The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-11-28

ROAD CUTS DOWN
Z INTEREST RATE
Western Pacific Company Draws Two
Per Cent on It's Deposits.
BANKS PAY ON $4,000. 900
PROGRESS MADE IN LETTING
CONTRACTS.
BANKS PAY ON $4,000. 900

The new Western Pacific road has
devised a scheme whereby it is paying
a net interest of only . per cent q year
upon the unexpended portion Of the
S5O'OO0.0OO which it realized from the
sale Of its bonds.
the bonds draw 4 per cent interest;
but by an arrangement made with New
York banks whore the proceeds Of the
pond issue We're deposited, the road
draws , per cent interest annually On
ats deposits, interest being paid only
on balances at certain periods
In this manner the road has reduced
the interest on the bonds TO a cOnsid-
cradle degree, or course as fast as
money is withdrawn from the banks for
construction work il ceases to draw
interest, and pays the full rate of per
cent 20 the bondholders.
OF the $50 900 900 il is said thar about
SlO,OOO,0OO has been expended in various
ways, leaving a balance of $40, 600. 900,
which is now drawing interest.
Progress on Contracts.
From san Francisco comes the infor-
NATION that the Western Pacific up to
last Friday night had awarded con
tracts amounting TO $4,000 600 for the
fornia and Utah No construction con-
tracts in Nevada have Yet been let.
owing TO the fact that some of the final
surveys have not been completed. The
( latter, however, are in such shape that
u can be said that the length of the
main line between san Francisco and
salt Lake will be $40 miles, as compared
Ia SIG by the Central Pacific and ore
Eon Short Line. For the entire distance
there will be no grade in excess of /
per cent. At the Beckyith pass the
new road viii cross the Sierra Nevada
mountains at an elevation of 300 feet,
as compared with the elevation of 7.0l2
feet of the Central Pacific at its sum
NIT station
At salt Lake City. the Western Pa
ci1c and Rio Grande system. which also
belongs 10 Gould, are TO have a fine
new depot!
While the company is not ready To
give out any maps of the Western PR
Cittc route, the latter can now be said
10 be practically as follows:
It crosses the line of the newly COM
pleted Salt Lake Route at a point about
ten miles west from salt Lake. and at
mile post No. Il the line takes to the
south shore Of the Great Salt lake. The
first important station is Garfield This
VIII be the only large town reached be-
tween salt Lake and Winnemucca,
New.
Skirts Salt Lake.
The line viii skirt tine south end of
the lake for many miles. cutting across
one arm, and then leaves the valley
tWo miles north of Grantsville through
a pass I'm the Lakeside mountains
where the work will be heavy for a
short distance. The line then makes
Tor Wells, New, across the Great
American desert, where the Central
Pacific viii be crossed. The work
through the desert will be easy, but the
lack OF water means much hardship for
The men. \ fOTty-mile pipe lire is be-
ing laid at present from some springs
IN the mountains, and three pumping
stations are being established.
From Wells the line follows the
course of the Central Pacific for about
seVenJy-hNe miles, but al Winnemuc-
"a II strikes due west, While the old line
runs southwest II JraVerses the Al
Kali fiat and the Buffalo meadow and
4edNes the state of Nevada a short dis
lance west of Deep Hole From Deep
Hole and the crossing of ReckWith pass
several routes have been studied. bat
TIE one that has practically been adopt
ca VIII take IN all the prosperous towns
of northeastern California. such as
Susanville. Quincy ana Oroville. and
Then run southwesterly by the way of
hdfysNiile. Sacramento and Stockton
10 Oakland and this city
Fine Scenery on Line.
\ The California mountain region viii
lSFe the new road some superb scenery.
Us no snoWsheds viii be required. The
country through which the line passes
IN California is undoubtedly one OF the
finest timber belts i'm The west and all
the ties the company needs will be cut
on the right OF way.
Gould is likely TO have direct rail en-
trance from San Francisco So Washing
ton, ID. e.. as Well as into Baltimore in
the near future The Gould system re-
Gently acquired control Of the Wash
iugton Potomac * Chesapeake Rail-
road company, incorporated some years
ago 10 build a road from Washington.
ID, G, 10 Point Lookout, Md, distance
Of eighty miles. A few miles of track
We're laid from Washington. but this
portion IS not operated though on am
other section az tWeuty-oue miles. one
train day is being rum The Chesa-
peake Beach Railroad company. oper-
ating road from the district line 10