The morning call., 1894-10-05
OUT FOR MONEY.
Canvassing Begun for the
Valley Railroad.
MERCHANTS TRY THE TOWN.
Manager Leeds Explains Why
Stock Is Good.
LARGE DIVIDENDS ARE CERTAIN.
Quarters in the Trust CompaDy's
Building Being Pre-
pared.
MERCHANTS TRY THE TOWN.
LARGE DIVIDENDS ARE CERTAIN.

the San Francisco and San Joaquin CON-
peting railroad met yesterday morning in
the Offices of the association on Pine street,
and started out in a body to canvass the
business district for subscriptions to the
capital stock of the proposed railway.
AS early as 10 A. NJ the committee dis
tributed itself about town. Each had
certificate on which subscribers for stock
could write their names. They were seen
in different places during the day, hard al
work canvassing, and they spoke con-
fdenty of ultimate success. They did not
return to the associations offices in the
evening, but will meet the executive CON-
mitee to-day and submit report on their
first endeav0rs.
Manager Leeds is very confident that
the enterprise cannot be anything else
than a great success, and as far as sub
scriptions TO the capital stock are con-
cerned, be believes that the committee
will have no trouble in securing even
million dollars.
"The fact of the matter is" said he,
''that it is a very small thing to raise the
amount necessary to effect an lncOrpora-
ton OF the company. The committee says
ninety days will be required to gather in
the amount needed, but far less time, L be-
lieve, will be sufficient.
lion offered in the United States. The
stock is a good thing-I believe fully as
good as the bonds, which are TO be kept
down to the lowest notch. If there be any
margin for the enhancement of value 1t
would fall into the hands of the stock
holders. The bonded indebtedness will
be less than half of that of the Southern
Pacific. For instance, the bonds of The
Southern Pacific are about $4,000 mile
In the San Joaquin Valley. Ours will be
considerably less than half that sum-say
$4,000 a nile. Interest on that would be
about 5000. Conservative estimates of
Southern Pacific earnings per mile in the
San joaquin Valley amount TO abont
1000 per anaum. You eau add go miles
of road TO the present mileage of tue val
ley and cut rates fully 90 per cent and
even then The earnings would be over
$500 a mile without increase i'm business,
which is sure to come wherever a road is
built. SO, after paying an interest OF $500
nile on bonds, the stockholders would
come in for the balance, which, after ex-
penseS were deducted, would be enough
for large dividend.
mo certificates of trustees will be sent
to the country until we have reasonable
assurance Of success in collect ng in San
Fran cisco. We want to go before Cali
fornia with such proposition as VII
commend itself to the people, aud ] think
the success will be better when people see
good effect il this city,"
The Union Trust Compeny's building at
the corner of Montgomery and Market
streets is being put In readiness for the
reception of the Southern Pacific Com
pany's Office salts al Fourth and Towns
end streets. The offices will be moved on
November l. Six floors will be occupied
in the new building at an expense of about
$50 900 a year The principal depart
ments, excepting the Market-street Rail
way Company, auditors Office and steam
ship Offices, will remain at Fourth and
Townsend streets.
A sale of unclaimed freight was held
yesterday in the Southern Pacific ware
houses at Sixth and king streets. In the
last year a tremendous mass OF this ma
terial bad accumulated Al various stations
in California, and was finally brought to
this city, where 1t was stored away for q
year, in accordance with rules of the COM
pany. AS nobody claimed the freight after
il had been advertised fully il was sold al
auction. Among .Lhe ''old horse" was q
complete set of apparatus for proposed
captive balloon at The MdWinter Fair.
Furniture, agricultural implements ana
staple articles were on the list, and sold
for nominal prices.
w. 81. Mills received a dispatch yes ter
day from Los Angeles advising him
that the Herald had been Dough,
by Senator White. George Patton, Demo O.
Lacey and Judge Stevens. Il is under
stood that the Terminal Railroad Com-
pany between San Pedro and Los Angeles
is behind the deal. Patton is attorney fol-
the road and married a Miss Banning
whose family owns San Pedro aud othel
towns in that vicinity. The Southern
Pacific officials believe that the Heral Id
Will espouse the cause of Saa Pedro as
port against The Southern Pacific tavorite
Santa Monica