The morning call., 1895-02-13
AFTER LEGAL ADVICE.
The Valley Road Committee
Seeks Counsel.
WILL LEAVE NO LOOPHOLES.
Incorporation Papers Must Be Beyond
ALI Criticism.
REPORT THEREON EXPECTED TO-DAY.
Chairman SpreckeIs Is Still Ill, but Will
Probably Attend the Meeting
This Afternoon.

''We have nothing to report to-day"
said W. F. Whittier of the San Joaquin
road committee at the room where that
organization has been holding its meetings,
yesterday afternoon. "There have been
several subscriptions secured, but we have
thought it best to hold them until to-
morrow, when they will probably be given
out with others"
Chairman Spreckels is still i'll, and this
fact has a tendency to delay the work of
the committee to some extent, as its mem
bers are anxious that he should be present
when any important action is taken. 1t
was stated yesterday, however, that Mr..
Spreckels is improving and that he will
probably be at the meeting to-day, when
the question of the form of the incorpora-
ton papers may come up for consideration.
A subcommittee was appointed, as has
been announced, to carefully examine the
draft of the incorporation papers sub
mitted by Secretary Preston and to report
at some future meeting of the committee.
This subcommittee will meet this morn
ing, and its members hope TO be able to
give the full committee the result of its de-
hberations at that time, but there is a bare
possibility that contingency may arise
which will prevent report being made
until later date.
1t is said that the third provision of the
agreement under which the subscriptions
were made is giving the committee some
trouble. 1t relates to the manner in which
the new road shall be sustained as a COM
peting line, and is about the most impor-
tant feature of the whole document. 1t is
as follows:
Third-That for the purpose of insuring said
railroad as bona-fde competing railroad each
Of Soj CIlhc f1Irt har Onyop QYltc
and agrees to and with the others and with
said corporation, that after the subscription to
the amount of two million dollars $50 900, ,000),
and the incorporation OF said company
aforesaid, they will place all stock issued to
them under the subscription and incorporation
in d pool or trust, the names OF the trustees and
the conditions of said pool or trust to be fixed
and determined by vote of three-fourths %
of the whole of the stock so subscribed and
issued, taken at meeting to be called on not
less than ten (10) days notice to all of the sub
scribers and stockholders in said corporation.
1t was suggested to the committee that
there might possibly be loophole in the
above, which would ultimately defeat the
objects of the incorporators, and in order
to make assurance doubly sure it was de-
termined to submit the matter to several
of the most prominent attorneys in the
city and abide by their judgment. This
step is also said to be fully in line with the
wishes of the able legal gentleman who
drew up the original document.
1t is the expressed intention of the COM
mittee that all necessary precautions shall
be taken to secure the incorporation of the
road upon lines which will prove legal in
every way, and the proposed consultation
with eminent attorneys is simply step
securing this desired result. It is proposed
to prevent the appearance of some defect
in the form of organization which might
prove fatal to the objects for which it is
designed.
T. , L. s,,fo
bers of the committee have in any way
relaxed their efforts toward building up
the subscription lists simply because they
fail to make public the results of their
work for one day. Every member is Just
as enthusiastic as ever and they are devot-
ing fully as much time as heretofore and
express themselves as we'll satisfied with
the results attending their efforts.
Mention has been made of the manner
in which subscriptions shall be paid, and
committeeman yesterday pointed out that
this matter was fully covered by pro-
vision in the subscription lists, as follows:
Fourth-It is mutually understood that no
call shall be made until the full amount of
two million dollars $50, 900, ,000) shall have
been subscribed. Subscriptions shall be then
payable in installmentS extending through six
(6) months or over, as the board of directors of
said proposed corporation shall determine. but
no call to exceed twenty COY per cent of the
subscription shall be made at any one time.
Secretary Preston stated yesterday that
the bylaws of the incorporation were being
prepared ready for submission to the board
of directors when that body shall organize.
These bylaws, however, will pay no atten-
ton to the prevailing arrangements men
toned herein before, but the matter will be
covered by separate action.
Communications from interior towns
still continue to come in, and all Indicate
the same absorbing interest in the success
of the undertaking. The following from
Selma is the latest:
E1ecutire Committee San Francisco and San
Joaquin RdiEiudy-G ENTLRMEN The Board of
Trustees of the city of Selma hereby congratu-
late you upon the success of your efforts in
behalf of the new railroad, and take pleasure
in stating to you that you have the unqualified
Endorsement of this community. We assure
you also that depot site and other substantial
encouragements are cheerfully offered.
j. f. BURNS, Chairman.
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