Elko independent. [volume] (Elko, Nev.) 1915-current, 1915-05-06
PROSPECTS GOOD FOR
WIRNEhUCGA NORTHERN


viewed he stated that one Of the first
things to be done. before construction
work on the railroad from Caldwell TO
WmnemucCa could be undertaken
would be TO secure traffic arrange
ment with the Western Pacific rail
road. When Colonel Place was i'm Ida
no some little time ago he stated. that
this traits arrangement must be made
He started to WORK at once and his
work has resulted in success.
Friday, April 10th. George w. Fletch
cr. the well known Boise banker, and
one of the leading promoters Of the
Winnemucca railroad, received word
from Col. Place that the traffic ar
rIngemont had been made. This ar
rangcmont practically assures the
road. as it is well known that the
money for construction purposes is
available at once. There remains
few minor details to be taken up and
disposed Of.
Col. Place, Mr.. Fletcher and others
started for San Francisco the first OF
last week. There they will meet the
receivers of thh Western Pacific rail
road
\ telegram received last week an
nOuncing the departure of Col. Place
for Boisc. l. the last of Il series OF
communications in which Col. Price
has reported the progress OF his con.
ference with eastern capitalists and
officials Of the Western Pacific lines
upon the proposal to build the Boise.
Winnemucca road.
Just preceding the telegram. Colonel
Place wrote that the Chicago people
We're satisfied and that everything
which he had asked at St. Louis had
been granted. Following the accept.
ancc of the terms by President Bush,
Colonel Place was instructed to meet
Nj Fletcher and proceed to San Fran.
riaC
".'.-n ne & .'-e 'Vimcmucca is built
+, In be IN independent line, opcrat.
ms under a traffic arrangement with
the Western Pacific road. This change
in plan was made necessary by the re
ceIvership of the Gould lines and the
resulting failure Of the road 10 secure
capital with which to build feeders to
its established lines.
Just before the system went into the
hands of the receivers negotiations
ere under way TO secure for the use
of the Gould lines twenty-five million
dollars in cash. Under the agreement
through which this amount was to be
furnished, the outstanding bonds of
the company were to be refunded, fol-
lowing this action, Holland and United
States capital agreed to supply ten
million dollars at once in cash, and fif
teen more as the road required IL.
Nine million dollars worth of bonds
of the Western Pacific road are held
i'll California. These interests made
objection TO the terms under which
the bond issues were to be refunded
and as natural result the system
went into the hands of a receiver.
Even with that change, Col. Place
and associates did not lose hope but
went again to Mr. Bush with new
proposition. The new proposition met
with the approval of Mr.. Bush but was
unacceptable to the stockholders, who
could not see their way clear to make
extensions while the road was in the
hands of a receiver. The development
necessitatcd a change in the plans for
building the WiDnemuCca road. The
proposal that the Western Pacific build
it as a feeder was abandoned. Col
Tlace went to the capitalists with the
proposal that it be built as an indie.
pendent line, under a traffic agree
ment with the Western Pacific The
proposal met with approval. The traf-
fic agreement was drawn up and rocti.
fed.
Then the aldwell-WinnCmucca rap.
resentativc was sent to st. Louis to
present the new plan with the propos.
ed traffic agreement to President
Bush. His last letter and telegram
indicate the success of his plans.
Now Col. Place is again on his way
west TO meet Mr.. Fletcher and to 20
with him to San Francisco to place
before the receivers the new agree.
ment. They will ask of the receivers
only their sanction of the traffic agree.
ment with the road under their dirCc-
ton. No expenditure of funds will be
requested this time and yet the West
crn Pacific will he given the same op.
portunity to secure n feeder into the
Idaho territory.
What possible legal objection there
can be to the ratification of the plan
they now have to offer, Mr.. Fletcher
conressc8 he Is unable to SEQ. The
route has been approved. There is no
doubt that the acquisition OF the feed.
er would be OF advantage TO the West.
ern Pacific system and every detail ap.
pears to have the approval Of tho
executive heads of that system.-Sil-
ypT Gtpfp