The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1895-10-22
STREET RAIL WAY BONDS,
PRESIDENT CROKER TELLS HOW
THEY ARE TO BE
UTILIZED.
EXTENSION OF THE SYSTEM
EXTENSION OF THE SYSTEM.
OAK, ELLIS, FOLSOM AND THE PARK
AND OCEAN ROAD TO BE
CONVERTED.

BY the decision of the Supreme Court
| declaring valid the bonds of the Market
street Railway Company, that corporation
will be in position to secure all the cash
it will require for improvements or other
purposes for some time to come.
On this decision was dependent the sale
of about 81, 600, 900 worth of these bonds.
the person most interested in the purchase
being the syndicate represented by l. w.
Hellman, president of the Nevada Bank.
But the decision means vastly more. 1t
makes available for the market the re-
mainder of the SIT 100000 bond issue au-
thorized by the Market-street Railway
combine about two years ago.
Some interesting facts relative to the
disposition of the cash funds thus secured,
or made procurable, by the corporation
were obtained in an interview with George
f. Croker, president of the Market-street
Railway Company, who said:
Nearly ali of the 81, 600, 900 will be used
to take up the floating debts of the COM
pany, contracted in making recent i'm
provements. Payment for the work was
largely made by means of the company's
notes, and these notes will now be
taken up.
''There has been an enormous amount of
steel railroad construction in this City dur
ing the past four years, and these bonds
will give us the cash to pay for it,
Are there not to be considerable i'm
provements undertaken by the company
now that it has funds available?" was
asked.
"There will be very little of the 50 ,OOO, 900
left for improvements, for, as | have al
ready explained, most of it will be applied
TO retiring the floating debt"
do you not contem plate selling some
yoon of dc y
improvements?
The sale of any further portion of these
bonds has not yet been considered, though
the decision makes the whole issue Of
ST., 100000 available at any time we decide
to issue them. The only changes that we
expect to make in the near future are on
the Oak-street, Elis-street, Folsom street
and Park and Ocean lines. These we in
tend to convert into electric lines"
Just when this great work is to be COM
menced Mr.. Crocker did not saw. but in
view of the fact that ample money will
now be at the disposal of the company and
the statement of Mr.. Crocker that these
changes were to be made in the near
future it is believed that it will be pressed
forward Just as rapidly as it can be done
without interfering too much with the
revenue OF the company, which is likely to
be curtailed somewhat from the stoppage
OF the lines while the change is being
made. Winter, now so near, may also
have retarding effect on the progress OF
| the work.
| In order to overcome the danger of loss
through the stoppage of traffic pending
the work of changing the roads to electric
lines, 1t is understood that work VIII be
undertaken only on one at time and the
entire work completed and the road again
placed in good running order before the
next one is touched for the purpose OF
making the change.
In this way the actual loss will be re-
duced to minimum and will proba bly, be
but trif1ing, as it is calculated that the
travel diverted from the road in course of
conversion will be largely absorbed by the
other branches of the combine