The herald., 1897-04-07
Getting Himself and His
Elected
WORK ON THE COAST DIVISION
WILL DEPEND UPON DEMAND
FOR FACILITIES
The Valley Roads Trust Deed For
feits all Leasehold Rights at
the China Basin
Assoclated Press specIal wIre.

Associated Press Special Wire.
SAN FRANCISCO. April 6.-Durins
the next seven or eight days Coils p.
Huntington and his associates will be
busy with annual meetings and cleo
tions of the many companies that con-
troll their steam and street railroad in
terests Tomorrow the stockholders of
the Southern Pacific hold their annual
| meeting and election of directors. The
only change in the present directorate
will be the selection Of some prominent
merchant to fill the vacancy occasioned
by the death of a. L. Stubbs.
Because OF the fiscal year of the COM
pany having been recently changed to
end June 30 only partial report of the
companys earnings and expenses since
January 1, 1896, will be submitted. 1t is
understood that this report will. Show
that the gross earnings for~tnse twelve
months ending December-31 last were
$4S656, 419, as against $50. .457. .o22 for the
calendar year 1885. or decrease of
$l,Soo'6OS. IhE expenses were -S31 96l, =
9lo, as Compared with sSs PAP, 1893 for 1895,
a deefSase of 81, $50. .4S2 The net earnings
Were, therefore a decrease. as compared
with the previous year, of $520,l The
decrease in net earnings for last Janu-
ary. as compared with the same month
of 1896, will be reported as amounting to
sos. .679
President Huntington has not yet de-
cided when the construction of the So
miles necessary to complete the coast di-
vision of the Southern Pacific will take
place Much. he intimated today. would
depend upon the demand for increased
facilities in this state He. however. had
the matter under consideration, as on
Monday a conference was held with
members of railroad contract firm,
from whom Huntington ascertained that
about eight months would be required
to complete the work.
THE VALLEY ROAD.
SAN FRANCISCO, April 6.-The d-
rectors of the San Francisco and San
Joaquin Valley railroad will go to Oak
land tomorrow 10 meet a committee and
confer on the sr5jsct Of the company's
building into tnG; city. when plans are
completed to extend west of Stockton to
the proposed deep water terminal at
Point Richmond in Contra Costa county.
As yet the Valley railroad officials
have not determined what they want
from the people of Oakland as an in
ducement to build. If they should con-
struct line into Oakland it would be
solely for passenger business, as they
intend to handle all of their freight from
Point Richmond
Attorney TREY l.. Ford submitted an
opinion to the board of harbor commits
sionerS today. declaring that the San
Joaquin Valley railroad had by its ac-
tion relinquished its lease of the China
basin. A few months ago the railroad
company gave trust deed to the Mer-
camille Trust company of all its property
to secure the payment of certain bonds.
The railroads attorneys held that the
trust deed was the same as a mortgage.
but Attorney Ford holds that. should
that trust deed or mortgage be fore
closed, the lease of the China basin
would pass into other hands, in direct
violation of the act that authorized the
board of harbor commissioners to give
such q lease.
At the present time the board of har-
Dor commissioners is powerless to take
any action in the matter. II lays entire
ly with the state legislature. 1t was by
the latters act that the lease was given,
and in future. should the state desire to
revoke the lease, it will have to be done
through the governing bodies.
STILL FIXING RATES.
NEW YORK. April 6.-The board of
managers of the Joint Traffic association
met today. The managers fixed a rate
of S141 as the Pacific coast tourist fare
from trunk lines territory going via
Washington and New Orleans return
ing via Buffalo, etc, or vice versa.
WANT A REHEARING
NEW YORK. April 6.-The Evening
Post says: Counsel for the Transmits
souri, Freight association are preparing
petition for rehearing in the case re-
Gently decided in that court against the
.ea,s;
term