Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-05-13

do in regard to the authority conferred on
the investigating committee by the stock
holders resolution of January 20 empowering
them to proceed legally for the restoration
wanted to test the feeling of the meeting on
the matter, and was about to offer resolu-
tion to that effect when the Chair ruled him
out of order.
A motion was next made to discharge the
committee. AS this. would have the effect
of disposing summarily of the whole matter
it was opposed by Dr.. Easton and Mr.. Snod-
grass, wfloargued that it was unfairly treating
those of the stockholders who believed that
there was good reason for inquiry into the
sale of stock by pool at prices much above
market rates. The motion was put but q
division was called. The matter was not
pressed, however, and no action was taken
. l. M Bailey here interfered and made a
lengthy address in which he sought to show
that the committee had no grounds at all on
which to base its report Who were the
three men, he asked, who had signed this re-
port? Two of them might have some stock
but the third had no business there at all.
He was not stockholder.
Mr.. Snodgrass Produces His Papers.
MI. snodgrass-I was prepared for that
have here o legal document which shows
my right to be present as represent stock
holders.
Mr. Bailey proceeded to say that he was
on the Board of Directors when Mr..
schmertz was given the $4,000. He was
given that sum not as director, but as an
individual and in recognition of the great
aid and assistance he rendered the COM
pany's placing large quantities of its stock
in the East at time when the company's
finances were not in good condition.. He
held that the directors were quite entitled
to pay for the valuable assistance rendered
by Mr.. Schmertz on that occasion. Mr..
Bailey's elucidation of the SS3, ,735 matter was
M ooIa l,ic of Mr fz
James Laughlin, Jr., observed that he had
the greatest belief in the integrity and hon.
esty of the Board of Directors, and it was an
insult to their intelligence to ask them to
take action on a report which cast such
doubt on them as this report did.
B. f. Jones said that the thing was all nom
sense.
Mr. Snodgrass remarked that it was all
very well for some of the wealthy manu-
facturers and bankers to seek to swamp this
investigation, but for the poor stockholders
who had innoceutly been led into the pur-
chase of shares much above their value, it
was q very different thing.
Mr.. Jones-Well, never have anything to
say when have made mistake. just look
out better next time. think that this mat
ter should be brought to close, and beg to
offer resolution.
Mr.. Jones then offered resolution dis
charging the committee and exonerating the
Board of Directors and MI. Schmertz from
the implied illegalities referred to in the re-
port. This was put and carried, with but
three or four dissenting voices, and the
meeting terminated.
When the meeting was breaking up Mr..
Chambers, who was apparently well pleased
with the result of the meeting, had a word
or two with Mr.. Snodgrass, who during the
meeting stood next him. Finally Mr.. Cham
bers, more in fun than in earnest, pulled Mr..
Snodgrass' nose, a familiarity which that
gentleman resented by telling Mr.. Cham
bers that he regarded him as coward and q
bully to assault smaller man than him
self. The episode terminated at that.