The morning call., 1893-07-09
READY FOR CASH.
Plan of the Valley Road
Assumes Shape.
A RUSINESS-LIKE CONTRACT.
The Traffic Association and League
of Progress Hold an Enthusiastic
Joint Conference.

Association and the board of control o
the League OF Progress met YESTERDAY
afternoon IN the office of Traffic Manage
Leeds in joint session.
Manager Leeds, on behalf of the Trafi'
Association, presented the plans for thu
San Francisco. Stockton and San Joaquin
Railroad and they were discussed
length. 1t was finally unanimously agreed
that both organizations would give tn'
enterprise hearty support and push 1t Il
speedy construction.
The scheme was heartily approved an(
Tomorrow the two organizations viii
meet for the purpose of appointing com
mittees to solicit subscriptions. AS Mr.
Leeds expresses it, the road is going to bt
built, and at the earliest possible date.
The subscription contract is as follows
This agreement, made and entered into
thls - day Of, A. D. 1898, by and be-
tween the parties whose names are mere
aavo subscribed. witnesseth that.
WHEREAS, 1t is the purpose OF the un-
dersigned 10 construct continuous line OF
railroad to extend easterly from the city
and county of San Francisco, or some con-
venient point on the bay OF Gan FRANCISCO,
State of California, by way OF Stockton
and Fresno, by a convenient ana practcaDle
route hereafter to be determined upon, to
some point in K2rn County; and whereas,
it is proposed and intended for that pur-
pose to organize under the laws OF the
State of California a corporation TO be
rated the San Francisco, Stockton and San
JOAQUIN Railroad Company, with capital
stock of six million (S6,000,0 600 dollars. for
the purpose of constructing such railroad
so as to insure for the public benefit the eX-
of inn nI1c nnt
peting line of railroad from the city and
county OF San Francisco through the San
Joaquin Valley To such point IN the county
of Kern; and whereas, the parties hereto.
as business men, as shippers and con-
sumers of freight, and as individuals, as
citizens of the State of California and as
properly holders. will be directly and in
directly, Jointly and severally benefited
by tbs construction of said railroad. and
by the main tenance and operation Of the
same e a continuous and competing local
line of railroad;
Now, therefore, this agreement witness
eth: That for the purpose of aiding, pro-
noting and forwarding the construction
of said line of railroad, and fer maintain
ing the same as a bona fide competing liue,
and for and in consideration of the prem
ises. and for the sum of one dollar by each
Of The unders igned' TO the other in hand
paid, the receipt whereof is hereby by each
acknowledged, the undersigned parties
Hereto do hereby mutually covenant and
agree. and bind themselves unto the other,
and each to and with the said proposed
corporation. the San Francisco. Stockton
and San Joaquin Railroad Company, as
follows. to wit:
Each of the undersigned hereby SUBJ
scTlbeS the sum set opposite his name to
the capital stock of the said proposed cor
poTaiion, the San Francisco, Stockton and
san Joaquin Railroad Company.
The subscriptions of the undersigned
and each of them, are made, however,
upon the express condition precedent that,
unless within ninety days from and after
the date hereof, there shall be subscribed
to the capital stock of the said San Fran
cisco, Stockton and San Joaquin Railroad
Company sums of money aggregatiDg in
all the amount of three hundred and fifty
thousand (S350,000) dollars, the Subscrip-
tons of the undersigned and each OF them
shall De null and void; provided, however,
Lhat me executive committee OF the Traffic
Ass0 cation of California shall have the
pasger, by vote duly passed and recorded in
their minutes, to extend the time within
which said amount may be subscribed, but
snch extension shall not exceed SIX
months, and If the said sum Of three hun
dred and fifty thousand (350.00O dollars
shall be subscribed within ninety days, OIL
within the time so extended, then these
subscriptions shall be in full force anG
effect.
TIE undersigned hereby further agree
that said proposed corporation may, fol
the purpose of convenience. be organized
by other persons than the undersigned, OIL
any If them, or by any number less than
all OF them, and that the articles of incor
poration OF said railroad company need
not set forth. in the list of subscribers to its
capital stock. all or any particular one OF
the lanes of, or the amounts subscribed
by, the undersigned, and this covenant
snail be deemed to have been made eX
pressly for the benefit of said proposed
corporation ana shall be irrevocable; and
the subscriptions of the undersigned shall
be valid and binding upon the undersigned
and the subscriber shall be liable thereon
TO the said proposed corporation, the San
Francisco. Stockton and san Joaquin Rail
road Company. whether the amount SUBJ
seribed by the undersigned and by whom
subscribed be set forth by the articles OF
Incorporation Of said proposed corporation
or not.
III.
Each of the parties hereto further GOV.
enants and agrees to and with the others,
ana with said proposed corporation, thai
the Sdlu shafeS OF STOCK oil the SAID pro-
posed corporation, and each and all of
them, subscribed for by him may be issued
in the names OF nine trustees (pledged To
maintain the road as a compe titive line
who shall be selected as hereinafter pro.
vided. and that said trustees, their sur
viyars or survivor, and successors, shall for
the term Of ten Q0) years after the 1st day
of January, 1898, have the exclusive right
and power to vote such stock in such man.
Der as the majority Of the trustees shall
cefermine at any and all meetings Of the
stockholders thereof, and Tor any and al
PURPOSES. and to sign, execute and &C
ksewledge as stockholders any and all docu
ments. tapers, written assents, bylaws. oil
amendments 10 bylaws. contracts, act:
or deeds, which in the opinion of 8
majority OF SAID trustees it may be neces.
sary, desirable or eXpedent to so sign, eX
ecute or acknowledge; and the power
herein conferred upon the said trustees b.
the respective parties hereto is and shall
lie irrevoeable for the said term OF ten 40
years. and shall be deemed to be coupled
with an interest In the stock of the respeo
tive parties hereto, so held in trust, which
Interest the said trustees shall hold for the
benefit OF all other rarties hereto.
And 1t is further covenanted and agreed
that the said zine trustees shall be elected
by the subscribers to the capital stock