The morning call., 1894-11-15
AN UPWARD BOOST
Material Aid for the San
Joaquin Road.
A Fifty-Thousand-D Dollar Subscrip.
ton From the Savings Union,
and More in Sight.

There was noticeable air of encourage .
ment about the headquarters of the Traffic
Association yesterday as result of the
splendid subscr ption of $50, 600 made by the
stockholders of the San Francisco Savings
Union to assist in the construction of the
new road TO the San Joaquin Valley.
Not only was it in the association rooms
that this elated feeling was visible, but all
the friends of the road seemed 10 view the
| action of the Savings Union as the one
step necessary to induce other equally
large subscriptions to he made, and it was
| the generally expressed belief that these
would be forthcoming 10 few days.
The action of the directors OF the Saw
ings Union was the result of q meeting
held IN which the matter was discussed at
length, and it finally was determined o
make the subscription cut of the ind ivid-
ual funds OF those interested, and not from
the assets OF the bank. that being contrary
to law. This resolution was made public
through letter from the secretary and
cashier OF the bank. Lowell White.
Now that the Savings Union has taken
the Initiative ills very pro bable that other
of the financial Institutions of the city w ill
fall into iine-at least il looked that way
yesterday, Judging from the remarks of
those questioned on the subject.
James K Kelly. president Of the Hiber-
MIA Bank, said that the matter would re-
ceive the attention of the officials of that
institution as early as practicable, and that
If the result of their deliberations led to the
belief that benefit tn the city was likely TO
result from the enterprise the bank would
| not be found In the background in tender
ing its aid.
The presidents of the French Savings
and Loan Society and of the German Saw
Jugs and Loan Society were both apprecia-
tive OF the benefits which the competing
road offered 10 The State, and the latter
gentleman said that the matter would re-
ceivc the attention of the directors at their
next meeting.
There was rumor afioat yesterday that
still another of the large savings institu-
lions had indicated its willingness to aid
the enterprise, but that certain conditions
were involved 10 the offer. 1t is said that
this particular bank has large amounts of
money loaned 10 section of the valley
through which the new road could just as
readily pass as not, aud the conditions re-
ferred 10 were that, when built. the road
should traverse this section. This land, il
is said, is IN condition at present such as
would prevent its bringing anything like
the face value of the mortgages held by
the bank.
Traffic Manager Leeds was jublant over
the outlook and seemed confident that the
danger point in the prosecution OF the
work had been successfully passed.
''We have got more than a starter now,"
said he, land it has given the road
strong impetus upward"
The work of obtaining subscriptions
will now be prosecuted with rene ed
vigOr, and it is probable that individuals
of moderate means Will be given an op-
portUnity to take small portions of stock.
This plan of popular subscriptions has
been urged by several OF the members of
the executive committee as very nromtspp
and 1t is now probable that it will be
adoptad