The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1892-04-24
A Big FORECLOSURE.
The North Pacific Coast Road
Changes Hands.
It Now Belongs to the Metropolitan Trust
Company Of New York City.
Other Deals.

The North Pacific Coast road changed
hands yesterday, but it was not sold to
William Graves, as stated by a morning
contemporary. Mr.. Graves of San D ego is
not In a position to buy railroad and is
in San Francisco simply as an agent for a
New York corporation known as the Metro
poltan Trust Company. which has recently
gobbled up three railroads in California and
expressed its willingness to purchase a
fourth Iine-the San Francisco and North
Pacific. This company has held mortgage
on the North Pacific Coast road for the past
five months, and some weeks ago COM
menced an action to f0reclose. This action
was successful and the Sausali;o road will
now be operated by the New York COM
panv. In all probability MIR. Graves will
be general manager. At any rate John
w. Coleman Will step down aud
out tomorrow. The prospective man.
ager will say nothing as to the
intentions Of the company which he rep
resents concerning the extension of the
line to an overland connection. He admits,
however. that many improvements are con-
templated, some of which will he conf
menced at once. The authorized Issue Of
bonds to the amount OF 81, 500 OOe made on
Friday last. will be used In the con structlon
al a new ferry-steamer. and other improve
ments along the line and at the northern
terminus. A new depot and ferry-slip at
SauSalito Is also to be built, and there IS
talk of extending the MIL Valley bran ch to
Bolinas Bay. which can only be reached at
present by a ciTcutous route from San Ra-
fael. Other building schemes and possible
extensions are under consideration by the
new management. but are too far away TO
have much interest. The North Pacific
Coast road has never been paying institu-
ton. 1t was constructed by company or
ganized in 1871, with the late Milton S.
Latham as the leading spirit.
1t was an extensive niece Of work owing
to the topography OF the country, and in a
few years Latham succeeded in sinking his
entire fortune in an enterprise which has
been on the down grade ever since For q
long time the line was operated at great
loss, bnt gradually the many beautiful
suburban summer resorts along the Tonto
came into popular favor. and the PASSENGER
receipts of the road increased in proportion.
This alone has kept the road for Il number
of years out OF the hands of a receiver.
Since the death of Latham the company has
been managed by j. w. Coleman and Will
liam Steele. who have been reported as
holding controlling interest.
The paid up capital stock, according to a
recent report filed with the Railway Com
mission, is 81, 100000. The road carries a
funded debt OF S1,240,000 aud g floating
debt of S29i ISL 62. In 1881 first and second
mortgage bonds were issued to the amount
of 81, 100000. payable in 1901, at per cent.
The sum Of S4i.565 50 has been expended
up tn date on construction and equipment
In 1890 there was a deficit from operation
for the year Of S755, $40 81.
The passenger earnings last year
amounted to s2ls, 700 IS, and the freight
service earned Sl9099S so.
The company operates So miles of road
and employs 236 men.
What the New York company proposes to
do with this property, in order 10 make il a
| paying investment, is not known at pres
| ent. but 1t is a safe conclusion that some
| thing VIII be done, and something more
| than Is contained in the proposition 70 put
] on another feTry-steamer and make q few
/ Improvements. The Metropolitan Trust
! Company has, besides this property, two
| other lines In California. The San Diego
and Eastern. built by Dir. Graves, has lately
fallen into the hands of this corporation,
aud the Los Angeles Terminal Company Is
also operated by the Metropolitan Trust.
This company was organized last year by
consolidation of the Los Angeles and
| Glendale. Los Angeles, Pasadena and Glen
| da,e and the Los Angeles Terminal Com
pany. The road has a funded debt Of
| 81, 500. 900 and the capital stock amounts TO