The Logan Republican. [volume] (Logan, Utah) 1902-1924, 1912-05-11

power went on, and had he lived bu
few short years more there can bt
no doubt but that he would have
pushed 1t through to a successful fin
isb.
However, his work lives-lives az
an everlasting monument to his en-
terprise-to his desire to benefit his
fellowmen; desire in which he was
content to see his fortune of over
$10,O00,000 dwindle slowly to a sum
scarcely reachin 100000. Perhaps
no better summary of what the PA
miles Of completed road cost Mr..
Moffat can be given than the follow.
ing taken from the Denver Post:
The 214 miles of construction work
on the Denver, Northwestern and
Pacific roalroad cost David H. Mof.at
between $10,000,000 and 81 ,OOO, 900.
He stood the expense practie ally
alone, having been unable to Interest
capitalists in his pet project.
The cost per mile OF the entire
route averaged $4,000, and there is
one mile, the stretch through Gohe
canyon, which cost $4,000. The
expense of blasting the rock to make
he roadbed ran the figures up 10.
that one mile.
The highest point on the line is
Corona, on the crest of the Cont.
mental Divide, the greatest height
achieved in broad-gauge railroad
building in the world. Corona's ele.
walton is 1880 feet.
Construction work on the Denver,
Northwestern and Pacific railroad
shrank the fortune of $4,000, 900
which David II. Moffat had accumu.
lated to moiety. Practically the
entire expense of construction work
was borne by him, his belief being at
all times that there would come to
him financial assistance as soon as
the Importance of the railroad and Its
promise of rich return was appreci
ated in Wall street.
Conservative estimates place the
Moffat holding at $15,000,000 before
work on the road was begun. A
Moffat's death last year the estat,
was virtually insolvent, but careful
management has left the beneficiarie.
under the will securities given a mar
ket value today of $4,000. Thes,
will, when the road is completed, b,
worth probably 100000.
"The county court in Denver recent
ly gave uncontested judgments in tn,
sum of $4,5O6,566 to creditors of tn,
estate"
Others will shortly take up tn
work so generously begun and Sal
Lake and Denver will yet have tn
privilege of a joint celebration in hor
or of the name of David H. Moffat.
The following statement Of tn
causes which operated to divert tn
Moffat properties into the hands O
the receivers is given out by ii
president, William G. Evans, o
Denver:
ITO the Public:
The Denver Railway Securitie
company has been unable to pay n
principal and accrued interest of So
500 900 of its collateral trust note
due at the Equitable company in Ne,
. York today.
"A half interest in the securitie
company is owned by the estate {
i d. H. Moffat, the other half by
: number of Denver people, and III
a securities company in turn control
: approximately eight-elevenths of III
d capital stock OF the Denver, Nortl
s western and Pacific Railway compar
: (Moffat Road, and also contro
d eight-elevenths of the entire fir
e mortgage bond issue Of the railwa
;, subject to the lien aforementioned
/ s3,50O,000 of collateral trust notes.
d During the past winter and sprir
IS the securities company carried on N
go ions with a leading bank!r
d no Of Boston and New York I,
y the payment of the above-mentionc
y sS,5OO0O0 notes. These negotiation
d had also in view the extension OF ii
E. railway from Steamboat Springs
% Salt Lake City. The recent fallul
y, Of these negotiations was due to Il
't great expense incurred by the ra
n. way company in January, FebruaI
ID and March Of this year in operatin