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Show Utahns Retain Control of Orem (Continued from Page One) manufacturing:, wholesaling and banking. Many of the individuals are descendants of pioneer families of Utah and individually and as a group their poh:y has been one of developing Utah and the inter-mountain inter-mountain orea- Practically, then-entire then-entire resources are represented in industris located in this inter-mountain inter-mountain area and the returns from these industries having been used over a long priod of years to aid the growth of and lend stability to this section of the country. Faith In Itah "The motive which impelled this investment was an abundant faith and confidence in the future of Utah. This territory served by the railroad is a garden spot and its abundant natural resources together to-gether with the stability of its people is such as to attract sound investment and indicates substantial sub-stantial future growth. "The railroad company is purely pure-ly a local institution and will be operated as such. Its policy will be one of assuming its full responsibilities re-sponsibilities as a part of the various vari-ous communities it serves. It will be operated upon the theory that its prosperity is definitely linked with the prosperity of this section sec-tion of Utah and its development can only be in step with the development de-velopment of the territory. "The people supporting this venture welcome the opportunity of a closer association with old friends in Utah and Salt Lake counties and the gaining of new friends. "r ' - "Marriner A. Browning is president presi-dent of the new corporation. Mr. Browning is president of the Browning Arms company and the Browning Livestock company. E. G. Bennett, vice-president of the new corporation, is president of the First Security corporation. P. H. Mulcahy is vice-president and general manager of the new corporation cor-poration and also is vice-president and general manager of the Og-den Og-den Transit company and general manager of the Utah-Idaho Central Cen-tral Railroad company. George S. Eccles is treasurer of the new corporation and is also president of the First Security Bank of Utah, N. A., and vice-president of the First Security corporation. S. J. Quinney is secretary of the new corporation and is also a member mem-ber of the legal firm of Bowen and Quinney." j The railroad ' includes 101.41 j miles of track with a principal line j of 65.90 miles between Salt Lake City and Payson and a Granger-. Magna branch of 9.15 miles. .Mr. Mulcahy pointed out that though the bid is for $638,100 there is in addition another $138,-000 $138,-000 liability which the new owners will assume. This amount is for current accounts, interline balances bal-ances and operating obligations he stated. Commenting further on the operation op-eration of the line under its new management In regard to schedules sched-ules and personnel, Mr. Mulcahy said on behalf of the other joint owners and officers: "We will retain all present operations op-erations and our policy will be to furnish additional service as the community requires it. We want to build up the railroad, it has been in the hands of receivers long enough. "Our policy on personnel will be to retain as much of the present personnel as possible for the operation oper-ation of the road. We have no intention in-tention of drastic changes. We want local people employed and will give employment to local people," he stated. Of the officers named, all were present except Mr. Bennett. The sale ended a period of 12 years of receivership for the route of the red cars. |