Los Angeles herald., 1891-08-29
STILL FIGHTING.
THE CABLE AND ELECTRIC ROAD
SHINDY.
Mr.. Mcdonald Thinks Compromise Will
Result-Mr. Crank Tells Different
Story-The Supposed Programme.

The cable and electric road fight is
quiet here, but ragesin San Francisco.
}. M. C. Marble, who from his little
writing penchant is by some termed
John the Penman, is in San Francisco
with President Sherman on the part of
the electric people, while Hon. J. F.
Crank is making the running for the
cable road. The following extracts are
taken from an article in the San Fran
cisco Chronicle of Thursday:
Frank v. Mcdonald, cashier OF the
Pacific bank, who is one of the promot-
ers OF the electric road, was seen yes
terday.
"The electric rtad," he said, sis in a
position to dictate terms OF compromise
and it intends to do it. We are satisfied
that our road will pay if it Is completed.
We owe no one dollar. We have no
bonds to sell, and if the cable railway
people want us to stop work they will
have to make US proposition that will
be of advantage to us. Ourr road is not
3 prospective affair. Itisa an sctual fact.
We have twenty-five miles OF road built
and part of it is in operation, and while
we are willing to do what is right by
every one, we are satisfied that if we
cover our full franchise the investment
will pay"
Twill say that at present it looks as
if compromise would be effected. If
Mr.. Crank can scale down the enormous
debt OF the cable railroad, there will
probably be q combination made by
which both systems will run under one
management.
SIT doesn't make, any difference to the
electric railroad people whether the Pa
cific Rolling mills breaks its contract
with them or not. We don't owe them
a dollar, and if they should break their
contract with us it would only mean a
delay of week or two until we could
make q new contract elsewhere. We
have no bonds for sale; we have all the
money we want. We have no debts to
bother us. We are satisfied with the
return our road, as operated, is paying
US, and we cannot see why we should
make any concessions to the cable rail-
way people. On the contrary, unless
they can come to us with a proposition
that we can see is to our advantage, we
shall certainly go on and build our road.
think Mr.. Crank has plan which will
result in combination if he can carry
it. out. This he will probably try to do.
The only stumbling block in the road is
the difficulty OF harmonizing al, the
various interests of the creditors of the
cable company. fEe az
"You can say that the electric rail-
road is all right. It doesn't owe dol
lar; it isn't dependent on the Pacific
Rolling Mills nor any other concern,
and it has all the money it needs"
J. F. Crank, receiver of the Los An
geles cable roads, tells a very different
story. No plan Of settlement has been
arranged" said Mr.. Crank last night,
"and don't know that one will be ar
ranged. We are to have meeting to-
morrow. The statement that the elec-
trio road is out of debt is not true. Mr..
Mcdonald told me it would take 81, 2,OOO,-
600 to put the road out of debt. The
statement that they have twenty-five
miles of road is false. They have five
miles OF road. Here ia the proposition
in a nutshell: The Gable Railroad COM
pany has fifty miles of road. 1t is
heavily in debt, but it is now paying
the interest on its bonds. The electric
railroad, if built as proposed, will not
only put the cable railroad into hole,
but will fall with US into the pit it digs.
II don't know what will be done.
do know that the general opinion is that
the electric railway was started in the
hope that the enterprise would so dis.
courage the cable railroad people that
they would be willing to sell out for a
song. That scheme failed. Now, if the
electric railroad continues, it means
practical ruin for them and the cable
system. too, but by reasonable conces.
sions this can be averted. don't know
what tomorrow's conference will result
in, but this I do know: the cable rail
way system of Los Angeles is not going
to be presented to any body as gift"
x~x
This morning Mr.. Crank, representing
the Gable railway company George Whit.
tell, representing the Pacific rolling
mills, and Messrs- Sherman, Marble and
McD Donald, representing the electric road
will have conference. The plan to be
then proposed Is said to be as follows
Mr.. Crank is to 60 east and try to ar
range with the creditors Of the Cable
railway company 80 that the bonds Of
that company and the bonds OF the
Electric railway company can be merged
in an iesue Of bonds covering both roads,
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