The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-09-14

Already the machinery of the Utah
company, incorporated on Wednesday
with capital stock OF 600, more
than one-tenth of which has been paid
into the treasury Of the company, being
guaranteed with property valued at
over 100000 at its lowest valuation,
has been set in motion and the indica-
tions are that within the next few
weeks the people of Utah Will witness
the actual operations of the great cor
poration which means so much to the
territory
The launching of this mammoth en-
terprise created great stir in local
business and financial circles yester-
day. 1t is by far the heaviest corpora
ton which has had its Inauguration in
this territory and the magnitude of the
undertaking may be measured when At
is stated that the first actual work will
be the construction of a railroad to
the coal fields in the neighborhood of
Coalville. Then is to follow the extern
sion of the Salt Lake & Los Angeles
to the Pacific coast.
Messrs. Frank ]. Cannon and n. w.
Clayton, members Of the executive COM
mittee of the company, left fer the
=
ness connected with the enterprise and
the announcement was made at the
head quarters of the company that their
\ mission would not be a very protracted
one, in fact, it is to be a flying visit.
On the side, it is said that sufficient
capital to carry out the aims of the
company has already been pledged and
the gentlemen are simply to attend tc
the details.
Although the promoters of the enter
prise are all members of the Church of
Jesus Christ of Latter-day Saints and
the three heaviest stockholders are the
first presidency, it is by no means a
church institution. nor is the church in
any way interested. In a lengthy edi-
torial, giving an account of the forma-
ton and complexion of the company.
the Deseret News last night declares
that it is strictly a private enterprise
and in no manner identified with re
dominant church, which the News
rightfuily declares. has always fos-
eef the territory. Continuing the paper
q says:
: LAS to the Utah company, therefore
while its principal stockholders are
identified with it as individuals and
not in the capacity of the first presi-
dency, their purposes viii be under
stood and appreciated as in direct line
with the policy alluded to. No man
will venture to impugn the motives
that have actuated them. For months
and months the matter now consum-
mated has been engaging their atten-
ton. Recognizing the responsibilities
that rest upon them as leaders. they
could not feel justified in folding their
arms supinely and allowing things to
drift, without 1t feast an effort to bring
about a change for the better. Sense
of duty impelled them to use their in
f1uence. their credit and their means to
advance the community's interest. No
speculative inducement could have
brought them to accept the cares and
burdens thus voluntarily assumed.
But full of faith in the resources of our
territory, hopeful of the encoura cement
and support of the people, conscious of
the necessity that is every day appar
ent for a radical change in our posi-
ton of dependence-we might almost
say Of industrial serfdom-they have
conscientiously and courageously faced
the situation. Some one had to do it;
some one had to lead out to devise
ways and means for furnishing employ
ment, to institute measures of temporal
deliverance. to rescue the community
from the vassalage in which conditions
have placed it. Who could better at
tempt it than these nlen-whose life
and work in the public interest have
been before the people, whose Nigh
nlindeduess and integrity are above
suspicion, whose names are a synonym
for honor and justice, and in and for
whom every one who ever met or heard
Of them has the utmost confidence and
esteem? No wonder the organization
of The Utah company has made
profound sensation and has been re-
ceived with joyful satisfaction by the
business community at large. 1t opens
to view future possibilities and
achievements of the highest char
acter and means much more
to the material advancement and
welfare of Utah than any present OBJ
server can tell.
Just what enterprises will first be
put under way may not now be stated
It is impossible in scheme of such
magnitude to present in the outset an
accurate forecast of the details of the
work. But time will rapidly develop
them, and as fast as prudence will al
low they will be presented for public
inspection and approval. This much,
however. is sure: Whatever shall be
done viii be in the interest Of the peo-
pie. and in every beneficent result that
shall be accomplished, they and all of
them will be entitled to share