Show UTAH COMPANY OWNS CENTRAL PACIFIC ROAD I Incorporated in Salt takeWith a Capital of EightyJ J seven Million Dollars Thomas Dlarshall Is PresidentCentral Pacific System TransferredSalt Lake Will Be Headquarters The Central Pacific Railway com pan with a capital stock ot S255OO was Incorporated In this city yesterday With one exception this Is the greatest corporation ever organized in Utah and at this time no mar ronestimate its importance or Its Carreachlng PossIbIlIties Pos-sIbIlIties Then It Is understood that this new company Is formed to purchase jnnd operate the Central Pacific raIlroad with all Its branchesi36iS miles in nilwhen It Is understcotl that Its thief ot1Iccrs are Salt Lake City men and that Its headquarters will be this city when It Is understood that thIs IS < but I one preliminary step in a movement that as one high in authority in the new corporation stated means very I much for the future of Utah and that a special law was passed through the legislature to fit this case when It I Is understood that the formation of this company with its tremendous capital comes on the eve lIf what everyone know to be a great era of railroad de Yelopmtnt in thc west some faint idea of the importance of this move may be aIned Southern Pacific Interests The Herald pUblished a dbJ1tr from San Francisco July 28 to the effect that at a meeting of the Southern Pacific stockholders the capital stock was increased in-creased from 150OOOOOO to OOOoJOOOO and that this extra stork was to be ex changed for Central Pacific stock in I the consolidation of the 10 great systems sys-tems ThIs fact real In the light or what has transpired in this city wUl leave little doubt that while the Southern South-ern and the Central will still maintain theIr separate and distinct organizations organiza-tions they have In reality become two parts ot one great system that will determine de-termine in large measure the industrial future ot the great west This assumption as-sumption Is borne out by the fact that J the chief officers In the new organIzation organIza-tion formed hen yesterday are Southern South-ern Pacific attorneys It is shown by the fact that for two days last week Y F Herm the chief counsel for the Southern Pacific was in Salt Lake < In close consultation most of the time with Thomas Narsrmall the president IIf the new organization It is also borne out by the generally Hcopted understanding under-standing that the New York members I ot the directorate of the new rcmpan are interested in the great reorganization reorganiza-tion scheme This doe not detract from the Importance of what transpired yesterday Rather It adds to that importance im-portance by shouting that Salt Lake and Utah are to be so closely identifIed with one of the greatclJt railroad en tererises of the day I Significance to Utah j If this new organization meant aim I ply the transfer of a railroad system I from one set of men to another It would have but little Interest for Utah po pIe but when it ig expressly stated I that Gne of the main objects of the I new corporation Is to operate the cen tral Pacific to buy antI build branchEs I or feeders and when it is rmembcre1 that engineering corps have for months been scattered throughout this amid t adjoining I ad-joining states every man who has pinned his faith 1n th future of Vtah will watch developments ulth the deell cst interest Just what till nExt movr wIll he or where thE > next blew will ht struck it Is impossIble at this lime tu I state All the movetruents leading up tn I the organlzltIon of this company Well I so carefully guarded such fine diplomacy diplo-macy used that while many felt that I somethIng of great Important was in progress no one outside of those df rectly interested had the faintest idea as to what that something really was Even now those in authority are as silent i si-lent as the sphinx as to the real object I of the organization outsIde of what b I stated In the articles of incorporation Headquarters I Salt Lk I All insIst however that while no change may he made as to the loca tIon ot the Central Pacific shops the headquarter of the Central Pacific Railway company wi ba In Salt Lake City CitThe The organIzation ot this company to operate the Central Pacific system even though It may be an auxlur to the Southern Pacific will perit the execution of extensive plans nthe way of extensIons believed to have been long cherIshed by the latter company Heretofore the Southern Pacific has operated the Central Pacific under a lease and could not well build exten slons from the Utah end of the line because It dId not own the connection between Ogden and San Francisco hill it Is not known that any railroad building is In contemplation shrewd ob servers have predicted that the Rio Grande Western would be purchased and that Southern Pacific plans even contemplated the purchase of a line through Colorado and southward to the gulf thus encircling the southern halt of the great west Whether the organization yesterday is a first step In this prosramme and that Salt Lake City will be the operating headquarters headquar-ters of a great mountain system are maters of conjecture The artlulem ef rtI incorporation were fed for record with Secretary of State Hammond The Incorporators are Charles Steele Jonathan Jon-athan C Royle Thomas arshaI David Da-vid B Hempstead Henry T Duke John E Dooly George B Brstow George M Downey Douglas O lor gan and Robert C Chamber I Officers and Directors Yesterday morning a meeting of the I Incorporators was held at the law office of Marshall RoIe Hempsted In this city and articles of aociaton dub certified were accepted and adopted The following directors were elected Tomas Marshall J C Royle David B Hempstead of Salt Sal Lake City and Douglas O Morgan Henry Ruhlenther Ruhlender Charles J Dodd and Richard H Rogers of New York City At a meeting of thee directors held also yesterday mornIng Thomas Marshall was elected president or the Corporation DavId B Hemptead secretary John C Kirk patrick treasurer F RUhlender and H R vice presidents John B Low fz and F G Crawford assistant tanks Cword astant ser taieRoad Is Transferred I was leed that the old Central h J Pacific Railroad company transferred I and had executed In Sa Francisco which transfers and executions were I received In this city yesterday to the new company all of its roads together I with all of nisa lands covered by el han I grants or congress and all the property of whatsoever descpton heretofore owned by the old company The new cmpy I Central Pacific Railway company takes possession at once the required des having been executed in this cit ye I tlrda and certified copies forwarded I for record to the counties in whch the properties art locted The new com pony asumes all the debts ot the old company and has arranged to Issue Its own securities for the first mortgage It is known that the bulk ot the stock in the new corporation i held by F erik P Vorhees a New York capital 1st who represents a large rust com pmy of New York and London The Incorporator name it is understood hold simply the amount of stock required requir-ed by law t Lines of the Road J The different lines of road Included In thIs deal are described as follows In the incorporation papers A line ex totaling from a point abut fYe miles wt of Ogden through Utah Nevada and California Into the city of Sacra menlo one from Sacramento to San Jose Cal one from Niles to Oakland I Ca and from Water Front to Mission Bay Cal one from Lathrop to Gohen Ca one front RoseYle Ca to Oregon Ore-gon boundary also leasehold of the line extending fie miles west from Ogden rtah There are also some short lines of road in Oakland ana adjacent points in CaliforIa Capital Stock The U275500 of capital stock Is divided dI-vIded Into 8 5 shars of the par value of 10 per share each share beIng call ted to one vote Of the stock 20000 hares are preferred stock and 67273 common stock The preferred stock Is entitled to accumulative preferential dividends from Aug I IS99 up to 4 per cent In goli The common stork will wi draw dividends of 4 per cent after the Ilreferred stock Is cared for I Under the New Law The last legislature of Utah enacted a law Sec 1 Ar 433 which Is intended tt meet just sucit oases as thf organiza lout of the Central Paeltic railway com pan Under this law it has the right to purchase and hold operate and further extend the railroads property rIghts and franchisEs or any part thereof bElonging to the Central Pa cHic raIlroad company organlz under the laws of California and Invested franchises under act of con res and under the laws of Nevada I is natural to SUPPOSE that the favorable lellta tun by this state was the chief induce mlnt to organizing in Utah |