New-York tribune., 1921-05-26
Iinion Pacific avs
/ soo. .O0O.O0O TO Get
Line to So. Coast
/ as Angeles and Salt Lake
Holdings of Ex-senator
clark Purchased TO AS
.are Permanent Control

-. Union Pacific Railroad System
..mpleted negotiations by which It
s ..surs control OF lines assuring a
~s,sne position IA California and
....tians with the lowar Pacific
-. at San Pedro Harbor, it was
S.,..s yesterday when Judge Robert
Ysvsst, chairman Of the executive
..wl.sss. announced all the stock and
-. 81 the Los Angeles & Salt Lake
s.ar,.a have virtually come into the
..,..sion Of the Union Pacific through
s.sl with ex-senator William A.
s.,s 81 Montana, and his friends.
y this deal the Union Pacific, al
~ ewner Of one-hah the securities
\. Les Angeles & Salt Lake. ac-
.;,.s from Senator Clark and his as
..;,.ss the remaining holdings. con-
'.tre Of S2s,eOo.Ooo Of per cent
|ssads. ~
E,ssage QotiaF 191 NuiASA' SospVV.uuV
S.etseru s pacifc's San Francisco Ter
Id per cent bonds, $500, 900
s@.atbern @ Pacific Railroad first refund
psr cent bonds and S14,5o0, 600
aeon. " ashington Railroad & Navi-
..,;s first and refdnding per cent
E.rSs all of which are now in the
e.;sa Pacihc's treasury. The latter
,.sa is guaranteed by the Union Pa
e. and before the bonds can be dis
.a.ra Of it is necessary to obtain the
..ssept of the Interstate Commerce
s.mmission. Application for this will
!, msds Immediately and no objection
+ anticipated.
commenting on the acquisition of
smulsts ownership of the Los Angeles
s Sslt Lake Judge Lovett said appreci-
.;ap that the line must ultimately be-
sms a part of the Union Pacific Sys-
= led to the purchase. and not any
ssrsnces regarding policies Of man
cement.
,,astor Clark said that the interests
/ All the bond and stockholders of
/. Los Angeles & Salt Lake had been
,nslv protected. Going into the his
.ry Of the road. he continued:
about twenty years ago II. c.
|F,fens, s promiLont and distinguished
|Tssern operator, called my attention
|e the Los Angeles Terminal Railroad
|csapsny, extending from Los Angeles
b San Pedro Harbor, and I and my
|svther, ]. Ross Clark, Joined him in
n. purchase of it, with the purpose of
Intending it to Salt Lake City. Soon
|ltsr Z. H. Hartman, at the head Of
|sl Union Pacific Railroad Company,
|rseh already had line extending to
L. southern part of Utah, joined us in
|ss scheme and the line was construct
h On q ffty-ffty baGis, each party
asting I'D the funds required until
lee road was completed.
SThe capital stock and bonds were
|sued 70 cover expenditures, and were
|ardsd equally between the Union
|hdfe Railroad and ourselves bat
sna Of these securities was ever
,sced on the market by either party.
III Of the earnings have ben applied
l. additions and betterments and eX-
|szsions. In the near future the entire
line vii lhave been relayed with 90
|ound steel rails, which have been pur-
|assed aud partly laid, and the equip
ssnt Of the highest character is ample
I'D complete.
4The advantage in the unifcation of
il great Union Pacific Company's in
|assts amply warrants them in the
|.u,chase Of our holdings OF the capital
|sack. have reserved for the benefit
h the holders of any of the bonds
h. controlled by me the right to ex-
|Aarge them on the same terms as ob-
|ainsd for myself"
The Los Angeles & Salt Lake has
|.sstsnding S25 100000 capital stock.
|. vas announced what price was paid
p, the half interest owned by Senator
|.aik and associates.