The herald., 1894-11-17
SAN JOAQUIN VALLEY RAILROAD
Funds in Sight for the Project
in San Francisco.
Fifty Thousand Dollars With an
"If" Attached.
Banksrs Consider thu Feasibility of
Subscribing to tho Funds-A Fatal
Accident 1T Csjon-RAiIroad
Rumblings.

The stockholders OF the San Francisco
Savings union have announced that they
will subscribe to the extent of $50, 900 to
the initial fund Of the projected San
joaquin Valley railroad. This decision
was reached at meeting of the gentle.
men interested at the bank on Tuesday
afternoon. The amount named will be
taken from what is known as the "undi-
vided profits" fund OF the bank, says
the San Francisco Chronicle.
"The matter OF subscribing to the
projected San Joaquin Valley railroad. "
said Lowell White yesterday. "has been
discussed by our stockholders for some
time past, Finally. at our meeting or
Tuesday, it was decided to subscribe to
tho extent of $50. 600 from the undivided
profits fund. The Saving Union, in
common with the other savIngs banks of
the city, lends upon country as we'll as on
city property, and therefore it is inter-
ested in maintaining values in this and
in the surrounding bay counties. That
prices may be maintained in the city, it
is absolutely necessary that farming
SOm uhisiOo hny p'orpois ANo", VhOh,
the prevailing freight rate on wheat, for
instance, from Bakersfield to tide water
at this city, is 81. go a ton. That ia near
lv a quarter OF q cent pound. Wheat
eells for about a cent pound. If it
cost a Quarte. of the selling price for
moving IL you will see that the profit to
the grower is greatly reduced. We think
. that SO a ton ia sufficient for transporta-
tion Tor that distance. Why, a car can
roll almost all the way from Bakersfield.
1t is down an inclined plane, and a Car,
/ say, can almost roll oil the way If
once started. Our stockholders have
discussed the proposition OF subscribing
to the projected valley railroad for some
time. We received n com munication
from Mr.. Leeds on the Traffic associa
tion on the subject, and the stockhold.
ers took action on Tuesday, as l have
stated, agreeing to subscribe to the ex-
tent of $4,000, providing that CORE.
spending subscriptions shall be made to
the same cause by similar institutions
interested as we are."
"ln what manner, Mr.. White, shall
the standard of comparison be fixed ?"
"Why, as we say, by the subscrip-
tions OF the other leading savings banks,
each OF which are as intei e8ted as we
in the country properties. The three
leading savings banks are. as popularity
termed, the Hibernia bank, the German
bank and ourselves. We each have at
least $26, 900 900. Now, we stand ready
to put up as much as either of these
other two to this cause to the extent of
$50. 900. We do not take the position,
understand Inc, that their subscriptions
ahsll determine ours. but our stockold
ers are ready to stand with them. This
subscription, you will please remember,
is not from the bank as bank, but
from the stockholders as individuals.
Their Undivided profits are deposit
with the bank just as any one might
have deposit. and they may do with
that deposit as they please"
Edward Kruse, president Of the Ger.
man Savings and Loan society, when
spoken to regarding the probability Of
his institution subscribing to the valley
railroad, said that he did not think the
proposition at all feasible as far as the
bank is concerned.
"We have no fund from whic b we
could draw the money" he said, even
il it were decided TO take favorable ac-
benefit the city. For instance, we sub
fund and to numerous other funds. All
OF those subscriptions come ont OF our
contingency fund, but they are all small
amounts aud do not know from what
source we could draw $4,000. do not
know what our stockholders as indi-
viduals may do"
James r. Kelly. president of the
'1ibernia Savings and Loan society,
poke in q similar strain.
1--WE have but little money loaned in
the country" he said, "most of our
business bsing done in the city. We
feel. however, that whatever benefits
the country also benefits the city. The
matter OF subscribing to the projected
San Joaquin Valley railroad will receive
our earnest consideration
Manager Leeds of the Traffic associa,
tion was not prepared to state the pres-
ent amount of the subscriptions to the
$3.50, 900 needed to incorporate the valley
railroad, for the simple reason that the
committees having the work of obtain
ing subscriptions in charge have not yet
reported. Under the state law the in
corporation must capitalize to the ex.
tent OF $1,000 mile, and as $50 miles of
road are proposed, $3.50, 900 is necessary.
This amount. however, will by no means
build the road. The idea 10 to raise
that sum in this city, incor porate the
company and then go into the valley
for further and necessary subscriptions
for the building OF the road.
The offer of the San Francisco Saw
ings Union. said Mr.. Leeds. is very en-
couraging, not 90 much because OF the
financial aid promised as in the fact
that the support volunteered, it is
thought, will do much toward aiding
the project among men of means and
corporations vitality interested, who up
the present have not enrolled them
elves upon the subscription list.
A FATAL ACCIDENT.
An accident occurred yesterday at
no,n in the Santa Fe quarries at Ell
Cajon. which resulted fatally for one
man and in the serious injury of an
other. The quarries are being worked
Dy the railroad to get out rip rap stone,
ana heavy derricks are in uee. At one
OF the derricks Samuel Winslow and JEFF
Mathes were at work about noon, when
the derrick fell. Winslow was caught
under it and received injuries from
whlch he died short time atterward.
Mathes was not killed, but the injuries
Se sustained were very severe. Both
ien, II 10 understood, are residents Of
an Bernsrdino.
wEsTBoUND TRAVEL.
The railroad Offices all report increas-
ng travel to the coast. and the overland
trains each day bring large numbers of
tourists to Southarn Cal;t. rh