Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1895-06-08

Loan gad Trust cOmpany's only pur.
IOso IN the litigation was ~ put man
ia charge VI the Short Line who
would guard itH Interests In it, fela.
tions with other roads and not be- on
both sides VI tue same qucstiUns. The
purpose Of the Union Pacific in fniy-
iuE new questions here was 10 obtain
new orders that would require further
action In the other courts aud sJ poet.
p0ue The conclusion Of the litigation
that the Loan company could not com.
ply with toe terms Of the orders Of
Judges SanbOfn aud Gilbert within the
time pttacfibed. Nir. Storey said he
was now In accord with Mr.
Pierce with fespoct u the position tnat
iheruthUuld be uniformity In tue orders
aud no dlafuI t.UnOi the systcm. They
would agree that the couti should uut
the requirements m the order that
tnuy must take Uvefy part OF the road
aud operate II. lie tion made brlef
reference 10 the statement Of Air.
Williams, that the NEST important
part Of the Short Line system wts In
Utah, when the curt announced that
IL was 0 o'clock and ordered an ad.
lUutnmolt "a llil 10 o'clock this niytu.
luz.
Re'uming his argument this morn.
ing, Mr.. storey polluted out his view
90 the UniDn PaCifcs inability 10 har.
uOgi1s tue long anu short haul inter.
tHiH To the advantage Uf both. They
were diverse aui cJult not 10 harmon.
lIBi. Tho Union Pacific feceiyefs
could nus serve that interest aud slsy
tho Snort Line Interest, which In u
measure was nutagpgist.C. rhiB
WA why tho Loan company
ssECi a r1lnratc TecuivguhiI q.
luc company hal only three
arUGe, T. July !, 10 faia1 over 81 400, .
ull to moot gO'EuiuuE Interest IA tho
irst myrga ;ss. Tho puryoao Of the
uthet side was 70 secure notifications
Of tie order 10 that the Loan company
would have 10 ~ BAGS to Jusgc Gii.
ter; and SanbOtu, aud delay Nv ctusel
~ there would be no time before July
let tu rai9u tho money.
Tho Loan company does not come
with "A CHIP on 10 shoulder, hut stag.
gUrlnx under a burden placed thefo
by the other sic, aud II simply asked
this court & grant It's legal Tignts Eud
no more. Referring 10 Mr.. Willlams's
statement that thu Utah roads wet,
tue llieblOod VI the Short Line syst,m,
Mr.. Storey quoted from the statement
Of the rcculyeiO last month, showing
tuat the gross earnings Of tho lino
since the Toceivefship-O rlbsr Is,
lsy3-was but litllo over $685. 900, Ani
tue profits were only si,gl7. That
was the result OF the iecsiveu' opera.
ton VI the best piece OF ROAD 10 Utah
that between Salt Lake nnd Ogden.
South Of Salt Lake there was detiriI
Of over So, 900 on tho road t. Juab; the
Utah Southern Extension showed n
deficit Of over $50 900. Thnu was the re-.
tult 0i the receivers mAuT ging for tho
Loan company. Was II MT time for n
ChAnge2 On tue whole OREGON Shnfl
Line tho surplus was upwards NJ 81 600
orc, yut tho receivers have lett but
s6OO, 900, aud OF this they ray not q
dollar IN applicable 10 the payment OF
interest on the Short Line mortgage.
These were ideal receivers indeed.
Yet IN the iist few months they were
able TO pay interest. These men wore
interested Ia the long haul, la the
uuiOn Pacific, aud operating II there.
for 10 It not time for crangs2
Mr.. Storey next gave attention 10 the
sOllcilude NJ the Ubion Pacific for Salt
Lake. one would tullH.r tIat with
such Interest you would lind salt Lahe
citizens as its officers anu manager;
that out OF ivc receivers al lesst two
would have been residents OF Utah, OF
al least on tho short Line. But the
suppOsitiOu Was far.fotcbo out Of five
receivers there was not one along the
Short Line, let alone Utah. This was
local intettl, indeed! Now what do
We hAveg Only one receiver, who
thRll take w his residence here In
Salt Lake, where this community may
reach him anu where the center
Of the system will be-. Mr.. Egan 1, "
reside directly la the Jurisdiction OF ths
Utah cour'. II Mr.. E2an were desir.
Gus 10 avoid this jurisdiction, no might
DO expected 10 TeBiie ~ TAR distant as
possible, even In Wall street, where
ouB Of the Union Pacific receivers re-
sides.
As 10 tho Oregon Railway and Nayl.
CATION company, II was taken by tha
receivers free from debt. In July II
was turned over TO hr. McNiel, show.
ing a lOss In six months Of over $3.50.
900. In i've months, Mr.. Mcneil, n
local manager, paid the interest and
cleared the Indebtedness. His success
was because he was IN direct contact
with the patrons OF his liup; aud this
should DO the situation OF the short
Line, Its management in association
with Its patrons. IL should also be n
management OF n competent railway
man. The American Loan anu Trust
company insisls that It's road should be
managed by ths ownoF6, and not by
uuu-OwLers.
Toe Loan company was AnNiouS 10
take the Utah southern ami Utuh
southern Extension, anu hold tnon %
long as II operated them. Tbs Union
PRClrc seems TO burden the separate
Teceiyouhlp with conditions that
would hamper and Obstruct tho mpn-
Rgemcnt, it demands 100000 which
the Lonu company does not owe, anu
which the present receivers cannot get.
such clnditlous were mauiiestly uu.
Just. Asst Mr. Thurston's proposition
that the Tour franchises were CONSOLE
dated In ono at the consOlidation Of the
corporation, MT, Story pointed out that
IL was indeed an amazing claim that
mortgages covered property which
they did not describe. Ths foreclosure
Of the Utah Southern Extension
mortgage would not authOrZp the
mOTtgsuue To run the road fiom Granger
60 Huntington. Tne proposition OF
Nit. Ihurs.on was characterized AZ An
absuTdity, The mortgages was entitled
to the road described aiter default aud
demand resulted Ia his possession
Of the ROAD mott yaged. The existence
Oi a,motIgnge on ono snd OF y road did
mt blf tNs owner from matchmaking aF