The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1892-10-02
THE c. & n. RAILROAD.
A Syndicate Quite Anxious
to Secure It.
CAPT. J. W. SMITHS PRICE.
Negotiations for It's Purchase Are Now
Pending Between the Owner and
English and French capitf lists.

"Tall oaks from little acorns grow" ard
the California and Nevada Narrow-gauge
Railroad has been little acorn about long
enough.
Long ago it was expected that it would
grow int something more pretentNus, and
it will yet If Captain j. w. Smith consents
to let it spread.
Negotiations are pending with him for
the purchase Of the road.
1t is the first bona fde offer that has ever
been made. although there has been rumor
after rumor that the little road was about
to be sold.
The negotiations are with syndicate of
English and French capitalists.
1t is made In the interests Of the transcon-
tinental road about to be built by Frederick
Homer and others.
That syndicate in San Francisco last
week filed a certificate of the creation OF a
bonded Indebtedness of $40, 600, 900. and is
now preparing to issue and float its bonds.
1t means business.
1t wants the right of way along the line
of the California and Nevada road if it can
get it,
Captain Smith has asked $500, coo for it,
The syndicate does not want to pay this,
and there is present haggling over the
price.
Smith. who holds all the bonds, which are
now placed in q trust company In New
York. is rather straight-laced In his nego-
tiations, as he considers he has O sure thing
of it,
He has been trying to sell-the road for
long time, and that is really what it was
built for-to sell it.
Smith wants dollar for dollar for his
bonds. II is not likely that it will be paid,
as the little road, right Of way and all. could
be duplicated for much smaller sum.
1t is understood that the syndicate is will
ing TO pay little less than Captain Smith
asks for it.
1t has told Captain Smith that it doesn't
care particularly whether he accepts the
proposition or not 1t can build TO Laundry
Farm or TO Martinez, and If TO the former
place the tUnneling that will be necessary
can be made cheaper than 10 pay Captain
Smith his price.
The sum demanded by Captain Smith is
for the road as far as he built it, to Wagner's
ranch The Grant brothers and General
Williamson extended it a mile and half
farther and the syndicate wants to pur-
chase the entire right of way to Walnut
Creek.
An interesting story is floating around in
railroad circles connected with the original
intention OF the lesseeS concerning the road.
When the company In which General
Williamson, formerly land agent OF the
Atlantic and Pacific road, is interested,
leased the California aud Nevada, 1t was
the intention of Williamson to extend it
through the Moraga ranch.
The ranch was purchased for $3.50. 600, or
$40 per acre, and arrangements were set on
foot.
Something unexpected happened, how
ever. Williamson was a relative by mar
rage Of Ii. w. Carpenter, one of the prin-
cipal owners of the Pacific Improvement
Company, which is practically the same as
the Southern Pacific Company
He foresaw WilIiamson's, inten ton and,
acting On the principle that it would never
do to start the slightest opposition to the
Southern Pacific Company, he took effective
measures, which he was able 10 do at the
time, to thwart the Williamson enterprise.
1t was owing to Carpenter that the road
was not extended.
But before this was done the ranch had
already been bonded and $4,000 had been
spent upon it.
There is still S440. 600 due, it is said, from
that purchase.
Ii the present negotiations carry then
Emeryyille will be made the terminal of the
new overland system, and a ferry connect
ing with San Francisco will be built from
that point.