The record-union., 1895-04-25
NOT DEMANDED BY THE PEO-
PIE.

srn Pacific Company wants the San Joa-
quin Valley road constructed. Nothing
could be more injurious to the Southern
Pacific than the failure to construct the
proposed line. Its construction would
educate the merchants of San Francisco
in the vicissitudes of railroad building and
operation, while its operation would con-
vince it's numerous stockholders that
railroads cannot exercise arbitrary power
over the rates of transportation. There
are not railroad builders enough in Cali
fornia TO have the difficulties which beset
railroad building and operation popu-
larly understood. Every stockholder of
the San Joaquin Valley road, if the road
is constructed, will be eventually a rail
road sympathizer.
Right at the outset, the stockholders
discovered that the 81, 100000 subscribed
by the business men of San Francisco is
wholly inadequate to the undertaking.
Leeds told the people that $3.50, geo would
start the road. Spreckels, with broader
views and more sense, declines to go on
with 8, 200, 900. At the very outset, the
projectors of this enterprise discovered
equipment for passengers and freight, in
Guiding two passenger ferryboats, two
transfer boats and terminal facilities on
both sides of the bay, will cost s., 200, 900,
or something in excess of the entire un-
conditional subscriptions. Connect with
this costly terminal outfit line 300 or 400
miles long, and the average cost per mile
will exceed the present bonded indebted
ness of the railroads serving the San
Joaquin Valley. But in addition to
terminal facilities, an equipment in the
pairs must be considered. The terminal
facilities proposed to be constructed for
the use Of the San Joaquin Valley road
would answer for a system of 10000 miles
as well as short road of 300 miles. So
the business men who have taken hold of
the enterprise move cautiously.
The system of railroads consolidated
into the Southern Pacific Company is to
be vastly the gamer by the awakening of
an enterprising spirit among the citizens
of California. But the San Francisco liz
ausimer has established beyond contro-
versy that the San Joaquin Valley Road
is not demanded by the people of the
San Joaquin Valley. It sent an expedi-
ton through the valley III the way of a
special car, decked out in banners and
bannerets, accompanied by gentlemen
instructed to hold meetings at all the
commercial centers in the valley for the
purpose Of awakening an interest in the
enterprise. Including a very consider
able percentage of Examiner subscrip-
tions, the expedition succeeded in secur-
ing g, 800, unconditional subscriptions
20 the capital stock. It is true that it Sc
cured S15, 400 subscriptions that is, the
subscribers took stock upon condi-
ton that the road was to come to their
scribed for on condition that the road was
TO be located where the subscribers de-
sired were not subscriptions to the enter
prise in the abstract. It was conditional
upon personal benefit TO the subscrib-
ers,
In the abstract then, the Examiner Sc
cured, including some shares subscribed
by itself, s. 500 subscription to a road
which is to cost 81, ,OOO,O 900. 1t is perhaps
ready to admit that its expedition was q
failure. It's most conspicuous failure was
at Fresno. The population and wealth of
Fresno equal the combined populations
and wealth of five of the largest towns
in the San Joaquin Valley. 1t should
therefore have received at that point sub
scnptions equal to the aggregate obtained
in the five next largest towns. But the
expedition met dead cold frost' at
that point. The people of Fresno under
stand the freight business thoroughly
well. San Francisco is not market for
their products. a single carload of rails
ins would overstock the market of San
Francisco. The market for Fresno pro-
ducts is in the East, and the rate on East
bound products is the same from Fresno
as from San Francisco, Stockton, San
Jose, Sacramento and Marysville. In
short, for export. Fresno is through
point, having common rates with other
through points on this coast; thus there
is no local freight paid on products ex-
ported from Fresno.
Seriously considered, we are disposed
to regard the conditional subscriptions as
meaning nothing moro than willing
moss on the part of the real estate holders
III such towns as Modesto, Merced,
Fresno, Selma, Bakersfield, ETC., to sub
scribe 500 or $500 in order to enliven the
real estate market The Sl5,400 in stock
subscribed conditionalIy means this and
nothing more. The unconditional sub
scriptions must be accepted as the indica-
ton of the estimate the subscribers place
on the abstract proposition of building a