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Show UTAH & PACIFIC FORMED. AYIJLI. SOOX (OMMICNCIC WORK. Salt Lake Tribune. The final signatures to the incorporation incorpora-tion papers of tho new railroad from Milford were affiixed Friday aftorr.c.on. Owing to the lateness of the houry-the papers could not be tile.! with the Secretary Sec-retary of State. but: '.his will be done the first thing this morning. The name of the railroad is the Utah & Pacific. I ; officers and directors, who will ai.so'bo the incorporators, are A. V. MeCune of Salt Lake, president: David Eccles of Ogden, vice-president: W. L. Hoge of Anaconda, Mon.. secretary; secre-tary; C. W. Nlbley of Baker City. Ore., treasurer: Jos. F. Smith. Richard Mackintosh of Salt Lake; T. D. Dee of Ogden and R. C. Lund of St. George. It will be capitalized and bondedat the rate of $20,000 per mile, or $1 ,500,000 to be divided into SS25,000 stock and $(i7o,000 five per cent twenty-year gold bonds. For the purpose of Incorporation, Incorpora-tion, stock has already been subscribed for to the amount of 8.V5,000, or at the rate of if 1000 a mile, and 10 per cent of this, or $7300 was yesterday paid to the treasurer. The stock is to' be equally divided between the two interests that build the road, one-half going to Mr. McCiine and his partners, the other half to Mr. Eccles and his partners, and in the same proportion each side will furnish an equal amount of money for construction purposes. This same division div-ision will be carried out in all the financial arrangements of the company. The incorporation for the railroad covers only the construction of a line to the boundary of Utah and Nevada, but the incorporators, one and all, are of the expressed opinion that the road will not stop there but continue to California. The Oregon Short Line will naturally natur-ally have a proprietary interest in the new road, as it furnishes much of the material and all of the equipment, for which it takes in payment bonds of the Utah & Pacific. The latter road, however, how-ever, will be independent, built and operated by those who incorporated it, but the larger road will lend it all aid in operating and traffic matters, an additional backing which will be of great benefit to the builders as well as increasing the public's faith in the enterprise. The mills in Oregon began to cut ties for tho new road some days ago and are now turning out ties at the rate of 1500 a day and in another fortnight there will be enough on haud to start work and keep the laborers supplied. One of the engines to be used has just been fully repaired by the Oregon Short Line and others will be ready in thirty days. It is expected that the O. S. L. 'will commence to load the ties and rails for delivering at Milford by Sept. 15th, when the work oi laying the track will commence and be kept up until bad weather puts a stop to construction work. From that date to December 15th, forty-five forty-five miles could easily be completed. This would make the terminus Sulphur Springs. |