The record-union., 1892-09-07
THEY CHANGED THEIR MINDS.
Oakland Capitalists VIII Not Build a
New Electric Railway,
They Announce Their Withdrawal to
the Trustees, and Complain of
Their Treatment.

The Oakland capitalists, Messrs. Thorn
son and Jacobs, who asked permission to
build another electric railway in this city,
have thrown up the sponge, fguratively
speaking.
They have withdrawn their petition for
a franchise. They did not give up,
though, without sending a few hot shots
hurting into the camp of those who OPP
posed their enterprise. In type-written
letter to the City Trustees, read at yester-
days session of the board, they say:
With respect to the proposed ordi-
nance authorizing the construction OF
lines Of street railroad in your city, we
desire to say: From the time OF filing our
application we have endeayored to con-
form to the requirements suggested by
your members and others
INTERESTED IN THE DEVELOPMENT
OF your city. You are aware that the
construction and equipment of a line
such as we have asked for under the one
year provision, will require the expendi-
ture of fully Sl50,000; that it will be adj
vantageous for all concerned to procure
the greater portion Of this money on
mortgage bonds covering the property;
that in all reasonable probability that
money would come from persons non
resident of your city; that in inveStigat-
ing the matters involved, proposed lend
ers will have reference to the local situa-
ton, the probable returns, the prompt
ness and certainty with which the line
can be constructed, and as to what OBJ
structiOns may be met with in the course
of construction.
lit is therefore important for all con-
cerned that we now analyZe the situation.
Notwithstanding the strict terms
OF the ordinance and the apparent
assurance Of a profitable venture all
around, we have found an obstacle of no
small proportions in the opposition from
owners OF property on Il street, but not
elsewhere. 1t is the character of this
opposition and the effect it will have upon
investors that impels US to address this
communication to you now 1t is the
financial, social and political standing of
the opponents of the enterprise that
causes US To consider whether our views
OF the disturbances of investing in your
city are not erroneous, for we find that in
addition to misleading remonstrance,
our personal standing has been assaiIed,
our good faith challenged and the neces-
sity for a railroad on y street denied.
1--WE find among other names on the
remOnstranCe, notably the following:
The senior United States Senator from
California, man from whom your city
has never withheld anything; the Presi-
ton company, a company whose stock
holders have been made wealthy in en-
JOying special privileges in your city: the
assistant cashiers Of the commercial
banks of the city; the heads and princi-
pal representatives of the two real estate
firms, who claim TO be leaders in deveI-
Opment; two of the State Capitol Com
missioners, who assume TO represent the
State Of California; the President of the
largest lumber company in the city, a
company now enjoying wharf and levee
privileges from your city; the ex-Post-
master Of your city, man who made a
large sum OF money in selling lands to
the Orangeyale Colony Company for de-
velOpment, and last the Central Eiec-
trio Railway Company, who now hold
the only privilege for street railway con-
struction in your city, company that
has received
INNUMERABLE FAVORS
With limited restrictions, and who have
been enabled to put upon the market
their mortgage bonds to very high per
cent. OF the cost OF construction and equip
ment, and their success in the way of
placing bonds has been largely the result
OF fay orable influences locally. In view
Of this array of names so familiar with
the growth Of the city and all opposed to
as, we fear the possible investors in our
bonds would doubt the safety of our en-
samuch as yourselves and large majority
Of the citizens Of the city, especially those
along other parts of the proposed line
have given us such hearty and free en-
couragement, and believing that probably
other interests could be secured 10 COOP
crate in the construction of this much
needed line, and in order to free our
selves from the charge of acting with
duplicity and with acting in the interest
OF the present railway system, we here
by beg leave 10 withdraw our application
for an ordinance for the privilege of con-
structing street railway in your city:
and we trust that the good opinion we
have of Sacramento as good place to in
vest money will be verified by others
more fortunate in their efforts to get
foOthoid there.n
WILL KEEP IT OPEN.
The Trustees did not grant the request
to withdraw. Whether they intended to
refuse the request or not, did not appear
from what any OF them said Yesterday
in fact, no one seemed to know what they
were getting at. The Mayor proposed
that the hearing Of the petition for fran
chise be postponed. He was asked if this
meant an indefinite pOstponement. NO"
he said, ''we will just lay the matter
over. 1t can be taken up again at any
time" The board voted that way.
II. D. Stephens and President Henry of
the existing electric road wanted the
board to take some definite action. but
the Mayor would not consent to it. Mr.
Conklin wanted to accept the with
drawal, but could get no second to his
motion. He took occasion to remark
that he would not have voted for the
franchise any way.
Trustee Green stood in with the Mayor.
He said the streets did not belong to the
property owners. He did not propose to
be governed, as Mr.. Conklin was, by
Fwhat few property owners along q GER
tain street wanted or did not want. He
would vote in accordance with the
wishes Of the people of the entire city.
Mr.. Stephens admitted that the Trus-
tees argument was good. He and great
many others opposed the new railway so
far as Y street was concerned, but they
did not claim absolute jurisdiction over
that street. Mr.. Stephens again urged
that the Oakland capitalists withdrawal
be accepted outright. They did not want
the matter to come up again at time
when it was not xpected-they wanted
no SNAP judgement. If the board would
not do this, they would then ask that a
time be set for taking up the matter.
The Mayor finally remarked, impa-
tiently, that they call around next Mon
day and probably the subject would be
discussed.
Mr.. Stephens, who leads the contingent
of N-street property owners who do not
want any road on that street from Seventh
to Twenty-hrst, presented to the board a
long written remonstrance bearing nu-
merous signatures. He evidently did
not propose TO take any chances of being
caught mapping, so. although the Oak
land people had drawn out, he filed his
document with the board anyhow.
Then there was some more electric rail