Imperial Valley press. (El Centro, Calif.) 1907-current, 1914-01-03

indeed a mans job. We appreciate
your position, and we appreciate the
great work that you are doing, either
directly or through your very capable
corps of assistants. In our experience
in dealing with matters before your
commission we can justly say that we
have not met one man who was not
willing and anxious to do his whole
duty, not only toward the public, but
to the interests appearing before you.
OF course, in details there may be
some differences, but those differ
cnces are honest differences. We are
satisfied that when your corps Of as
sistants go over the work that mas
been done on the San Diego and Ari-
IONA railroad, they will more fully
appreciate the gigantic work that has
been done and what is to follow. 1t
is hard to measure in dollars and
cents what this proposition has and
will cost.
"Of course, we will find that we
have made many mistakes, but | do
not believe you will find any more
in this proposition than would be ex-
pected to be found where there has
been so much money expended and so
much time given to make the road d
great success.
eve come to you for your aid and
ton. 1t appears to US that the only
feasible way, and the only way, to
get this road built is through this
procedure. We expect to show your
honorable board that the natural traf-
fic which will go over this road JUS
titles such bond issue, and iustifes
US in asking you that we be allowed
to sell these bonds at 80 cents.
I'VE will be able, by getting these
bonds out and selling them and get
ting the money therefrom, to build
this road in two years. Without such
a procedure, and if we were as sue
cessful in the future as we have been
in the past in carrying out the work,
it would at least be ten years before
we could expect this road to be in
operation. The difference in time
would more than justify this issue,
because every year this investment is
held back and not producing anything
in the way of revenue the interest
is piling up on the investment, and
the 20 per cent discount would soon
be eaten up by delay.
"We expect that there will be such
a revenue produced from the opera
ton of this road that upon reasonable
rates the value of the proposition will
be increased many times over the
amount of the capital stock and ,ne
bond issue which will be a lien upon
it, and we think you ought to take
into consideration the value of this
property and the earning capacity of
it, which will Justify your honorable
board in making the order which we
ask"
Other facts presented to the COM
mission at the hearing bore on the
cost of construction, real estate hold
ings of the company, the tonnage of
vessels entering the port of San
Diego, the probable amount of freight
that may be counted upon and the
estimated earnings of the company.
Not only is San Diego anxious for
the completion of the railroad, but
this anxiety is shared by the citizens
of the back country and the Imperial
valley, which also may be reckoned as
part of San Diego's back country.
The line will connect directly with
roads from the East and will not only
render tributary vast inland empire
but will place San Diego in the path
of transcontinental and oceanic COM
MERGE through the Panama canal.