Daily capital journal. (Salem, Oregon) 1903-1919, 1906-07-07

one mem were, but they could have car
ried it through" "
Have you amy idea what will nov
be CHone7"
81 have not" heI said. CT have no
seen the contract drawn between tn,
Stockholders and the Los Angeles com
pany. but in my Judgment all they car
sell Is the stocl.'
"Will not they depose you as a mi
nd ity stocluholder when they reorgan.
ize the company9"
''They may" he admitted.
| "Do You intend to oppose tbem9"
81 had not Thought of it. / am not
Familiar with the legal aspects of that
part of the matter and do not know
what can be done,'' he staited. "But
I'm be perfectly satisfied now if the
new peopDe will take hold of this prop
e'rty and CARRY it out as We intended
I've made a fight to keep it together,
and hope Portland will have the sys-
tenn as we would have built it,
What the Transfer Inclysled.
MIR. Emmons said the transfer in
cluded the chamber of commerce build
ing, the franchis es of the company on
N'ont street and various other thor
oughfares and the lime and franchises
of the Oregon Traction company, to-
gethd' with material worth In the
neighborhood of $S0,00O. The land
bought near Linnton, which amounts
to 223 and fraction acres, was taken
up by individual members, and was not
included in THE deal. The propa ty
hes MOSTLY on the water front, and "a
portion ON the hillside was to be opened
as a roch quarry Not quite 10000
shaf1es of stock were issued, andB the
holdings of Messrs. Evans and Yeon
to less than per cent.
MIR. Loss will be in Portland next
weclu and them more details viii be
outlined" said Mr.. Emmons. cat any
rate, enough of the system will be built
10 insure it's completion before amy
bonds are issued Mr.. Loss has mostly !
sastem capitalists Interested with him,
some of whom are New York men, The
work. ON Macadam street has been
Jaloon charge of by the new owners,
md the june wages were paid yester-
bay, amounting to about $500. There
l1e some outstanding bills for material
lud the like which have also been as
The Q. ID. Loss company was to have
ons'ructed that road for the United
in the first place, but ON the
ailure of the promoters to secure f.
yances negotiations were opened with
dr. Loss The option held on the
ivans amd Yeon stock expires Tues
lay, having been taken July for ten
ayA The company filed "a bond for
100000 shortly before clock yes
q day This was provided by local
usiness men, the signatures to which
lcluded those of H. A. Moore, w. c.
Iorris, H. Wittenberg, III. G. Wort
nan, j. w. Healey, H. w. Goddard and
. A. Malarhey. The signers are in
lrn guaranteed against loss by the
Surety company in the
Inn of 100000. and the c. f. Loss
'mpany also guarantees them immun-
y from payment in like amount.
At session of the council last night
10 formal acceptance of the franchise
as presented and approved. j. Why'e
vans signed the acceptance as presi
mt of the company and Wilmot Crit
IS as secretary 1t is agreed under
a instrument that the company will
'ide by all terms, conditions and re
ctiOns of the franchise, and if the
DIVISIONS are not carried out, the city
N be indemnifed i'm the sum of
10000.
The curtain can now be drawn on
3 original personnel of the United
ilweys company. While the officers
u remain foi' a short time until the
'poation starts life anew ON what
'mises 30 be a more substantial
SIS, they IRE but fieureheads, acting
the command of the present direct
ito.
throughout the proceedings which a
re ma ked the debut of the company
Whyte Evans has stood out as the
ding mann For months he smoothly
bied with the council to secure the
ctment of the ordinance granting
for a belt Line on Front
set, and other concessions. UHtir-
ly he executed tbe trust delegated
his eomrades Midnight suppers
conferences were frequent, and
sr that fateful date when MnyOr