Los Angeles herald., 1890-12-27
CRANK DEFENDS HOLMES
HE DENIES THAT THE CABLEROAD
PRESIDENT is CROOKED.
Stories About His Crookedness Denied.
What Certain Stockholders Assert-The
Plans of the Local Management.

During the past few days articles have
been published in several of the eastern
papers to the effect that G.. B. Holmes,
president of the Pacific Gable railway
company and the Chicago cable roads,
was to be ousted at the annual meeting
OF the latter company, to be held at
that place on January 18th next. The
papers charged that he had not properly
managed the roads, and that in the pur-
chase of the Pacific railway company
from j. +. Crank and his associates in
Los Angeles he had obtained the stock for
less than his principals paid for it..
Further, it was charged that the Los
Angeles road was built at an expense
far beyond what it ought to have cost,
Mr.. Holmes working more in the inter-
ests OF certain contractors than in that
of the company he represented, and
that he exceeded his authority, in that
he negotiated a loan with the st. Louis
Construction company for the benefit of
the Pacific railway, when he found that
the bonds could not be placed on the
London market. These charges were
alleged, by the papers in which they APP
peared, to have been obtained authori-
tativcly from some OF the stockholders
in the cable companies.
j. f. Crank, general manager and
vlce-president OF the Pacific railway
company, was interviewed upon the
subject yesterday by HERALD reporter,
who called that gentleman's attention to
One Of the articles rejecting upon
Mr.. Holmes. He at once denounced
them as untrue, and stated that they
were evidently written with the inten-
ton of causing Holmes's downfall. Mr..
Crank said that as he was one of the
parties to the sale OF the Los Angeles
road TO the Pacific railway company, he
was in position to state positively that
Holmes paid the amount claimed for the
$4,000 shares OF stock which he pur-
chased for the Chicago syndicate.
As to his management of the roads,
Mr.. Holmes had taken hold of it fifteen
years ago, when it was nothing more
than mule road, and transformed it
into one of the biggest cable systems in
the United States. He had the entire
confidence OF several OF the largest stock
holders, and his integrity had never yet
been questioned.
Mr.. Crank said ne believed that
Holmes would be reelected at the COM
ing annual meeting, but even if he
should not; the Pacific railway company
would not be affected in the least.
Speaking OF the alleged st. Louis Con-
struction company deal, Mr.. Crank said
that Mr.. Holmes never had anything to
do with such firm. He had, it was
true, good many irons in the fire and
was embarrassed financially, but this
only affected him personally. and did
not affect either the Los Angeles or
Chicago cable company.
When questioned as to whether or not
it was the intention of the Pacific rail
way company to transform its cable sys-
tenn into an electric one, Mr.. Crank said
that the company was not ready to act
ip the matter; but would probably do so
as soon az the legislature amended sec
ton 479 Of the civil code OF this state,
so as to include electricity; no provision
existing at the present time for the use
of any such power.