The morning call., 1893-07-18
Stock in the Valley Road
Sells Readily.
ApROPERTY-OWNER'S A VIEWS
John T. Doyle Tells Why he Favors
Making the New Line Narrow
Gauge Road.

Its shareholders are not going to be
of that class who purchase stock in
order to control and manipulate it
for private speculation and gain, but it
will be controlled by those who are deeply
interested in the building up of the great
San Joaquin Valley and the recovery to
San Francisco of the vast amount of trade
that has gradually been directed to other
markets.
Every day Traffic Manager Leeds is
waited upon by persons anxious to assist
in securing the road The visitors are not
all men of means. but many are lRborers.
They understand that the new enterprise
not only affords safe and profitable in
vestment but its construction will put
thousands of dollars into circulation and
provide lucrative employment for hum
dreds of idle men. They cannot subscribe
large sums. but they are willing to use
what they can spare for the benefit of their
fellow-la borers and the people of the en-
tire State.
There are many good reasons why the
road should be built, ard not one can be pre-
sented in opposition to it. The project
has been So fully presented to the people
and they so well realize the Importance OF
it that it makes it an easy task for those
who are soliciting subscriptions.
Two committees from the Iraffic Asso-
cia ton were canvassing for subscriptions
among the business men yesterday, and
met with the same success tn at has greeted
them every day since the canvass began.
Thus far large number have been visited,
and only one has declined to subscribe.
Many have subscribed promptly. while
Others have expressed their willingness TO
take stock, but have asked for few days
time in which to determine upon the
amount they can take.
The gentlemen who are working so
earnestly to secure the new road fesl
greatly encouraged by the kind reception
they have met with, and they feel conf
dent that it is only matter OF few
weeks until the amount needed for the
purpose Of organization and incorporation
will have been subscribed, and from that
time forward ii will be an easy task to sell
stock.
The prOperty-owners OF the city are alive
to the necessity of Sc uriDg competing rail
roads into the Interior and a large num-
Der have expressed a desire TO become
stockholders in the valley road. They
know that when the business Of the city is
crippled real estate very quickly feel. the
effect of II.
The first subscription received by the
Traffic Association was from DR.. John
Nightingale, who possesses valuable real
estate in this city. He subscribed for
$1,000 worth of stock. but not having per-
mission at the time to use his name. THE
CALL omitted il ia reporting the subscrip-
tOn.
MI Nightingale has addressed letter
to Traffic Manager Leeds and it has the
trpe ring to it. He realizes that his in
r .erests as Well as those of every property
owner are being deprecated by the greed
OF monopoly, and In order to secure re-
lief they must join with the business men
In securing competing lines. The letter
reads as follows:
SAN FRANCISCO, July 13.
Mr. j. s. Leeds-DEAR SIR: If / am the
first actual subscriber 10 the stock Of the San
Francisco, stockton ana San Joaquin Railroad,
alluded 10 by you in an interview in this morn
lng's CALL, you afe IN error in saying did not
WISE my name 10 be published.
certainly am not desrous of publicity, but
II my name aud example would be of use TO at
tract The attention OF real estate owners in this
city and be an incentive 10 them 10 aid and as
sist In the building of this road aud other local
ROADS from this city TO the interior OF the State
and thereby relieve this city from the curse of
q monopoly whose policy of ''all the trafic will
bear Is destroying trade and commerce, depre-
eating the value Of real estate, actually threat
enlng The supremacy of san Francisco as the
commercial emporium of the Pacific and dis
couraging the producers of The State. would
have no objection aud would prefer to be
known for what am, the firm and open friend
OF and co-Worker with The Traffic Association
the North American Navigation Company ard
The San Francisco, Stockton and San Joaquin
Railroad.
consider the roll of subscribers to the
Peoples Railroad a manly declaration OF in
dependence from the tyranny injustice and
expressions OF the worst monopoly that ever
cursed the earth. II it has been my good for
tune to be The first 10 subscribe toward the
ways and means for deliveraucs 1 am pro I'd Of
the honor. Respectfully yours.
JOHN NIGHTINGALE.
John I. Doyle, who is one of the most
valley railroad, IS personally in favor of
making it narrow-gauge road; but that
Is a matter that must be decided upon by
the stockholders. In discussing it yestsr-
day he said:
L have no doubt il the road be built by
individuals and on its merits as railroad
enterprise 1t will control the freight of the
valley. both going in and out. That it
will be money-makng enterprise no one
can doubt.
If had control would build narrow
gauge road. believing that the hauling Of
freight will be the most i'm portaEt feature of
It's business, all of which A narrow-gague
line could easily handle. The passenger
travel would be confined principally to the
farmers and business men of the valley,
and they would be willing TO put up with
the slight inconvenience OF narrew-guage
car in order to secure a great saving on
their products.
LIE uoW TOdu VIII reduce IN 9 expense
OF transporting the exports and imports of
the valley fully so per cent. and the least
expensive way in which We can secure
thai saving is, in my opinion, the best
way.
"a narrow-gauge can be con structed
much cheaper than broad-gauge, and it
can also be operated at a less expense.
The line that can transport the products
OF the valley the cheapest will get the
business and set the rates. l believe that
a narrow-gauge road can be built for S15.-
600 mile.
Every mile of the Southern Pacific road
In the valley is capitalized for $40, 600, aud
Tor every mile $4,000 in bonds have been
issued. At the time of bonding the road
was leased to the Central Pacific at rental
OF SoOu0 mile per annum, out of
which the lessees were permitted TO ex-
pend one, half for running expenses.
Inc OBJECT Of that arrangement was to
be able to publish in Poor's Manual that
while the road was still in a quite unfin-
lshed condition it was earning $4,000 a
mile gross and operated for one-half that
amount. the remaining one-half being
available to pay the interest upon the
$4,000 in bonds and $500 to apply on gem
eral expenses.
THAT was the rent at the time thew sold
their bonds. being arrived at by a fictitious