The herald., 1897-01-22
Valley Road Bonds Ready for
Delivery
THE MONEY FORTHCOMING
To Push Work Of Construction South of
Fresno
Xtchison OFFER for the Atlantic and Pa
cific Control Accepted-Union
Pacific Earnings
A..oc,.tsd Press special Wire

Associated Press Special Wire
SAN FRANCISCO, Jan. 21-The d.
rectors of the San Francisco and San
JOAQUIN Valley Railway company ex-
pect to receive their $6,000,000 of bonds
from New York some time next week
The proof Of the bonds was approved by
the directors some time since and re-
turned to New York, with instructions
to engravers to have the bonds printed
Word has been received that the printing
is now about finished and the bonds
will be shipped to the company's office
in this city within a few days. very
soon thereafter the company Will be in
a position to resume construction work
in the San Joaquin valley. Vice Pres
ident Robert Watt says that the company
has received several offers for bonds, and
he anticipates no trouble in floating
enough to complete the construction and
equipment of the lines between Fresno
and Bakersfield.
According to present calculations work
on the construction of the line south of
Fresno will be commenced early in Feb-
ruary. The company now has a clear
right of way as far as Hanford. barring
which suits will be instituted
Vice President Watt says that by the
time the line to Bakersfield is completed
the entire line from Stockton to that
point will be bonded for $12 900 mile.
The line from Stockton to San Francisco,
which will be very costly piece of con-
struction, will be bonded for much
larger amount.
OFFER ACCEPTED
NEW YORK, Jan. 21.-The board Of
directors of the Atchison, Topeka and
Santa Fe railroad met today and voted
to accept the proposition that has been
pending for the requirement of the first
mortgage bonds of the western division
of the Atlantic and Pacific railroad COM
pany.
These bonds amount in round numbers
to $16,00O,000. The plan contemplates
the payment by the Atchison of 521a per
cent of the amount of the bonds in gem
eral mortgage As of the Atchison and
571a per cent in preferred stock of the
Atchison. This was provided for in
the plan of reorganization adopted by
the Atchison In 1895. 1t Is also provided
in the agreement that certain litigation
instituted by the Atlantic and Pacific
against the Atchison shall be dropped.
The foreign committee of the Atlantic
and Pacific bondholders have already
agreed to the proposition and 1t only re-
mains now that the New York commit
tee shall do the same. This committee
is to meet on January 28.
The western division of the Atlantic
and Pacific extends from Albuquerque.
N. M, to Mojave, Cal, S1S miles of single
track road. 1t Is now operated by re-
ceiver, A. w. Smith.
UNION PACIFIC EARNINGS
OMAHA, Jan. 21.-The gross earnings
of the various branches of the Union Pa
cific system for eleven months of 1896. ac-
cording to the report of the receivers
Just issued, amount to $13,206,69 an in
crease of $12,S3S AS the expense in
creased $1SS,249, the comparison shows
a decrease in the surplus of $175,410. The
earnings Of the leased branches for the
first eleven months of 1896 were $52, AGA
more than those of the same months of
1895. The expense increased but $31, 1876.