The Yakima herald. [volume] (North Yakima, W.T. [Wash.]) 1889-1914, 1909-04-14
TRUSTEES IN CONTROL.
Is up to Them Because Stock Was As
signed Until July 1-MysterioEs
Phases of Pending Sale.

The fate of the Yakima Valley
Transportation company is now in the
hands of five men. known as trustees.
They arc; George Rankin, A. ].
Splawn. Alex. Miller, DIR. Fletcher, and
w. p. Sawyer. A large majority Of
the stock of the company was recent
ly placed in the hands of these men
with power of attorney to act for the
good of the community and the good
of the company. This assignment
continues in almost every case until
July next. so that if they chose to do
so. the trustees could sell the company
out to the Northern Pacific or to any
representative of that road or to any
other concern. The control of the
| company is unquestionably in the
hands of the trustees and many stocls-
holders believe that any two of the
/ trustees hold enough stock to control.
Majority Rule.
! The effect of tho trustee arrange
ment is that local men who have in
vested their money in the concern
have nothing TO say in regard to a
transfer Of the stock until after July i
when the power of attorney or option
arrangement expires. For instance il
Mr.. Rankin and Mr.. Splawn or any
other combination of the trustees con
trolling one share more than half of
the stock, chose to put through a sale
of the company's property, they could
do SO, and the remainder of the
stockholders would have no redress
| Z ;S oh Int Tor n I
| up to them.
Who Is White?
For some weeks past the Transpor-
tation company through General Man
iager George Rankin has been dealing
with a man by the name of White OF
McWhite for the sale of the property
Just who White is, no one aside from
Mr.. Rankin seems to know, and he re-
fuses to talk. The trustees do not
know. The statement has been made
that he represents the Western Elec-
trio company. but here again there is
som ethinE of a mystery as to the sta
tus of this company Just which West
ern Electric company it is or what il
represents, the trustees seem to have
no more knowledge than the rank and
file of the Stockholders. at least if
they have, no one of them has volI-
chsafed any information. Several VI
the trustees have been forced to adj
nit that White might be an emissarS
of a railroad or he might be an in
dependent promoter as far as they
knew. In fact the Indifference of the
men in whom the confidence of the
stockholders has been placed. is amaz-
ing. 1t is stated that White had an
option on the property until April
and that he was granted an extension
of 80 days on this option. 1t Is fur
ther stated upon what is believed tc
be good authority that he has been t.,
Seattle negotiating for capital. WIZ
Their this latter report is false or il
true, ruse on the part of manipula-
tors to cover up the real plan that WIS
on foot. is another mystery.
Will They Stand For il?
Reflections have been cast upon the
trustees insofar as they have failed tc
ascertain the personel and the stand.
ing and status of the people with
whom dealings and negotiations hay,
been carried on. The reorganization
of the company some months ago was
effected for the purpose of keeping tn,
transportation company out of tho
| hands of the transcontinental rail.
roads. More local money was secur-
ed FOR the proposition on that basis
Extraordinarily liberal franchises wer,
granted on the plea that local capita
was being invested in the company
That the trustees should not take the
trouble to ascertain that the roaf
would not fall into the hands of those
whose interests do not include the vel
fare of the whole valley has caused 9
shock. If it does. the people will hold
the trustees responsible.