter
to buy it, and to preserve the coal
lands in possession of the company
for the benefit of the holders of the
debentures. And further to promote