Los Angeles herald., 1891-08-30
The Electric Road and the
Rolling Mills.
What the Former has Paid the
Latter.
Who Think the Bonds
Good Investment.
The Railroad Situation at Santa Mon lea.
The Southern Pacific Should be
Generously Treated-NOtes.

A HERALD reporter was yesterday
shown on indisputable evidence that
the Electric railway has already paid to
the San Francisco Rolling Mills company
100000 in cash and about 100000 in
bonds, that they do not owe the mill
company dollar, and so it is hard to
see how the contract between the two
can be broken. 1t was also stated on
the best of authority that no compro-
mise will be made by the electric road
in its fight with the cable line, and
nothing will interfere with the work.
A telegram from President Sherman,
of the Electric company, to his repre-
sentative in this city, was shown to the
HERALD man, in which it was stated
that work on the road would be pushed
harder than ever, and that the articles
in the San Francisco papers were paid
for by the opposition, and had no foun-
dation.
The following telegram is apropos:
SAN Francisco, August 29.-The $171,
600 Los Angeles Electric railroad bonds
disposed of by the Peoples Home Saw
ings bank, were bought by syndicate
headed by G. O. Swanberg, of Debarnar-
dini, Westphal & Co., and of the Mer-
chants Refrigerator company. Mr..
Swanberg said today:
Eyes, have bought the bonds, partly
for myself and partly for other moneyed
men, whom it is not necessary now to
name. The amount of bonds is $171, 900,
and they bear s per cent per annum. l
did not make this purchase without hav-
ing the most critical investigation made
of the affairs of the Los Angeles Rail-
road company, and have in my pocket
written report upon the property
which satisfies me that the property,
when completed, will make money very
fast, and rank among the best invest
ments of this character"
Swanberg intimated that the invest
ment he has made was partly for the
account OF capitalists in Sweden.
SAN FRANCISCO, August 29.-The war
between the street railroad of Los An
geles it is believed still continues, but
statements from the parties to the little
unpleasant ess are justas widely variant
as ever, and it was denied, today, that
any conferences had or would be held.
The developments reported yesterday
were the arrival of ex-Judge Silent, Of
Los Angeles, legal adviser Of the Cable
company; the sale by the Peoples Home
Savings bank of this city OF its holding
of Los Angeles Electric railroad bonds,
amounting to $170, 900, and the resigna-
ton of Frank v. Mcdonald, az secretary
OF the Electric road.
George Whittell, of the Pa.
cifc Rolling mills, says the roll
ing mills had no intention
Of cancelling or Withdrawing from its
contract with the Los Angeles electric
road. There never had been any suSh
intention or anything like it, though
the agreement had been repeatedly
modified.
II must say, however, that no such
contract would be sanctioned by the
present directorate of the rolling mills.
The mills will never hereafter agree to
take bonds in payment for work and
materials. 1t has no right to do any
such thing. With regard to the pur-
chase of the cable road by the electric
people, 1 do not think it will be done
The figure is too high, and the debt of
the cable road is too heavy"
SANTA MONICA AND THE SOUTHERN PACIFIC.
A leading citizen of Santa Monica yes
terday in an interview with HERALD
reporter on the railroad situation there,
said II think that if the South Pacific
company, through it's representatives,
makes statement that they will do 80
and so, we can safely accept the state
ment in good faith, and feel sure that
they will carry out what they say they
will do, unless we throw obstacles in
their way. It may be said by some that
certified check to the amount of
Sc, 100000 ae forfeit in view of the
Southern Pacific company failing to
build the wharf, is a mere trihe. In
amount, it ia, but the insertion of such
clause implies doubt as to the sim
cerity of the motives of the Southern
Pacific company, and seems out of place
when we know and must acknowledge
that what the Southern Pacific company
asks will be great benefit to us.
The plans Of the Southern Pacific
which have seen are to have curve
tunnel so as to bring them to the foot of
the bluff. Then trim down the bluff to
an angle OF safety and run the road
along the bluff to point north of the
caiion, where they will build wharf.
The tunnel on curve penetrating the
bluff will not injure even blade of grass
that grows on top. The trimming down
of the bluff on the seashore side will not
only beautify the bluff--which is now
an eye-sore in many places and a re-
ceptacle for garbage and other flth-but
it will preserve the bluff.
81 have spoken with several citizens
of Santa Monica who have property in
terests here who have expressed views
that it is far better for the town, looking
at it from standpoint of beauty and
morality, to have commercial wharf
located some distance from the town.
None OF US want this place interfered
withas resort.
"a wharf located at point north of
the cafion would bring more or less busi-
ness to Santa Monica, and we would not
have to share in any OF the evils refer
to. A commercial wharf north of the
cafion will, in my opinion, be on such
scale as to present to our view daily
.. ID. =.