Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1902-11-19
MOFFAT ROAD
A SURE co NOW.
So Wires the Chief Promoter From
New York to Denver Papers,
ALL BONDS HAVE BEEN SOLD
Twenty-Five aud a Halt Millions In
vested In the short Line Between
Salt Lake and Denver.

The building OF the Moffat road
which means so much for Salt Lake
despite the conflicting rumors that are
prevalent at stated intervals, seems to
be practically assured, Following the
story that d. II. Mofiat has been un-
able to place his bonds on the market
como the word that s22, 100000 IL now
forthcoming for the building of the
cutoff between Denver and this city
The Denver Post Of Sunday prints
the following in this connections
New York, Nov. IL.
"rhomas Kelly, First National Bank,
Denver:
"You may state TO all newspapers as
coming from me that / have today sue
ceeded in completing arrangements Tor
money to build our railroad to SAT-
Lake. ID. ii, MOtFAT'
' This was the telegram received last
evening by Thomas Keely, cashier OF
the First National bank, from Mr., Moi
fat who, a week ago, In company with
w, q, Evans, vice president OF the ROAD,
went to New York. The subscription
books were closed yesterday to the
general public and although II has been
known that Mr.. Moffat would have no
: trouble in securing the s22 600 called
for by the mortgage. OF which the Mer-
camille Trust company Of New York ~
trustee the telegram 10 Mr. keely
forms the first official statement that
all monetary difficulties are now re-
moved
Large investments in the bonds OF
the Denver, Northwestern & Pacific
Railway company have been made
throughout the country; the remainder
has been taken IN a financial arrange
fnent known and approved of by Mr..
Moffat before he left Denver. The
greater portion Of the bonds have been
placed In New York city,
1.-THE telegram from Mr.. Monat
means that the s22,500,O00 has been
raised and operations for building the
800 miles OF road VIII begin at once.
The railway company has contracted
with the Colorado Utah Construction
company to build and equip the entire
railroad to Salt Lake City, including
not only the roadbed, but eighty-pound
steel rails and the latest and best pas
senger and freight rolling stock. The
railway company will Issue to the con-
struotion company $4,000 OF the first
mortgage 4 per cent bonds and $4,000
par value OF the full paid preferred and
10000 par value Of the full paid COM
mon stock for each mile of main track
as Il Is built and turned over to the
| railway company, ready for operation
OF the s22, 100000 secured Of Mr. Moifat,
S2,b00, 600 will be placed as a reserve
fund In the treasury The one-half OF
the common and preferred stock OF the
railway company not offered for sub
scription win be owned by the con"
siructlon company. The basis on which
the subscribers have bought is as fol-
/, lows: For each $3.50 paid the subscriber
received one 81 900 per cent 5O.year
first mortgage gold bond Of the Dem
yer, Northwestern & Pacific Railway
company $3.50 par value of the nom
! cumulative preferred stock and $3.50 par
value Of the common stock OF the rail-
way company.
"As has been stated, Mr., Moff0t, upon
examination OF the traffic conditions OF
the Colorado Utah and Wyoming rtll-
ways, expects to secure, as soon as he
road is completed. gross earnings OF at
least $1,000, and net earnings Of $500 "A
mile per annum. The annual interest
charge will be $1,000 per mile