Financing Yosemite Short Line Railway Auction
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Financing Yosemite Short Line Railway
Financing Yosemite Short Line Railway
Item Details
Description
Heading: (California - Yosemite)
Author:
Title: Deed of Trust. Yosemite Short Line Railway Company to Central Trust Company of California
Place Published: San Francisco
Publisher:Solinsky & Wehe, Counsel
Date Published: 1905
Description: 72 pp. Signed at end by YSL President F. J. Solinksky certifying "the forgoing to be true copies of the original Deed of Trust," with signed notary slip dated 1906 and blindstamp (the slip has come loose but is present). 23.5x17.7 cm (9¼x7"), printed wrappers.Rare and significant documentation of the financing of the Yosemite Short Line Railway. In addition, starting on p.[47], is printed "Agreement for Lease - Yosemite Short Line Railway Company to the Sierra Railway Company of California Dated July 29, 1905." The Yosemite Short Line Railway Co. was incorporated in August 1905, with the purpose of building a 30" gauge railroad connecting with the Sierra Railway south of Jamestown, and extending some 60 miles to the Yosemite Valley National Park. A ten-mile branch was planned from Crocker's Station to the Hetch Hetchy Valley, where the City of San Francisco had plans for a large water storage project. In addition to carrying tourists into the national park, the YSL would pass rich timber holdings owned by the investors, led by railroad entrepreneur Thomas Bullock. No copies of this booklet are to be found in OCLC.Construction on the YSL started in the autumn of 1905. A third rail was laid down on the Sierra Ry. from Jamestown, and the 30" gauge track diverged from the Sierra at Quartz Junction. The right-of-way would follow Woods Creek, pass Jacksonville, and then head eastwards into the mountains along the same route followed by the Big Oak Flat Road.
Sierra Railway attempted to build a line into Yosemite beginning in 1905, when it entered into a contract with the newly incorporated narrow gauge Yosemite Short Line Railway Company. In the contract, Sierra agreed to guarantee the bonds of the Yosemite Short Line Railway Company in exchange for leasing and operating the railway upon its completion. However, construction of the Yosemite Short Line was discontinued because of financial problems resulting from the 1906 San Francisco earthquake and fire and the last rails of the line were taken up in 1917.
From the beginning, though, it was clear that additional financing was needed in order to complete the grading. At an emergency meeting in San Francisco on April 17, 1906, the Sierra directors agreed to extend the Sierra Railway Co's responsibility in backing Yosemite Short Line bonds.
Next morning at 5 a.m. disaster struck. The shocks and the ensuing fires of the great San Francisco earthquake destroyed nearly 28,000 buildings, including the Sierra's headquarters and all company records. In the following economic chaos Bullock's investors withdrew their support, and he was forced to abandon construction of the YSL.
Condition
Some soiling and wear to wrappers notably the spine; some marginal staining most severe towards the end; good to very good.
Buyer's Premium
  • 30%

Financing Yosemite Short Line Railway

Estimate $4,000 - $6,000
Starting Price

$2,000

Starting Price $2,000
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Item located in Berkeley, CA, US
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