The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1895-08-15
CASH FOR THE new ROAD.
The Third Assessment of 10
Per Cent Levied Upon
the Stock.
rLATTERING SHOWING MADE,
Extraordinary Amount of Work
Done With the Money so Far
Contributed.

The directors of the Valley road have
levied en- assessment OF 10 per cent.on the
stock. At the meeting Tuesday afternoon
the ouestion of finances was given great
deal of consideration. Estimates OF money
needed for immediate construction were
submitted bv the chief engineer and state
ments showing the financial condition OF
the company by the secretary The result
was the directors concluded that IL would
be necessary to issue call on the STOCK
holders for 10 per cent of the capital.
This makes the third assessment OF III
per cent, or 80 per cent in all.
Out of the first 20 cents.o on the dollar OF
subscribed stock very fatterine showing
has been made, ana directors, engineer
and executive secretary feel proud OF what
they have done.
AS one assessment represents about
S240, 900, so far only $4,000 has been ex-
pended in the large amount OF work done
up to date and for materials. With this
sum or money oHices have been estab-
lished, engineering equipment secured ana
supplies for building over 100 miles or rail-
way bought and paid for.
Three engineering parties nave Deen
maintained IN the valley for months. sur
veying route for the road, and they have
completed more than half the surveys,
including bridge and river work. The line
is staked out from Stockton to the MERGED
River. Second lines have been run TO
MERGED from that point by the same corps
of engineers. From Fresno south two
preliminary surveys have been made by
two parties one through. Hanford on the
westerly side and another via Visalia
toward the east and coming together again
about midway between Hanford and
Bakersfield the surveyors determined upon
junction. Then one party continued
southwark and has worked so well its
camp is Just six miles from Bakersfield,
where the engineers are now engaged on
the southern. end of the Valley railway.
The third corps of surveyors returned to
Fresno and has already run a secondary
line below Hanford, while the original
party is working on a secondary line into
MERGED. All this accomplished, there is,
but short gap between MERGED and
Fresno, about hfty-fve miles, to be sur
veyed.
Readers of THE CALL are familiar with
what has been done in the way of con-
struction. Grading is almost finished
from Stockton harbor to the city limits,
trestle over Mormon Channel is nearing
completion and the contracts for grading
and trestling the first section to the STAN
islaCs River have been let.
Three locomotives of the highest type,
now in the yards at Stockton, have been
paid for, and the great piles of ties, spikes,
bolts fishplates and steel rails at the same
place were bought for cash, which was
paid out long since by the directors. Even
the cargoes of several thousand tons of
rails, coming here from the East on sailing
ships, have been paid for by drafts on
Eastern banks. At the meeting Tuesday
not dollar was due except for current ex-
ponses of this month.
1t was estimated that with the money
from the third assessment the directors
will be able to finish the road to the Tuo-
lumne River at least, including the pur-
chase of rolling-stock and bridges.