The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1904-02-05
BIG MORTGAGE
FOR NEW ROAD
Western Pacific Files a $50.
100000 Instrument.
TO SECURE THE BOND ISSUE
BELIEF Is WORK ON THIS END
WILL BEGIN SOON.
4 100000 MORTGAGE to secure a

/ a so, 000, 900 MORTGAGE to secure q
u bond issue of equal amount was
filed by the Western Pacific com
pany with County Recorder AIeeks yes
terday afternoon. The papers were
filed by L. n Farnsworth. cashier OF
/ the Walker Bros. bank and agent in
Z Utah for the Western Pacific COM
pany. The proceeds of the bond issue
are to be used for the purchase Of ex-
/ ieting railroads and for the construc-
| ton of new road between Salt Lake
and San Francisco.
The action of the company in fling
the mortgage and preparing for the dis
p0ssI of the bonds is taken 30 indicate
vigorous action at once in the way of
/ construction. The enterprise, which IS
generally believed TO be backed by
/ George J. Could and John D. Rookie
Teller, has been carried on quietly but
/ IN a manner 10 indicate that Il was 20
be carried through in a business-like
manner and without delay. over 81
oO0000 was spent for terminals in san
Francisco, and several small California
railroads were acquired
Surveyors in the Field.
Surveyors have been in the field for
about year, going over the entire
+ ground between Salt Lake and san
/ Francisco, and il is understood that
/ they have completed their work sUfti-
[ GENTLY to enable the board Of directors
J to determine the route 10 be adOpte5
/ for practically the entire distance. This
/ being the case, it is believed the filing
I of the mortgage is a preliminary to
/ active construction work all along the
/ line.
/ The Western Pacific is looked upon
/ as the Westernmost link Of George
/ G0uid's projected coast to coast sys-
+ tenn. Tt VIII connect at Salt Lake with
/ the Rio Grande Western. 1t IS eX-
{ pected that construction will begin
from this end before long, although al
/ official statement on the subject is I'M
{ possible to obtain. Already work is in
/ progress at the other end.
The mortgage filed yesterday is made
10 the Bowling Green Trust Co, trus-
tee. It is a first mortgage on the rail
roads and terminals already acquired
/ and on the entire system with branches
hereafter to be built.
The mortgage is dated Sept. I, 1908
The bonds are for thirty years, du'
Sept. I, 1893, bearing interest at 8 pei
cent, both principal and interest pay
able in gold. The mortgage was flee
here because the Western Pacific is
Utah corporation.
/ The greatest secrecy regarding tn
steps taken by this company is being
preserved at both ends. L. H. Farms
/ worth. the Utah agent could throw III
new light on the subject yesterday.
The mortgage was sent to me toda.
/ 10 be fled, and I fled il, he said
/ Beyond that have nc information Il
give out
Although Gould has given an evasiv'
denial that he is connected with tn
road. it is known that Gould men arr
directing the operations from behin'
the scenes. Virgil G. Bogue, who j
! C1ouId's consulting engineer, has ex
ercised general supervision over tn
surveys so far made. Other Gould mel
have figured quietly in the work iron
time to time. The president OF tn
company is ". J. BARNETT Of Sal
Francisco.
7 Route of the Road.
The prospective route Of the road il
i across the southern end Of the Grea
Salt Lake over an enbsnkment or tres
tie. similar TO the Lucin cutoff Of tn
Southern Pacific. close to the Dee
Greek. region in Utah. and across Neva
ia south of the Southern Pacific, nea
Eureka and Austin. crossing the Sierr'
Nevada n California over BeckWit
Pass and entering San Francisco.
It is claimed that the road will b
somewhat shorter than the presen
route of the Southern Pacific. Ricl
mineral resources viii be tapped by tn
new road, not the least of which are +
the Deep Greek region of Utah.
/ The prospects are that shops viii b
built in Salt Lake which will be tn
eastern terminus Of the line, givin
employment TO many hundreds Of men