The San Francisco call., 1909-04-15
A of shotwel
TAKE STEP TOWARD
WATER NEGOTIATION
Spring Valley Share Holders
Empower Directors to
Deal With City

At the annual meeting Of the stock
holders Of the Spring Valley company
yesterday afternoon a decided step for
ward was taken in the negotiations
with the city. when the share holders
empowered the board of directors to
take such action as they deemed ex-
pedient in their dealings with the
municipality. This gives the directors
full authority to name price at which
they viii sell, or TO stipulate condi-
tions on which they will make exten-
sions and improvements.
The meeting was significant also in
that it resulted in an increase of six
in the number of directors and brought
Captain A. H. Payson again into the
active management Payson was chos-
en- vice president. In every respect the
session was victory for William B.
Bourn. He was reelected president
and his policies were indorsed.
1t was stated officially that no def
mite action was taken looking to the
sale Of the plant and that no extern
1t was added that no proposition to
sell would be forthcoming for the
present
Incidentally, it developed that the
city was using an average of 1,900,-
coo gallons of water a day and that
once this year, April s, the consump-
tion reached SO. 900 gallons, the
greatest amount in the history of the
city. The average supply of the com
pany is 35,00o.000 gallons, so IL would
appear that the time has come when
consumption and supply are not far
apart.
DIRECTORS GIVEN POWER
The meeting was held in the Offices
OF the company in Sutter street There
was a large attendance of stock hold
ers. OF the 100 share holders, so
per cent were represented either in
person of by proxy. Out of 2S0,000
shares. 100000 were voted.
The resolution giving additional pow
ers to the directors was introduced
by E. Z. Kentfield, and seconded by
was adopted unanimously, is as fol-
lows:
Resolved. That all questions which
may now exist or which may hereafter
arise or exist between the city and
county of San Francisco and this cor
the fixing of rates for water, or TO
the sale of the company's property. be
left to the judgment and discretion of
the directors of the company. in whom
the stock holders hereby express en-
tire confidence.
NEW MEN ON BOARD
The board Of directors was elected
as follows: William B. Bourn, presi-
dent; A. H. Payson, vice president; S.
p. Eastman. second vice president; F.
B. Anderson, T. B.. Berry, Antoine
Borel, E. L. Eyre, I. w. Hellman Jr..
Osgood Hooker, Homer S. King, z. J.
McCutchen. Louis F. Monteagle and
]. NJ. Quay.
A new departure was the selection
of an executive committee. On this
were appointed w. B. Bourn, A. H,
Payson and Antoine Borel.
The new members of the directorate
are; Eastman. Berry, Eyre, Hooker,
Mct-utchen and Monteagle.
President Bourn's report was re-
ceived and approved. Il says that the
rate payers now number 51,177, against
53.560 before the fire. 1t objects to
the attitude of the supervisors in
seeking to purchase Spring Valley and
at the same time suggesting the in
dependent system from the Sierras
Bourn says again that the proceedings
for the development of Hetch Hetchy
are illegal. He reiterates his state
ment that his plant his worth from
s4S .ooe 900 to s52,o00,000 and can be
developed to a daily capacity of 49,
100000 gallons.
Bourn concludes his report with an
outline of alternatives including an
irnmediate sale, sale of distributing
system. sale by arbitration, sale al
agreed price plus cost of development
TO be carried on, or further develop
,,,ent Of the company's resources.