The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1915-08-20
he Western Pacific
IRON the San Fr.neI.eo Ex.mInef.l

u Pacific. now or In the future, py an
lother interest than that of the present
holders Of its first mortgage bonds.
i It is the opinion OF the bondholders,
lcommittee that the best interests Of
the property lie in its administrator
land management by strong local
Organization right here in San Fran
/ cisco. 1t is essentially Californta
road. built to serve California bust
mess. Il.
i What we New York members OF the
Reorganization committee are mainly
interested in is that with our earnest
and hearty cooperation with the Cal
ifornia members q new company may
be created with sufficient credit and
ample financial backing to develop
and prosecute this second stage OF the
Western Pacitic's growth.
To spend money wisely and to the
best advantage of the shipper as we'll
as the carrier, meeting your rapidly
lgr0wing needs and at the same time
avoiding destructive competition. Will
be the problem for the new admins
trAtion to solve.
That it can be done. and done
fright, there is not the slightest doubt
| in my mind. To pursue, any other
course than that of expansion and nat
iural development would seem the
height OF folly in view OF the present
accomplished achievement, SO dearly
bought.
1t seems to me of vital Importance
that foreclosure and sale Of the prop
|erty to the reorganization COMMITTEES
should be pressed to enable the new
company to finance its future activ-
titles at the earliest possible date.
While only so per cent OF the out.
bonds are now under the
control of the committee, due allow
ance must be made for the unayoid.
able delay in the deposit OF bonds
held abroad. which total over 10 per
cent of the entire issue.
Banking interests estimate that
nearly $2,000.000 of the remaining un.
deposited bonds are held In California.
| wish I could make these holders
realize that their failure to deposit
seriously delays, to their own dtsad.
vantage, the working out OF a most
necessary REORGANIZATION.
While INDUCING in jubilation ov,r
the completion of a short and direct
water route to the Atlantic coast anG
to Europe. which has already reducf
(, ed your transportation cost by oyes
| $40 100000 per annum on non-perish-
able freight you must not forget thai
these figures and the figures for act
ual tonnage lost contain food for ser
lious reflection on the part of the raj
carriers.
Their future will depend largely
upon the character and volume of tho
growth and Development of new bus
mess resulting from a readjustment OF
| rates. your increase of wealth AMI
population and the growing need for
prompt rail communication, as well as
1.-THE realignment OF commercial and
industrial conditions In the middle
west. j
! California has been richly blessed
in the past-its possibilities for the
future are so great they cannot be
measured.
| / look upon this period Of financial
REIMBURSEMENT that you are now expert
fencing as affording an opportunity for
ithe Investment Of capital far more
Inviting than can be found in any 9th
er section of the United States.
What is true OF California will APP
ply also to such California adventures
as the Western Pacific. 1 harbof n ,
misgivings as to Its future.