Chapters on the History of the Southern PacificDaggett, Stuart
History
Chapters on the History of the Southern Pacific
Daggett, Stuart
Pacific railroads -- History; Railroads -- California -- History; Southern Pacific Company
It was in order to increase their popular support, and not alone for
the sake of the money involved, that the promoters of the San Francisco
and San Joaquin Valley Railway early began a campaign for small
subscriptions. Claus Spreckels took pains to say that while large
subscriptions were all right and desirable, it would be the $20,000,
$10,000, and $5,000 stockholders who would control the property and
its policy.[467] In February, after the first arrangements had been
made for reaching the larger business interests of the city, attention
was paid to the offering of facilities for subscription to all classes
of investors in San Francisco. Districts were mapped out and assigned
to canvassers.[468] The following month the _San Francisco Examiner_,
which had taken a prominent part in the fight from the first, began to
print subscription blanks in its daily issues. Arrangements were made
by which persons might subscribe for fractions of shares by joining
with their neighbors in share clubs. The _Examiner_ offered a gold
watch to the first person forming such a club, and when there was doubt
as to priority, compromised by giving two watches. The formation of
the first colored club was given special mention, as was the decision
of a colored club in San Francisco to make one paid-up share in the
San Francisco and San Joaquin Valley Railway a tug-of-war prize to be
competed for at its annual games. The winning team was to constitute a
share club, and was to choose a trustee from among its members.[469]
Appeal to Local Patriotism
While devices such as these were perfectly ineffective as a means
for raising large sums of money, they did give the new road valuable
advertising, and helped to predispose the whole community in its favor.
For the same reasons that actuated the promoters in their attempt
to gain the support of investors of small means, the San Francisco
committee also made appeals to the public which rested upon moral and
patriotic as well as upon financial grounds. Without going into this
aspect of the matter at length, it may be said that there has probably
never been a commercial enterprise launched on the Pacific Coast so
advertised, and praised, and predicted about as was the project of the
San Joaquin Valley Railway. Participation in the movement became a
test of local patriotism. The railroad took the aspect not merely of
a business expedient, to be considered solely from the point of view
of monetary gain, but it also became an expression of the hopes of
expansion entertained by a generation of business men, strengthened
by the accumulated antagonism of years between the Southern Pacific
Railroad and the shipping public.
Public-domain text, read in full here on John Shaqi.
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