The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-11-04
NOUNONS SELL ELECTRIC co.
cuIRCn GETTING RID OF PUBLIC
UTILITY CONCERNS.

,,,n Light and Railway. the Mormon Co.
Zoe, 10 the Hartman interests'-sal
nike and los Angeles Railway co.
a said 10 lie seeking a Similar Market.
The Mormon Church, which has for some
,ue been negotiating for the sale OF its
.,tens,,c public utility properties, accord
,ng TO SlIt Lake dispatches has disposed
~ the most valuable Of these properties
81 Hartman and persons interested
,,,,b him n railroad affairs, The property
whicb hes changed hands is the Utah Light
,rd Railway Company, a so 900 600 cor
noratiou which controls all OF the electric
lighting and most of the street railways
n Salt Lake City and has net earnings Of
more than 500 900 a year. Three-fifths
n the stock has already been transferred
N the Hartman interests. The considera-
ton is not stated.
Joseph f.. smith. the head of the Mormon
Church. il president Of the Utah Light and
Railway Company. and II IL understood
that he conducted personally the negotia-
lions for the transfer. Before the Oregon
short Line passed under Union Pacific
control Mr.. Smith was n of it's largest
stockholders. so that the Mormon chief had
had previous experience in dealing with
the Hartman party. Mr.. Hartman was
,epresent4d at the sale by W. H. Bancroft,
one OF the vice-presidents and general
manager Of the Oregon Short Line.
The Utah Light and Railway Company
vas formed in 1904 by the consolidation Of
the Utah Light and Power Company and
the Consolidated Railway and Power Com
l. haa "a mn 900 nrafarrod afnNk
and ss.OOo, 900 common. Its officers are:
President. Joseph T. Smith; first vice.
pneeident. John r. Winder; second vice.
president, Joseph s. Wells; treasurer, l..
s. Hills; directors. the foregoing and W. &.
Mccormick, A. II. Lund, W. P. Read, Thomas
G. Weber, Charles s.. Rood.
The control OF the stock Of the company
was held by the Gas, Water and General
Investment Trust of London. This COM
many is understood to be a holding COM
pany for several Mormon enterprises, the
elders Of the Church having devised the
plan Of placing their property in a foreign
corporation long before the device occurred
TO the managers Of the Standard Oil Com
many. IL is understood that the stock pur-
chased for Mr.. Hartman has been formally
transferred by this foreign company.
The stock will be held by the Oregon
Short Line, which is controlled by the
Union Pacific, and is the favorite holding
company of all the Hartman corporations.
i is this company that holds the Hartman
stock in Southern Pacific and the San Pedro,
Los Angeles and Salt Lake, a half interest
In which was purchased by the Hartman
party from Senator Clark of Montana.
More recently the Oregon Short Line has
rome into possession OF the Baltimore and
Ohio stock purchased by the Hartman
party from the Pennsylvania Railroad early
IN September. The charter of the company
Is very elastic and confers greater powers
than does the charter Of any other Hartman
company.
Four Of the officers Of the Oregon Short
Line have become directors of the recently
occurred company. They are w. H. Ban
croft, D.. T.. Burley, P. l.. Williams and E..
buckingham. II il understood that the
purchasing company is to begin operation
Of the property Immediately. Mr.. Harri-
man has never before been closely related
20 traction and lighting companies. but in
the past year he has been experimenting
continuously with electric motors for
various branches OF the Union Pacific as
we'll as with cars extending the principles
Of automobile motive power to r~alroading.
Negotiations are said to be under way
for the purchase by the Hartman party
Of the Salt Lake and Los Angeles Railway,
4 short line running from Salt Lake City
20 Saltair Beach and also owned by the
Mormon Church. The elders OF the Church
came to the conclusion a year ago that Il
would avert criticism II they disposed
of such Of their properties as were amen
able TO hostile legislation. Several months
ego there was a report from Salt Lake City
20 the effect that such properties were to
te sold to a syndicate headed by II. H..
Nreeland Of this city.