The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1894-12-19
REALTY NOT TRANSFERRED.
Millions of Railroad Security
Left at Loose Ends
BY cARELEssNEss OR DESIGN.
Anyway, Brokers Consider the Rec.
ord Title of the Bonds Grossly
Imperfect.

Railway Company. brokers are openly as
sorting that even if their issuance was
not Illegal, as claimed, no one would pur-
chase them in their present shape.
'No broker would handle those bonds
now" remarked one OF the street" yes
terday; ''their record title is grossly i'm
perfect. Either by accident or design the
most valuable part of the combines avail
able security does not secure the bonds.
81 refer" he continued. ''to the really,
comprising power-houses, carhouses and
lots in various parts of the city. to the
gross value of millions of dollars. These
lots and improvements undoubtedly be-
longed to the various companies now in
Guided in the combine. They have been
duly mortgaged, in trust Tor Dondholders,
to the Union Trust Company of San Fran
cisco, with the exception of certain prop
erty, which l will refer to later.
But strangely enough no deed of trans
fer has been recorded from the various
companies 10 the com bine-i. g.. the record
title to the properties is still vested in the
separate corporations. You understand
that the stock Of the various roads may
have been transferred by assignment to
the combine, giving it right to use the
realty. but the transfer has never been
made by deed of record.
''The first thing a would-be buyer of
bonds does is, to make sure of his title.
Any searcher of titles would report that
the bonds did not rest on the security of
the realty supposed to be owned by the
combine. he would trace the realty to
the ownership OF the separate companies
In wi N G of lad
end would find no further record of its
transfer. Realty is the best security of
investments such as bonds, and in It's lack
the wOuld-be bond buyer would naturally
decline the investment"
Subsequent investigation demonstrated
the facts to be as represented. On Febru-
airy 81, 1894 record of a trust mortgage
was found from the Market-street Rail-
way Com any to the Union Trust Com
pany of San Francisco, "given to replace
various issues of bonds made by the diff
ferent railway companies now consoli-
dated under the name Of the Market-street
Railway Company" and amounting to
ST.. 500, 900 in value.
The properties thus mortgaged in trust
were:
6S4 ID. 119, made by Market-street Cable Rail.
way Co. 10 Chas- Mayne and J. OBJ. Gum, dated
oct 81 81. covering railroad lines. rolling STOCK.
fran ehises. ETC. about Ii miles), 3Ouo bonds
s 900 each, So 100000
737 IN. 81. made by Park and Ocean Railroad Co.
to VIM. Brown and c. Z. Green, trustees, dated
March 4. 1884. railroad lines rolling stock fran
chise. etc (abouI miIes). $50 bonds $1,000 each,
$4,000
$40 m. 3l6, made by Omnibus Cable Co. to CALI
foInia safe Deposit a Trust Co. dated Apl. 2,lSSS
railroad lines, rolling stock. franchises, ETC..
Tehama, 215 sw Sd. sW 1915, Sc 80, NE l25.
Nv so Ne 90, NV 80; 81 Clementina, 375 Ne
A. Sc 10 az 15 30 Sc So NE e. !SS sW
1884, ST 2UO, Sw 1874: NE OAK and Broderick,
275 X E 1878: cor. Howard and 10th sts..
Gath STD, 100 by W 81; Pm block 81. bounded
by tab, Nevada, Nebraska and sonoma streets,
20o0 ponds, $1,000 each: $1,000. 900.
1851 m. 81, made by Omnibus Cable COMPANY
TO California safe Deposit and Trust Company,
dated May ]. 1893. railroad lines. rolling stock.
franchises etc. also Sc Howard street. 215 Sw
Third. SW 1886 by Sc 100; Sc Tehama, 2l5 Sw
Third, SW 1878. Sc so, NE 1875, Sc 80, NEl25
NV 80. NE 60. \ w So Sc Clementina, 375 Ne
Fourth. Sc 10. NE $50. Sc 80, Ne rs, NW155,
SW rs; Oak and Broderick streets, n TO by
L lS1:3; w Howard and Tenth streets, NV l65
by SW 1876: Potrero Nuevo block 81, bounded by
Utah. Nevada, Nebraska and Sonoma streets; Sc
Page and Stanyan streets, 1877 IS by 1877 IS; NE
NV Stanyan and Fred rick streets, w 32:6
59:1. Z 32;71a, 56:11a; 800 bonds $1,000 each,
100000.
