The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-05-26
Means Money Is Raised.

Asked as to the meaning al the Civ
ing of this trust deed. lie Grand Youus.
general counsel for the Utah Light *
Railway company. said
1T Is the closing UP of transactions
. that have been pending for fifteen or
. eighteen months. and 1t means that the
. Utah Light & Railway company now
has the money To go ahead and make
many contemplated improvements.
The first object Is To take up the S6-
. $4,000 of outstanding bonds. for which
/ sVe viii exchange other bonds. bond for
. bond OF the same denomination. When
. that Is done the company viii issue 81
UUJ-UgU of Improvement bonds OF the
money that viii be received from them
we shall eNpend $3.50. 600 i'm putting u
steam plant on the Jordan river. ami
SlVO0vJ I'm building "a reservoir and
making other improvements at the
mouth of Big Cottonwood canyon. IF
/ the city does not buy Us out uD there
Then we shall eNteuG OUT lines from
Z Murray TO Sandy. and from raIda--S
park to Holiday We must have money
with which to help pave Brigham
street and other streets. and we intend
: making extensions in the north part OF
The city Another thing that we shall
Z do viii cost a lot of money. and
/ that is take up all the light rails CEir-
/ ty-hve-pOuud) i'm our street railways
and replace them with seveuty-pouUd
I rails Then we shall buy between
/ twenty-five and fifty new cars. The uu-
J expended balance viii remain III the
! treasury"
Deed Is VoIuminoUs.
I The deed is in the form of d printed
I pamphlet of sIXty-seVen pages. and eE-
I plicitly and UinUteIy describes ali the
/ holdings Of the Utah Light q Railway
/ company which are pledged as Securi-
/ ty for the loan of $4,000 coo. All the
I cOmpany's power plants. lines of poles
and wires. cOnduits. gas mains street
railway tracks. cars rights of way and
/ other properties are Included the real
estate being described by metes and
/ bounds.
included in the property covered
the trust deed or mortgage are the De-
and the water right which he conc
pany proposes to swap to SILT l.
I City in consideration of the exteusi.-
of its various lighting and street rail-
way franchises.
Authorization of the bond issue Is re-
/ cited In the following provision of the
I trust deed. showing the action taken 1T
a meeting of the board of directors Of
the Utah Light K Railway company
held in January. 1904.
Whereas. The company by resolution
of its board OF directors. at d meeting
OF said board duly called and held a.
which meeting all of the members of the
board of directors were present. unaui-
mOUsIy resolved that the company. in or
der to secure payment of it's debts and
10 borrow money for the purposes OF the
incorporation. should make issue and de-
liver from time to time al needed for It's
purposes. its certain coupon bonds not
to exceed In the aggregate of their par
value IN amount of ten million iSlHHA-Hbf
dollars said bonds To he of the deDumif~
alton of one thousand $1,000 dollars each
to be dated Jan ,. 1874 and To- be pay
able in gold coin of the United States
Of the present standard weight and fine
ness on the second day of Jan 1854 with
interest thereon in like gold coin at the
rate of five per CentUm per aunum- IN
tereSt payable Semi-auuuaIIv on the sec
Ond day of July and January I'm each
year from the second day of January
1904 until the principal of the same is
paid, and to have annexed thereto inter
est coupons with q fac-simile of the sig
nature of the treasurer of the company
impressed on each thereof for each in
staIIment of interest, such bonds TO BE-
authenticated by the certificate thereon
by the trustee securing the same
Entire Property Liable.
In accordance with this action bv the
board of directors of the Utah Light &