The morning call., 1895-01-27
FOR THE NEW VALLEY ROAD.
Chairman SpretkeIS Is Confident Of
Securing 1t.
MANY BIG SUBSCRIPTIONS WAITING.
A Number Of Gentlemen will Invest From
Fifty Thousand to One Hundred
Thousand Dollars.

Promptly at 10 o'clock yesterday morn
ing the now famous committee of twelve
real estate owners having in charge the
work of perfecting plans for securing the
S2000,00O which has been decided upon as
necessary before an incorporation of the
proposed road to the San Joaquin Valley is
attempted met in the office of its chair
man, Claus Spreckels, and Immediately
proceeded with the business in hand.
Secretary Preston presented the formula
of a subscription list, which it is proposed
to ask all subscribers of stock to sign, but
there were a number of changes suggested,
and after some discussion the matter was
laid over until Mondays session, when
some action will probably be taken.
This plan is said in the main to be in
line with the ideas suggested by the Traffic
Association, although there are some
minor notifications proposed.
what we DESIRE" said Secretary Pres
ton yesterday, 'is to bring the matter
before the people in a brief and compre-
hensive manner, so that our plans may be
readily understood"
Mr.. Preston says that he recalls no in
stance of an incorporation ever having
an amount of capital was required at the
start.
''In the East, )" said he, sit is the custom
when an organization of this kind is formed
to circulate paper for signatures in which
each individual who subscribes his name
thereto agrees to take so many shares of
stock at stipulated price and to pay a
certain proportion of it down. Hitherto
that has not been the plan followed here,
but in this instance it is purposed that it
shall be.
1--WE have not yet asked for any sub
criptions, and it is not our purpose to do
so until we get everything in shape. When
that time comes we will probably COM
mence with private individuals who we
know are friendly to the project, after
which we may throw the books open to
the public"
Chairman Spreckels yesterday sent out a
number of invitations to prominent real
estate owners of this city asking them to
become associated with the committee in
the work of raising the necessary money.
A number of names were suggested as be-
ing proper ones to add to the committee
and the following were finally selected
Alfred Borel, Charles Main; J. P Martin,
representing the Sharon estate; Lewis
Gerstle of Louis Sloss q Co.; Christian de
Guigne, representing the Parrott estate
Levi Strauss and Andrew J. McCreery.
One important point decided by the COM
mittee is that the board of trustees shall
not be elected, as suggested by the Traffic
Association. That body had provided that
the board should consist of five members
who should hold Office for ten years, but
there were some strong objections made to
this plan. 1t was finally agreed that the
board should be elected by the stockholders
and the term of Office will probably not
exceed one year.
Another decision arrived at was to
change the name of the road from "San
Francisco, Stockton and San Joaquin to
'San Francisco and San Joaquin, it being
likewise agreed that the road should start
from some point on the bay of San Fran
cisco and temporarily, at least, end at a
point in Kern County.
An evening paper stated last night that
one of the TWO leading features of the meet
ing was San electric speech by Mr.. Spreck-
els, which for brevity, brillianey and
buoyancy has few equals in the history of
local commercial affairs" and it then went
on to state how that gentleman had offered
in the public meeting to subscribe SOC, 600
The simple truth is that Mr.. Spreckels
made no such speech and has as yet re-
fused to state publicly what his intentions
are regarding the amount he will sub
scribe.
When seen last night the gentleman
named was apparently much chagrined
that matter which he had discussed
privately with another gentleman should
have prematurely been given publicity
1--WE all agreed that the best plan was to
preserve secrecy regarding some of the
particulars until Monday" said he, land
I am sorry this matter got out. A simple
statement OF fact is that took one of the
gentlemen present aside and told him that
] wanted him to take $500, 600 stock in the
company and that if he would do so I and
my sons would more than treble the
amount. That was how my offer came
about and it was made simply to the gentle
man to. whom l was talking privately at
the time"
That Mr.. Spreckels is confident the road
viii be built was evident from the remarks
he next made:
''When we meet next Monday" said he,
81 believe that over 81, OO0, 900 will be sub
scribed before we leave the room The
people in the whole State acquiesce in what
we are doing and 1 cannot see how failure
is possible"
Mr.. Spreckels says that he knows of a
good many men who will come up with
from $1,000 to $4,000 when the time arrives.
AS an illustration of this feeling ne men
toned an experience at the club yesterday,
when a gentleman approached him and
said he had $4,000 out in notes and that if
it was possible to collect the money he
would invest half of it in the new road.
''Wait until Monday and we will have
news for you," was the concluding re-
mark of the sugar king.