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Show U. P. CONTROLS SHORT LINE STOCK NEW YORK, Nov. 23. It. S. Lovett, j. resident of the Union Pacific railroad, rail-road, today gae out a state ment ex-plalning ex-plalning the Incorporation In Oregon en Wednesday of the Oregon-Washington Railroad & Navigation company. com-pany. ( The new company Is capitalized at $30,000,000 and is controlled by the Union Pacific. I Union Pacific Owns Stock. Judge Lovett's statement says: "The Oregon Railroad & Navigation j company mortgage, which limited tho j t bunds issuable under it to $21,000,000, made no adequate provision for new , lines. Consequently brandies and j other extensions have been construct-i construct-i cd from time to time by a separate corporation, so that the system in j Oregon and Washington, while operat-I operat-I ing as a unit. Is really owned by sev-eral sev-eral different companies, v.hose stock b held by the Union Pacific. ) "The purpose now is to vest the ' title to these several pieces of a railroad rail-road in a single corporation and pro-tide pro-tide for further construction aud expansion ex-pansion to keep pace wl h the rapid t'evelopment ol the northwest by an issue of bonds under a rnorteaso that v 111 cover an entire and compact sys-. sys-. mi. "No arrangements have been male ior the issue of sue li bonds. We are merely getting ready to dea! promptly 1 with conditions as they arise. We are ; takii -g similar action, and for the . s.Miie icasons, with respect to the Oregon Ore-gon Short Line system in Utah. Idaho and Montana ' I |