1858 d. As and 16 ppm. %. made by Powell
street Railway Company TO Thomas Brown ana
John K. JarDoe, trustees. dated March J. 1887
railroad lines rolling stock, franchises etc also
NV Washington and Mason. n 1877 Is by w i37 IS.
700 bonds, $1,000 each $500 900; 1924 d. 27S
and ssl m. 2, made by PARK and Cliff House Rail.
way Company to Thomas Brown aud John r
Jsrboe, trusaees dated December 81, 1887, rail-
road lines, rolling stock, franchises. etc.; also
fornia and Thirty third avenue 1904, Ne deg
eO3;5, w 1916. 500; all interest In NE Forty.
eighth avenue and Point Lobos ROAD 100 Inv r
so. $50 bonds, 5000 each. $3.50, 900.
1894 349. made by Park and Cliff II ouse Rail-
way Company to Thomas Brown and John r.
fornia, 1915 i walnut. 1915 :i by y' fs 2.
also n Californ., 13T 20 E of Locust, 4 10 by n
lS2:71s; also n California, 275 of Walnut. f
81 :6 by n 32:71s, as further security of Deed
of Trust OF december 81 1887. recorded in 1894
279.
1895 2O8 and 94e m 49, made by Ferries and
Cliff House Railway Company to Thomas Brown
and John r; Jarboe, Trustees. dated March l.
1882 railroad lines. rolling stock. franchises ETC.
also lot on Sw corner of Clay and Leavenworth
streets. W 6S;9. 67;6, ESQ. n 67:6; also lot
on NE corner OF California street and Tbirty-third
avenue, 1904, deg. w. 603:5, w 1856, 500;
also all interest in lot on n e corner Of Forty.
eighth avenue and Point Lobos avenue, 100 by
L so; also lot on NV corner OF Washington aud
Mason streets. 1877 IS by 1877 IS: also lot on N
line of California street, 1879 OF walnut r
1877 IS by 1921; also lot on line Of Caiifornia
street. 1877 IS OF Locust. f 10 by N l32:7Ih.
also lot on line of California street, 275 E Of
OF Sacramento street, 1859 " of Central ayenue
10. 1859. 90. w 1919. 25, w SO. $50
1898 d. ZIG, dated March 8, 1888 Park and Cue
House Railway Company to Ferries and Cliff
House Railway Company: guarantee OF bonds
issued by party OF first part for 1851, OOO inc ud
Ing franchises, rolling stock, ETC.; NE Californi.
street and Thirty-thiTd avenue, 1904 deg
w $685., w 1915, 600; all Interest corner
Forty-eighth avenue and Point Lobos road N
100, r so, 100 w so: IS.
1874 a. 200. dated December 20, 1887, Powell.
street Railway Company TO Ferries and
Cliff Honse Railway Company, lot ON
wv corner of Washington and Mason streets y
1876 by w 1875: also railroad lines. franchises
rolling stock. etc.; IS.
1876 az and S6U m 27S, dated December 90
1887 Ferries and Cliff House Railway Com pany
to Thomas Brown and john r. Jarboe truste es
conveyance guaranteeing payment OF bonds made
by PoweIl-street Railway Company for S7OU. OOU
as in 1858 as.
Franchises. rights OF way, etc. and all real es.
tate In san Mateo and San Fra cisco counties
1880 bonds. $1,000 each, at per cent. March i,
1913
This represents record of mortgage BY
the combine to the Union Trust Company
of San Francisco, but no record exists of
any previous transfer by deed of property
fharain INV tho aanara.a c0Tnorata holdars