The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1903-04-19

building a railroad between the CITY
Of the Saints and the "City of the An
gels"
Formal announcement of the plans
for the vast enterprise were made Aug.
80, 1900 at a dinner given Mr.. GibbOn
with J. Ross Clark as guest of honor.
by citizens of Los Angeles at the Cali
fornia club. on this occasion both Mr..
Clark and Mr. Gibbon told something
of the intentions Of the principal back
er of the undertaking.
Mr.. GibbCn. i'm the course of his re-
marks, called attention TO the fact that
the new road would be unique I'm that
III will be tie first Important road of the
west promoted BIZ western capital
without recourse 10 the money markets
of the east or Of the Old World. which
have built and now largely own an the
other railroads OF the vest
Financial Plans Announced.
1T is proposed by the great fnancier
! who is at the head of this enterprise.
/ he went on. 'and whose millions are
/ pledged TO it's success. that il shall be-
/ gin its existence with the smallest in-
/ terest charge ever carried by any newly
! constructed road Senator Clark i'm
/ sists that the bonds of the Salt Lake
/ railroad shall call for only 4 per cent
/ interest," rate of interest so far as
/ ! am informed, lower than ever before
named In the original issue of bonds of
! any important railroad company This
/ viii insgre a much smaller fixed charge
than is borne by any other western
road Ia addition 90 that. it is proposed
that the original construction of thi,
road shall involve the best thar is
ID
Tt is the desire of the promoters tina
from the time the first train passes oveI
it,, il shall take the place of a high
speed freight and passenger line, anJ
TO that end they propose 10 lay its tract
with the heaviest rails and 90 make it
construction i'm every way the most APP
proved and up-tO-date."
Mr.. Clark spoke OF The wonderful de
pOsits of coal and iron ir Utah close e,
the new road. and of the enormou
mineral resources in other places alOn.
the route. He expressed a belief tina
the building of the road would result
i'm tremendous development wherever +
went
Cordial Relations With Public.
1T is the belief of the promoters O
The Salt Like railway that 10 is posi-
bic for their corporation To occupy re
lat' of friendship and mutual as
sis Z 10 those ON whom fl viii De
pen > or business ne said. I'VE So
no reason why our corporation shout
- not De as much a friend of its custom
eI-s as the banker is of his customer
. or the merchant of his customers. "
, believe and hope that we will take
necessary part in the commercial life O
! Los Angeles and southern California
that we will become necessary factO
in your banking, your merchandis,
, your fruit raising just as you in you
? various branches Of business VIII
I / necessary factors IN our prosperity
s With this relation of mutual depend
ence. we see no reason why there shOul
s not grow up and be sustained mutu5
2 relation of intimate confidence am
b friendship. We DO not believe that It
% necessary that the patrons of raj
s road corporation should regard ths
} corporation with suspicion and distru.
e and feel that whatever you conuibut
B to it's support is i'm q measure an eI
d forced contribution.
e 1T viii be our effozt to make the oris
o. inal investment as small as cOmpatab
e with a construction which viii enab
y Us TO give perfect service, so that So
e may avoid loading Up the corporate
t. with large fixed charges I'M the form
r. interest on bonds which viii mean O.,
S travagant freight rates. I'm going in
e this enterprise we shall merely ask
e reasonable return on the money il
- vested. and it shall be our business
q see that the nominal investment do
T. not exceed the actual investment
other words. il is our intention % NAL
prOperty-nOt a speculation. our
the Salt Lake railway-to establish an
S conduct IT, as far as our ability VI
e admit of. on safe. conservative, bus
T ness lines, and 90 try TO make of it
q much value as possible 20 its patr0
IL as Wen as TO- its owners
: Senator Clarlz's Announcement.
~ Ii was not until autumn of that We
r. that Senator Clark himself made pub
3 announcement of his plans. AZ Z
is time OF the Los Angeles dinner he ~
n In France. He returned The meetn
<. 20 incorporate The san Pedro. Los a
% geles q Salt Lake road was held M
"a -, 1896 and after that Senator Cla
IF in a speech pledged his word that [