The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1895-03-02
The Cable System Will Now Be
ElectriCized Y
BONDHOLDERS ARE AGREED
They Are Willing to Supply All the
Money Needed.
Another Important Meeting VIII Be Held II
San Francisco Next III
Tuesday 'l va

Wltnin the next few days the Oonsoli-
dated Electric Railway of this city will
take on new lease of life, many impor-
tant changes and improvements will be
made and they will all tend toward the
comfort and convenience OF the public.
A meeting of the people holding or
representing those holding the bonds and
mortgages OF the road, has been in secret
executive session at the offices Of Judge
Bicknell. This meeting was called by M.
H. Sherman, president of the road, be-
cause the interest on the 49, 900, 900 bonded
indebtedness amounting to upwards Of
$3.50, 900, would fall due this month and
he knew there was no money in thu
treasury with which to meet the indebN
edness due. Mr.. Sherman, who is one al
the heaviest stockholders as well as man.
ager OF the road, and to whom Los Angd-
les is indebted for the magnificent SYSTEM,
desired that the whole business and equip5
ment be inspected by an expert, and IRON
his report the bondholders could decide
what they wanted to do with the property.
The following gentlemen came to thu
city in response to the call: Thomas
Brown, cashier of the Bank of California;;
Judge Allen, that banks attorney; Lowell
White, cashier of the San Francisco Saw
ings Union; ex-Mayor E. b. Pond OF San
Francisco, trustee Edwin Burrit Smith.
attorney, of Chicago; Morris Trumbull a
Peabody, Hoatlin & Co., Chicago; Cap
tain Payson, representing the Pacific
Rolling Mills Of San Francisco, and DR..
Moore, President of the Pacific Mutual
Life Of San Francisco. "A
The experts report was of very flu
vorable nature. Everything was infinitely
examined by him and explained to the
gentlemen present at the meeting. He
stated that in his opinion there was every
ayidaUCa Of nrOgnarifV and fhat Tho ft,f, 70
of the property OF the company seemed
to be entirely hopeful il it could be prop
efly equipped and the hostile enterprises
now pending not contaminated. II was
also learned from an authoritative source
that the receipts of the lines ran from
$1,000 to $500 per day. g.
The report Of the condition OF the road
was very satisfactory to the members Of
the committee and they adjourned Thurs
day night with the intention Of holding
another meeting in San Francisco next
Tuesday at which definite action would
be at once taken.
A Herald representative was credibly
informed that the bondholders are maxi
ing arrangements to assume the control
OF the road. This assumption does not
necessarily imply that the old manages
ment will be displaced, but the trans
action taken, If completed, does mean
that sufficient money will be advanced to
electricize the cable system and furnish
new cars in sufficient numbers to meet
all the requirements of the public.
Edwin Burrit Smith and Morris Trum-
bull OF Chicago, after a short visit to
Catalina Island, left yesterday for San
Francisco. Judge Bicknell will leave for
members of the committee will turn their
faces northward in order to be present at
the meeting in San Francisco next Tues.
day.
1t is not decided whether President M.
H. Sherman will retire from active man
agement of the railway or not; in any
event it is to be hoped the company will
have his hearty corporation and aid. 1t
is due to General Sherman's efforts that
Los Angeles has the splendid system OF
street railways it has, and it has been
through his untiring efforts that the en-
terprise has done as well as it has.
In this connection the following will be
of interest:
To the Editor of The Herald Since
something has been made public in re-
spect to the present affairs of the Los
Angeles Consolidated Electric Railway
Company, it will, perhaps, be a matter Of
public interest to add to your article Of
has Just been concluded IN this city was
held at the request of the present man
agement and with the cordial co-opera-
ton of Mr.. Sherman, now president OF
the company.
Upon thorough investigation Of the
affairs of the company by an expert in
such matters, it has been found that, in
view of the difficulties of the situation
and the financial panic of the last two
years. the present management has done
all that could reasonably be expected in
the development and care of the property.
The bondholders and present management
are, however, united in the opinion that
a considerable sum of money must be ex-
pended upon the property at once in order
to give to Los Angeles tirst-class service
and secure salts actory results to those
interested in the property. Under the Cir
cumstances, and to secure the funds neces-
sary, the bondholders, or some OF them,
will soon assume the laboring oar in the
management OF the company, leaving
those who have had this responsibility
free to develop the Pasadena and Santa
Monica enterprises. The new arrange-
ment, however, contemplates that Mr
Sherman, who remains largely interested
in the company, will cordially cooperate
with the new management in promoting
its success. Yours truly, =
Edwin Burritt Smith.
Huntington at Santa r1onlca n