Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1905-09-11
President E. T. Jefery Comes Dat
With Official Statement Over
His Signature.
TURNED OVER TO RIO GRANDE.
Could Road Secures all Rights, Fran.
chises and Properly Interests lnclud.
Ing 81 Miles 10 Operation,

Grande Railroad company for the hs-
cal year ended June 80, 1905. has been
received by the Deserct News. 1t 10
an interesting document aside from the
statistics it contains What viii in
terest the people Of the West most,
however. Is statement OF the status
of the Western Pacific which appears
over the signature OF f. 4. Jeftery
president OF the H. q Il. G. and the
Western Pacific This first official
announcement Is one that leaves no
loophoe Tor retraction.
A portion OF the report follows;
For many years, while the line Of
railway between ogden and san Fran
cisco was uncontrolled by interests
competitive with your system, you
company enjoyed "a satisfactory share
of the traffic TO and from California.
and one Of the reasons moving the
management, between fogr and iiie
years ago, TO acquire the Rio Graude
Western. was the closer relationship
that would be established with the san
Francisco line Of the Southern Paclhc
company ana the frter Interchange
that It seemed probable would result
therefrom. subsequent events were iu
a measure Disappointing The control
of Southern Pacific by Union Pacific
interests mas led 10 unexpected restriC-
tiouJ on interchange, and, more espec-
tally unlocked for implements IN the
way OF securing traiiic I'm territory
reached 10y the Southern Pacific Line.
These considerations, In connection
with the rapid development Of The
commercial agricultural and indus
trial interests on the Pacific coast and
the increase NJ commerce with the
Philippines, China and Japan, led the
management reluctantly 10 luyestl-
gate the feasibility OF am independent
line iu your Interest from either Salt
Lake city or ogden, 20 San Francisco.
with such branches and laterals as
might from time 10 time be- desirable
for the development of natural re-
sources within reasonable distance of
the main system.
Il. j. YARDS COMMISSION.
with this end iu view. and with a
manifest obligation before Il TO ad-
vance your interests, the management !
assisted I'm promoting the plans Of the
Western Pacific Railway company. "a
corporation organized under the laws |
of the state OF California Tor the pur- |
pose OF building main line Of railway
from San Francisco TO Salt Lake City, |
with certain proposed branches, or lat |
erals. Concident with this, careful In |
Vestgations and preliminary surveys |
were mace. under the auspices OF |
your company, some OF them by It's |
chief engineer Mr., h, j Yard and his |
assistants, for the purpose Of deter |
mining the best available route, These |
were supplemented by the professional |
services Of Mr.. Virgil @ Bogue an en-
gineer of experience. acting under the |
general direction OF your company |
These engineering efforts We're sue |
cessful beyond expectation ANA main |
line has ben definitely located which. |
through the Sierra Nevada range OF |
mountains, has a maximum gradient OF |
one per cent Cj2.S feet 20 the milc) i'm |
each direction, and lighter grades on |
both Sides of the range, with satlsfac- |
tory alignment throughout and which, |
iu general desirablity and advantages, !
affords route superior to any existing |
line to the California coast.
ALL RIGHTS TRANSFERRED
THE management of the Western |
Pacific Railway company co-operated |
ana placed In their plans surveys and |
Information al the disposal OF your OH |
GERS, and, after prouacted nogOtia- |
tons, the control Of their corporation !
was transferred to your company with |
all rights franchises and property in !
terests. including about 3S miles Of !
railway In operation
AS planned the main line between /
san Francisco and Salt Lake city Will |
be substantially constructed. accord !
ing TO modern specifications aud will be |
laid with steel rails of "a weight Of So |
lbs. per yard. il win connect at Salt |
Lake city with Your Rio Grande West |
eru railway and viii use jointly, the |
yards. station facilities, repair shops |
etc.. at that point, paying a reasonable !
rental therefor
FINANCING THE ROAD
"Thc Western Pacific Railway COM
pany has az present an authorized cap |
tial Of $50 00O.O00 90, which win be inn |
mediatoiy increased 10 $i5.00O.000 90 |
The financial arrangements for the |
construction OF the railway were COM |
pletcd Ion the last three months Of the |
past fiscal year by the issue and sale |
to responsible bankers ~ $50 900 900, 90 |
OF first mortgage five per cent thirty |
year gold bonds of that company II rs |
estimated that the proceeds ~ this |
issue win cover the cost Of the main |
limo with terminals and necessary |
equipment BY request Of the bankers |
and with the approval of your direct |
ors, the president OF your company has |
been elected president OF tho Western |
Pacific company
THE interest accruing upon the |
Western Pacific Railway companys |
first mort gage bonds during the period |
OF construction to Sep !, 1905, has |
been provided for and win be included |
az "a part Of the cost Of construction.
PRINCIPAL FEATURES.
AS part Of the plan for financing |
tho Western Pacific railway, contracts |
pledged by assignment TO Bowling |
Green Trust company trustee of the !
mortgage securing the bonds and for
tho benefit Of the holders thereof. were |
on the part OF the Denver & Rio |
Grandc Railroad company and the Rio |
Gande Western Railway company. un-
der appropriate corporate action, en-
tered into with tho Western Pacific |
RAILWAY company, the principal fea-
lures Of which are
FIRST In the event that the pro-
ceods Of the first mortgage bonds OF |
the Western Pacific Railway company |
shall prove insufficient to complete the |
main line Of railway from San Fran
cisco 10 salt Lake city with adequate
terminals and terminal facilities. and |
equipment 10 the amount ~ $1,000
900 co. the Rio Grande Western Rail
way company undertakes 10 provide
sufficient funds 10 assure the compile
ton and n called upon 10 make any
advances. 10 Is 10 take second mort /
gage bonds NJ the Western Pacific |
Railway company bearing interest az
Eve per cent rer aunum
Second The Denver & Rio Grande
Railroad company and the Rio Grande
Western Railway company. Jointly. !,
undertake. 10 semi-annually make up /
any deficit IN the earnings and income |
OF the Western Pacific Railway com.
pany In the amount required to meet |
rs operating and maintenance ex-
penses and taxes, and, after compile. |