The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1893-06-30
BEARING FRUIT.
The Agitation for the
Valley Road.
RIGHTS OF WAY OFFERED.
Money and Land Are Promised
the Enterprise.
RIGHTS OF WAY OFFERED.
WHAT SAN FRANCISCO MUST DO.
The Valley Railroad viii Be Built if
the People of This City
Do Their Duty.

"rHE CALLS agitation of the Stockton
and Bakersfield railroad has already con-
menced to bear fruit" said j. S. Leeds. man
ager of the Traffic Association. yesterday.
Il am in receipt of a large number Of let
tiers from the various towns in the San Joa-
Quin Valley, and all of them contained not
only great encouragement, but what is still
better, offers of financial assistance.
1.-The business men of the towns and the
large fruit and grain growers of the coun-
ties through which the new road Will pass
are full of enthusiasm, and if the people
of San Francisco will do their share the
enterprise will be successful. Even a num-
Der of gentlemen who DO not reside in the
towns that the road is expected to touch
have notified me that they are ready to con-
tribute money and land in order TO get the
road into the valley.
"Thev realize that 1t will result in
large Increase in the valuation of every
foot of land, not only along the line of the
road, but in the entire valley. When it
becomes known that the people have built
a railroad and propose to operate it in the
interest of those who have constructed il.
there will he rapid increase of population
in that section and in consequence de-
maDd for land.
From the information that has reached
me feel confident that we will have very
little trouble in securing the right OF way
for the road without any expense to the
company. The same thing is true concern
ing the land that will be needed for depots
and other buildings.
"The stringency in the money market
would discourage almost any other enter
prise such as we have undertaken; but,
familiar as we are with the transportation
situation. we realize that we are present
ing an enterprise that will appeal to every
citizen who is interested in the CONNER
cial, industrial and social welfare of the
State.
''While the new road is especiaily de-
signed to relieve the people of the State
from the excessive and unjust discrimina-
ton of other railroads, we also claim that
it will be a profitable investment for its
stockholders, and we shall solicit subscrp-
tions upon that ground as we'll as the
other.
''If there is any doubt in the mind of
any one as to the causes which retard the
growth of the State the presentation of a
few facts will help to place. the response
biity where it belongs.
'"The capitalization of the lines of the
Southern Pacific Company in this State,
including the Central Pacific {uot includ-
ing The Government debO is as follows:
349S Miles Per Mile.
Funded debt (bOnds). 3! ,7os 300 or $37 SIS
Capital stock............. l65. S05 500 or AT 255
Totals. 1897 ,514,3oO or ss4 9Os
Leaving out Central Pacitc:
2l3S Miles Per Mile
Funded debt CbOnds). 49, s7o,5s4 500 or s88.oo5
Capital stock. 97,3l1.3O0 45.515
totals 1877 ,s75. 800 or s7s,52O
"The gross earnings on the 349S miles
for 1891 were S31, 300. 716 o. or S9O21 OF per
mile, which, if properly segregated and
apportioned, would show that this State
is assessed annually at least $4,000 per
mile in order to pay interest upon this ex-
cessively oveT-capitaliZed property.
"In 1891 California had 277 people per
mile of railroad and paid to the railroads
in earnings in the Slate S24 SO per capita.
This includes no earnings by any of the
water lines, through or local. Consider
ing the most of our fuel and large por-
ton of our building material, as well as
vast quantities of our produce (not inciud-
ing exports) move by water. a conserva-
tive estimate would be an annual tax for
transportation assessable to the State of
California of $50 for each man, woman and
child in the State. or an aggregate of over
$50. 100000.
in 1891 the State OF Kansas, which has
no water transportation. paid S1S 90 per
capita and had only $50 people per mile of
railroad, or III less than California. For
the same period the State of Nebraska,
which also has no waller transportation,
paid S18 II per capita and had only 200
people per mile of railroad, seventy-sever
less than California.
"rhese COMPARISONS demonstrate the
figures at which roads economically
operated may be made to earn a living
and at the same time meet at least their
fixed obligations and some of them pay
dividends They also show why it is that
these States have developed and grown
with indifferent natural resources, while
this State has practically stood still, and
while it will continue to stand still unless
some remedy is applied which will produce
competition and inspire confidence.
THE plan we have adopted for taking
subscriptions we believe will prove very
popular. II is the intention to only ask
the payment Of 10 per cent OF the stock
each month, which Will make 1t easy for
each subscriber The donations of land
which have already been offered will find
ready sale as soon as the building of the
road is assured and will add considerably
TO the treasury.
For two years the Traffic Association
mas been hard at work endeavoring to ac-
cemplish something for the relief of the
people, and while considerable good ha:
been accomplished in other directions we
1eei confident that the enterprise we are
now presenting will prove to be the means
OF hitting us ont of the mlre. The road
can be built and no stone will be left un.
turned to secure its early completion"
FIVE thousand copies of the prospectus
OF the new railroad company have been
received from the printer and are being
prepared for distribution. The subscrip