The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1906-10-03
Ell. HARTMAN Ri
Street RA|[k;
Entire Holdings of Utah
and Railway Co. Purchs
By Magnate.
PRICE PAID HAS NOT
YET DEVEI d
Sale Is of Great ImpolDl
to People of Salt Lab u
City. ID

About three months ago "A,
ment was made in The Tribun,
slvely that Z. II. Harrima
railroad magnate, was neeotia1
the properties Of the Utabs
and Railway company, and IN
at New York City arrangement
completed and the deal consu,
Judge LIE Grande Young represe,|
local organization in the neoo'
A. w. MeCune attended to bis 4
personally, having travelled fre
lot that purpose, and Mr.. n
was represented by counsel. n,
involved in the transaction 4
been gwen out, but it is stat,
three-fourths of the stock by
sold, thus giving the purchaser ],
control OF this three-fourths
McCune holds in the neighborj
100000 shares; Joseph F. SmiE
dent OF the company and tr
trust for the Mormon churc]
a like amount for the church 4;
local Investors have holdings
kind or another, but they are n
The McCune and Smith intere
been sold, giving complete cont,
Will Take Control Soon
When questioned yesterday
ing the purchase by Mr., McCun
Bancroft, vice-president and
manager Of the Oregon Shof
stated that he knew nothinf,
1T. Mr.. Campbell, manager of ,
pany, said he had heard Of 4,
but had received no Official not
and he was not informed VI
acquired the control
Effort was made yesterday
President Joseph T. Smith, :
interview could not be obtait
could Joseph S. Wells. the loci
sentative of the McCune intet
located, When the Hartman
will assume control Of the o,
will not be known until the rr
Judge Young from New Yorl,
will not be for several days. \
Hall Properties Purchase
The purchase includes all tht
ties controlled by the Utah Ii
Railway company-the street.
system, the power plants az
chises. 1t will be remembe,
when the company was REQ
some years ago as the Utah II
Railway company, that a boi
Of $10,000,000 was authorized
by a blanket mortgage on th
properties. OF this amount s.
were issued TO redeem bonds ht
issued, leaving a balance of So
but of this balance $1,000, ,000
be held as reserve. Long and
efforts were made to float 8.
of the issue, but they have
ceeded, hence the sale has bee
What the Sale Indicat
The requirement of the propt
the Hartman interests is IA
congratulation by the people
Lake. It means a thorough RED
tion and overhauling Of the en-
TEN and the establishment of a
up-to-date service. The line
extended wherever there is
interurban connections may b
lished, modern equipment viii
piled, and in every detail the y
car service will be immeus
proved. r
And it is significant to pc
at this time that this purchai
man OF international importanc
other evidence of Salt Lake q
development and the faith j
have in the city under an "A
administration. When the city
by those who make it a busi
tear down q community, rath'
build it up, who foster poltii
TENS and conditions inimical
welfare of a city it is reassur
those who have at heart the req
ests of the community, who a
to help expand the city in pov
in wealth, to find that they ar!
fishing a confidence which enli
aid and help of the leading ~
Of the country.