The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1888-11-01
A DEFICIENT PROXY.
Inside Views Of the Coming Els<-
ticn ef the Columbia and Puget
sound Company Mortgage.
Object to the Increase.

There seems to be difference of opinion
among The knowing ones whether the
stock Of the Columbia & Puget souEd Rail
road c. win be increased or not For some
time pas. the following advertisement has
appeared In the columns Of the Posr-Ix-
rELLlsxxcKR.
Column bis 4 Puget SQUAD Railroad Com
paay. Notice Ia hereby given by the nm
dersiguesi. majority OF the trustees az
said company, TO the stockholders thereof.
That meeting OF said stock holders VIII bs
held II the Office Of said COMPANY IN she
city % seattle. eouuty OF King, territory Of
Washington, on SATURDAY, the zsth day Of
November. less, 81 II o'clock in the fere-
noon, for the purpose OF increasing the
capital stock Of said company 30 the sun
OF " .ov0. 0p9s 10 be divided into 1900 shares
OF woo each All stockholders Of said eesr,-
pany are requested TO attend.
T. J. MINER.
BAILEY GATzEKT.
A. A. DENNY,
Trustees
In order TO get at the bottom facts 4 re.
porter was detailed to inierries the rail
road officials in regard TO the matter. Mr.
Ira \ Nadeau. cashier Of the company,
said
'sThe truth Is, 81 a recent meeting OF the
AHfrEA-E
the capital stock. and the meeting nov
called IL 10 order the issuance OF the in
creased stock That Is ali know about IT.
~ this Janefare Mr.. TyndaIe, who Is a
nephew OF Mr.. Willard, and who Is Mr.. Ma.
deans superior In the councils OF the com
pany, said.
There are two sides to this question.
aud viii give you the other side As Mr.
Nadeau says. the stock of the Columbia &
Puget Sound Railroad Company was re-
cently ordered increased from s575 coo to
u .00o.0oo but that order was Illegal, and
the increased stock viii not be issued.
The Misunderstanding came about In this
way. AZ our meeting on the 18th OF May.
when this increase was or a. Messrs
John l. Howard and Prosper alnifh, broth
or Of President Elijah smith. were present.
Mr. Prosper Smith held a proxy to vote
the stock held by the Farmers Loan and
Trust company. The proxy expressly
stated that II was to be used at the annual
meeting OF the company, and when Mr..
smith undertook TO vote IL al the special
meeting, / went to our attorney and laid
the matter before him. He said II the
proxy was Intended for both meetings as
Mr.. smith claimed. II was sufficient Mr..
smith used his proxy and through his eff
forts, the stock was ordered increased.
Quite recently we received a very fndie-
nant letter from the president of the Far
rners loan d Trust company, protesting
that the proxy given Mr.. Smith was only
intended to be used at the annual meet
Ing, at which no such proposition as the in
creasing OF the capital stock could be con
sidered. The meeting now called for
November p viii not amount to anything
II the Farmers Loan & Trust Com
pany withholds its proxy, which think II
viii, although Mr.. John L. Howard has
gone TO New York. The inside facts are
these; The Oregon improvement Com
peny some time ago gave a mortgage TO
the Farmers Loan & Trust Company, TO
secure the payment Of the Oregon I'm
provement company's bonds The stock
of the Columbia & Puget sound Railroad
Company is included In the mortgage, and
is n part Of the properly held
under II. For this reason the Loan
4 Trust Company objects 20 an increase
in the capital stock OF tie Columbia &
Puget Sound Company, unless the entire
stock as increased ia turned over TO that
concern. As to the inside motives which
brought this matter about, know nothing.
but have my views. and those who are
interested may have theirs simply state
. hf. "a afa IN, NsI4f -