Rogue River courier. (Grants Pass, Or.) 1886-1927, 1913-04-11
CITIZENS ACCEPT
BOND PROPOSAL
LOS ANGELES PEOPLE MAY TAKE
ISSUE AT PAR.
LIKELY TO BUILD G.P.-C.C.
Look Over Route of Proposed Road
and Investigate Resources and
Probable Traffic.

The outlook is most promising for
the immediate building of the Grants
Pass-Crescent City railroad. 1t can
not be definitely stated that the Cali
fornia capitalists who have been here
the past week have concluded to take
over the road and complete it through
to the coast, but all indications point
to that end. They are making a
thorough and exhaustive reconnais-
sance of the resources of the territory
through which the road will run, and
the traffic that will come to it, and
the expressions which they have made
have been most favorable.
At the proposal Of the party that
they would accept the city bond issue
of 100000 at par in the financing
and building of the road Mayor Smith
called off the sale that had been un-
der way to an eastern house, which
proposed paying but 96 1-2 cents for
the bonds, and the issue will be taken
over by the California people, The
mayor received a wire from Mr.
Helm, one of the gentlemen who was
here last week, putting the proposi-
ton in definite form Wednesday, and
also Offering to finance the payment
of $4,000 due from the city on the
April payment to the Draper-Gunn in
terests on the right-of-way, termin-
ais, etc. A meeting of the business
men was called to meet in the Com
mercial club rooms at four o'clock
Wednesday, and the proposal was
given unanimous endorsement. Fol-
lowing the action OF the citizens
meeting, the mayor called a special
session OF the council to convene at
four o'clock this, Thursday, after
noon, to take action to accept the
proposal.
AS stated by the mayor in the citi-
zens' meeting held Wednesday, the
California people propose that the
bonds be turned to them as the work
progresses, the city to be protected at
all times. For the bond issue the
municipality is to receive 100000
in income bonds on the road these
bonds to bear six per cent interest.
The California people have also
asked that 100000 of the preferred
stock of the railroad be subscribed
here, either in cash or in lands, pay
ment not to be made till the road
reaches the California line.
DR.. Reddy and Messrs. Neeland
and Martin, the Los Angeles men who
accompanied him to Crescent City
are expected home this evening or
Friday morning. They left the coast
city Wednesday morning, reaching
Patrick creek early, coming through
slowly that the country can be care
fully inspected. The weather is per-
feet for the trip, and no difficulties
had been encountered so far as heard.
The sentiment throughout the city
Is unanimously in favor of acceptance
of the proposal which the Los Ange-
les and Boston men have made. The
city would be protected in its bond is
sue as the income bonds which 1t
would receive would be lien against
the entire railroad in preference to
the railroad stocks. The city is asked
for no bonus, getting value received
for every dollar which It puts into the
project.
With the return of the party from
Crescent City definite action is ex-
pected within few days as the gen
tlemen have said that II they are to
build the road they want to have 1t
under way at once. They are men
able OF themselves to finance and con-
struct the line, and will not have to
hunt a market for the bonds before
they commence work
Messrs. ]. NJ Neeland and A. O.
Martin, Of the party that arrived
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