Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1899-04-15
IN RAILWAY
CIRCLES TODAY.
Everything Quiet and Most Of the
Offices Closed This Afternoon
NEWS OF TRACK AND RAIL.
Visiting OHicisi. lss.k In salt Lakes
staIniy sunshine Items OF cen-
ermi Hallway Interest

rycrythIng was quiet In railway cir
Giles today. and most Of the oiioen
closed this afternoon. The visiting OIL
clals OF track and rail spent the day
in n quiet manner and will all be gone
within a day or two. The pleasant
runshine and balmy air was enjoyed
iy those who went out upon the streets
ana took In the sights Of the city
The nature ~ the Rio Grandc mort
gage decided ON yesterday, " So iettn
below In extracts rum Seete'ais
The annual report for the year cnd-
lna June 20. 1885. showed obligations
outstanding Tor now 'quipnen,
amounting 10 ts26.5iS.2o. ~ which sso'opl
were thereafter iiquidatcd from current
resources. There has alnee been or.
dered u additional equipment apou'
500 600 In value. soon to be delivered
ard the general manager now RECON- 2
mcnda that at least as much more be
ordered.
EXTENSION OF LINES.
II IL desirable that some additional
branches and extensions should nc
promptly constructed. Those immcdi-
atcly important are. branch w IN.
Provo River canyon. and extensions OF
the Pleasant Valley branch to addition.
nj cnai mines which are being opened
10 that field 60 supply the growing TAR
western markct-a total " twenty-five
miles.
IL is proposed to build at once the
twenty-five miles Of branches. foi
which tsoo.oo0 Of the new bonus VIII be
issued.
II IL also desirable TO cancel the exist
Ing equipment trusts. and avoid future
ones and all forms Of Indebtedness eN'
ccpt longtime bonds, and 60 unity theHs
Hens No that eventually when the nrHl
mortgage bonds arc discharged Their
will be- but one mortgage covering IN,
main line and all branches and extern
slons and all nppurtcnant property
CONSOLIDATED MORTGAGE.
The directors decided TO authorize o
second mortgage covering the nrst at
per cent. running ATTY years. the mrs.
mortgage 10 be paid OF at maturity.
The frnt mortgage bonds OF th'
branch companies, now held IN th'
treasury. amounting TO E,SsoO0o. nnt
covering 10 miles. VIII be depoHltc'
with the trustee. and exchanged fnt th'
rate OF 10000 per milc) for t2.200.oOo o
the proposed consolidated mortgage
bonds, to be similarly held.
The mortgage will also provide foi
the issue Of bonds. at the rate Of $50. Ool
per mile. for the building OF acquisition
81 future branches and extensions, ol
for exchange. at not exceeding tina
rate. for the whole OF the underlying
lien Of other roads. " which the who'll
or a majority OF the stock may be nc
quired by the Rio Grandc Western
Railway company. This provision VII
enable the company 70 make an isnu
Of these consolidated bonds TO ncquir
FIRST mortgage bonds Of the Utah Cen
trail Railroad company (which hay
been guaranteed by tho Rio Grand
Western Hallway company. whcncvc
they may be acquired ON terms dceme'
sufficiently advantageous 90 this com
pany.
FURTHER DEVELOPMENT.
In addition 10 the above. the mort
gage Will authorize. for the further de
yclopmcnt II the property. by providing
for IT. future ncccsniticH for cquipmcn
and other improvements or or add
lions Go, the property, ana acquisition
made with the view Of increasing "
traffic or earnings. the issue of 10000.
600 Of such consolidated bonds q
these. ~ 600 900 viii be issued now. nnl
the remainder at the rate Of not OK
eceding $4,000 In any fiscal year. un
less the consent 60 larger amour
rhall BE- given IN writing by the holder
OF two-thirdn OF the outstanding stock
The q, 100000 bonds 10 be- now Issue,
NJ above shown. viii provide the fund
needed 10 discharge all car trusts am
other indebtedness for equipment; 4
restore 10 our current resources IN
amount expended thcrcfrom In 1895 II
building the lnft extension OF the Scvie
railway 20 iiclknnp. To build the TWEEN
y-fiNc miles ~ new branches confid
erred Immediately necessary. aud 4
provide additional equipment.
The equipment TO be forthwith pu
under the consolidated mortgage ns
firnt lien, Will, II N believed. undcpond
entity Of the earnings from the ne,
twenty-five miles, net To the compan
IN the saving 10 ear mileage now PAL
Go other roads. and from the commnn
81 additional business, the bulk ~ IN
intcsort on the entire 81, GOO, 900 now To b
issued.
In addition To the equipment, m
consolidated bonds VIII also be- secure
by a trst lien on the existing mileng
" the scyicr AMI Tintic railway com
pgnlcE. aRgrcTnting 10 miles OF road
ana ON all new mileage 90 be- con
ftructed. Tho net earnings Of tho n
miles alone amounted In 1895 90 doubl
the Interest On the present issue.
The &i.lnO.OlO bonds now TO be iHsuCt
have been nold tn bankers.
GRAND ARMY RATES