Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1890-06-27

THE RAILROAD CONVENTION.
The Offer Made to the Southern Pacific
Company.
SAN jose, June 26th.-The Railroad Con-
yention met q. 10 O'Clock. The Chairman
said nothing could really be done until
Colonel Croker came, and if he did not
come they might as well adjourn sine die.
In the meantime an adjournment was taken
till IL.
Colonel Crocker came but said he could
give no definite answer to the resolutions
which had been adopted without consult
ing his associates in the Southern Pacific
Company. Personally, he was in favor OF
completing a railroad through the coast
counties as soon as possible.
When asked whether $500 900 in cash
would be more acceptable than the same
amount in bonds, he said practically it
would make but little difference-$5O0. GOO
was but fraction OF the amount needed to
build the road, as it would certainly cost
nearly S5,000000. What the Southern Pa
cific Company wanted was an assurance
that the investment would pay He
would say, however, that the whole amount
of bonds necessary 10 build the road could
be hoated II the Eastern markets easier
than small part.
Sundry questions were asked MI. Crocker
By various delegates, but none OF great mo-
ment, and the Convention adjourned TIL l
o'clock
On reassembling the committee pre-
sented report stating that il is the sense
of the Convention that to induce the South
ern Pacific Railroad Company TO COM
mence and complete at an early day con-
nection between Santa Margarita and FL
wood the Convention agrees 10 obtain and
deliver to the Southern Pacific Company
as soon as practicable, deeds for the right
of way and depot grounds along said con-
nection, ard TO also collect and deposit in
a savings bank 1915 Zoo. or securities salts
factory to the Southern Pacific Company
for any uncollected portion thereof. the
same to be made payable TO the Southern
Pacific on the following conditions:
That the company shall, within thirty
days after notification of the procurement
of the rights of way and depot facilities,
commence survey for the location of the
said connection, and that within sixty DAYS
after the notification of the deposit of the
cash to commence the construction of the
road, and proceed diligently and continu-
ously with the same, and make it part OF
Its southern overland system within twelve
months thereafter. These conditions hay-
ing been complied with, the sum of 1915.
600 shall become due to the Southern Pa
chic Company-one-third on completion OF
the road, one-third one year thereafter, and
the heremainder two years thereafter, together
with such interest as may accrue.
The committee recommended the indef-
mite postponement of the resolution
adopted yesterday also that standing
committee of three persons from each
county be selected by the delegates from
the respective counties, to carry out the
purposes of the Convention.
The committee also recommended that
if the offer is not accepted by the Southern
Pacific within thirty days, the Chairman be
instructed to reconvene the Convention
within thirty days thereafter.
After long discussion the report was
finally adop ed, by a vote of 35 to 4, and
the Convention adjourned.