The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1895-03-24
4 FLAT TRUST
STOUTLY OPPOSED.
VALLEY ROAD DIRECTORS WANT
A LIMIT TO THE POWER OF
TRUSTEES.
NO FEAR OF SELLING OUT
But IT WAS THOUGHT BEST T,
GIVE STOCKHOLDERS THE
SUPREMACY.

John d. Spreckels, E. T. Preston and
Engineer Storey of the valley road went up
to Sacramento yesterday, prepared to meet
the Governor and the Harbor Commission
ers and give them an exact statement of
what the new road desires in the way of
terminal facilities on the water front.
1t is understood that the terms of the
lease are familiar to all parties inter
ested, and the directors of the road who
were spoken to yesterday regarding the
matter were all of the opinion that the
document would be signed last night.
1t transpires that the trust compact,
which was approved by the board of direc-
tors last week, had one or two features in
it which were source of good deal of
worry to the projectors. That feature
which caused them the most trouble was
regarding the extent of the powers with
which the trus tees to be elected should be
endowed.
The question of making it ''hat" trust
was at first considered, but an important
objection TO this was pointed out.
'ln such an event." said Isaac Upham
yesterday, "the trustees would have abso-
Lutte and unlimited power for the whole
term of their Office. There would be no
going behind any action they saw fit to
take. Now, we do not for moment sup
pose that such an emergency would arise,
but still the fact remains that there would
be nothing to hinder the trustees from
practically turning the road over to any
antagonistic element. 1t was to guard
against any such contingency that we
made the trustees subject to three-fourth
vote of the stockholders"
BY the terms of the pooling trust it re-
qulres that proportion of the stockholders
| to break the trust or go behind the action
nff hat pI1ct fxryao e ,oI,
consideration, this question of the exact
proportion of stockholders which should
be required to accomplish such q purpose
| Several of the directors thought two
thirds vote would be sufficient but the
| present form was adopted because it was
| pointed out that it made more certain the
| retention of the road in the capacity of a
| competing line. This is the bullseye at
| which all features of the trust fund are
aimed, and unanimity of feeling on the
| point mentioned was secured.
| President Spreckels has named Wednes-
| day, April 8, at 2 O'Clock P. M, as the date
| and the Merchants Exchange building,
| rooms of the Chamber of Commerce, as the
place for holding the meeting of stock
holders for the purpose of electing the
| trustees and adopting the pooling trust.
| The following notice was sent out to the
| subscribers yesterday:
SAN FRANCISCO, March %, 1895.
Dear Sir: The committee who have had in
hand the organization and details for same in
/ connection with the incorporation of the COM
peting road in the San Joaquin Valley, beg
| leave to state that the form for pooling trust
| among the subscribers has been drafted and
| approved in form by the committee.
| According TO the terms of your contract of
| subscription your stock is to be issued subject
| to the terms of pool or trust to be formed I'M
| der the approval of three-fourths of the sub
scrfbers to the capital stock.
1t is now desired to submit the same to the
| body of subscribers for their approval and
| ratification, to the end that the same may be
signed by all the subscribers and the stock is
! sued in accordance with such trust, as may be
determined at the meeting called by this no.
| tice.
In order to facilitate the means of informa-
| ton, copy OF the agreement may be seen at
| the offices OF the company, 321 Market street,
| or at the offices of counsel, E. f. Preston, 147
| Croker building, where any one DESTROYS of
| reading the same will be offered an opportu-
nifty to do so.
| You are therefore notified to attend a meet
ing of the subscribers to the capital stock to be
held at the rooms of the Chamber of Commerce,
| Merchants Exchange building, San Francisco,
| on Wednesday, April 3, 1895, at P. NJ, for the
| purpose of adopting form of pool or trust
| under which the stock will be issued, and to
| select the persons who shall be the trustees
| under said trust. Respectfully,
The Committee on Construction of the San
Francisco and San Joaquin Valley Railway
Company. CLAUS SPRECKELs, President.
4 ALEXANDER MACKIE, Secretary.
| Isaac Upham said yesterday that he
| thought the new road ought to be finished
and in operation before the expiration of a
wear.