The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-06-27

The railroad mems meeting held last
evening at Armstrong; hall, corner of
! Second South and Third West streets, in
! the interests of the proposed San Diego.
Pacific & Eastern railway, was attended
! by goodly number of railway men,
many of whom subscribed for stock.
! Gilbert Mclean, Union Pacific engineer
was made chairman, and J. W. Murphy
acted as secretary.
Chairman Mclean, in a few well-chosen
words, introduced President George w.
| Nroman, who at once proceeded TO I'M
fold all plans as perfected to DATE, and
TO give TO the men clear understanding
OF just how and when stock subscriptions
would be collected and applied in building
operations After making a careful re-
view OF labor'S past struggles, the fulfil
ity of strikes, the benefits of co-opera-
ton and citing Utah as a shining exam
pie of what can be accomplished py such
united methods, ne proceeded to show
how the proposed new raiIroad-a railroad
mems road-could be made the emDodl-
ment of good to themselves and the puo-
lie In brief he said that instead OF be-
ing over-capltalized, say al $4,000 per
mile, 1t would not exceed SD. 900 per mile,
and dividends would be paid regularly.
The people of San Diego had guaranteed
preliminary expenses, and stood ready to
grant all needed terminal facilities, as
we'll as ample wharf privileges bordering
on deep water. The people there had
already given right of way through the
CITY LOT the -. u i. q 4. railway. anu
were enthusiastic over the project. He
had traversed much of the proposed route
northeast from San Diego, and but little
more than 400 miles from there were the
famous Utah coal fields cropping out for
twenty miles, with veins in thickness
from fourteen TO twenty feet, equal TO
the Pennsylvania article. There was also
Utah'S great iron deposits, wonderful TO
behold. The road as carrier would be
success in every particular. Shares were
$40 each, and no money was to be collect
ed until 100, 600 shares were subscr4 bed for,
when work would be commenced. safe
guards were thrown about the stocknold-
erS, inaSmuch as they would elect the
board of directors, and there would be no
forfeiture of money paid in until they mad
run by three regular assessments, and
even then they would be given 90 days
additional to pay up through the direc-
tory. Three thousand shares had already
been subscribed at the other end of the
line, and 1t only remained for the army
of railroad men of the country to say If
they would establish a. precedent so
largely in their own favor:
w. a. Mckenzie spoke a short time,
and j. w. Murphy followed in a vein that
gave added assurance to the enterprise.
Subscriptions for stock was called for,
and upon those present responding with
alacrity, it was found that 1853 shares was
Salt Lakes contribution as a starter.
The engineers were given a vote of
thanks for providing the hall on the oc-
casion. The meeting then adjourned I'M
til next Friday evening at p. m. at
Armstrong; hall, where a packed house
is looked for.
Here it may be said that President Vro-
man has been for thirty years a member
of the Brotherhood. and prominent in la
Dor circles. He brings with him letters
from San Diego capitalists to some of our
prominent business men, and will call up
on them TODAY.