The sun., 1889-12-11
Mr.. INMAN'S VERSION OF IT.
TIE SUIT AGAINST HIM RT THR TENs
NFSSEE COAL lND IRON COMPANY.

He Thinks ~ is NrouEht TO IRjure mn m
Public Estimes. 9n-He In willing 90 9an-
nit Everything 10 Arbitration. s..
With reference to articles which appeared
in THE Sun and other newspapers yesterday In
regard to the suit fled by the Tennessee Coal
and Iron Company against Mr.. John H. Inman.
Mr.. Inman said yesterday that, in view OF the
attack made upon him. he felt justified In de-
nouncing the method adopted by those who,
through this suit sought to break his infu-
ence. The facts, Mr.. Inman said, were:
In the summer Of 1885 the capital stock OF
the Tennessee Coal and Iron Company was
$3OOO,ooO. Its stock was then selling at about
thirty cents on the dollar and it's bonds at
about eighty cents. During the summer OF
1886 Mr.. Inman with Messrs. Shook, Baxter,
and others, acquired control Of the Pratt Coal
and Iron Company In Alabama, owning one Of
the most valuable coal and iron properties in
the entire country. On tho strength Of the pro-
posed sale by Mr.. Inman and his associates OF
the Pratt property, ,the stock Of tho Tennes.
see Company advanced rapidly to $50 share,
and after the stockholders confirmed the trade
in September. 1886. the stock rose to S118 per
share. In the years Of 1887 and 1883. the price
OF Iron declined and the stock Of the Tennessee
Coal Company sold down. but It is now selling
at about SIC per share. and the bonds on,tho
Observation-Disclosures which is the Pratt proper
ty. are selling about par, and this notwlthstand-
ing the fact that tho stock OF the Tenn esseo
Company was increased in the purchase Of the
Pratt property from $3.00o.000 to $40. 900,
1t does not appear that tho Tennessee Com
panys stockholders were injured By the trans.
action. The very basis OF the present prosa
perity OF tho company is the Pratt property"
Mr.. Inman denied that any fraud was DER.
petrated on the stockholders. and expressed
his perfect willingness to stand by tho record.
There was not tho slightest conoealmant from
the beginning to the end Of the whole matter.
The stockholders had full notice ana knoWl.
edge Of everything that transpired. and were
unanimous in their action. Not vote was
cast against the trade.
Months transpired between the confirmation
Of the trade and the increase Of the stock Of
the Tennessee Company. and yet the stocks
holders OF the Tennessee Company took their
share Of the increased capital, and no COM
plant in regard to the matter was heard until
recently.
The contract attached to the bill itself shows
openly on its face that Inman. Shook. and Bax.
ter were all parties TO the sale Of tho Pratt
property.
Mr.. Inman declared that he was perfectly
satisfied with his record In connection with
the company. and that 1t would bear the
closest investigation. Mr.. Inman further
stated, with reference to the recent confer.
ences between him and the committee Eoprha
senting the Tennessee Coal and Iron COIN.
pany, that this conference was sought
by the Tennessee Company and was epn-
Quoted on the ground that the committee
to bring suit OF to subject Mr.. fnman to annoy.
ance. Mr.. Inman states that ho met oV0Fy
to refer tho matter to tho courte on an agreed
statement Of facts as proposed by the commit
tee. or to rofer the whole matter to arbitration.
but denies that he ever recoRnized the validity
Of their claim By discussing its eettlom0nt0r
otherwise. -
Mr.. Inman insists that the suit is aQ outrage
upon him. and unwarranted by the tAcfG n
his opinion, certain interests behind this ouf6
desire to injure him In the public ostimotton,
and this, he claims. is the whole milk In tho