Rogue River courier. (Grants Pass, Or.) 1886-1927, 1912-11-29
PACIFIC INTERIOR RAILROAD CO.
INCORPORATION PAPERS ARE FILED
Citizens Subscribe Literally to Construction
Fund, and Building VIII Commence From
Both Ends of the Route

lcluding the 2G acres OF terminals
within the city of Grants Pass. hf-
teen miles of purchased right of way.
field notes and survey to the coast.
upon which the Draper-Gunn people
had expended $15O,OOO. The price
to Grants Pass for this was to he
$4,000, the terminal ground within
the city being worth nearly that sum
alone.
Holding Company Organized.
A local organization had been in
corporated, said Mr.. Blanchard the
Pacific-lnterior Company, which was
to act as holding company here
which would hold for the stockhold-
ers such property as was purchased
till 1t came time to turn It over TO
the larger corporation, so that the To-
cal interests would at all times be
safeguarded Stocks or bonds Of the
larger company could then be taken
or a cash sale made, which ever
seemed most advantageous. A like
arrangement was to be provided at
the Crescent City end whore a local
holding company would be organ
lied, that city having subscribed
$4,000 in addition to the subscrip-
tion of the lumber men, with which
they We're ready to commence I'M
mediate construction work.
we are tired of waiting for some
one to do something for us and we
are going to do something for our
selves concluded Mr.. Blanchard.
Mayor Smith Endorses Bond Issue.
Mayor Robert G. Smith entered at
once into the heart of the proposi-
tion by advocating the issuance of
bonds by the municipality Smith
referred to the fact that as long ago
as last June he had advocated bond
issue for the construction Of a rail
road to the Applegate valley, he then
having taken up the discussion with
the Rogue River Lime Co., who had
in contemplation the erection of inn
mense cement and lime plants on
Cheney creek. Mr.. Smith stated his
idea of the issuance of bonds as fol-
lows:
Whom Mr.. J. F. Reddy about two
weeks ago first approached the clu-
zens on this subject, / then suggest
ed to him that on account Of the ex-
pense Of terminal grounds and
bridge across Rogue river the
amount Of money that could be rails
ed here would not construct much
railroad in mileage For that rea-
son to make a start that will insure
success we should use the credit Of
the community to further an enter
prise that means so much to us.
CAN Bonds Election.
Therefore I am in favor of sub
hitting TO the electors OF the city
the proposition to issue 800, 600
bonds for general municipal pur-
poses with the declared intention to
use that sum TO purchase terminal
grounds, build a bridge and lay rails
the first few miles out OF Grants
Pass. 10 be absolutely owned boy the
city, but leased TO the proposed rail
road company for the interest on the |
bonds with an option 10 buy the same
at cost and interest. provided that
$50 600 will be raised TO extend the |
road towards and beyond Applegate |
This would give a total sum Of S155.- !
900 for terminals and construction.
as the city would desire 10 withhold |
s., 900 for the first years interest on |
the bonds This rightfully used |
would build a road beyond Applegate /
and the city would be amply secured |
and that the road would be taken on |
the city's hands in a short time and /
every cent repaid I feel morally cer- |
tain
Bond Issue Legal.
There are no legal obstacles 10 |
overcome except a vote Of the peo-
pie to issue the bonds II this meet /
ing deems It advisable. Will call a /
meeting Of the common council TO- /
morrow night or any other time and /
ask them to pass on the question o. /
submitting the issuance Of bonds un-
der the proper conditions TO the elec-
tors Of the city" ]