The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1895-04-06

the State, who have pronounced it correct
in form and inyulnerable during its life.
There were between 300 and 400 persons
in the Chamber of Commerce rooms yes
terday afternoon when Isaac Upham as
cended the platform and announced that
the meeting had been called by the board
of directors of the San Francisco and San
Joaquin Valley Railway Company in order
that the stockholders of that organization
might elect board of trustees and pass
upon the prepared pooling trust. He
stated that the first step necessary was to
elect a chairman of the meeting, and
dozen voices at once shouted CLAUS
Spreckelsp' The nomination went through
with rush, and as the popular president
of the road took the rostrum, the assem-
blage gave him a hearty round of applause.
Nh Spreckels remarks were brief but
pointed
.'Gentlemen, thank you kindly for this
honor" said he, land in perfecting this
temporary organization the next thing in
order is the selection of a secretary"
Z. F. Preston, the attorney for the COM
pany, was selected and took seat near the
chairman.
Charles Holbrook here made a sugges-
ton that q committee on proxies be ap-
pointed, so that it might be determined
lust VINO was 6IlJ1Gleu 10 NOles dIlu ILLS
meeting with the sanction of the stock
holders, the chairman appointed Charles
Holbrook, Louis Sloss and O. D. Baldwin.
Thomas Brown of the Bank of California
stirred up good deal of enthusiasm with
but few words,
81 would like to say at this juncture, !"
said he, chat we received to-day a check
for $50 600 as a donation from the Hibernia
Bank to the valley road, and | think it
would be well the stock be issued in the
name of some charitable institution to be
designated by the officers OF the Hibernia
Bank"
Alvinza Hayward suggested that the
trustees be authorized to make that dis
position of the stock, and this was readily
agreed to.
Chairman Spreckels then formally stated
the object of the meeting in the following
words:
''This meeting has been called for the
purpose of adopting a form of pooling
trust, which has been considered advisable
in order to secure to the people of this
State a road whose fixed policy shall be to
operate in the interest of the people so far
as it can legitimately do so.
1.-THE agreement has been prepared with
great care, has been examined by several
eminent lawyers and has received the
approval of the committee of promoters.
If this agreement is adopted in the form as
YOU to choose who shall be your trustees !;
and this is the most important function
that you will have to perform, as the trus-
tees. by the terms of the agreement con-
troll the entire working details of the road.
1t is the trustees of the road who will select
directors and who will control the entire
enterprise.
"The committee has selected nine
names, all known to you, and who are gen
tlemen of such character and reputation
that I feel they will meet with your ap-
proval.
nThe first order of business will be on the
report of the committee upon the form of
pooling trust"
Secretary Preston then read the follow
ing report from the committee which was
appointed to draft form of the pooling
trust and also to nominate a board of
trustees:
To the Subscribers of the Capital Stock of the San
Francisco and San Joaquin RdiLt0dy Company
GENTLEMEN: Your committee to whom was
referred the matter OF preparing a form of
agreement or trust for the stockholders of the
San Francisco and San Joaquin Railway Com
pany beg leave to report that the accompany
Ing document represents method by which
the lines of conduct of the company are de-
termined, and by which even the modest sub
scriber will be protected with means to enforce
the trust as therein declared.
In connection with the report your COM
nittee also presents the names of the follow
ing gentlemen TO serve as trustees under the
agreement, if adopted: A. B. Spreckels, James
Cross, Daniel Meyer, Thomas Brown, James d.
Phelan, F. w. Van Sicklen, Lowell White,
Christian de Guigne, o. d. Baldwin.
Dated, San Francisco, April 5, 1895.
CLAUS SPRECKELs, President.
Z. F. PRESTON, Secretary.
The form of the pooling trust, which fol-
lows, was then read by the secretary. It
differs in some particulars from the draft
published several days ago, the changes
made being designed to introduce more