The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1895-05-04

| freight and passengers, including the usua
adiuncts of railway waiting stations"
! Now by that clause" said the Cover
nor, 1.-THE Valley road may fill in as mucl
| as they wish for their purposes and leave
| the State to do the balance. The Harbol
! Commissioners will be running the sea
wall over in that part of the City one o.
these days, and it does not seem to me the
proper thing that the State should be al
the disadvantage of having an untitled
space between the seawaH and the thor
oughfare. 1 think that the Valley road
should fill in all the land which they re-
quire in ten years, and all of the grant
given them by the terms of the lease not
filed in should revert to the State"
Attorney Preston objected to this.
1--WE have no gilt-edged proposition,
have no gilt-edged bank account. The
first ten years of the road will be the hard
| est upon US. The Harbor Commissioners
should remember this and make all allow
ances possible"
"WelI, make it fifteen years." said Gov
ernor Budd. "All we want is to be salts
| fed that when the seawaIl is run over to
that portion of the City there will be no
basin formed between the seawal and the
| thoroughfare or mainland"
why not have it inserted in the lease ~
! said Mr.. Preston. that when the seawall
reaches China Basin the Valley road
will build the inner restraining wall"
"That is a good idea. Make note of
that, Mr.. Secretary, if you please" said
the Governor.
When it came to the covenants, promises
part, Governor Budd called attention to
the clause: THAT said demised premises
shall be used solely for the purposes of the
terminal facilities of the said party of the
second part, and for no other purposes
whatever, as defined aforesaid, with the
right to it to do and perform the matters
and things hereinbefore specified"
81 am little leary of that sentence be-
ginning with the right" said the Gov
ernor. 81 think we had better strike it out
altogether" and twas eliminated.
1t was at this juncture that Mr.. Sutro
raised the first breeze of the session.
This Lease said lie, lis loosely drawn.
We want to guard against the possibility
of the bonds or stock of the road falling
into inimical hands. While it is true that
the directors cannot assign the road there
is nothing to prevent them from selling
the stock. The amendment l have drawn
may be too strong, but | want something
inserted in that lease which will perpetuate
the competing road.'
Let me read that amendment" said
Mr.. Budd. ''That seems all right. What
is your objection to it, Colonel Preston ?''
why" said the attorney for the road,
''if that amendment is incorporated it will
prevent the floating of any loan. 1t will
be financial drag on the road. Mayor
Sutro admitted that at the meeting of the
committee the other day. If a man
wanted to buy bonds he would first look at
the lease of the terminal, and if he found a
clause like that in it do you think he would
invest? Oh, no. If a stakeholder were to
sell his stock we could not tell to whom it
was sold, nor could he, but if stockholder
of the Southern Pacific should get hold of
share of our stock, by the provisions of
this amendment our lease would be
invalidated''
II don't read the amendment that way, 4"
said the Governor.
Mayor Sutro called upon Attorney
Rogers to read the legal aspect of his argu-
ment.
"Do you think men of money will invest
IN road tied up like that?" exclaimed At
torney Preston, impatiently.
How would you express it?" queried
eve have expressed it. 1t is there in
the Lease
Lets read that portion of the lease p"
said the executive.
at reads: Or the said corporation.
party of the second part, should ever. dur,
ing term herein named, become subject,
directly or indirectly, to the control or
dominion of any person, company or cor
poratlon now having railway terminal
facilities on the bay of San Francisco
There we have it. Knock out now and I
think the idea OF the Mayor is Incorporated
IN the lease How about that, Mayor !?
Does not that cover the ground?''
Il think SO. What desired is to have