The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1894-02-07
Market-Street Company
Wants Them.
MANY MILLIONS OF BONDS.
Consolidated Street Railway to
Issue Them.
DESIRES TO BEGIN WORK NOW.
The Officers Say They Will Spend
From 100000 to ST 100000
if Not DISTRACTED.

The stockholders of the Marketstreet
Railway Company held their annual meet
ing yesterday and transacted much i'm
portant business. 1t was voted, in order
TO meet the requirements of the new Sys-
TEN, to issue S17.500,000 in bonds, 10 be
secured by consolidated mortgage, cover
ing all of the various properties of the
company.
With this amount the outstanding bonds
amounting to 100000 - will be re-
deemed either at maturity or before, and
the remainder will be used from time to
time as the necessity may arise for the
construction and equipment of new lines
and the improvement Of the present sys-
tenn.
1t is not proposed to issue all of these
bonds in bunch. but only as they may be
needed. The issue, il is claimed, will be
large enough to meet all of the require
ments for all time to come. but it is thought
that for the present, in addition TO taking
up the outstanding bonds, only S2,00O,O00
or S3,000,000 will be issued, the proceeds
of which will be devoted TO construction
work and in iiQuidating the floating debt.
The bonds will bear per cent (the old
ones bore g., and will run forty nine years
build the tracks If the Second. Third.
Fourth and Fifth street lines and pave them
with Belgian blocks. but wants the city 10 pave
the outside of the streets, claiming that II this
be not done, all the wagon travel Will be upon
the newly paved portion and result In It's speed
lily getting out Uf repair.
Tie question of electric lines was gone over
thoroughly by the stockholders yesterday.
General Manager Stein said after the meeting
had adjourned that the company was prepared
10 commence the exp nditure OF from 100000
IN inn A 10 felU i'm IA &
OF electric trolley lines as soon as II Was
assured that opposition had ceased. Up to
quite recently tue greater portion oil The stock
holders have favored The cable system OF roads,
ana The construction policy OF the company has
been IN line with that belief, but from Tie re-
suits Of careful study of the situation else
where and minute Information regarding the
success attained by the electric trolley system,
they nave concluded that IL Is the more feast
bic ana satisfactory as well as cheaper method.
AS TO tie opposition III some quarters 10 the
Introduction of the trolley system on Market
street, Mr. Stein says that 1t Is not the inten-
ton OF the company 10 attempt 10 Introduce
mat method there, and that every official OF the
company is in line IN opposition TO such an
arrangement. So far as the principle Of keep
ing trolley wires OF Market street is con-
cerned, he says that lt Is already violated, as
there are two places where trolley wires cross
that IhOrougbfare-One at the termination OF
SteuaTt street, where the San MaleO line pole Is
anchored, aud tue other opposite the terminus
OF Mason street. where the MasOn-StTeet branch
line pole is placed.
Last Thursday the MaTket-street Company
started up new line. 1t is of the prevailing
hOr secar variety. and runs from Spear street To
| Pine, TO Sansome, 10 Bush, TO Montgomery,
back on Bush 10 SansOme, 10 Market, 10 Spear,
the Oregon dock. The receipts from this
| line on the first days travel were 81 05, and
| the expenses in salaries and use of horses were
! S11 90.
Third Vice-President Stubs OF the Southern
Pacific says that the troubles IN rate matters
have all been adjusted at the Chicago meeting
| so far as the Western trdnsc0utinental lines
| are cOncgned, but that a new and unexpected
| element OF discord has made itself manifest In
| the shape OF opposition from roads east of the
| Mississippi River Directing TO the settlement
| oil the trouble on the basis OF a renewal OF diff
! feIentials 10 the Canadian Pacific Railroad.
! Mir. Stubs says TO meet this difficulty plan
| has been suggested which consists lii simply
| diverIing sufficient amount of travel TO the
| Canadian road 10 make up the amount of its
dlfferentals. The plan seems To meet with
favor, aud IL Is probable that II Will DE adopted.
! Tue dlifeTential plan was Objectionable to the
Eastern roads because OF the effect il had on
public opinion. IL is claimed by the repre-
sentatiyes of these roads that the payment OF a
ditfereDtial by a short line TO longer line
leads the public TO believe that extortiOnate
rates are being charged.