In their articles of incorporation the promoters reserved to themselves all right to the ownership and control of public utilities, such as water, light and power and street railway systems. A mortgage of $1,500,000 was placed upon the property. After a time the company failed, the mortgage was foreclosed and the property purchased by Rucker Brothers. The Everett Improvement Company was then organized with J. T. McChesney as president. It held all rights to dispose of public utility franchises. The firm of Stone & Webster, the construction, light, heat, power and traction trust, secured franchises granting them the right to furnish light and power for the city of Everett and also to operate the street railway system for 99 years. The Everett Improvement Company owns a dock lying to the south of the municipally owned City Dock where the Everett tragedy was staged. Thru its alliances the shipping of Everett is in the hands of the same group of capitalists that control all other public utilities. The waterworks was sold to the city but has remained in the hands of the same officials who were in charge when its title was a private one. Everett operates under the commission form of government. The American National Bank was organized with McChesney as president. The only other bank of importance in Everett was the First National. These two institutions consolidated with Wm. C. Butler as president and McChesney as one of the directors. The Everett Savings and Trust Company was later organized, with the same stockholders and under the same management as the First National Bank. The control of every public service corporation in Everett is directly in the hands of these two banks, and, indirectly, thru loans to industrial corporations, they control both the lumber and the shingle mills of Snohomish County in which Everett is situated.