The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-06-11

deEstanding that connection will be
made either by the Union Pacific from
Frisco or by the Rio Grande Western
/ from Salina
The other scheme is that of the San
Diego, Pacific and Eastern railroad,
which at present is a company on pa
per. It's design is to induce railroad
men throughout the United States to
take shares of $1,000 each in the COM
pany on payments of so cents per
the company until at least one hun
dred thousand shares have been SUBJ
scribed. AS soon as that number of
stock subscriptions have been secured
a board of directors is to be elected
by those subscribers. The stock is to
DE sold only at par. No bonds are to
be issued. The capital stock is to be
increased after the first million dol
lars has been subscribed as the work
progresses by the extension of the
road. The highest number of shares
that any stakeholder can own is to
be five hundred. The various brother
hoods of railroad men are expected to
take up this stock. No man is to be
employed on the road in any capacity
who is not a stakeholder.
The company as at present organ
lied consists of prominent business
men of San Diego who have secured
valuable franchises in and through
that city. They are endorsed by the
Board of Trade and Chamber of Com
merce and City Council of San Diego,
also by division No. 1913 brotherhood
of Locomotive Engineers, lodge No
1856, Brotherhood of Locomotive Fire
men, division No. ST. Oraur " p
way Conductors and many business
houses in San Diego. The present
board of directors will retire in favor
of the board which shall be elected by
the stockholders as soon as the one
hundred thousand shares have been
subscribed.
This is therefore d genuine co-opera-
tive railroad building project. It's
success depends of course first, upon
the subscription required to the CAPT
tai stock; next, upon a capable and
honest administration of the affairs of
the company in building the rOad as
far as that one million dollars Will
carry it. If that is dong in an accept
able manner 1t is probable that TIE
remaining capital necessary 70 conf lete
the road will not DE difficult 10 obtain.
m mi hna hot
first subscription will be secured. FIX.
perience in railroad building has
shown that large capital not depend
ing upon small subscriptions is abso-
iute'Y necessary to the expeditions
al economical construction rf rs IL
roads and also for their support rr-
til sufficient traffic is secured 20 pay
running expenses.
That railroad connecting San
Diego with Salt Lake city and thence
to the east would te Of E-rear benefit
not only to San Diego out 20 the
whole region through which it would
pass needs no argument to make ap-
parent. San Diego situated on the
California coast close 10 the border
line of Old Mexico has n magnificent
harbor. Communication with the
states would open up for that pert
commerce with the Orient. 1t is five
hundred miles nearer Asiatic ports
than San Francisco. The road would
not have those heavy grades which
have made railroad building so eX-
pensive on the other lines to the coast
1t would also have the advantage of
being south of the snow line and of
being much shorter. 1t would pass
through about five hundred miles of
country which is now without rail-
road facilities. Coal in abundance
would be secured from the mines in
Iron county and the immense deposits
of iron ores in the same region would
be developed and utilized through the
of iron works which
would furnish traffic for the road.
The silver and copper mines of south
ern Utah and southern Nevada, be-
sides the agricultural and stock rails
ing industries would also contribute
largely to the business of the road.
The cooperative plan is in harmony
with the views of many leading men
in Utah in reference to the develop
ment of the resources of this region
and the conduct of great Industrial
But we must con-
fess to doubts concerning the
success of scheme which
the uniting together of
railroad men scattered over
so vast a country as the United
States and connected with so many
orders and associations. The
railroad is needed. When once built
we believe it would be a paying con-
Germ and Salt Lake is greatly inter-
ested in the construction of such an
outlet to the Pacific coast whether
built by capitalists or by the some
what novel schemes which we have
here to briefly explain.
A TALE THAT Is TOLD.