OCR Text |
Show SALE Of UTAH LIGHT & RAILWAY; TRANSFER TO OCCUR IN 30 DAYS pany placed the total gross earnings for 1905 at $1,353,362.10, the total operating, operat-ing, general expense and maintenance costs $545,729.91, leaving the revenue from operation, $507,632.19. The company com-pany has91.8 miles' of railway trackage track-age in Salt Lake. Its installation of water power for electric service in Salt Lake amounts to 4400 horse-power. Its steam power in Salt Lake amounts to 2600 horse-power, in addition to which it leases 4000 horse-power. In Salt Lake its gas plant has a capacity of 400,000 cubic feet daily; in Ogden, 60,000 cubic feet. During the year 1905 the company carried 13.830,152 passengers, exclusive of transfers and passes, in Salt Lake City. Joseph F. Smith, president of the church, is president or the board of directors; di-rectors; John E. Winder, first vice-president, vice-president, also represents the church interests, in-terests, while Joseph S. Wells, second vice-president, represents' tho McCune holdings. Of the other directors W. S. MeCornick looks after the English interests. in-terests. W. P. Kead and C. L. Rood af-tr af-tr tho McCune holdings and T. fr. Webber. L. S. Hills and Anthon II. Lund after the church interests. According to .information that has reached this city the deal for the sale of the Utah Light and Railway company com-pany waa concluded in New York on ITonday night. ' Local officers of the company refuse to say who the purchasing parties are or the price paid. It ia said, however, that the property waa purchased by a corporation which has large interests inter-ests in Salt Lake at the present time, and that it is the intention of the new , ' company to make' a number of changes -X and to greatly improve the local street f railway svstem. Judge Le Grand Young, who has been in New York for some time, left that city for Salt Lake yesterday. It ia expected that when Judge Young arrives the name of the purchasers and the amount paid will be made known. Possession in Thirty Days. It was announced this morning that the new owners would take possession within thirty days and that some of the contemplated improvements would b started at once. There will be a number, of changes made in the es-cutive force and soino in the management of the affairs of the comvsny. ... When f1u'MJ""ed concerning the purchase pur-chase bv Mr. Harriman, W. H. Bancroft, Ban-croft, vice-president and general manager man-ager of the Oregon Short Line, stated that he knew nothing about it. B. 8. Campbell, manager of the com-.' com-.' pany, said he had heard of. the sale but bad received no official notification, and. he was not informed who had acquind the coutroL Bond Issue Falls. - The probable sale of the company's ' holdings has been rumored for some time, although company officials have asserted that the only negotiations pendin- were for the sale of bonds to raise money for needed extensions and . N improvements. ..... , . The $2,300,000 which it was hoped to secure through the flotation of improvement improve-ment bonds was to have been used in ' modernizing the system in many ways. The plans included a $500,000 steam plant having 5000 horse-power," the eon-- eon-- struetion of the Ogden reservoir to store water for the low season, thus affording af-fording revenue in the sale of irrigation irriga-tion water to farmer, at cost of $400,000: ten mils of extensions to cost $100,000; $500,000 worth of new equipment; a $300,000 improvement in the gas system and an appropriation of f 250,000 for putting wires under .i 'ground. Condition of Company. . ... The authorized capital of the concern la $10,000,000. Of this onlv $6,0t2j500 has been issued of which $4,000,000 is preferred and Xbe balance common. The bonds of the company amount to $8,350,000. i The- last anneal report , of the com- |