The herald., 1894-10-25
details bad been arranged and the an.

IN bue Quhfrel over the cumulative Hys
tenn OF voting. The protective people
claim the right to vote in this manner
under section 11e5 OF the general stat
utes OF Kansas, which says:
I'm all elections for directors OF
trustees OF any Incorporated company
each shareholder shall have the right to
cast as many votes in the aggregate aa
shall equal the number of shares go
held by him, multiplied by the nun ber
OF directors or trustees TO be elected at
such election, and each shareholder may
cast the whole number of votes, either
in person or by proxy for one candidate,
and such directors or managers shall
not be elected in any other manner"
In order to shut out the protective
people, the board produces the terrific
rial charter of the company, issued in
1859. which says:
"All the corporate powers of said
company ehall be vested in and exer-
cised by board Of directors and such
officers and agents as they may appoint.
The board Of directors shall consist of 13
persons, stockholders, three of whom,
at least, shall be residents OF Kansas,
who shall be chosen annually by the
stockholders. each having one vote by
person or proxy, and continue in office
until their successors are elected and
qualified. Vacancies in the board may
be filled by twothirds vote OF the re-
manning directors"
The board says the law referred to
does not apply. the charter having been
issued prior to it's passage. The pro-
tective people make answer that the
Santa Fe company has practically dis
carded it's charter, and urges that that
company, after accepting benefits under
the state law for years, cannot now hide
behind the provisions OF territorial
charter.
In an interview with Times reporter,
Mr.. Gleed said:
The protective committee may resort
to the courts, but doubt it. | have ex-
amined the new plan thoroughly and
am convinced the committee cannot
force the cumulative system OF voting
upon US. do not think there will be a
compromise, nor do l look for any
trouble. The protective committee is
plainly in the minority and will, in my
opinion. Eubmit gracefully. The present
board OF directors will be reelected
with one exception. Alden Sheare will
not be candidate for reelection"
Several gentlemen are mentioned for
Mr.. Sheare's place, among them Col. q.
K. Holiday. Walter II. Oskman and III.
r. Duval, all OF New York.
General Tracy stated that he believed
q compromise would be effected
1.-The protective committee represents
a majority of the individual stockhold-
ers and o minority of the stock" he
said, land is entitled to representation
on the board. III we are denied the ex-
ercise of the cumulative vote we will
probably seek relief in the courts.
have just received a telegram from New
York stating that large proxy had
been sent. 1t will reach us on Thurs
day."
General Tracy declined to state where
this particular proxy comes from.
CALIFORNIA TRAFFIC ASSOCIATION.
SAN FRANCISCO. O,t. 24.-The annual
meeting OF the Traffic association OF
California was held here THE afternoon.
The principal work before the meeting
was the hearing of reports of officers and
the election Of an executive committee
to serve during the coming year. The
following were elected members OF the
executive committee: Isaac Upham,
Robert Watt, t. W. Van Sicklen, b. f.
Dunham, Alvinzs Hayward, A. j. Mar
cue. Charles M. Yates, ]. Il. Doyle, A.
G. Davis, ]. Deming, Thomas Maxee, l..
H. Bonestell, N. P. Cole, @. t. Settle,
w. P. Fuller, Edward Brown. f. A..
Phelps, Matthias Meyer and f. G. Berry
of Fresno. The four last named are new
members OF the committee.
President Upham in his address de-
clared that the great object now to be
accomplished by the association was the
building of q competing railroad up the
San Joaquin valley. He said the $780,
900 required ought to have been raised
by this time, but it had not been. He
did not deem it prudent to cay how fhuch
money had been received, but the sue
cess which the committee had met with
had not been due reward for the work
done by them. Some of the committee,
he said, were discouraged, but he was
not. He believed the work should be
continued at least 30 days longer, and
success would be the result.
After the meeting adjourned the new
executive committee held meeting and
reelected all the present officers.
FROM PORTLAND TO THE ORIENT.
PORTLAND, Ore, Oct. 24.-Receiver
McNell of the Oregon Railway and
Navigation company has under consid-
Grafton a project for the establishment
OF steamship line between Portland
and the Orient. Negotiations in this
directions have as yet not proceeded far
enough for definite information on the
subject to be given out by the officials,
Lxxt h aH mr. nf faof hat
such line is part of their plan for
building up the local and through bust
ness of their rail lines. The traffic
agreement with the Great Northern
gives the Oregon Railway and Naviga-
sion company q through line to the east.
Whether the Union Pacific would join
company in such proposition is un-
known. 1t would be clearly to it's
benefit, unless 30 tied up with the
Ogden connection, that it ia unable to
haudle Oriental freight via Portland.
MOTOR ROAD BOND FORECLOSURE.
SAN Francisco, Oct. 24.-Iu the
United States circuit court of appeals
today the judgment of the circuit court
ior the southern district of California
was modified in the case OF the Southern
California Motor Road company. re-
spondent and appellant. VS.. the Union
Loan and Trust company, complainant
The latter company brought suit, as
trustees, to forsclose ON bonds issued by
the motor company with which to build
its road. The modification strikes out
OF the decree reservation of $4,000 to
pay the First National bank OF San Ber-
nardino, and allows the Union company
its costs.